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I popped a new cpu into the last slot on my motherboard.
It broke ubuntu at first... but I boot into "rescue mode" and entered the command aticonfig --adapter=all --initial twice and it found all of the video cards (there were 5 now listed, instead of 4).
After rebooting I can only mine with the original 4 cards.
aticonfig can see the 5th card, but poclbm can't.
Any suggestions?
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Anybody figure out to check on the unconfirmed blocks?
No. Just increase your hashing power if you want to see confirmations quicker  $./namecoind listtransactions ... but you need the 'right' build for it get immature blocks. Oh really?? News to me! I was only ever able to get confirmed blocks to show up, but I was using 0.3.20 I believe. |
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No, I am saying that it is reasonable to spend my depreciating wealth on milk, and to hoard my appreciating wealth.
Isn't it also reasonable to use your depreciating wealth to buy appreciating wealth? Yes, but that's besides the point. I currently still need depreciating wealth to live. Nobody accepts bitcoins for milk here in Toronto unfortunately. I have mined some bitcoins, but no way in hell would I sell them or buy anything with them, right now at least... I took grade 9 math =) Okay, to be simple lets say you get paid 2X each week and need X to live. You put X into bitcoin right away as savings. Now along comes someone selling milk for BTC (at the same rate for simplicity). You realize, ah ha, now I put X + milk budget into BTC each week and make a little extra since I get the appreciation right up until the second I buy. I want to buy everything with bitcoin. Then I don't have to hold any dollars. You are correct there. Prices of milk at my supermarket do increase every year. I don't know what I'm arguing to be honest. Perhaps I am worried that bitcoins will literally change the world as we know it. That people will cease to purchase frivolous items lest they be able to purchase more frivolous items tomorrow. And that society/capitalism/virtually everything as we know it will grind to a halt. OR I am worried that this will not happen. Either way Bitcoin fails miserably imho. Perhaps I am just being more pessimistic than usual. @minute_of_angle: sure, some people will spend their money, but eventually, if there is even one person in this world with a brain, every bitcoin will end up being hoarded inside of his wallet.dat file. |
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No, I am saying that it is reasonable to spend my depreciating wealth on milk, and to hoard my appreciating wealth.
Isn't it also reasonable to use your depreciating wealth to buy appreciating wealth? Yes, but that's besides the point. I currently still need depreciating wealth to live. Nobody accepts bitcoins for milk here in Toronto unfortunately. I have mined some bitcoins, but no way in hell would I sell them or buy anything with them, right now at least... I took grade 9 math =) Don't get me wrong. I have made donations in the past. I want bitcoin to succeed. I just don't think it will in the sense that most people on this board are hoping it will. |
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The fact that it is highly deflationary actually encourages people to accept it as payment ... it is the opposite of an impediment to adoption, it is in fact a huge incentive.
Just take a look at all the merchants who would love to be getting paid in BTC. And you can be sure they will spend it only if they really need to.
Tight-fisted, you sure, ya betcha.
Which is another point we discussed... Eventually (and not far down the line as it stands right now)... bitcoins will be hoarded. Either you are a miner/hoarder.... a miner/seller.... a buyer/hoarder.... a buyer/seller... a salesman/seller... or a salesman/hoarder. If the buyer of the product is not smart enough to realize what he is doing and hoard his bitcoins, the salesman most probably is. If that salesman is not smart enough to hoard them, then the next salesman probably is. Eventually we are left with only 7,200 bitcoins being created per day and divided up to a market that is hungry for hundreds of thousands if not millions of bitcoins per day (because they have heard by now that it's a great investment). Bitcoin is deemed illegal in a major country, a large selloff occurs, and the entire market crashes - forever. |
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The term 'grassroots' makes me think of tree-hugging hippies.
However I agree the term 'crypto-currency' is likely to turn off the average listener.
Grassroots money doesn't sound like something I want either. I imagine a few people in their garages tinkering around... Of course this is how microsoft/apple/etc were started but still. |
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I was just talking with a friend earlier today... Basically we both agreed that "anybody who will currently spend their bitcoins on anything is an idiot"... (or not good with numbers, doesn't care about personal wealth, etc, etc..) Which brings me back to one of my main arguments that bitcoin is simply a store of value, not a currency. Bitcoin is a great tool for secretive billionaires to store their ill gotten gains. Unfortunately at the moment it's not so great to use as a currency. By the time I walk out of the bitcoin grocer whom I just paid 0.8 BTC for a gallon of delicious milk that you can only purchase from said bitcoin accepting grocer... the price of that same gallon has dropped to 0.79 BTC - because the buying power of my bitcoins has just increased. I don't absolutely need that milk right now anyways I suppose... There is another old dummy of a grocer up the street who actually accepts USD in exchange for milk - LOL - I think I have a few of those left around somewhere... The BTC value has risen... causing the people to hoard their BTC, which will cause the value to rise, which will lead to more press and cause people to hoard their BTC, which will case the value to rise, which will lead to more press and cause people to hoard their BTC.... Not sure yet if this is a good or a bad thing. But I am 99% sure this is a bad thing. /rambling Are you saying that it's reasonable to spend your wealth on milk, but not reasonable to spend it on bitcoins, wait a day, then spend the bitcoins on milk? Is it more or less dumb to buy coins, wait a week, then buy milk? Under your assumptions shouldn't you put all of your wealth in coins and then spend sparingly from them? How is this a bad thing? Don't we all get rich if you are right? No, I am saying that it is reasonable to spend my depreciating wealth on milk, and to hoard my appreciating wealth. This is a bad thing because it will eventually lead to nobody selling any of their bitcoins. I suppose if everyone in the entire world ends up converting their wealth to bitcoins however... which is where this feedback loop takes us if it all doesn't collapse after the first few bubbles... then merchants would move from accepting dollars exclusively to bitcoins exclusively. I can't see there being much "in between" as we currently are experiencing. |
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Nice! I likey! Keep up the good work!
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oh come on guys it's probably something like this.. bitcoin... bitc... bitch <-- one letter difference There's no need to start conspiracy stories over this.  I'll buy it if they block Shiva. Shiva... Shi.... shit. There are many words that start with the letters shi... There are few words that start with the letters bitc... (that are not bitch!) Is "bitch" actually banned? |
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Anybody figure out to check on the unconfirmed blocks?
No. Just increase your hashing power if you want to see confirmations quicker |
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I was just talking with a friend earlier today... Basically we both agreed that "anybody who will currently spend their bitcoins on anything is an idiot"... (or not good with numbers, doesn't care about personal wealth, etc, etc..) Which brings me back to one of my main arguments that bitcoin is simply a store of value, not a currency. Bitcoin is a great tool for secretive billionaires to store their ill gotten gains. Unfortunately at the moment it's not so great to use as a currency. By the time I walk out of the bitcoin grocer whom I just paid 0.8 BTC for a gallon of delicious milk that you can only purchase from said bitcoin accepting grocer... the price of that same gallon has dropped to 0.79 BTC - because the buying power of my bitcoins has just increased. I don't absolutely need that milk right now anyways I suppose... There is another old dummy of a grocer up the street who actually accepts USD in exchange for milk - LOL - I think I have a few of those left around somewhere... The BTC value has risen... causing the people to hoard their BTC, which will cause the value to rise, which will lead to more press and cause people to hoard their BTC, which will case the value to rise, which will lead to more press and cause people to hoard their BTC.... Not sure yet if this is a good or a bad thing. But I am 99% sure this is a bad thing. /rambling |
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I experimented with putting the bitcoin data directory on a USB flash drive, but it was so incredibly slow that I abandoned the idea. The block chain downloaded at maybe one block a minute.
How fast was your flash drive? If it was a year or two old... chances are it was operating at around 1-5 mb/s... Today you can buy flash drives that read/write approximately 100x that speed if you have the cash. |
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I pay the fee .01 every time. I do not mind supporting the network. Currently it is six cents for most transactions. If I was sending under 1btc I would enjoy paying a smaller fee but that is not too important.
Fees should be calculated as a percentage if less than 100x the initial "minimum fee" is being sent imho. |
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You forgot to add the fact that people should only use ~0.001 BTC in testing the beta software!
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Fuck this guy. He is posting linkbait.
We are already seeing a lot of this, and I suspect we will see much more..
The more popular bitcoin becomes, the more popular of a target we will become for the "haters" out there who gain attention and readers from attacking already soundly proven principals that are followed by a large group.
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Hey All
This is my first post here (so please be gentle with me) I've been following these forums and the BTC community for a while now - I'm a developer and there's a niche market in BTC that no-one's yet built a service for, so I'm thinking of building it. However, in all my research there's been one question that seems to undermine the idea of the currency.
Is there no accountability?
For example, let's say that one day BTC is added as a payment option for eBay, currently with PayPal if you are defrauded out of money you can just go straight back to PayPal and say "Hey, sort this out! Someone ripped me off" - but with BTC, who would you go to?
Similarly, if some peice of malware ripped of hundreds/thousands of BTC followers and pocketed the BTC into their own anonymous wallet - then those thousands of BTC followers would be fundementally untrustworthy of the system from that point forward.
These scenarios are analogous as to how the average consumer might see the BTC network and have reason not to "trust" it, and therefore not to adopt it as a method of payment (i.e: if my credit card is stolen, I can just get it cancelled)
No not really... not much accountability, actually none at all. All this means is that websites/ebay sellers/etc will have to become akin to brick and mortar/tried and true/mom and pop type stores in the future. This will happen. Ratings sites are just getting started. When I send a payment to newegg.com for example... I have no doubt that my order will be shipped with insurance and a tracking number, and if it's not here in 3-4 days I can call them and find out what's up within 5 minutes. For the same reason that people don't frequent the new restaurant in your neighborhood, people will be scared to spend cash at a new web establishement on the internet. Thank fucking Christ! People will now actually begin to think twice about where they spend their money!!! See some way too good to be true deal on a shady looking, 2 month old, .cn domained website? Pass it up. Want to buy the same product from a store that all your friends rave about? Go for it. Why not? You do so in public every day. |
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I looked at the clock tonight around 11:55 and got a little weirded out for a second.
/ashamed
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That graph shown just before the video ends look like bitcoin literally hit a brick wall of value or something  |
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I'm very impressed by the current Bitcoin hashrate, overtaking the fastest supercomputer Tianhe-1A and probably also Folding@Home. For safety, even larger network would be necessary.
However, at current 2700 GH/s, taking most efficient GPUs at roughly 0.5W per 1MH/s, the whole network needs 1.35 MW of electric power (FPGAs or ASICs that are used by some are more energy efficient but are more expensive and carry larger depreciation cost). With 8-9 blocks/hour, one blocks needs about 150 kWh. This is probably about $15 on average. So if there were currently no block rewards and miners were supported only by fees, a block would have to carry at least $15 in fees if you count only electricity costs or the miners will stop mining. With hardware depreciation that the miners would want to recover and some profit the fees would have to be even larger. With about 15-20 transactions per block (which are mostly free so there would be less of them if there were fees required), one transaction would need to carry at least $1 of fees. This is quite expensive. I claim that the current network size could not be supported by fees only.
More efficient miners would not help much (if at all). More efficient miners would be available not only for the Bitcoin network but also for the potential attacker. The Bitcoin network would have to be always ahead of the attacker. Maintaining such a network will be quite costly. Worse yet, there will have to be constant mining performed while the attacker could just rent the compute time for a few hours to do a >50% attack. Can we really afford it?
Unless the number of fee carrying transactions grows a lot before the mining reward is reduced, we are going to end up with not large enough and prone to attack Bitcoin network. Or with fees that are hardly better than in mainstream banking.
There have been some blocks solved to date with fees as high as 6 BTC... I honestly believe that by the next block distribution change (from 50 to 25 BTC per block...) that the average block mined will generate more than 50 BTC for the miner. |
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If your Bitcoins are stolen, why should the police help you?
If anybody hacked into your computer and stole something of great worth, the police and/or relevant authorities would definitely be interested in such a thing. |
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