Damn it... I forgot to delete my first post and got sucked in  . |
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If you were an early oil baron what would you pay to corner the oil market by buying saudi arabia ? 7% seems cheap  It almost always costs more to corner the market than you can possibly make after having cornered it. If you try to corner the market on something people don't need, nobody will care that you've cornered it, you still won't make any money. And if you try to corner the market on something people need, you'll wind up having to pay more and more over fair market value to corner the market, and people still won't pay more for something than it's worth to them. Such as text messages and mobile data plans. Creating the market is different from cornering the market on an existing good. |
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FINAL VERSION: This will be sent to GLBSE in a few hours.
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Where is it mannn I've been watching all morning xD Damn dude... It's been 11 minutes. |
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What if bitcoin grows to the point there are 8064 pools?
I am not considering this as a concern, because I believe the number of traditional pools will tend more to zero, not infinity, as P2Pool evolves to satisfy the needs that currently drive people to traditional pools (a lot of which I believe is just that - "tradition" - they set themselves up to use some other pool at some point in the past and it works so why mess with it. Or they consider setting up to mine on a traditional pool to be easier than setting up P2Pool - something that can change) That's arguable since p2pool mining requires a blockchain and regular pool mining can be done on a computer with just a livecd. Also, I consider it a concern because there are no rules in the system preventing it. Sorry, but your guess as to what will happen just doesn't satisfy me. |
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If it weren't for hording BTC would still be at sub dollar prices. True, and at sub-$1 prices, every $.10 change in the price would be 10% or more. But it's the same thing for Gold. I don't think that's true because of gold's ornamental and industrial uses. But certainly the price would be much less. Isn't ornamental use just a form of hording combined with occasional bragging (wearing it)? |
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There is no such court. You sure have a strong imagination.
And you have none. We are all the court of bitcoiners. And when the ponzi falls apart, we'll all look back at the people in the top tier that supported it and pass judgement. And that judgement will be done on an individual basis... not by some imaginary collective. |
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Dont know why Giga is so defensive either.. I never directed any question to him directly..
It wasn't you that irked him, it was mem: Amazing isnt it - Also Giga VPS who was BFL's big shill in the early days now shills for Pirate.....
...removed...
I'll bet you didnt meet any of the well known forum shills, ie Giga.
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Having met Pirate != Knowing how he runs his business
That might be in a court of law, but not so much in the court of Bitcoiners. There is no such court. You sure have a strong imagination. |
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What happens if there are 8064 miners all with equal hashing power? Even a partial confirmation from all 2016 of the last blocks' miners would only account for 25% of the network.
This might be a concern if Bitcoin were mined chiefly by solo miners. The higher the difficulty gets, the less likely that will ever be the case. Most mining is done by pools (traditional and P2Pool). Let's consider traditional pools for a moment. As long as they exist and have the majority of the hashing power, they will always be represented in the last 2016 blocks. Now let's consider P2Pool. Admittedly, I did not consider much about how P2Pool would interact until gmaxwell said something. But P2Pool could collectively commit to a transaction simply by including that commitment in one of its sharechain blocks, as he seemed to suggest. All other P2Pool workers would be required to honor the commitment if they honor the sharechain block. If it worked that way, then all that needs to happen for all of P2Pool to collectively commit, would be for any P2Pool miner to solve a sharechain block after having heard about the transaction, which would result in it being shared across P2Pool's p2p entire network. What if bitcoin grows to the point there are 8064 pools? That's only 8 million miners with 1000 miners per pool. Doesn't sound too unreasonable given that is only 0.11% of the worlds population. Also the same problem exists with 4032 since you're only representing half. In addition, many pools are smaller than 1000 users. Sure, that's a distant possibility, but we shouldn't add scalability problems. I suppose we could bump up the number of block later (and only the pools would need to upgrade), but we may run into a problem with transient miners. It may not be possible to get confirmations from half if say mining is only done in the winter by most people due to the heat production involved. |
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Me personally? I just regret not starting something like this myself - right now he's totally free to cut and run with over a million dollars  In the big picture, that really isn't much money. If I were entrusted with others' money, it would require much more than several millions to make me cut and run. What if you knew that you could just start this up again year after year, thus making one million tax-free dollars per year? What if we knew what he looked like and where he lives? What if we knew about a minor run-in with a specific police department? He would have to go on the run, and if he tried again he wouldn't be able to provide anywhere near the level of information that he has currently. With a million dollars, it costs practically nothing to buy a new identity with a full background. The only problem is getting that first million, and he has. So you mean to tell me that all this patriot act bullshit is just creating a hassle for innocent people and not doing a damn thing against criminals? Damn you George Bush. You're right, but I'm not sure pirate's so unattached that he can just drop his current life. |
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Thanks for all the interesting replys.. I have to admit i really am that dumb i cant use windows properly... My question should really be is a dummie on windows safe with bitcoin? I now have a wallet and ready to buy some  Are is there any last advice. Encrypt your wallet and back it up in several places. Only unlock it when you need to spend funds or generate a new address. |
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All money is imaginary.
Until you buy food with it. Mathematics is imaginary. Poetry is imaginary. All meaningless statements in isolation. The reason I point out it's imaginary is to reveal the lie that you need money to obtain food, shelter or any other basic human need. The food, shelter or the like doesn't appear magically out of thin air. You need human work to make these, and so, if money is a representation of human work, you need money to obtain food and the like. Most of my food comes from a simple recipe: water + soil + sunlight + labor. No money involved. I did pay for my house though.Proving the point that money is not imaginary. I think what he is trying to bring across is that money's valuation is imaginary. That is true. Its in the mind of anyone who perceives value in money. However that doesn't make it invalid or not useful, just like mathematics isn't invalid or useless. In which case the value of life is imaginary because it's in the mind of anyone who perceives value in life... Nope. Life is real because even if I don't value my life I don't stop living. If I don't value money, it loses it's usefulness. |
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These people are an infinite loop of disaster. My favorite quote from that thread. lol |
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What happens if there are 8064 miners all with equal hashing power? Even a partial confirmation from all 2016 of the last blocks' miners would only account for 25% of the network.
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I want about $100k/year. This works out to about 10,000btc/year. Pirate pays 6.5% per week compounded weekly, so I just need 10000/(1.065)^52 or about 379 bitcoins to retire.
This statement itself shows just how ridiculous pirate's operation is lol Actually, it just shows how ridiculous assuming pirate's operation will continue as is indefinitely is. |
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cool ty! sorry for noobness  It's all good. Welcome to the forums! |
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gold doesn't seem to be doing so well today.  you covered too soon!! Maybe the fed will suprise us , everyone thinks they won't do anything. If everyone thinks they won't do anything, why did the markets ramp? It certainly wasn't good economic data. |
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LOL!
Think the person with the buy wall is the same person with the sell wall? If so, its working. For it in order to work, the trader playing ping pong would at least have to make enough to cover the tx fee charged by MtGox (0.25% minimum per tx). If 9.40$ is the BID wall, then (9.40*1.0025=) 9.4235 would have to be the minimum for the ASK wall to be put to break even. With the current setup (both walls put at 9.40XX$) this trader would operate at a loss of just under 0.25% with every tx. That's a small price to pay to sample supply and demand. You can then use this information to inform your trading. |
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+1 I dont have much anyway, so Im all in  Exactly... I own my house, and most of my food is grown by me or my parents-in-law, so this decision can't make me homeless or starving. I make plenty of cash to pay the utilities. When I need something and they don't take bitcoin it's easy enough to have money in the bank the next day. I watch the markets carefully, and I got started right after bitcoin hit $1 for the first time, so I witnessed the giant bubble and the 6 months of pain. We're much healthier now. Did you sell some above 20? Very small amounts. I sold most below 4 . This time I'm hanging on tight. I'm not worried because my GPU investment has already been paid off and everything from here on is profit. |
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