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I remember the contract stating that it could be cancelled if the maintenance fee exceeded the revenue, which is what happened.
I don't remember an obligation to buy new equipment.
Anyway, cex.io was a money-loser for investors from the beginning, and the shutdown simply realized all the future losses. I think that shutting down was a benefit to everyone. Before they turned off mining, people were paying far too much for GH/s -- much more than it would ever earn.
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SMTP (the email system used by just about everyone) wasn't, and still isn't, the only email system. There are alt-emails, but they have mostly faded away or they remain insignificant. I think it is reasonable to compare Bitcoin to email, even if it is just a brand.
TCP/IP (the network protocol that powers the internet) wasn't, and still isn't, the only network protocol. There are alt-protocols, but they have mostly faded away or they remain insignificant. I think it is reasonable to compare Bitcoin to the Internet, even if it is just a brand.
Bitcoin is the first (workable) cryptocurrency, and it is the biggest cryptocurrency by a very wide margin. However, I don't think anyone would disagree (including Andreas) that it is possible that another currency may replace it someday.
The fact that silver tarnishes has little to do with its value compared to gold. Scarcity is a bigger factor.
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The difference between an soft yolk and a hard yolk is the cooking time:   |
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It's not likely and it's not likely to have any discernible effect on Bitcoin.
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Your scheme is basically a version of Purse.io's business model, except that they are completely open about it and they charge a fee. But I don't see how the Localbitcoins MITM scam is related. |
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yes, where is the center of this decentralized network?
Yes. Bitcoin is global and decentralized. There is and never will be a center other than the center of the Earth. |
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Again, they are conflating the "money laundering and terrorist financing" boogey man with "consumer protection". That is their game plan.
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You did waste a lot of money on your miner. You'll never be able to get ROI.
You can always experiment around with pools and learn how mining works.
so there is nothing i can do to get a ROI? like joining a small pool? The amount you make from mining has little to do with the pool. A 63 GH/s miner earns about 0.0006 BTC per day. Currently, that's worth about $0.16, so it will take at least 262 days to pay for the miner. It will probably take much longer than that because the revenue per day generally decreases over time. Now, you also have to consider electricity costs. Depending on the cost of your electricity, it is possible that the electricity will cost more than the value of the mined bitcoins. The U3 uses about 50 W, or about 1.2 kWH per day. If your electricity costs $0.10 per kWH, then the U3 is costing you $0.12 per day to operate, so your profit is actually only $0.04 per day. If your electricity costs more than $0.13 per kWH, then you are losing money by turning on the U3. |
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I took another look at Purse.io just a few hours ago and it looks like if you're a total newbie, you can't choose a discount percentage, and have to buy your order directly through Purse for a few percent off. I'm guessing as your account ages and you have more transactions under your belt, then they'd start to loosen rules and allow you to post your listing and listing price, to choose a percentage off.
I haven't used Purse.io in a while, and they have changed a little, but AFAIK you have to order a certain amount at a fixed discount before you can choose your own discount. I have bought many hundreds of dollars worth of items at 15%-25% discounts through Purse.io and I am happy with their service. I have had no major problems. |
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Isn't gold immune to fingerprints? Fingerprints cause corrosion on other metals, but not gold, right?
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Nodes do have voting rights. A node votes for transactions and blocks by relaying them and against transactions and blocks by rejecting them.
However, unlike mining consensus, it takes much more than a majority to win.
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I don't know why you characterize the article as an "attack". Anyway, the idea of a "private" block chain makes little sense to me. If you trust all the participants, then what is the advantage of a block chain database over any other kind of distributed database? |
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Don't bother. Reading that article is a waste of time. jdebunt is just promoting one of his articles.
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As talks continue over proposed €86bn third bailout, Greek treasury says tax revenues fell 8.5% in a year, and public spending fell 12.3%
That's good news! Revenue dropped by 8.5%, but spending dropped by 12.3%. That's a net of +3.8%. That gives them more money to pay off debts. |
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In what situations is a barter economy better than a monetary economy?
In all situations with no exception, a barter transaction is more direct and better to all involved parties. Unfortunately it's often slower and more involved and the lazy option is to use a monetary token and accept the loss in efficiency. Keep in mind that the question is about a barter economy and not a barter transaction. A barter economy is one in which there is no money. If you have a job in a barter economy, you are going to be paid in chickens or cabbages or coal, or whatever. You will have to pay your phone bill with chickens or cabbages or coal, or whatever, though I don't believe a barter economy could even support a phone system. |
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Banks are only necessary if people need to deposit their money in them. With bitcoin there is really no reason to keep your bitcoins in a bank.
However, it is foreseeable that people may want to keep their bitcoins safe by keeping them in a bank that they trust. Even if this occurs, bitcoin allows for PROOF OF SOLVENCY which means that everyone can verify that the bank is actually storing their bitcoins for them.
This effectively eliminates the possibility of Fractional Reserve Banking. Who in their right mind is going to give their bitcoins to a bank that turns our around and lends them to other people and makes bets in the stock market with them? Nobody.
Only those banks that embrace PROOF OF SOLVENCY will survive with bitcoin. Those banks that try to hide what they are doing with people's money or try to give some reason why people should allow them to keep only 3% of deposits in reserve and lend the rest out, will not survive. Nobody will use these when there are PROVEN SOLVENT banks now in existence.
What you think?
I think you are ignoring reality. If people deposit money in banks and don't care about FRB, why would they care more with bitcoins? People deposit bitcoins in Coinbase, and Coinbase does not do proof of solvency. Most people just don't care about FRB as long as they are told (and believe) that they will get their deposit back. |
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The barter economy is better when there is no greedy and bad people. They will take the advantage of this situation by scamming their 'buyer' with the stuff that have lower value than the stuff from the 'buyer'. It sounds impossible to be realized, and thats why the barter economy isnt suitable for the world nowadays. That's crazy. There is no situation where a barter economy is better. Even if there were some global disaster and the entire world reverted back to subsistence farming, money would be a major benefit. Sorry professor, but I think you should quoted my whole comment  Sorry. You are right. I should have read the whole comment. I didn't read past the first part. |
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Nothing will happen because the price will have already adjusted long before the halving since people expect it to go up..
In other words, it probably won't move much upward or much downward, but stay at trends unaffected completely by halving.
Your forum rank doesn't give you much credibility. Isn't it just basic economics? Halving = less bitcoins. Less supply + consistent demand = rise in price. Your forum rank doesn't give you much credibility either, but rank means little. It is just basic economics and basic math. Halving does not equal less bitcoins. The number of bitcoins will continue to increase after the halving. Greater supply and constant demand = drop in price. ... but it really isn't that simple either way. |
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It is disappointing that DannyHamilton posted the answer to the question, yet people continue to post nonsense.
He gave information on why it has changed on Blockchain.info and the way they guess the current hashrate but did not give his idea of why the hashrate could actually be down. Although yes most just repeated his information over, and now you have gone and put him on his high horse about the ignore list. It was a good answer to OP's question but it leads to discussion and the spread of knowledge when others continue to post instead of a single answer and closed topic. At the risk of explaining something you already know ... The point of DannyHamilton's post was that graphs of network hash rate don't actually show hash rate, and that the OP is mistaken: there is no evidence that the hash rate has dropped. I think that is a valuable piece of knowledge that he shared with people. Yet, despite pointing out that there is no evidence of a hash rate drop, various people have still attempted to explain the cause of something that hasn't happened. In contrast to DannyHamilton, they have done a disservice by promoting misconceptions and mythology. |
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