Couldn't an increase in transaction fees solve this problem? Bitcoin was designed to run only on transaction fees in the extremely long term, so couldn't pools change the rules there if the latest daemon isn't going to already?
Isn't that the tail wagging the dog? Transaction fees are for transactions, not mining specifically. If mining were a significant enough fraction of all transactions I could see it but I don't think it is. |
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It could happen to anyone. No. It couldn't. You have to take action to get infected, unless a secret agent broke in and infected it while you were out. OP is an idiot. |
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Bitcoin addresses are Base 58 so every time you add a digit to the vanity part it multiplies the number of search permutations by 58.
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If the exchange rate is still $12.32/BTC on halving day I'll drop to $0.43/day. Presuming you are like most other GPU miners and pay a normal electric rate (e.g., $0.15 per kWh) then your electricity for the rig will likely exceed $0.43/day. But let's say it is break even. You'ld rather pay $12 to your electric company for a month of mining which yields 1 BTC versus sending $12 to an exchange and getting your 1.0 BTC that way? And if your electric bill comes in higher than the $0.43 per day, then you are paying above market rate to buy -- and you are going through the effort of managing a rig for free. If it is a hobby, then call it a hobby. But anyone mining GPUs for the purpose of profit should know right now ... in about 60 days the party is over. [Edit: Of course, there are other uses for your GPUs, but mining BTC for-profit is specifically what I'm addressing.] I totally agree Herr Gornick. It's really just a hobby and I'm already planning my next move with the GPU since I'm a programmer. I've learned a lot about OpenCL programming and have some potentially profitable ideas I'd like to explore. BTW, my kWH rate is $0.086 and the power draw difference between mining and idle is around 35 W. Works out to around $0.07/day in electricity. Why not just buy my BTC at an exchange? Anonymity for one thing. I mine and run my client behind Tor for maximum paranoia and I'd never bare my privates to one of these BTC exchanges. |
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will the miners band together and demand a higher sell price for bitcoin?
They won't have to. It's going to go up on its own through normal market forces. |
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I've been mining since Jan 8, 2012.
When I started I was making about 0.13 BTC/day with difficulty=1,250,758. During that period the exchange rate was about $6.50/BTC. $0.84/day in Jan 2012.
As of today the difficulty is 2,864,141 and I'm making about 0.07 BTC/day. (I wasn't making as much as I could in January because I didn't know how to overclock). The exchange rate is $12.32/BTC. $0.87/day today
If the exchange rate is still $12.32/BTC on halving day I'll drop to $0.43/day. Actually less because the difficulty will be somewhat higher.
The thing is, I don't look at this like I'm making so many dollars/day income. I'm accumulating BTC for speculation and I personally think BTC will be worth much more than $12.32 in the long run. So the halving doesn't bother me at all.
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The point is that you have to *trust* the person who signed it. What if s/he is hacked and a malicious exe is signed and uploaded?
The act of signing doesn't make it trustworthy.
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Bitcoin is an open-source project. Build the client yourself from source to guarantee you don't run a compromised executable.
That's the whole point of open source.
Not a guaranteeWell OK. I meant you actually *read* the code before building it. |
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Bitcoin is an open-source project. Build the client yourself from source to guarantee you don't run a compromised executable.
That's the whole point of open source.
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More fun when you make a game of it. The Game. You lose.  |
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US1 appears to be down for about 3 hours.
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No. Quantum computing is being demonstrated on a microscopic scale in a lab environment.
It won't be productized for years, maybe even decades.
Hook, line, sinker... Shhhhh, keep it down. I'm with the NSA and we're trying to spread misinformation in public message boards to hide that we're had QC for the last 5 years. |
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There are members here with 1000+ posts who are still noobs.
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No. Quantum computing is being demonstrated on a microscopic scale in a lab environment.
It won't be productized for years, maybe even decades.
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I'm trying to understand the economics of why BTC would crash in relation to other currencies if SR went away.
Is SR so big that it's influencing the value of BTC? I could see it might move it around some, but I'm not so sure about a crash.
What percentage of the economy do you think Silkroad fills? I honestly couldn't say. There have been studies referenced here on this site that estimate how much business goes through SR. But how much other commerce goes on through, say, person-to-person transactions? SR is an easy target for study since it's a focal point of commerce. How much p2p commerce is there? It's impossible to even estimate. |
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I'm trying to understand the economics of why BTC would crash in relation to other currencies if SR went away.
Is SR so big that it's influencing the value of BTC? I could see it might move it around some, but I'm not so sure about a crash.
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As long as SR is profitable to the owner it will continue, barring getting busted somehow.
The USG has all but admitted that Tor is a huge impediment to their shutting illegal internet activity such as SR, CP etc.
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Hey inaba I saw somewhere that you're using torify and had a question.
I starting mining and running bitcoin-qt through tor a couple of days ago and noticed some warnings coming from tor regarding dns leakage. I fixed that tonight by running cgminer into socat as a front end to tor. The dns leakage was the only anonymity concern I had and socat took care of it.
Does torify take care of the dns leakage problem?
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I used hushmail years and years ago but stopped when gmail started using https.
Does hushmail really have any advantage over other web-based emails any more?
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