... If Joe might solve a block once a year as difficulty increases, and his trouble is worth the equivalent of two bucks, why would he bother? There are only about 50,000 blocks generated each year. So if bitcoin gets a million users, there's no way the average Joe can generate a block once a year. Collaborative mining is the way forward for the "little guy". Very small payouts, but reasonably regular. The problem is the same whether mining is collaborative or otherwise. If bitcoin gets a million users but the reward for mining is 0 BTC as it is planned in the future (plus fees no one has any incentive to pay beyond a token penny to set their transaction apart from spam), why would Joe bother? Right now everyone who generates leaves it on all the time. When a block is found they keep right on going because they are after the 50 and there is another 50 for the next block. When the reward is 0 everyone will likely stop after a block is found and wait for a fee transaction to show up. If the fee is worth the average power it will take to get it then they turn on, else they wait for more fees to accumulate. If generators are not finding it worth it to solve the block in an average of 10 minutes then the difficulty will drop until they do. |
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Havre, MT. That's Montana.
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Obviously use mtgox if you want LR. If you want PP I'll offer $300 USD.
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As soon as the person receiving donations spends the coins in larger amounts than the donations it will be possible to link the addresses together with the BBE.
Do you mean because coins will be sent from multiple addresses? Can't this be avoided by spending exactly the amount received from one address? Get 18BTC from 1Nk... and 10BTC from 1Lo... so you don't spend 20 because that will link them, you send 18 to mtgox then you send 10 to mtgox then you cash out 26 at some point later and sell 2 for USD or whatever. Maybe I miss your point though. |
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Concerning using bitcoins as timestamps...
Right now gold can be mined and used as a currency. You can also you gold to make jewelry, build circuit boards, etc., because it has special properties. Therefore, gold has more than one purpose which increases its value. As of now most people believe that bitcoin can only be used as a currency. If people start using bitcoins to timestamp their work, then every bitcoin actually has more intrinsic value because it has more than one purpose! A bitcoin is actually not only useful as a currency but it has the ability to timestamp. If someone could use this special bitcoin property similarly to how scientists used the conductive properties of gold, then bitcoins could takeoff in a different tangent which could further increase its value. Is there a breakthough application waiting to be discovered using the timestamp property out there???
That makes sense Jimbob. I don't understand well enough to know what it makes sense to pay to be put in the chain so I don't know what will be in the chain in the long run, but whatever people are willing to pay the most for is what it will be. If registering domains ends up being the best use of this system I'll be confused and disappointed though. |
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That's cool. It annoys me that they don't mention bitcoin on the donate page. |
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Yeah, that sounds good.
This might be more fun with a company that is both more likely to give a dividend and more likely to go bankrupt. Long term deals for small amounts don't appeal to me much.
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If you sell me the "share" of eBay, and I sell the "share" of eBay to person C, then these two shares are not fungible unless you and C agree to face one another and I can step out of the middle. If you do not agree to face C directly, then you owe any eBay dividend payments to me, and i owe the exact divident payments to C. That sounds like trouble.
I don't get it. If you buy my share, you give me a bitcoin address where I will put the dividends. If you sell it later to someone, you just give me a new bitcoin address which will not be yours but his's. Seems simple enough to me. Maybe to make it even clearer the seller can use the signing feature of ECDSA to indicate the new address. Giving a new bitcoin address is not good enough. The purchaser needs to be able to transfer the ability to transfer also. I sell to Person C by giving you his address. Now when he wants to sell to D I have to give you D's address, later D will have to get me to to give you E's address and so on. The way to fix this might be to give a password to the purchaser. If anyone ever says to you "The password is gopher, please change it to g1427xy" then you confirm and henceforth only accept g1427xy. Obviously the password is needed in order to change the bitcoin address that dividends go to also. |
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so essentially... once someone buys the share from you, he'd have to trust you /in perpetuity/ to keep delivering any possible future dividends. and trust you not to get hit by a truck at some point, or if you do, to trust you to put it in your will that "this ebay share belongs to some guy" when they distribute your assets after your demise? not sure i like that proposition.  This is a good point. As offered we're essentially speculating more on your trustworthiness and health. So... how old are you? Are there any heart problems in your genetic history? Maybe make it a year or three? At least this prevents us having to mostly guess on how long the arrangement will last than on the company itself. |
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I have transfered 8449 BTC to 129GMPhks7k5bQnNJM4byLb4bE9nHCBSqP.
Confirmed. I actually agree that it was a non issue you controlling the bounty as no one else stepped forward. I will give the username and password to both bytemaster and kiba. I guess mybitcoin also has a copy as its on their server.... Does anyone have a problem with that ? Seems safe. A solution where we can see who moves them would be the best though. Kiba probably wouldn't throw away his whole reputation, but as long as the reputation hit is shared 3 or 4 ways it might be attractive. |
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My man is in Kansas City right now. Let me know if he can help you.
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I have a guy who would be willing to meet people and collect cash as payment for bitcoins in the USA. I'll post his destinations as I learn them usually 12-24hr in advance in this thread. If you are interested and want to make sure you don't miss him when he's in your area send me a PM and I'll make sure to let you know specifically when he is near you.
Obviously we don't want to do tiny amounts and we'll charge some premium. Details will be worked out on a per trade basis. The coins are coming from me at least for now.
I'll post the first location within a few hours.
If it isn't clear, this is an offer to sell bitcoins to you for cash and we'll come pick up the cash.
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Mtgox is the way to go. Wire transfer to a Liberty Reserve exchanger and buy gradually from the market for the best price. If you do a large wire the fee will be a negligible % and then you only pay 1% LR fee and 0.65% mtgox on the buy.
Also there is no reason to worry about the trust of someone selling bitcoins. You will be able to tell practically right away that they are good and there is no way to chargeback or anything. It is the buyer who needs a reputation usually.
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I have to say though that I gladly pay rake to Poker Stars and that they have no power to exploit me whatsoever. At any time I can stop buying if it is no longer worth it to me. I'm actually a little insulted that you don't think I can evaluate the worth of the service they provide. I don't think I'm the only poker player who can think for themselves either so you might be irritating more people than you realize.
Good point, I didn't realise that- thanks for the tip. I meant it in the way that all Poker sites charge the same rake. You have the choice to either play or not play. Yeah, obviously I'm totally cool with getting something that I value very highly for free, but that's way different than denigrating the company that currently offers the best deal to me. Glad you understand. |
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I'd be interested in knowing what the absolute fastest legislative reaction to an invention ever was. I'm guessing like 3 years. They don't have a chance at beating this imo.
It's Wikileaks. Eh, I don't think actually reporting on things the government did instead of what government said is really a new invention, rare though it may be. |
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I can't find it, sorry if somebody asked it before:
If I run several instances (read, computers) crunching numbers for the pool with the SAME bitcoin address, does this address receive an aggregate of bitcoins for all the computers' hashing work, or should I specify a different bitcoin address for every computer?
One address is fine. |
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Almost any sort of money is preferable to USD right now.
 "Your total is one really big rock, please pull up to the second window." |
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It's a great idea. I'll try to make it to the meeting.
I have to say though that I gladly pay rake to Poker Stars and that they have no power to exploit me whatsoever. At any time I can stop buying if it is no longer worth it to me. I'm actually a little insulted that you don't think I can evaluate the worth of the service they provide. I don't think I'm the only poker player who can think for themselves either so you might be irritating more people than you realize.
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It sounds like a thread title change would be appropriate.
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I imagine there is an ad hoc think tank calculating the destruction of Bitcoin right now. Possibly your tax dollars at work.
I hope they hurry so it won't cost too much of my money  |
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