nice dinner for you and your GF

Simple poll, how many TH will a miner need to strut out a year from now to mine one BTC in the month of January 2015?

For those thinking about getting into mining now, or selling some coins when BTC goes back over $1k, you might want to pay careful attention here.

Personally, I think its a great time to buy some coins. 2014 is going to be epic!

Youre fine, offline encrypted wallet will show your coins as soon as you load it into bitcoin-qt and fully sync

A lot of people PM'd me asking for advice on what miner to buy and if this contract or hosted mining is profitable blah blah blah.

People. Reread the original post. If you arent already neck deep into pro-level mining, dont even think of getting in now.

You will be outgunned and outplayed at every possible turn. Mining is at this point a Snipe Hunt or Fools Errand: http://en.wikipedia.org/wiki/Snipe_hunt

Nobody like bad news. Nobody likes hearing that their grand plans are actually a pipe dream.

Swallow your pride and save your money, unless you want to make a donation to mining manufacturers and Bitcoin network, which is surely appreciated.

mining keeps the entire system honest, otherwise its just monopoly money like ripple's XRP

you cant game the system with mining, you can just add hashing power if you want more coins, thats it, so simple and sweet

and if you think mining is "free" you have obviously never mined because its usually much cheaper to buy coins than mine them, but most people dont believe that so... go look at ASICs on ebay

He is obviously super intelligent and would have no problem earning a high salary in nearly any field of his choice.

So, Satoshi doesnt need his Bitcoins. Hes already very well off and being highly intelligent and fairly nerdy, probably not of the lambo-yacht buying breed.

My guess is he will use his Bitcoins to help humanity, by giving them to charities. Basically like Bill gates, but anonymous. He is a modern day superhero.

/thread

Im not sure about the hackers and thugs reference on the box, I think this is not very "lego" or positive for bitcoin (and lets be honest, hacking a personal computer for a wallet.dat is extremely rare)

They also have to accept your ad. And maybe they dont like Bitcoin? You have to remember, not everyone believes in this concept. Some are strongly against it, most are just clueless and dismiss it outright. 

I think we arent quite there yet, because Bitcoin is still fairly hard to use and most people dont understand why they need it.

Give it a year, I think the Bitcoin world will look a lot different and a lot more people will understand why they want some.

Cliff notes, overstock is truly awesome but not for everything. Buying a new bedroom set at clearance prices, shipped for free in the USA and paying no state tax? Awesome.

Buying a new phone from Europe? Apparently not so much.

The Worldstock section of overstock is an amazing project which brings unique handmade items from around the world to your door - and now for bitcoins!

But anyway, great news for Bitcoin, Coinbase, and Overstock.

Buying things with BTC is so much better for taking profits than converting to fiat, which is just...ewwww. Gross!

Now, time to do some shopping! 

www.overstock.com

Wow, great post. Please, post more often.

Right now there are plenty of pools and plenty of competition. This only becomes an issue if we get to the point of only having 3 pools making up 99% of the total hashrate.

Maybe there should be a rule, no single pool can ever have more than 33% of the total hashrate? But its impossible to enforce. Bitcoin Foundation could help here possibly, but its unlikely.  

Yes, obviously p2pool is the answer but how do we get people to flock to it? People are now gladly giving up 5% of their profits to have zero variance. The human brain is highly illogical at times.

Miners are self interested so the solution can only be one that serves their self interest. Anything else is 100% guaranteed to fail.

But dont blame the miners for being "evil" or greedy for using pooled mining, self interest is natural and healthy. Bitcoin would not exist without this self interest.

Are you greedy for keeping 100% of your paycheck and not giving all profits above rent+food to charity? No, just a normal person. Donating a bit every year helps your conscience though.

How much in $/BTC to assemble this bad boy:

http://shop.mutable-instruments.net/products/ambika-kit

PM me

I think this service would be better spun off as a consultancy, where you advise how to get max efficiency out of rigs and specific tips and tricks like cleaning, coin switching, pools, hardware advice etc

Please use the search function and dont create new posts for topics which have substantial discussions already.

Hopefully a mod can merge your post.

1) btc-e is the only site I would trust, but they dont list 99% of the alts because 99% of them are worthless shit

2) its a zero sum game so make sure you know what you are doing, day trading is extremely difficult and you have very sophisticated, wealthy opponents

3) dont trade in worthless shitcoins trying to make quick bucks, its much easier to just buy and hold btc and ltc and maybe a couple others

4)if you want more profits, stop playing zero sum games and start a business in the bitcoin space, the potential is enormous

rpietila, I thought you were "all in"? Or is this a case of do what I say, not what I do?

Also, out of curiosity, what do you think of Litecoin?

Chinese are smart, they know how to move money around, its not rocket science to avoid these regulations. Just another step.

The main thing is BTC is perfectly legal to trade. And LTC :-)

As a USA resident, its not the amount of taxes which is so appalling (and it is) as how it is spent. Mostly on the military, where it is squandered through inefficiency (see Iraq/Afganistan) and corruption which reaches all the way up to congress (a part of the B2 stealth bomber is made in all 50 states in the USA).

The amount is rapidly 1 trillion USD per year. If Congress took half of this, and spent it instead on improving infrastructure, education, transportation, networks, robotics, nanotechnology, green energy, medical research, and other 21st century technologies, our country would look radically different a be in a much better place in 50 years. We might even be able to dig ourselves out of the financial hole we are in and bring the entire world economy with us (with Bitcoin leading the way - of course). As it stands currently, Im frightened how our country will look in 25 years, let alone 50-100.

You are talking about economies that are worth trillions of dollars. Ten billion is nothing.

Talk to me about the difficulty of the market cap doubling when it gets to one trillion.