One of the main attractions for Bitcoin is it's decentralization. I'd rather we not have a central bank.
If a bunch of people want to get together and form a Bitcoin central bank, there is nothing you can do about it, except refuse to participate and convince others to refuse also. Unfortunately, fractional reserve banking affects the value of all bitcoins, so they will affect you whether you participate or not. |
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Your account at Coinbase has a deposit address. When you deposit coins to that address, Coinbase will move them to another address. You cannot use a block explorer (such as blockchain.info) to monitor your Coinbase account.
If your Coinbase account no longer has bitcoins in it, the account transaction history should tell you what happened to them.
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The average person should use Bitcoin because it
reduces fraud,
reduces waste,
promotes personal freedom and basic human rights, and
saves money in the long run.
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Still available?
No. This was a scam. Read the thread. |
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For:
As the article points out we would have a central authority with the ability to audit these exchanges and penalize them for any wrong doing,
Against: this function does not require a central bank. As half of the exchanges' business is fiat, there are already mechanisms in place to police this activity. The function of a Bitcoin central bank would be to protect member banks against bank runs. Because member banks would be at risk from each other, they would agree to follow certain rules and submit to regular audits. |
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I think that cex.io is one of the best site for cloud mining.
cex.io is a nice site, but the shares are too expensive. If you buy shares at the current price, you are probably going to lose money because the difficulty needs to drop for the next few months in order to make a profit. Ironically, that is actually good news. Until recently, you were practically guaranteed to lose money. People investing in cex.io shares have lost an average of around 50%. |
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Understand basics like the following:
1. Learn to back up your wallet balance
2. Learn to save your private keys and do not share them
3. Learn bitcoin balance typo errors can be made eg: 0.1 when you meant 0.01
4. Learn bitcoin is a non reversible payment
5. Learn to use reputable escrow with +1 or higher
6. Know in the bitcoin world of business anything can be gone within in instant.
Is backing your btc wallet really necessary? If you lose your private keys, you lose your bitcoins. Backing up your wallet is not necessary, but why risk it? People lose their wallets all the time. |
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What's the average cost to mine a coin now, kindly tell me, guys.
On average it costs around 1 BTC to mine a bitcoin -- less for some, more for others. |
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Is anyone working on a coin that is self issued! and backed by the ability to be redeemed in objective value in the form of labor or goods?
The problem with "objective value in the form of labor or goods" is that it introduces counterparty risk. You depend on somebody to back the coin and take all of the exchange risk. |
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BFL is using BitPay as an exchange to convert their BTC to fiat and deposited into their bank oppose to only using them as a payment service provider of which that is all BitPay is, again, not an exchange.
You can't do! I can't do it! Yet, BFL has converted millions via BitPay. I just found three other BFL BWAs that have used BitPay to convert their BTC to fiat. BFL has been sooooo NAUGHTY!
Where's the fuckin' media on this?
#ASKFTC
I'm too lazy to figure out what you are ranting and raving about this time, but I don't see why BFL selling bitcoins to Bitpay would be considered illegal or fraudulent. Merchants exchange bitcoins to fiat through Bitpay all the time. Why can't BFL? Those TOS that you quoted may apply to you, but they don't have to apply to everyone. |
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I don't know. I'm wondering if the whole thing is a scam. ... All of that is aside from the $500 or so that I've paid for the miners. So, as far as I can tell, all I've done is enrich the people at GAW.
You should separate your profit/loss due to mining from your profit/loss due to holding bitcoins. Compare your total income in BTC to your investment in BTC (rather than dollars). That will tell you if mining was profitable or not. Then look at the value of a bitcoin when you invested compared to the current value. That will tell you if holding bitcoins was profitable or not. |
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Bitcoin central bank ? very bad idea ! each bitcoin's owner is his own bank that all !
Oh, you are a bank? I'd like to see you loan someone money to buy a house. |
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Minning cap at say 5th/s per ip adress?
Up or down of the cap depending on difficulty?
That is not possible. |
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His basic premise is that Bitcoin is small and therefore it can never get bigger. That is a fallacy and everything he says is based on it.
Even when confronted directly with the criticism that "he doesn't understand the potential", his response is "there are fewer companies that put bitcoin on their books than there are piano tuners in Canada".
BTW, he gets interviewed a lot right now because he is selling a book. His book will be a flop (by his logic, because only a few people own it) and he will go away.
^ another bitcoin zealot A zealot has irrational belief in something. I believe that Bitcoin will have at least some success, but I'm aware that it may not even survive, so I don't consider myself a zealot. I consider the guy in the video to be an anti-bitcoin zealot because his belief in the failure of Bitcoin is clearly irrational, if you ignore the fact that he is only doing these interviews to sell books. |
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He obviously means financial services businesses. I don't want to see a plumber starting a financial services company.
I've been in Bitcoin for a long time now and people always ask me why I don't run a Bitcoin business. My answer is that I'm not interested in running a financial services company. It sounds boring as crap. I'm interested in software, but I'm not interested in creating yet another wallet client or website, just like I don't want to write my own version of Quicken. Those also sound boring as crap. All those people that are excited about starting a financial services company based on Bitcoin are going to find out that they have spent years working on stuff that is boring as crap.
I'm not going to start a Bitcoin business because it is boring as crap, and neither should you.
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His basic premise is that Bitcoin is small and therefore it can never get bigger. That is a fallacy and everything he says is based on it.
Even when confronted directly with the criticism that "he doesn't understand the potential", his response is "there are fewer companies that put bitcoin on their books than there are piano tuners in Canada".
BTW, he gets interviewed a lot right now because he is selling a book. His book will be a flop (by his logic, because only a few people own it) and he will go away.
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3600 are produced daily I think....
And it is only a small fraction of total exchange volume. According to blockchain.inf/markets, bitstamp has ~$9.5 million in trades in the last 24 hours, with bitcoin trading at ~$400, that works out to ~24k bitcoin in the last 24 hours. The amount mined per day is roughly 15% of that figure. Taking away 15% of the supply of a product would almost always have an impact on the price According to Bitcoinity ( http://bitcoinity.org/markets/list), the total traded in the last 24 hours on all exchanges was 484k. Bitstamp's 25k is a little more than 5% of the total exchange volume. 3600 BTC is only 0.75% of the total exchange volume, and don't forget that 3600 assumes that all mined bitcoins are sold. Anyway, my point is not that the price is unaffected by newly mined bitcoins. Of course it is. It's basic inflation of the money supply. I just don't think it is the major cause of the steep decline over the last 9 months. Mining has increased the number of Bitcoins over the last year from about 12 million to about 13.5 million. The increase is about 13%, so from a mathematical standpoint, inflation can account for only a decline in the price by about 11%. Regarding your 11% comment, I don't think that's how it works. Example: If you were to take 11% of the value of bitcoin's market cap today and dump it on all exchanges at once, it would SURELY drive the price to zero. That's because the size of the cumulative exchange orderbooks is just a fraction of what's sitting in cold storage etc. So for every 1% of coins dumped it will have more than 1% effect on the price, unless done over a loooooooooong period of time such that the order books are thoroughly replenished between sales. The 13% I'm talking about was added over a period of a year, not all at once. |
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I don't think such a feature would be all that difficult to develop. It could easily be setup in a way that is similar to how the difficulty changes - so that, for example, the max block size for the next 2016 blocks would be 250% of the average block size from the previous 2016 blocks.
That might not work because it will drive the transaction fee down to 1 satoshi, and that may be too low. I disagree, especially as the block subsidy halves one or two more times. I don't think miners will confirm no/low TX fees in mass once the block subsidy is low as TX fees will make up more of the miners income If they don't confirm transactions with low fees, then they are throwing away free money. The only way to get fees up is to make people compete for space in the block chain. |
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does it mean 51-attack will happen if someone buy more than 51% BTC
No. A 51% attack refers to mining capacity. Owning bitcoins doesn't give you any power or control over Bitcoin (except perhaps the exchange rate). |
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