Let's assume for a second that your math is correct. CEX is still a much better value than pbmining.
(using your numbers, not mine)
Year 1
Invest $100
Earn/Reinvest: $90
Year2:
Earn/Reinvest: 80
So that puts the total value at $170. Remember, yes, CEX charges a commision, but its 0.2% so if you were to sell $200 worth of ghs the commision is $0.40 and if you can't turn at least 40 cents worth of profit then you're doing it wrong. With PB mining, your math is actually about right since you can never get out of it what you put into it and at the end of your contract you can't just sell the GHS off to someone else, the GHS just disappears.
Personally, I buy hardware and use the proceeds to reinvest into cloudhashing at CEX, BECAUSE I can get it back out later. Essentially it becomes like a BTC savings account with a modest bit of interest. (I've also done some investing in BTCJam, but have also lost money a few times there as well)
This analysis is flawed as the NPV of the GHs will decline over time as the amount of revenue they generate will decline over time to eventually reach zero. |
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How do you see this affecting the price?
Nahh it would never affect the price, people getting 30k btc at a bargain, they would never sell those off on exchanges the second they got them! first thing they will do by my opinion is to sell them across all exchanges, then wait for even bigger plummet, and then rebuy. one can only hope the price on auction wont be as low as we fear it will be. Someone already bid market price -15% for all of them, so they won't go cheaper than 500ish. Since these coins will be sold only to Americans they will be subject to taxation if they sell within 1 year. So you think someone will dump these coins immediately and take a loss with paying taxes? After they would sell with slippage and pay taxes that would average under 400 per coin. So yeah, that's not gonna happen lol. They only pay tax on profit, not the whole value of bitcoin. That's not what Webslicer's CPA is saying. Since the procurement of said coins would be unknown unless you can show a receipt, You get taxed on purchase and sale price (they assume you mined all the coins). Even mining operation has cost. Many miners actually lose money than make money mining. That kind of operation would likely result in less taxes overall as miners can take capital depreciation and their operating costs (mainly electricity) against the value of the coins mined. |
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If not them, then who would you compare bitcoin to? I grant you that it's not a perfect comparison, but there is no one to one comparison between bitcoin and the traditional financial world: the bitcoin network / ledger / mining combined creates new coins, processes transactions, handles transaction fees, etc.
I picked a major player in the traditional financial system to choose to compare. But if you want to say that it's a flawed comparison, then you're missing the point here. The point is if you're going to make a comparison, you have to compare bitcoin to something. And bitcoin does what credit card companies (like Visa) do, it does what Banks do in creating money, it handles transaction fees, which traditionally would be something credit card companies do. So...what would you compare bitcoin with? If you want a true one to one comparison, you're shit out of luck, because there isn't any one to one comparison since the bitcoin network does what several different players of the traditional financial system do.
The comparison flawed, it's like trying to compare cars to roads, it just doesn't make sense. The Visa style payment gateways sit on top of the currencies. Visa could easily add Bitcoin as one of the supported currencies. Visa chooses to use fiat atm, but I can see it adding some crypto in the future, and it's infrastructure or energy consumption will hardly need to change as it wont be mining the crypto. I really don't see credit card processors using crypto currencies ever. Bitcoin was designed to make it cheaper then using something like a credit card. If someone were to use a credit card to transact with bitcoin then they would lose the advantages of using bitcoin in the first place. |
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2) The author took some fairly wild leaps in assuming that Bitcoin would account for 10% of the global remittance market, 10% of all internet transactions, and even 10% of black market transactions. That is a LOT of adoption almost all completely betting on the come. 10% of the remittance market would be huge. I agree that this would simply not be likely as most transactions are done in countries local currencies whose government gives incentives to use. |
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MCXNow, Crypsy, BTCT, BTC-E?
I'm conducting a survey to determine the actual profitability of the popular exchanges.
Does anyone have any idea of what the volume is for these exchanges? What these exchanges make weekly or monthly and how we could find out?
I presume you are assuming that the profit that is garnered has no morals? MXCNOW has shown (as an example) to not care about their users and profit supersedes anything else. I'd say it is quite profitable. Most scams I would guess are profitable. BTC-e as a long standing exchange is likely very profitable. I've had little issues with their platform but they seem to have a huge following of users that continue to use their exchange. Profit does supersede everything else. When market crashed badly, the leverage position on btc-e loss will eventually need to pass to customers. I would suspect that any leverage related losses would be passed onto customers on any exchange. I think an interesting new feature for the swaps market to also be able to restrict the borrower as to how much leverage they can use with your swap loan. |
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Stop using ebay and PP for these type of transactions. It's pretty clear that they are always going to favour the buyer so just find an alternative payment method (Bitcoin *cough cough*). While your concern about your customers not using Bitcoin may be valid, I don't see why only offerin Bitcoin as a payment method would be a big issue. After all if they are going to use an exchange/LB to sell their mined coins they might as well get set up with the documentation and buy some coins to pay you.
A few people have suggested accepting BTC as a form of payment on my Ebay ads. Let me assure i tried that, actually several different ways, and each time Ebay cancelled the auction and gave me a warning. I tried using images with no text, using BTC with the special unicode chars, etc. I didnt want to keep risking getting banned or my account with 600+ positive feedback closed. Your listing were likely flagged by users of eBay instead of being scanned/scrubbed by ebay's servers. Also once you have several listings that were canceled they would likely watch your account a little bit closer. |
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The analysiz by Sergej Glazyev in the original post is mostly correct in my view.
The bank transfers, the credit card systems and all world remittance systems have all been captured by the bullies in the united states government. (That doesn't mean that the russian government are not bullies).
What the russians could and should do, is to establish a network of banks/exhanges in all countries totally disconnected from the current bank system, offering deposit accounts in rubles and renmimbi (and others) combined with market based exchanges for these currencies. For USD, only deposit and withdrawal of notes. Of course they would have to stop meddling with their exchange ratios.
That would take some of the power out of the USA bank hegemony.
Globalization would prevent this from being successful. Since Russia needs to trade with other countries and most trade is denominated in US Dollars, there would be a demand to have US based banking transfers. Well it is included. The point is to disconnect from the us-governed banks. Ok to detail it: USD transfers within this new banking system would be possible (but probably not needed, that is the point with this proposed system), but not wire transfers such as SWIFT, because that would make the new system vulnerable to pressure from the us government. Anyway, I don't want to detail it more because I am not going to build it. I don't see a demand for that kind of system. I see and understand that it would be disconnected from US banks, however compared to other banks in global financial centers US banks are more healthy then their counterparts, making them more attractive to trade and deal with. I understand why Russia may want to do this as retaliation for US sanctions but I don't see why other countries would want to participate. |
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1.04 to the power of 40 or 4% interest over 40 years is alot of growth = 480% I think
I assume if I take it as a decline in value compounded, then 4% less each year or 0.96^40 results in 20% left after 40 years.
Every time they give your gains, they exclude inflation usually. If you ever wondered why you arent getting any richer, thats probably it. Hence constant wage increases are demanded by unions which can lead to labour disputes and strikes, production disruption because a company doesnt necessarily have the money just because the workers need it and are poorer.
Wages tend to rise faster then inflation, this is one reason why the Social Security trust fund is in the shape that it is in because it gives recipients raises in terms of wage growth instead of purchasing power (inflation). So someone who received social security 10 years ago will have started with a monthly award that had less purchasing power then their monthly award today. |
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Just some actor, I dont really care. The only good thing I can say about this is it might bring new folks to the BTC side. What else can u say about this kind of news? I never like celebrity news, i am always hatin.
People care about him because he has stared in TV shows and movies that people have enjoyed. He is a household name. |
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I have loss 15 times in a row so the best is just avoid gambling.
It is even possible for 20+ loss in a row. I have seen people losing like 25 or more in a row. As usual varience is a key, the lose streak will come eventually if you play long enough. This is exactly correct. Over time you will have both winning and loosing streaks that stretch into the double digits. This will not happen often but it will happen. Very similar to how there can be multiple blocks found just seconds apart from eachother |
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Its possible to take swap but never pay for it. That's the pb.
Also, since a year ago, we've increased by about 600%. It would be very possible to leverage long on that with a 200% interest rate.
The increase in price would not be a guarantee while the interest costs would be guaranteed. High interest costs like the cost in your example would force a trader to need a large upswing shortly after opening his position or risk gettting a margin call. |
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8. How can I (if at all) defend myself from someone performing a double spend attack when sending me coins? (like the OP topic states)
You can't do it. The system is supposed to do it for you. Rational actors are supposed to preserve the system but as we all know people don't always live up to our version of rational. I don't believe you were the victim of a double spend. It's more likely that your original bootstrap.dat file became corrupted. You then downloaded it over the corrupted copy adding to the problem. Did you finally delete the old copy of bootstrap.dat or rename it bootstrap.old? If I were you I would save my wallet.dat file, delete all Bitcoin folders, download a fresh copy of QT, copy over the old wallet.dat, and resync with the network. If you waited for "x" number of confirmations, with "x being a number that would require hashpower whose value exceeds the value of your transaction. |
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Just from looking at the screenshot I would say the "correct" download button is on the upper right and the play/download buttons in the middle are ads. I would think that hovering your mouse over the link should show links that are apparently ads as well (unless Java is used to change what is displayed)
Correct but there are worse ones out there I just couldn't find a good screenshot for one  Here is a moderately harder one although I recall that a few sites don't do show underlying url links  This one is much more difficult to say for sure which is the correct link/image to click on. It is almost as if they are cheating their advertisers to generate additional impressions for their ads. |
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Not sure if this has been mentioned, but I've been buying Amazon gift cards and other items at Amazon (tracfone and airtime, etc.) with bitcoin at a 15-25% discount (!) thanks to Purse.io - well, around 13-23% discount once I replenish my BTC with fiat, but it's still a great deal.
i spend quite a bit on amazon with bitcoins, so this interests me. but ive always bee skeptical of discount marketplaces like this. are there buyer protections for those selling bitcoin/buying amazon purchases? I have the same concerns. I've been using Gyft for my Amazon purchases, but I may switch to something like this if it looks promising. Purse is similar to paypal in that it is p2p buying. You buy something via purse.io for bitcoin, the seller pays for the product in fiat and receives bitcoin. |
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my example was just about how to log the verdict. no need to knit pick the finer details of jury's discussions before they vote, or judges powers after.. it was simply to show that logging the verdict is as simple as sending coin to an address. How is that 'simple', compared to just asking the jury? because..... title: How Bitcoin Could Decentralize the Courtroom allows not 12 selectively chosen people to be jurers, but anyone in the UK watching a court trial via live streaming can become a jurer.. and send their 'vote' remotely Sigh. This is just too silly. The system you describe is Britain's got Talent or Big Brother, not the legal system. As someone above said, why not just use it as money, why the desperate attempt to see Bitcoin as the solution to every problem in the universe? You could make all communication by embedded messages in the blockchain, but why not just use email? I agree, this would be a horrible idea. In the US (and I assume in many other part of the world) jurors are screened by both the prosecution and the defense for potential bias, this helps ensure that the finding of the jury is based strictly on fact |
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This is a huge problem with ebay and paypal. They do not have a way to account for the fact that miners are deprecating assets and that giving the customer a full refund would essentially be giving them free money.
I would say that you should price your machines with the understanding that you may be forced to allow a buyer to receive a full refund.
IMO you got off easy as many paypal/ebay scams involve the selling loosing everything, at least you will have your original product that you started with.
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Please provide the image link. Cant see the address here. Or upload it in imgur. It says that the address is associated with TXs that contain double spends |
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The total $ swaps stay around 29M$, while the bid sum is just below 4M$. Looks so healthy ... not.
But as long as the BTC swaps don't jump, this can continue for a while.
In order for this data to have any meaning, you would need to know just how leveraged traders that take out these swaps are, if they are only leveraged 1.001 to 1 then they could simply close a small portion of their holdings with little impact on the market if they cannot borrow at reasonable terms. Total swap of 29M alone shows many are quite bullish at bitcoin and willing to borrow at high rate to own bitcoin. You can see the overall tone of the market to be bullish, but you cannot see how leveraged borrowers are. If bullish borrowers are lightly leveraged but bearish borrowers are heavily leveraged then it would take less overall for the price to move higher as the bearish traders would have less "wiggle room" before they are forced to close their position. |
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protip: just because something is visible at blockchain.info, that something is not necessarily embedded in The Blockchain.
But it *is* possible to embed messages in the blockchain, isn't it? Only it is strongly discouraged, I gather? I would say that it is less discouraged and more that you would really need to know what you are doing to even be able to decode the message, making it a bit of a moot point if you are trying to communicate to the masses |
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I used to know a couple of people who would fall for those fake "Download" buttons that try to install junk on your PC.
I still know people who fall for this. Some of these peoe are IT SPECIALISTS. And when I'm with them, they ask me "Why didn't it work?" And I have to go on a five-minute explanation explaining why one download button isn't the one they need, since they cannot understand "It's an ad. The real button is over here." I seem to know the least tech-savvy people. A few don't even know what RAM is. It really does disappoint me. But I am curious to know what the average tech say vines was. That could have a big impact on why everything played out the way it did. Sigh I know the same, people will fall for that fake download button a lot more than I admit Of course it comes loaded with a viral file or something of the sort instead of a legit download lol. Hmm IT Specialist = Technical Support guy lol unless they are like the A rank rep they don't know much Which is why I ask for the promotion rank right off if its a challenging task. If you are referring to the fake download ads on cnet for example then you really simply need to know what you are looking for and you need to look closely at the entire page prior to clicking anything. I would say it is less of knowing what you are doing and more about attention to detail. Well the ones I was thinking of in particular is if your using a filesharing website like rapidgator or the old megaupload and you had those download buttons on the top and the bottom parts with the real download button in the middle lol. But yah Cnet is a good example of that as well Something like this but I've seen more harder ones where they make the true download button tiny and the fakes huge lol. http://www.pcworld.com/article/207601/7_things_we_still_hate_about_the_web.html Anyways people with IT knowledge if they are doing a lot of downloads know to use Jdownloader but this is about non-technical users, and general users who don't know Jdownloader exists etc. Just from looking at the screenshot I would say the "correct" download button is on the upper right and the play/download buttons in the middle are ads. I would think that hovering your mouse over the link should show links that are apparently ads as well (unless Java is used to change what is displayed) |
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