Unfortunately I've had this issue as well (10mins though not 30 lol)
10 minutes is an awfully long time to sit around and wait for your payment to be approved when you could simply swipe your credit card or hand over cash, for this reason I never use BTC in the real world.
A credit card transaction takes months to be confirmed. Accepting a bitcoin transaction with 0 confirmations is safer than accepting a credit card transaction. |
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Even assuming that the difficulty does not rise at all, the bid is more than the mining income will be. Bidders must now be expecting the difficulty to fall by 12/15 (by more than 10%). Or perhaps they are cex.io refugees that are happy to pay for the privilege of mining.
Assuming that the difficulty remains constant, mining income for 1 TH/s until 12/15 will be about 1.14 BTC.
0% difficulty increase - I get 0.94 BTC (Oct 10 to Dec 15 - and I only count half of Dec 15 due to it ending at noon). Remember 3% pool fee. Not sure how you'd be off by 17% though. Thanks for correcting me. My spreadsheet had an error. |
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Can anyone please confirm to me the fuctionality of the blockchain.info 'Watch Only' mode? Is it that I can add my cold wallet public addresses there so I'd receive the usual blockchain.info text and email alerts if there had been any deposits and withdrawals on the account? If I add my cold wallet address as Watch Only can I later import the cold wallet private key?
I use it for my cold storage. You add bitcoin addresses as watch-only and the wallet acts as if you own the addresses, but you can't send. You can import the private keys later. |
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The problem is that a lot of people were sold on Bitcoin being the future of consumer payments on a massive scale. Which as we all know simply isn't going to be the case(and that's fine). Just read reddit's r/bitcoin to see the masses suddenly realizing that Bitcoin itself isn't going to replace their credit card.
If that is the case, then they are being misinformed. There is no reason why Bitcoin can't be the future of consumer payments, and there is no reason why it can't replace credit cards. BTW, the confirmation time in a credit card transaction is 90 days (or longer). That's how long it takes for a merchant to know that he actually has the money. It takes an average of 10 minutes for a Bitcoin confirmation, but a merchant doesn't have to wait for a confirmation, just like in a credit card transaction. |
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The choice is pretty arbitrary. I can think of two possible reasons.
The first is possibly convenience. It allows you to describe a value as a millionth of a bitcoin with two decimal places.
A second possibility is that the total number of satoshis is about 10 times the total wealth of the world in dollars.
The protocol uses a 64-bit number to represent a number of satoshis and the largest possible number is 9,223,372,036,854,775,807, which is about 4000 times the maximum number of satoshis. So I would either increase the maximum number of bitcoins to 84 billion or make 1 BTC = 1011 satoshis, rather than letting those 12 bits go to waste.
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The article isn't bad, but it never addresses the topic of what the negatives of accepting bitcoins are. |
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I like the 'cost of living' idea. Though for a world currency we would have to settle on one cost of living or have some sort of multiplier system. Imagine 365 units == basic cost of living in South Africa. 1 unit == estimated amount of money needed to live 1 day. Then you know you are being ripped off because beer costs 5 units in the us. To take this further and give it a cynical twist, an iPad could cost "50 poverty days" given that most of the world lives off of less than 10$ a day. Yes sir, I would like a raise bringing my annual salary to 6000 poverty days. There's also this: https://en.wikipedia.org/wiki/Purchasing_power_parity. The cost of living is different for different people, it varies depending on the standard of living, and it changes over time. |
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So it's reasonable to assume that the decline in price stems from an ordinary correction of the epic rise of 2013.
A "correction" is a term that describes a phase of a market cycle. It does not cause the price to decline any more than daytime causes the sun to shine. |
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im wanting to mine too, but not sure why people say no.
price of bitcoin is low.. thats why?
People say no because the cost of the equipment (in BTC) is more generally more than the amount of BTC it will mine. Obviously, that is not the case for all the miners -- experienced miners with access to capital can make a good profit. |
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What do I need to do to start mining?
Do lots of research on the costs of mining and the prediction of mining revenue before you spend a dime. Basically, it boils down to this: If the cost of mining (in BTC) is greater than the amount of BTC you mine, then you are better off just buying the BTC instead. If you don't care about making a profit, then look for a cheap ASIC miner and have fun. |
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It seems like this is becoming a weekly occurrence.
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What if we invented or chose another unit of value as the standard? Like the consumer price index, or the average cost of an hours worth of human labour.
You are looking for something whose value never changes and whose value never changes against other things. I don't think such a thing exists. It is certainly not the CPI or the average cost of human labor. |
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My advice is to focus on reality and not on fantasies of striking it rich. I assume you have a college degree now brain. Use it.
But reality is people getting rich off Bitcoin. Are you implying it was a fantasy? A college degree will get me nothing aside from a job as a janitor or electrician. It would take 20 years to accumulate even 100k. Sorry. Let me fix that. |
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Even assuming that the difficulty does not rise at all, the bid is more than the mining income will be. Bidders must now be expecting the difficulty to fall by 12/15 (by more than 30%). Or perhaps they are cex.io refugees that are happy to pay for the privilege of mining.
Assuming that the difficulty remains constant, mining income for 1 TH/s until 12/15 will be about 0.94 BTC.
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This topic was discussed at length before the previous halving and there were many predictions. In the end, the only thing that happened was that the difficulty went down a little. At that time, mining had only a small effect on the price, if any. This time around, it will have even less.
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Most alt coins have no purpose, other than a way for the creators to make some money. On the other hand, some are interesting and may have some long term utility.
I believe that the long term outlook for alt coins is bad -- nearly all will eventually become worthless. However, some may succeed, and the trick is to pick the winners.
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My advice is to focus on reality and not on fantasies of striking it rich. I assume you have a college degree now. Use it.
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 I just bought some Turtle Beach Headphones for 0.1357btc Nice. |
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As of right now while I'm posting this:
The maximum number of bitcoins that you can have in your wallet is a bit less than 13,364,954.77726004 BTC.
That limit increases by 25 BTC approximately every 10 minutes or so right now.
The rate of increase on the limit will be cut in half from 25 BTC to 12.5 BTC starting sometime late in the year 2016.
After that the increase on the limit will be cut in half again approximately every 4 years until the final limit maximizes at something less than 20,997,254.75406004 BTC
Wow really big numbers huh, tnx for the info  Of course, to reach those limits, you first have to convince everyone that has any bitcoins to send them all to you. Furthermore, you have to find all the lost private keys of those that have permanently lost access to their bitcoins. In many cases this can only be accomplished if you can discover cryptographic weaknesses in the SHA-256, RIPEMD-160 and ECDSA algorithms. hahaha if that is the case I will be contented for what I have haha. He's being sarcastic flippant or facetious. He's basically saying that there is no limit, except for the number of bitcoins that exist. Edit: Learned some vocabulary today. |
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Always make a copy of the google authenticator code
Store it in a safe place. If the site doesn't give you a text version of the code (Circle, I'm talking about you), then take a picture of the QR code and save that. |
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