Wow, what a bold prediction. If the value keeps going down it will lose it's value? Holy revelation batman.
I bet it won't. I bet they call it something else so they can shout over and over how they stopped QEing and you should hate the market for the prices rising etc.
Whatever they call it, the end result is the same, the paper value goes to zero. Will this make bitcoin value go to infinity? Value against USD, yep! |
|
|
|
|
I don't understand the conversion of watts to BTUs with regards to A/C units...
I have a Window A/C unit rated at 10,000 BTUs, but it only draws 9 amps max, which is equivalent to 1,080w. Yet on the wiki site, it says that 12,000 BTUs is 3,517w.
I would have expected A/C to be LESS efficient than heat at the same wattage, not more... so is it true that a 12,000 BTU A/C unit can remove 3,517w worth of heat?
|
|
|
|
Awesome! I may donate, but am at least subscribing this thread for future updates.  |
|
|
|
|
The downside of days destroyed is that it is releasing more funds into what is presumably, an active economic exchange pattern. Unless whoever receives those coins continues to hoard them, it will ultimately DECREASE the overall value of bitcoins, since there is now more "active" supply of them.
|
|
|
|
300MH/s = .67BTC/day
= $5.70/day
= $171/month
there are THREE difficulty increases per month, so it is going to be nowhere near $171 per month, $5.70 for next 9 days is correct though my estimate would be around $100 from 300MH/s (if running 24/7 until end of june) Well, might be true, but price could just as easily rise to match. I use current numbers projected out because I really have no idea whether difficulty will continue increasing more quickly than price. In the past, there have been times when difficulty outpaced price, and there have been times when price has outpaced difficulty. Who am I to say which one will happen? I wouldn't count on $171, but that's the best prediction I can make, without knowing whether price will outpace difficulty. |
|
|
|
|
I guess we'll wait for freeborn, gusti, and darbsllim to chime in then.
|
|
|
|
It's only transactions going out that use new addresses though, right? If transactions coming in are to the same address, then you don't have to worry, because it will only create one new address. That is correct. And the backed up 'vault' idea is also correct. But we are not all hoarding money. I assume you have a bank account right? You deposit money and you EXTRACT money to pay bills. When you die, the account can be liquidated. Most people are not so fortunate that they can dump money in one direction entirely (never dipping into those funds ever again) for the benefit of their estate. At some point, most people will need to use the money (that is not STORED, but) BACKED UP on the bottom of the ocean. BitCoin presents no good analogy to the current system. I can backup money (vault) while still having access to money (copy). I am only advocating that a backup actually be a reliable backup. Anonymity through obfuscation is not the only use case. Control is another. Well, your day-to-day account should be backed up regularly, but hopefully you aren't keeping a huge balance in there anyway, so if it is lost, it would only be a few thousand dollars worth of bitcoins at most. You could keep a copy of your vault backup in a safe deposit box too, so if you suddenly have need for the equivalent of tens of thousands of dollars worth of bitcoins, then you could grab the backup from your safe deposit box and start it up. I would imagine you could constrain yourself to less than 100 transactions from this account per lifetime to ensure the resiliency of your other backup. I agree the current solution is not ideal. Ideally, backups WOULD be 100% persistent. I am just saying that there are easy ways to work around the issue if you know what you are doing. For the general populace, we do need a better solution, as you KNOW there will be people out there who don't understand the process. I would advocate that people choose whether to generate a new address for the "change" in a transaction, or whether to just keep them at the old address. I still think a backup service, whose sole purpose is to back up wallet files and release them only when required by the individual or a lawyer on behalf of an individual's next of kin, would be great. |
|
|
|
|
If you're afraid of your auctions being shut down just put SSBBQ0NFUFQgQklUQ09JTlM= in it instead of actually naming bitcoins, right? Isn't that what the OP is saying?
People could also find bitcoin-accepting auctions by simply searching for that combination on eBay itself.
|
|
|
|
Given that entry line and enthusiast AMD gfx cards scale in their mhash per Watt, I see zero argument / sense in differentiating between "hobby" miners vs "pros".
How could there be? The MARGIN stays the same issue regardless of how much VOLUME you have.
If it somehow becomes unprofitable for the current AMD generation of gfx cards, it becomes unprofitable for _ALL_ of them.
Regardless of whether it is some dude running 10 machines of 6990s or one normal guy with a 5770 - setting aside other hardware components / power draw sources, of course.
Yeah, I was thinking the same thing as well, just neglected to put it in writing. It really depends on MHash/watts as far as whether a given setup will remain profitable. But if you have a rig with 4 of the most efficient cards on the planet, then you could stay in business just as easily as a "professional" miner would. |
|
|
|
|
It is obvious that this proposal will come to you as a
suprise. This is because we have not met before but I am inspired to
sending you this email by the huge fund transfer opportunity that
will be of mutual benefit to the two of us.
However, I am Barrister Martins jide,the personal
attorney to the late Engr. Suk Hun Wufei flody, a Citizen of
Japan, who used to work with Nigerian National
Petrolum Co-operatrion (NNPC).
On the 26th of April 2011, my client,his wife and
their three were involved in a fatal house explossion at
Nigerian National Petrolum Co-operatrion (NNPC)
quaters Lagos.
Unfortunately they all lost their lives including
other people in the premises.Since then I have made
several enquiries to several Embassies to locate any
of my clients extended relatives, this has also proved successful.
After these several unsuccessful attempts, I decided
to trace his relatives over the Internet to locate any
member of his family but of no avail, hence I
contacted you.
I contacted you to assist in repartrating the money
and property left behind by my client since I have no
place to locate any of his relatives. I can easily
convince the bank with my legal practice that you are
the only surviving relation of my client.Otherwise the Estate he
left behind will be confiscated or declared unserviceable by the
bank where this huge deposits were lodged.
Particularly, My late client had an account with one
of the bitcoin depositories in Republic of Ghana valued at about
BTC 1.2 Million (One Million Two Hundred Thousand
Bitcoins) which I witness the
documentations and the documents are with me.
Conseqently,The bank issued me a notice to provide the
next of kin to my client since I have been unsuccesfull in
locating the relatives.
I seek your consent to present you as the next of kin of the deceased
so that the proceeds of this account valued at BTC 1.2 Million (One Million
Two Hundred Thousand Bitcoins) will be paid into
your Bitcoin account and then you and I can share the money. 55% to me and 40%
to you,while 5% should be for expenses,tax as your government may require.
I have all necessary legal documents that can be used
to back up any claim we may make. All I require is
your honest cooperation to enable us see this deal
through. I guarantee that this will be executed under
a legitimate arrangement that will protect you from
any breach of the law.
Please get in touch with me by return email .
Yours Faithfully,
Barrister Martins jide
N.B. Please indicate your telephone and fax numbers
for easy communication in this mutual transaction.
|
|
|
|
kjj, how'd u find the block?
I just clicked back through the chain until I saw a 9000 -> 8999 + 1 transaction around the right date. i assume u did this in Block Explorer. just went there and they only have the last 20 or so blocks listed? how'd u search further back? also how did u know what date the block got solved? You can click all the way back to the genesis block by using the Previous Block links. Stone Man posted about the loss here on the forums the next day. geez, u clicked back almost a year? sounds like u had to remember that Stone Man posted here on the forum, search back for the post and date, and then u knew about how far back u had to go. the point i'm trying to ascertain is if u didn't know that info and u were looking back in time for this tx, u would have to patiently click back and examine each block carefully for that 8999. altho in this case it is easy to spot. what if u were looking for some .01 btc tx? You can also skip blocks by typing www.blockexplorer.com/b/[BLOCK#] |
|
|
|
|
Are we allowed to plagiarize existing scam letters, or does it have to be from scratch?
|
|
|
|
We must be down to 1 BTC per day per card now, roughly.
Sounds about right, at least for the higher end cards or well-optimized ones. Personally, I'm down to about 0.5BTC/card, but I have a 4650 in the mix.  |
|
|
|
Is anyone in this thread actually saying that if I pay someone less than X/hr they think it is right to use force against me?
Isn't that what anyone who supports minimum wage laws is saying? |
|
|
|
No.
300MH/s = .67BTC/day
= $5.70/day
= $171/month
And anyone with that kind of MH/s is probably using no more than 250w of electricity, so 180kwh/month, or about $18 more in electricity per month. Well, if you get decent rates on electricity, anyway. $72/month at most though.
Mining is far from being unprofitable. When difficulty hits 4M, then we'll talk about it being unprofitable for a good portion of hobbyist miners.
My margins are much lower but yes i see there is still some profit my power rate is almost double what you quoted for yours and my mhash is more in the range of 240mhash. Thanks for breaking it down, i feel like it will force some people out but we will see. You're certainly right that some people will choose to shut down because of it (as evidenced by this thread), but I think just the worst efficiency cards are being forced out at this point. NVIDIA cards, certainly CPU mining, and a few of the really low-end ATI cards. The worst ATI card for Mhash/watt is the 4550, which gets 7.23mhash for 25w. 7.23MH/s = 0.016147 BTC/day = $0.14/day = $4.21/month These numbers are making me lol. Anyway, electricity usage would be 18kwh, which would be roughly $1.80 at $0.10/kwh. At $0.40/kwh though, you're looking at $7.20/month, so you're definitely losing money. So if you live in California and are mining on a 4550, STOP. |
|
|
|
Back in late 2009, I bought 1000 from NewLibertyStandard for about $1.
Not long after I formatted my hard drive and didn't bother with them saving them...
Yeah I know. What an idiot.
+1000
10,456.22 +1,000.00 ----------- 11,456.22 |
|
|
|
...each time a key is used, the wallet is topped off to have 100 spares. ... I don't think it's the 101st transaction that gets hosed... it's the 101st transaction since the backup you have. That is correct. It still sets a precedent of false expectations. First of all, aside from geeks who read the source code, the majority of users will assume that 'change' is returned to the same address. In fact, most users will not understand the distinction between addresses and wallets, particularly because the client does not present the pool of addresses or the balances per address. As soon as a user learns "phew! I can just restore from backup", they will similarly assume they can ALWAYS restore from the same backup. In fact, that is precisely what should be DESIRED. I should be able to store a physical offline backup of my addresses in a sealed container at the bottom of the ocean. I should be able to give a sealed copy of the keys to my lawyer to be opened by my next of kin upon my death, which I hope will be a hundred years from now. Let's not focus entirely on anonymity and encryption, while making it very difficult to hold on to our money. A cycle of 100 static RECYCLED keys is probably good enough for most casual users. Let the paranoid pre-generate a billion keys, but then keep it STATIC until the end of time. Or just use one address per wallet and let the paranoid launder their money using a predictable process. It's only transactions going out that use new addresses though, right? If transactions coming in are to the same address, then you don't have to worry, because it will only create one new address. Therefore, you could create two wallets. One is your day-to-day wallet that is always on your computer. Another is created for the sole purpose of being a vault. This second wallet is the one you give to your lawyer, and the one you put in a sealed container at the bottom of the ocean. Any time you have an excess of funds, you can simply transfer them to this secondary wallet. And your computer will still have your current wallet installed/running anyway, which hopefully, you've given password access to said computer to your lawyer to hand off to your next of kin in the event of your departure from this world. So your next of kin should have access to both of your wallets, even while one is heavily protected and in storage for 100 years. |
|
|
|
|
The list looks good to me davout. Does this mean you will accept the current bounty as being sufficient for the project?
If the people offering the bounties could chime in with what they would feel comfortable doing with the funds, that would be great. The options are:
- Send it directly to davout
- Send it to a 3rd party escrow service. I do not believe clearcoin would work, since they have a time limit on release of funds, but perhaps there is a similar site with no time limit or a very long time limit?
- I will volunteer to hold the funds, but understand if davout or the funders do not want that.
|
|
|
|
|
No.
300MH/s = .67BTC/day
= $5.70/day
= $171/month
And anyone with that kind of MH/s is probably using no more than 250w of electricity, so 180kwh/month, or about $18 more in electricity per month. Well, if you get decent rates on electricity, anyway. $72/month at most though.
Mining is far from being unprofitable. When difficulty hits 4M, then we'll talk about it being unprofitable for a good portion of hobbyist miners.
|
|
|
|
|
You must have one heck of another business to throw away what you have here nanaimogold...
|
|
|
|
|
Show Posts
