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Gribble, the IRC bot on #bitcoin-otc, already has a nice syntax for doing this and more.
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It's a free market. You can choose to buy and sell at the market price, or to not buy and sell.
So-called "malicious investors" just give you more opportunities to make your buy/sell/hold decisions.
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That's a damn sexy shirt Gavin was wearing - just sayin'  I saw a comment from someone who didn't know the participants. The comment asked "Who's the Star Trek guy and who's the Terrorist?" |
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If that guy didn't spend his money for a pizza, if every bitcoin holder was willing to hoard them, bitcoin would have never reached the 6 dollars mark.
... it is not that simple. Supply, demand and knowledge of future market expectations weigh heavily. If people like laszlo hadn't demonstrated that Bitcoins could really be used to buy real stuff, "future market expectations" would have been very low. It was an essential part of bootstrapping the currency. A new currency can't reach the point of being valued at $6 per coin, without passing through the intermediate point where it is valued at 10000 coins for a couple of pizzas. |
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What's the current failure mode? What happens if the existing Bitcoin client encounters an over-long block?
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... I might buy an island.
Yeah, I think a lot of us will be 'manipulating prices' in the island market in a few years. One problem with even the most wonderful islands is that they can be lonely places to live, and they usually have no internet connectivity except slow and expensive satellite. It Bitcoin hits $1000, I will try to attract a small group of freedom-loving Bitcoiners to buy an island that's big enough for us all, and on which we can install high-speed internet. |
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Well done both of you. Jason was very enthusiastic. And Genjix, do you really pronounce it "M. T. Gox" rather than "Mount Gox"?  |
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The guy on the right is Genjix.
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Suppose difficulty increases by 40% every 10 days. Then in each successive 10-day period your rig will mine this many coins:
190 + 137 + 98 + 70 + 50 + 36 + 25 + 18 + 13 + 9 + 7 + 5 + 3 + 2 + ...
After 140 days you will only have mined 663 coins, and they'll be coming in mighty slowly after that and you would never reach 1000.
Having said that, I did a similar calculation when I bought my 5870 in November last year, and I thought that it would never earn back its cost. Luckily, the difficulty increase turned out to be much lower than I had anticipated in the weeks after I bought the GPU card, and it turned out to be a good purchase.
But recently the difficulty seems to be increasing faster again.
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...save and encrypt the new receiving address generated...
The "receiving address" is public. The thing you must save and encrypt is the wallet.dat file. |
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@djoot: My philosophy in life is to not spend time worrying about unprovable conjectures that have minor consequences.
2016-block retargeting intervals are probably suboptimal. But so what? People keep mining regardless.
Don't worry, be happy.
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I am not sure what type of donations he is getting
His current donation address seems to have received 329 BTC (over all time). |
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... as far as the network is concerned since it never was online who's to say what the right key is?
When a payment is sent to an address, the network doesn't care whose address it is. So it doesn't matter if that Bitcoin node has not been online since the address was created. Later, when the owner of that receiving address spends the coins, the network confirms that the spender used the correct private key corresponding to that receiving address. No-one else has that private key (unless your wallet.dat file has been stolen), nor can a private key be generated from a public key. |
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You guys do know that Bruce is Satoshi, don't you?
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Yesterday the difficulty went up by 50%, and there was no sudden change in the mining power. I think the miners would easily adapt to the block reward change, which is in some ways similar to a 100% increase in difficulty.
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... I don't want all the time soloing gone to waste, so I'm waiting for that first block.
It doesn't work that way. Each hash is a completely new attempt. If your average time to find a block is (say) 23 days, and you haven't found a block in 22 days, your average time to find a block is still another 23 days from that point onwards. The average still holds, because sometimes you will find a block in less than 23 days. But any work you've done without finding a block has already "gone to waste". You don't work your way towards some solution. Instead, millions of times each second, you throw away the previous work and try another solution to see if it's a good one. |
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If the fee is realistic, the transaction value shouldn't matter (because it doesn't affect the processing costs).
Why not 0.001 BTC regardless of transaction value?
This fee has the advantage that it is one millibitcoin, and so can introduce users to this term. "Five hundred microbitcoins" is a little less simple.
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Exponential growth makes me nervous . . .  Exponential shrinkage is what would make me nervous . . . |
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In Mt. Gox, just go to add funds, then type in how many coins you're going to send, then send the coins to the address it gives you.
Every time I send coins to MtGox, I wonder why MtGox makes me say how many coins I'm going to send. Why not just give me the address, and credit my account with however many coins arrive at that address? |
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