Trying to make a quick buck coin.  They were selling BTC for 50%, 70%, 100%+ markup.

Why is it not sustainable.   Wholesale rates (i.e. price paid by utilities to independent power producers) in the US tend to be about $0.05 per kWh.  Throw in another $0.03 for transmission & distribution and a penny for taxes and profit.  $0.09 is perfectly sustainable for large coal plants, nuclear plants, or hydro.  

Now if you want to generate power with high cost natural gas, or renewables well that changes things but given the right energy source everyone can profit and no reason electricity needs to cost more than $0.10 (inflation adjusted of course).

The only reason power is so expensive in CA if they shutdown 3 nuclear plants early (and the state had to pay multi-billion dollar penalties to the utilities to do that which simply gets ammortized over the next decade or so in higher prices).  They prohibit building new power plants, and get most of their energy from out of state providers thus paying long haul transmission markup and premium prices.

What exactly is "deep" about the first page result of google when searching for "bitcoin" and "casino"?

Hell your willingness to blatantly lie should be a warning sign to any potential investor.  When the facts don't suit you, well you just make up your own facts (which always are in your favor).  Feel free to have the last word, I won't see it.  Small people like you are simply not worth the time.  

http://lmgtfy.com/?q=bitcoin+casino

So once again false statement.  Now your casino may be "better" or more popular (doubtful) but it certainly won't be first.  Not even the first one indexable by google (as dubious as that distinction might be).

Currently there is no full client support.  The reference client supports multi-sig but it requires ALL (in this case 3) keys to the in the SAME wallet.

The "missing link" is support in clients/protocol to support partial signing.  i.e. deal goes good so A partially signs and passes it to B who partially signs and submits it to the network.   Until that is implemented making a third party service is unlikely to be user friendly.  So complete the transaction one or more parties would need to extract their private keys and send them to you so you can combine them into a single wallet and sign the multi-sig tx.  I don't think anyone is going to do that. 

No it is not a joke.  Due to limited significant digits the subsidy will reach 0.00000000 BTC before 21M BTC is reached.

On the 33rd subsidy cut the subsidy will be exactly 0 (and will remain 0 for all future blocks) and  2,099,999,997,795,000 satoshis (20,999,999.97795 BTC) will have been minted.  That is  2,205,000 satoshi's (~0.02 BTC) short of 21M BTC.   If the number of decimal places was increased more coins would be minted but still be short of 21M.

So it is more accurate to say "no more than 21 million BTC will be minted".

Satoshi could have avoided this by working backwards when designing the subsidy.  Design the last block reward and then double it working backwards to get the initial block reward (which would be a power of 2).  Then the sum of coins would be exact.  It doesn't really matter but it is one of those minor annoyances that just bug me.

He likely was very sober when he made that decision.  He stole $555 with essentially 0% risk. 
Just like hundreds of other scammers do.  You are never seeing that $555 back again.

The idea that he should be worried is kinda laughable.  Hopefully you get your money but honestly your story isn't unique.  Search the forums and you will find a couple hundred exactly the same.  They all have the same outcome.

Yup I am a fool.  Best of luck obviously you have it all the risks figured out.


This is a false statement.  Not very professional to make false statements which may mislead your investors.

Litecoin is scrypt based however even on scrypt GPU are still better than CPU and have driven up difficulty significantly.
 

So deposit $1,000 lose, chargeback.   Deposit $1,000 win, keep winnings. 
Also not sure how popular a casino would be that you can only withdraw winnings 180 days after your last deposit. 

You sure you thought this through before you anhilate your investor's capital?  Then again not your money right?

Who is this "you"?  You do realize Bitcoin is decentralized.  If you want to promote it to those markets then promote it.

Best to just ignore it.  I mean it would be like trying to debate civil rights at a Klan rally.  It is just pointless.  If you find someone who has genuine arguments against Bitcoin (likely due to misinformation or lack of complete information) that is where a debate on the merits "might" pay dividends.

BTW SRS is essentially a trolling subreddit where members make themselves feel superior by making fun of others.  They aren't looking to be informed, they aren't looking to debate bitcoin on the merits.  

Paraphrased:
You: "Bitcoin is ......."
SRS1: "Your a poop"
SRS2: "LOLZ LOLZ LOLZ"
SRS3: "He said poop".

etc

Just don't waste your time.  If you really want to advocate for Bitcoin you are going to get a bigger bang for the buck in places like hackernews, slashdot, arstechnica, gawker, etc.  Better yet offer something for sale (goods or services) in Bitcoins.  

Yeah you caused me to look up sythentic diamonds.  It seems making synthetic diamonds (especially high quality, large size, good color, small defects, etc) is still pretty difficult to do.  It isn't like they have a diamond press which can crank out thousands of 1CT flawless, C color diamonds per hour.   They grow bunch, throw away most of them and then grade them like "natural diamonds".  So you get a mix of rarer higher quality diamonds and less rare lower quality ones.

Interesting stuff.  I learned it is actually very difficult to grow white diamonds in a lab so they cost more while colored (blue, etc) diamonds cost less.  The reverse is true for mined diamonds (where colored diamonds are far more rare then white diamonds).


Shows how scarcity of gold (or anything) is really just artificial scarcity (limited by the constraints of technology at the time).  For fair comparison Bitcoins' scarcity is equally artificial it just happens to be by consensus of participants rather than elemental rarity.

http://www.reuters.com/article/2012/04/24/us-space-asteroid-mining-idUSBRE83N06U20120424

How does the manufacturer know?  Or are they microscopically etched inside the earth before they are dug out?  If a manufacturer added some synthetic diamonds to their inventory and etched them all natural how would you know?  If the manufacturer is honest is it not possible for somone else to etch a synthetic diamond with code for a "natural one".  You do see the obvious flaws in this system right.

It is a failing attempt to keep artificial scarcity for a product which was never that scarce to begin with and now with high quality synthetics is become less scarce over time.

BTW:  Given the amount of violence involved in blood diamonds and the near perpetual slaver that even non-conflict diamond miners live in my wife would probably be happy to pay EXTRA for a synthetic one which didn't have human misery backed into every stone.

How do you know the "natural" isn't a synthetic?  If they are exactly identical you wouldn't know.   Now stones are fungible.  No two diamonds (or garnets) are identical.  So even among diamonds some stones are rarer (and thus more valuable) than others.  Larger stones are rarer than smaller ones, stones with no/less imperfections are rarer than ones with lots of imperfections.  There is a reason that outside of legend of Zelda gems didn't become a widespread currency.   They aren't fungible. 

Gold is simply gold.  There isn't "rare" gold and "common" gold.   There isn't some gold which is more desirable than other gold.   You don't have "large rare" gold and smaller gold fragments.   Gold is simply the element which has 79 protons, 118 neutrons, and 118 electrons which produces a yellow tinged, highly ductile and corrosion resistant metal that is a sold at normal pressure and temperature.   It can be melted and formed into any shape and even recycled and formed again with little/no loss in value.

Cubic zirconia isn't diamond.  It is obviously not diamond.  

Your quote would be more like saying.  Go to the store and get your wife a ring made with gold instead of gold and see if she minds.   Synthetic gold IS gold.  It is exactly the same atomic structure as natural gold.   Now here is the "meta" part.  How do you think "natural gold" formed?   That's right the same way.

In the early universe (i.e. seconds after big bang) there was just lots and lots of hydrogen (being the simplest atom) and not much else.  Some of that hydrogen underwent fusion and produce helium isotopes, some of those isotopes underwent neutron capture and become heavier elements.  Lots of fusion, fission, neutron capture and other atomic reactions going on.   The universe is mostly hydrogen and carbon because those are relatively common reactions.  The universe doesn't have "much" gold or other trace elements because those reactions were relatively rare.

Simple version "shortly" (as in from 0 sec to couple million years) after the big bang all elements were created using the same process the would be used in a lab to produce gold.   I mean where did you think gold came from?   A giant gold planet which got shattered by Thor flinging gold fragments all over the universe. just a j/k.

Synthetic gold IS gold.  It is absolutely identical to "natural" gold.   Done properly it would be completely impossible to tell if the gold in the store was made 5 billion years ago or 5 years ago.

Of course you can at a couple million dollars an ounce.  Tungsten slugs are far easier and cheaper though.

Just for starters how about:
record your internet activity, make the use of strong encryption without key disclosure to the state a crime, secure a warrant for your home/computer/safety-deposit boxes, make the penalty for the refusal to provide passphrase (any passphrase) worse than the underlying crime (i.e. it is 5 years in prison and forfeiture of the value of the bitcoin address for hiding it from the state, but if asked to provide passphrase for an encrypted doc failure to reveal is 30 years in prison and forfeiture of all assets for not providing the passphrase), use enhanced interrogation techniques (a euphemism for torture make no mistake about it), employ the use of drugs to compel you to testify against yourself,  deem your non-compliance an enemy of the state and seize all property and assets even if the underlying crime can't be proven (truthful or not), keep you under surveillance,  compel your neighbors, business associates, or family members to testify against you ...

Worst case scenario, just deem you a national security risk and assassinate you without any due process or trial (he was a terrorist we had to act without trial or he could have gotten away).  While that might not get them your private keys it may make other subjects less likely to hide things from their masters for fear that future "misunderstandings" might result in their extermination (the occasional mis-assassination if useful to ensure the populace doesn't stray to far from the accepted norm).

Not saying the state will do so however the state makes the rules.  The idea that there is a limit to what the state "can" do is just laughable.    Governments have murdered more of their own people (people they exist to protect) than any criminal, terrorist or foreign enemy ever has.

Just some examples:

Note these aren't governments killing "others" (i.e. the United States' extermination of Native Americans, or the number of humans who died under slavery) these are the known accounts of governments killing "self" and just in the last century.   Exact numbers may not ever be known but a pretty conservative number is that ~200 million "citizens" were killed by their own government just in the prior century.  So please don't think there is a limit on what the state can do.

Also so far there has been no race to the bottom.  Most pools lump in ultra low fee tx in the same category as free tx and they are routinely not included in blocks (much to the frustration of those wanting instant confirmatons and not paying even a penny).   Yes technically the pool is losing some revenue but the amount is a rounding error and it helps to drive avg tx fees higher.

https://blockchain.info/charts/transaction-fees-usd

So there are three things to consider:
1) There may not be a race to the bottom.  

2) There may be alternative methods of compensation.  i.e. a merchant who deals in video games may pay a pool a flat monthly fee to include all tx the merchant receives regardless of tx fees in the next block thus guaranteeing a fast response time and better customer service.

3) The change you proposed would require a hard fork of bitcoin and realistically the chances of that are essentially 0.0%.  Even less controversial changes which eventually have near unanimous support (P2SH) are difficult to get implemented.

It is an interesting idea but probably one best discussed in the context of an alt-coin.  It would also make "fee discovery" simpler.  Miners could publish their min fee requirement and clients could then give users a good idea of how likely confirmations will take.

i.e.
a fee of 1 mBTC will result in 10% of network including this transaction in the next block (~100 min estimated confirmation time).
a fee of 3 mBTC will result in 25% of network including this transaction in the next block (~40 min estimated confirmation time).
a fee of 10 mBTC will result in 50% of network including this transaction in the next block (~20 min min estimated confirmation time).
a fee of 25 mBTC will result in ~99% of network including this transaction in the next block (~10 min estimated confirmation time).

Seems more valuable that Federal Reserve Notes.