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Does this guide also work for running multiple U1 on a hub? say like 10 U1?
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I personally think it will eventually hit $100,000,000,000.
Will take some time though.
Don't you think it's a bit too optimistic?  That is actually more of a when, not if. |
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oh thanks for listing the domains, I was curious and visited one of them: funnyboobsonline.org
now I'm infected with this malware, thanks a lot!
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AM29fKz71ZnDvJeSjdxg9NBw9VyNZBMzWd
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Yea, figured the China-market is bigger, but still. The Indian regulation was a little bit worse also as I understand it.
India had no presence in the Bitcoin community or market to begin with, it has nearly zero mining, and just recently opened the 1st exchange (which is now gone), so it had basically zero positive effect on Bitcoin, therefore the negative effects are zero as well. |
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They have a VM for each type of coin, just 1 wallet on each VM, need about 5 physical servers to accommodate 50 coins or more.
They only touch the wallet for deposit/withdrawal. All other trades happen in database. They may even set up cold storage for each coin, and only have like a 10% hot wallet.
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You definitely can invest in USD/Euro. That is what people do on forex...
No, you don't invest in USD/EUR pair, you speculate. Forex trading is a zero sum game. My point is that Bitcoin does not reliably produce wealth, it is a currency, similar to speculating on forex. At some point, user numbers will reach saturation, and Bitcoin will no longer produce any returns (except maybe due to deflation). |
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Right now, Bitcoin network spends on average $30-$40 in electricity(from mining) for processing each transaction. As Bitcoin price go up, so will the money that has to be spent on electricity because more miners join in.
How can this be sustainable?
Every time the block reward is halved, the amount of BTC spent on mining is halved. Eventually, the cost of mining will be paid by transaction fees only. I see, after thinking about it real hard, I have reached the same conclusion. Once block reward become negligible, the mining network will be paid by transaction fee. But there's another problem, at that point Bitcoin maybe $10,000 or more each, while transaction fee can still be negligible, so the mining network may become tiny, how can the network be secured by tiny amount of hardware? An attack that wants to destroy Bitcoin, simply has to amass tiny amount of hardware, for a 51% attack. HOPEFULLY, the transaction fees will be enough to make enough people want to stay involved. The ideal situation is many many transactions tiny tiny fees. If the network does not have enough participants both paying via bitcoin it should justify a stable growth. How much does Visa and Mastercard make? Just a guess ...I don't know but I think its more then $50. Problem is, Bitcoin protocol and the current client does NOT encourage "many many transactions", in fact it punishes it by requiring a higher fee. Also, that many transactions will make the blockchain insanely big, again the current implementation of the Bitcoin protocol is not scalable, it would choke to death if it had to process 1% of the volume of VISA+Master card. |
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You don't invest in USD or EURO or etc... you use them. Bitcoin is a currency, and a tool. It wasn't meant for people to make money. People made money holding Bitcoin while it is in growing phase, is simply an abnormality. Once Bitcoin reach user saturation, there probably will be no more such occurrences.
Also Bitcoin may forever be an obscure experimental internet currency, that may never make it mainstream. There are no guarantee that it will become mainstream. So user saturation MAY already happened.
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Thailand has already banned BTC and China seems to be coming down hard on it. The possibility of more countries banning it (including the US and China) seems very real. What would an exchange look like that is able to get around this? I can imagine a website in a BTC-friendly country (Denmark?) that displays an orderbook that is only updated every hour (for example). At the top of the hour, you can see the latest status of the orderbook. Then you click the order you want to transact with and you are given P2P payment instructions for a buy (PayPal, Dwolla, etc) or a deposit address for a sell. The website could maintain a reputation tracking system for each member. New members would need to built up their rep with small transactions before they are given permission for larger transactions. The time in between orderbook updates (1 hour?) would give people the chance to complete their transaction. My feeble mind tells me this would be a great way to enable people to get fiat into BTC no matter what the governments do, but I'm pretty sure you guys are going to poke about a thousand holes in it. Won't work. There's the possibility of users that appear to be honest for a long time (pirateat40 had a spotless OTC trading rating, and large volume of trades), and then suddenly turn rogue for large returns. |
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Right now, Bitcoin network spends on average $30-$40 in electricity(from mining) for processing each transaction. As Bitcoin price go up, so will the money that has to be spent on electricity because more miners join in.
How can this be sustainable?
Every time the block reward is halved, the amount of BTC spent on mining is halved. Eventually, the cost of mining will be paid by transaction fees only. I see, after thinking about it real hard, I have reached the same conclusion. Once block reward become negligible, the mining network will be paid by transaction fee. But there's another problem, at that point Bitcoin maybe $10,000 or more each, while transaction fee can still be negligible, so the mining network may become tiny, how can the network be secured by tiny amount of hardware? An attack that wants to destroy Bitcoin, simply has to amass tiny amount of hardware, for a 51% attack. |
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Right now, Bitcoin network spends on average $30-$40 in electricity(from mining) for processing each transaction. As Bitcoin price go up, so will the money that has to be spent on electricity because more miners join in.
How can this be sustainable?
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I am here for the long-term. Want to get that Full Member status.  ...and I don't like waiting 360 seconds. Stop posting negative threads for one. This is not a negative thread, he posted the truth, China is cracking down on Bitcoin. or do you want to hide your head in the sand and only want "positive" news? |
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selling 10 MMC for 0.2 BTC (0.02 BTC/MMC)
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none, they have shown their true colors towards Bitcoin. Plus I won't donate anything until the reign of deletionists are over at wikipedia.
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AVy3aU34VhiHAXxv7DFjb7kDThoTJoZamx
I found that the ypool primecoin miner sometime lose connection after 3-4 days and just stuck there. So check your miners often.
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我觉得没有哪种投资机会是一旦错过就再也赶不上的，除非那不是真正的机会。
苹果股票$10错过了，难道你还能再赶上？当然你以后还可以再$500买，也能赚钱。但是那是5000% vs 5%的回报区别。 |
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humblebundle, graphic cards, cigarettes, giftcards
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Can't help but feel this way
Don't be, even if you had heard Bitcoin 3 years ago, it's highly probable you would have dismissed it as "pyramid scheme", "ponzi" or "worthless garbage" at the time, same as the 90% other people who have heard about it. You probably would not have invested in it. |
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