with out enough miners you can't even service all the transactions passed to buyer to seller. Every node verifies every transaction. Mining just establishes the order in which transactions are processed. Not that I think this hyperbolic scenario is likely, but even a single dominant miner could handle the exact same transaction volume as a thousand miners. Pool operators pretty much do this already. What's so hard about buying a single USB miner stick secondhand? Do you think mining hardware speculators are all conspiring to charge more, or do you think the price will reflect the risk/time/effort involved in buying wholesale from a manufacturer? |
|
|
|
|
Keep in mind that it might just be a bubble - people might be expecting a high ROI on their mining gear that will never materialize, so they buy on credit. The guys "selling shovels" might be the ones getting rich today. During this time of year mining will be more profitable in the southern hemisphere, and even poor Australians have enough credit to buy an ASIC rig.
If you feel like the numbers aren't adding up, you could be right. The price will never be perfect, but by saying "enough" you're contributing useful information that will prevent it from becoming that much higher. If you could ALWAYS make a profit by mining, something would be wrong.
|
|
|
|
|
Think of the children!
Now please keep paying the inflation tax so we can start more wars. And keep paying bankers to evict families out of their bubble-priced homes. And support our drug laws that make medicine expensive and encourage underage drug mules.
|
|
|
|
|
The other bounty does seem much better organized. Is there anyone currently working on this bounty who would object to pledges here being transferred to ft's "holy grail" bounty?
|
|
|
|
Shouldn't take too long to brute force the keys with several pooled ASICs. Here's a rough ballpark example, assuming: Your several ASICs have a combined 500 GH/s You'd have to make 2^96 possible guesses to get Satoshi's address (2^96 hashes) / (500,000,000,000 hash/s) = 1.58456325×10^17 seconds That's about 5 billion years. |
|
|
|
What would I do. Sit on them until an opportunity comes along. Spend those 90 coins wisely, as they are hard to get.
This. Unless you're well informed, investing will on average lose money when compared to saving.* * deflationary currencies like Bitcoin only So trade or place pre order? Yes, trade your USD for Bitcoins. If a pre-order is shipped late it's money straight out of your pocket. |
|
|
|
What would I do. Sit on them until an opportunity comes along. Spend those 90 coins wisely, as they are hard to get.
This. Unless you're well informed, investing will on average lose money when compared to saving.* * deflationary currencies like Bitcoin only |
|
|
|
|
Why not just mine at a loss in a big pool?
|
|
|
|
Not sure where you get 60%. But I find it funny to peruse the absolutely certain comments from this community as to how absurd is the idea that people are hired to disrupt these forums. This, in spite of the fact that this kind of activity has by now gone mainstream. This is an article from the guardian that describes the "sock puppet" phenomenon. If you are a man, chances are you are a know-it-all. If you are also a software engineer it is a certainty. The 60% is the 59.7% that voted "no", despite the fact that the government has already admitted that they troll forums. I don't think people can be that stupid, or that certain, and that leads to the conclusion that those who voted "no" are the gov paid trollers themselves. WTF then I never got paid! Bankers, please send my bribe to 1NRQEJaepQfaT9jKejaogLJ622V8Z7BsvR Thanks in advance! But in all seriousness, yes I can be that stupid. I still fail to grasp why the Illuminati would pay for something they'd get for free anyways. |
|
|
|
Streisand Effect! I was thinking about making an altcoin a year ago, but was daunted by the complexity of both defining and coding it. Maybe I shouldn't assume I'll have to code everything... |
|
|
|
Bad idea. What might work is if governments just collected fees on transactions/purchases. That's regressive too! If your tax falls on poor people doing everyday business, you're hurting them more than even the most honestly and cleverly spent revenue will help. I see your point. If there were only taxation of purchases, food could be exempt. Fees would be higher on luxury items than necessities. Luxury taxes are regressive too.  I know it's counterintuitive, but this is because of what economists call "elasticity". Basically, since poor people NEED those jobs making luxury items and rich people can effortlessly do without them, the "tax burden" falls on the poor. Even if food were exempt, poor people still buy a lot of the same things as rich people. When you venture into this territory where the government decides what's necessary and what isn't, they usually do so very poorly. IMHO at this point I think the best way to help the poor without abusing them further would be to provide more unregulated crowdfunding and prediction markets. Since it's optional it won't hurt them, and would solve a lot of public good shortages like immunizations and research for cures (not just treatments). As an added bonus you won't have to argue with the idiots in charge of government. |
|
|
|
Bad idea. What might work is if governments just collected fees on transactions/purchases. That's regressive too! If your tax falls on poor people doing everyday business, you're hurting them more than even the most honestly and cleverly spent revenue will help. |
|
|
|
well maybe i missed it somewhere but i dont see anybody coming with a better idea. my idea has big advantage: its simple and hits rich while letting poor ones to live easier. but i guess governmemts are not interested to willingly give up taxes and let they slaves go away.
It doesn't hit the rich while letting the poor live easy. Inflation is regressive. If you're forcing people to accept it this is a tax, and if you're not then no one will use it. Better ideas include a different choice for the single tax, no taxes at all, or just keeping the existing complicated tax system. |
|
|
|
|
FWIW my tiny 3 BTC are still pledged here.
|
|
|
|
One has to spend those 2-3 minutes EVERY TIME they log on. Since you know the IP and time of page loads, and when the next transaction is sent to you from that IP, you can tell who hasn't been checking hashes and how many coins those poor careless souls have in their wallets. Actually, we have no way of knowing who is or is not checking hashes. And actually, it takes less than 30 seconds once you get the hang of it. If I were malicious - I might do something exactly like what you've done... including making multiple mdm5 documents on how to 'verify' the authenticity of the paper wallet generation code. Then I'd set my server up to monitor get requests from the same clients. Whenever my software felt someone wasn't being diligent checking - it would then deliver altered code that would deliver a copy of the private key back to my server. Assuming that you could kick the can down the road for awhile with some less experienced users claiming your legitimacy... in a few years you'd have access to hundreds or thousands of cold storage wallets that you could then clean out for massive profit. Total time invest - six to eight hours it would take to put together your website and 2 years of hosting fees.
QFT. I'm sick of arguing about this, so in case anyone needs it spelled out for them: BoB knows when Alice loads the page. BoB knows when Alice broadcasts a transaction. If the difference between these times is <30s, BoB knows Alice didn't check the hash. If Alice hasn't checked a hash during the last 10 logons, she probably won't do it on the 11th logon. |
|
|
|
The Paper Vaults that The Bank of Bitcoin allows its Members to create CANNOT be hacked. They are literally just as secure as any paper wallet. to combat the possibility of the injection of malicious code into the client-side javascript used to manipulate your Paper Vaults we have described a two- or three-minute method to check that our code has not been altered (either by a hacker or otherwise). One has to spend those 2-3 minutes EVERY TIME they log on. Since you know the IP and time of page loads, and when the next transaction is sent to you from that IP, you can tell who hasn't been checking hashes and how many coins those poor careless souls have in their wallets. |
|
|
|
|
Everyday non-technical users might never check the MD5 at all, or so infrequently that many of them could feasibly lose coins during a website breach.
Newbies would probably have better perspective on this than I do... which is more daunting?
A) Download a program like Armory, check its hash once, and learn how to use it. Must re-check the hash on every new computer.
B) Go to an easy website, but write down an MD5 and check it every time you visit the site.
|
|
|
|
|
Show Posts
