Warren Buffet is not rich by being nice to people like you and me.
Were you going to inherit a large company but can't because of tax? If like most of us you were not then you benefit from today's system in exactly the same way he does, he has just been much better at seeing the opportunities. When he dies a lot of his wealth be up for grabs again for anyone else with enough brains to take advantage of it. |
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Is that the article you intended to link? It has nothing to do about regulation.
But it has everything to do with lawsuits, which is what TTBit claims makes everything so much cheaper. There are few regulations and lots of lawsuits, and that's adding a 30% overhead to the price of the product. I realise most of you with just rationalise this away and say that the market just isn't free enough (that's always the problem). It's the same excuse as the communist use. When things don't work out as you expected the problem is always that the implementation of the ideology hasn't been taken far enough. |
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BTC Guild has had +32% luck for the last 24 hours, but unknown miners solved 5 blocks in the period it spiked as well: http://pident.artefact2.com/moreThat is unusually many, so it seems likely that someone with a lot of mining power did some solo mining for a few hours. |
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In a free market, private 'regulators' develop and act as auditors who take responsibility (i.e. pay if sued) for the product after inspection. But with government intervention, you get worse products & higher costs.
In some cases that's true, in others it's just wishful thinking. http://www.forbes.com/forbes/2004/0112/052_print.html |
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Try to buy 100 mil$ worth of bitcoins, and you will know the answer to this one.
If you buy bitcoins you push the price and if you buy mining equipment you push the difficulty. Either way you get diminishing returns. |
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+1 is there a way to log console in a file, "python bitHopper.py > error.log" doesn't work for me, we seem to miss the error that could help track this one because it spits messages real fast and the important stuff it's long gone when you stop and copy from the console
Try python bitHopper.py &> error.log if you're on Linux. |
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In reality we don't need any miners. There are 7 million bitcoins in existence which is probably more than half what will ever get generated (early adopters who mined and thought the whole thing to be pointless and deleted their wallet, hard drive crashes, stolen and reformatted computers, deceased bitcoin owners not informing anyone of their wallet, etc). More than enough bitcoins out there to satisfy speculators.
Except for the fact that the security of the existing bitcoins is directly related to the difficulty level. The mining part isn't there to distribute bitcoins, it's there to keep them safe. |
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Sounds fancy but makes no sense.
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What makes them so much better than Trade Hill, other than their trade volume?.
As if that isn't enough. Current situation for Europeans: Highest Bid: 5.3000 Lowest Ask: 7.9000. MtGox doesn't have this stupid separation of markets, so the float is almost nonexistent for everybody. It's extremely slow, though. |
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That is why I do not give them credit. After all the bullshit with the mortgage ratings it is going to take a lot for them to get back some respect. IMO
What you think is irrelevant, though. It most likely will have an impact on the economy of the US and the world, because these ratings are important to a lot of the large funds. |
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The reason why this discussion is not getting anywhere is that libertarians and socialists are not going to agree on what makes a country better. Libertarians value economic freedom over everything else, so obviously more economic freedom will make it better. Socialists on the other hand value equality and social security over everything else. Economic freedom will reduce that for the least resourceful part of the population, so they will think it makes a country worse.
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Even if you're below the point of breaking even, you're still getting discount coins. If coins are trading for $8, and it costs you $4 per coin to mine them, you're still getting coins at 50% off their cost.
If it costs $4 to produce them and they're trading for $8 you're hardly below break even. You can do more than one thing at a time can't you? I'm simply saying that it isn't very bright to base your long term operation on short term prices. That isn't sustainable.
Sure you can, but that would only make it slightly less idiotic. There is no way your long term bitcoin speculation can benefit from getting fewer bitcoins than possible in the short term. |
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These people who say they'll stop mining if the price falls below a certain point are idiots.
If you prefer to mine even if you could get more bitcoins by just buying them I wonder who the idiot is... |
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OP is still right, though. You can't make Afterburner aim for a specific temperature, which is what his program does.
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I guess one thing to note is that these are the results for your personal connection, correct? Some may have a better connection to overseas servers like Eligius, etc?
It is measured from Europe. The ping time to European servers is about 40-60 ms, and to uscentral.btcguild.com 142 ms. note: pool hashrates varies a bit so the hashrate proportions are +/- making it pretty much the same blocks per MH for the 3 pools. Not just a bit. For instance mtred varies between 150 Ghash and 400 Ghash, so I doubt you can use it to check for the 1-2% difference the long poll delay would result in. Even if you could I don't think it would be measurable this way. If the server is updated and it's just not sending the LP it might result in invalid shares which might not be counted when the pool calculates hash rate. If the bitcoind isn't updated it would result in the expected number of blocks, but a larger share of them would become invalid. |
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Better said we need less than half as many bitcoins on the market now to bring it back to 30 USD to a bitcoin. Or we need to increase the demand by double. If you wanted to use bitcoins as a currency and not just as an easy way to get rich there would be no need to do anything. |
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So much for "difficulty follows price... with a lag"  It does, although it may not be the way you wish. As long as it is profitable to mine the difficulty will continue to increase, even if the price is falling. |
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But the thing to realize is that the current Difficulty is affected by events in the price history as far back as three months prior. Or maybe it just looks that way at the moment because of coincidences. If you check for enough patterns you are bound to find some that fit, but that doesn't mean they'll continue to fit in the future. |
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