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chino517

thanks!

username: chino517

thanks, and i love the idea!

Not trying to be offensive to Draper University, but having them accept bitcoin really doesn't do much for the community as a whole. I'm more so interested getting large institutions interested in bitcoin.

Draper is a very "new age" college; bitcoin is a "new age" currency. I understand why they are the first to adopt it, but it really doesn't spread bitcoin to many new users.

Chino

mars

I've always thought education would be an outstanding place for bitcoin.

Think about the number of international students that are paying via methods that schools/universities are losing money. Plus, if educational institutions were to get involved (with whom a majority of students are within the 18-25 age group) we could see a large amount of publicity/widespread adoption in the future.

Getting started at schools really wouldn't be that difficult either; it would just be as simple as creating a club at the school and slowly getting the community involved with it. The thing about college students is they're extremely social. They talk, they share, AND when they go back home they spread the information further.

I plan on starting a club at my school this next fall. I figure if i can get some funding from the school, i can give out charitable donations to local businesses in bitcoin; basically forcing them to learn about/use this wonderful currency.

*also, first post out of jail!

Chino

father

dip

presidential

I was curious-- how many users of this community are actually currently enrolled in college? I want to start a Bitcoin club at Virginia Tech this upcoming year and would like to collaborate around a bit. There shouldn't be much of an issue getting it started, and I may actually be able to receive some funding from the school.

I could interest so many different majors about bitcoin-- computer scientists for making new chips/code design, engineers for applications, marketing to the local businesses, sociology for its impact on the community; the list goes on and on.

Since any coins the club would generate/make would have to be non-profit, i planned on donating them to local businesses/organizations, basically forcing them to learn how to use bitcoin.

Anyone have other ideas?

Chino

http://litecoinkamikaze.com/ref/86080

thanks!

yeah, i've lurked for a while figure its time to actually speak up a bit.

Thats so many sales though o.O

I'm trying to get involved in bitcoin/mining and would love to eventually make a device that is extremely simplified for users-- no background needed at all. People who dont know what bitcoin even is can use it.

It has algorithms built in so it only mines assuming it is profitable, and an API that automatically pays your electricity bill.

Marketing:

Plug in this machine, it pays your electricity bill


would make the market way larger, but obviously it wouldn't be able to guarantee anything

.03-.0126 = .0174*400000 = 6960 Bitcoins

Are they selling 6960 BTC/ week worth of hardware?

How is the weekly dividend paid out?

I've been seeing dividends of .03 BTC / week, and am confused to how they are that high.

Assuming that asicminer has 20% of the total network hashing power, they would be mining approximately 20% of all blocks.

(0.2)*(6 blocks per hour)*(24 hours per day)*(7 days per week)*(25 BTC per block) = 5040 Bitcoins per week

5040 Bitcoins / 400000 Total Shares ==> Dividend = .0126
5040 Bitcoins / 163962 Public Shares ==> Dividend = .0307

Does this mean that the shares owned by friedcat aren't earning at BTC?

My theory is that the block being halved creates a bubble-- it will drastically increase the price since miners will do one of three things

1) Sell their coins at a profit, if they are getting half as many bitcoins per block, over time they would be likely to charge at least twice as much.
2) Hold their bitcoins that they've mined. Holding them will also increase the price, as there are less coins being traded.
3) Stop mining.

The third would only happen if the electricity costs outweighed their profits which leads to my question--

Are miners currently a large enough portion of people selling bitcoins to significantly impact their price?

If the miners are a large enough portion of people selling coins, they would raise the price to remain profitable.

Whether miners sell or hold, the price should increase (assuming we continue to have increased adoption) when a block is halved. Once the price raises to a value that is considered "unreasonable" to bitcoin users who aren't mining, the price should drop to a more fair value.


This is all just speculation, and we really won't have "good" statistics for it until we get to see the next halving, but let me know what you all think.

Chino