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I'm trying a new strategy. I put in a sell order for $94 for a small piece of my holdings, and a buy at $85 for the same amount of money, less commissions. Hopefully, the sell will execute tonight or tomorrow. Then, I'm poised for the next 10% dip, when my outstanding buy order should automatically execute, even if Mt.Gox is unreachable. Then, I will have bought at $85 and sold at $94, just in the non-customary order. When the price gets back to normal, I will have increased my holdings by a few BTC.
If more people would do this, the price would be more stable, more investors would dare to join us, and that helps move us toward global acceptance. These flash crashes scare new investors away.
isn't this exactly what I'm suggesting? Going short and profiting from the DDOS, even if you're not causing the DDOS yourself. Now, if you do this for enough BTC, you're making lost of $$$.... |
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In the past few weeks we've seen Mt.Gox go down a few times, each time accompanied by a substantial drop in the BTC exchange rate. I've seen very few speculations so far, but my guess at this time is that the only way to profit from this is by going short. When the time is there to deliver, whoever is doing this attacks Mt.Gox and makes the price drop enough to profit.
Any thoughts? And, anything anyone is doing to counter this?
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- When a miner starts trying to hash a block of transactions, do they "choose" which transactions go in the block, or do they just throw in all transactions they've received that were not in the last block? I assume that they can, in theory, choose to ignore transactions that don't have fees, but does that really happen?
That depends on the miner. If you are mining in a pool, then the pool decides for you which transactions will be in the block. All they need to send you is the block header since that is all that needs to be hashed to reach the target difficulty. If you are solo mining, the rules of the protocol allow you to choose the transactions if you want to write a program to do that. Most solo miners use software that selects based on the priority based rules in the reference client. Is there some convention? "rules in the reference client" sounds nice, but, are those documented in plain English for those of us who are not very eager to read source code? - While a miner is hashing a new block, which includes x transactions, how do they respond if a new transaction comes in? Do they include the new transactions and start hashing again, or do they ignore the new transactions?
I would expect that most miners would continue with the block header as is at least until all values in the nonce are used up. Beyond that I don't know if any pools or mining software reselect the transactions, but my guess is that they don't. Seems like an opportunity lost there to grab some high value transactions if any happen to come in. Again, more or less the same question... Is there any documentation? I sort of get the feeling that, because there is no such thing as lost work, new transactions do get added to the current block at least once a minute or so. Is that right? |
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just a few more... read the relevant topic in the newbie forum.
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I know from time to time, some people will say 21 million is not enough coins and that we will need more. I strongly disagree.
But, just saying, what would it take to change the protocol so that mining will produce more than 21 million? Would it take 100% agreement among all nodes? 51% agreement?
Similarly, what if one day 7 decimal places is not enough and something like 10- or 11- decimal precision is required? Would it be just as difficult?
I ask because whenever someone brings up raising the 21 million cap, the unanimous answer among the knowledgeable is, "It ain't going to happen."
But they seem to think that increasing the decimal places is relatively trivial if that's needed.
Can anyone explain the difference?
by increasing the number of decimals you'll not cause inflation like you would when just printing more bitcoins. Printing more money is a tried and tested way of causing (hyper-)inflation. |
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Can someone lead me to some good reads on mining, how it works, etc/
Thinking I might get into this, especially if the price drops low tonight.
you will add stability to the bitcoin network, which is always a good thing, even if you think you'll make a loss. With new ASIC hardware you might even turn a profit in the long run, but as I see things, the main reason to start mining at this time is to contribute.... |
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just like every other monetary unix (US$, EURO, etc.) the value of the bitcoin is only dictated by the faith and confidence that investors have in the currency. Just like in every other part of economics there is a strong portion of self-fulfilling prophecy that plays a role too. As long as 'important' people state that they believe that bitcoins have a sting future, they will have. So, as your resident economist of fame  I say that bitcoins will be a good investment, or not, depending on what other famous economist will think. |
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so now I spend 10 hours reading all forums looking for answers to my questions before signing up, and now I have to spend another 4 hours after signing up before I can post the question that I have not been able to find the answer to on an on-topic forum.... I wish I had signed up on the forum as soon as I decided that I wanted to know more rather than spending my time trying to find the answer ;-) Of course this is just my first post of 5 to get myself onto the relevant forum....  |
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