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I switched.
The USD is backed by the full military power of the United States.
BTC is backed by... the USD...
So at $1/350BTC, seemed like a steal to me.
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That's not really weekly vs. daily... just a matter of log vs. algorithmic scale.
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Encountered an error. Could not send mail.
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8Wp5t9ECxPW2VYUPBs2qmRGfm5nSUupNMQ
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Yes. In a few years each bytecoin will be worth $1000 USD! And $1000 USD will almost be worth 2 pebbles of sand +1
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It will be curious to see what happens in the near future.
The valuation of a BTC to USD is currently $141 per BTC. Just two days ago, this valuation was at $92 per BTC. If this bubble bursts, I will be quite interested to see how far it falls.
I'd suspect to see a valuation of drop close to $20-$40 per BTC at the high end of things.
If the "bubble" bursts, it won't have a valuation of $20-$40. It will be worth $0. It will scare the general public away from crypto currencies, and we would have lost. Those merchants who are getting involved now will decide never to try bitcoins again after sustaining potentially irreversible losses. The more volatile the price action, not only does it appear to be more bubbly, but it makes it increasingly difficult for merchants to use it and it becomes more tied to the USD. What Bitcoins need if we are going to succeed in being the currency of the future is not greedy hoarders--who claim they want what's best for bitcoin but really just want to profit when it gets to $10,00/BTC--we need stability. And if that means that you don't get to hold 10,000 coins into the future of bitcoin, it's for the good of the coin. Bitcoin will never see $10,000/BTC if it is just hoarded and not used.
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Everywhere I see people saying Bitcoin will keep 'raising and raising'. Those two words applied to housing prices got the U.S. into just a little mess starting in 2007-2008. Pure hysterical raise is actually bad for Bitcoin in the long run. If does indeed turn out to be a crash, the bar, in terms of public image and value, will be much higher to be accepted as a real alternative to traditional currencies. Not that Bitcoin or the users are worried about public image. You may be looking at another 5-6 years before Bitcoin sees another uptick.
As much as I want to Bitcoin to raise, can anyone offer some insightful notes on why Bitcoin's price is going up?
Thanks, SZ
This is my worry as well... The prices seem extremely unstable. I have read about guys who are "hoarding" 10,000s of bitcoins and don't plan to sell until the price reaches $1,000 or $10,000. They claim they don't want to cash out because they want to show that they truly believe in Bitcoins. But I call bullshit. If they truly believed in Bitcoin, they wouldn't care whether they cashed out at $10, $100, or $1,000. This insane rise in the price has every sign of a bubble. Yes, including people calling it a bubble. Just because people can identify it as a bubble doesn't mean it's not a bubble. It also doesn't mean that they will profit from shorting the market either. When the bubble pops is anyone's guess. It could go to $300, or yes even to $1,000, or $10,000. The quicker we go there though, the harder the crash will be. And at this point, Bitcoin can't sustain another crash. People will lose faith in it and the general populace will not adopt it ever if we see another crash like we did in 06.2011. Those who have tons of coins, if they truly believed in the future of a free market, would not attempt to be the bankers of the futures with 10,000 of thousands of bitcoins worth $10,000 each. That's not vision, that's greed. They should seek to keep a stable market. They should spend their bitcoins for goods and services to spread them out. If someone has tens of thousands of coins, they should try to be a market maker and bring stability to the market, not just see how high the price can rise.
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Boom! I think I finally got one. It has 4/6 confirmations.
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How do we see what the total networks hashpower is?
*EDIT*
Also, why would my Accepted tab show 136 (72)? Does that mean I have a fail rate of almost 50%?
Also, why would I join a mining pool that has 100 MHash when I can do that solo? How is that pool calculating it's hashing power? Because someone said they were pointing their 300/800Mhas/s mining rig to the pool...
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Just got another stale block. Do I assume something is wrong at this point? Or just keep going? How many stale blocks is normal?
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Got one!
I have no idea what is happening in the background, but I added another core to the process and increased it to 94 MHash/s.
A few Shares later I got an accept letter that popped up, however, now it looks like it says I got 1 stale/invalid...
Does that mean I didn't actually get it or it isn't confirmed?
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I wanna join! But, most important, which name to choose for the coin? xD
Why not CryptoCoins...?
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Next Question: How will I know if I successfully mined? My Summary page using GUIMiner says Shares: 1 accepted... but I don't think I got any coins from it...
Also, I tried diablominer, but I couldn't get the program to run. I'm not a complete noob when it comes to computers. I'm proficient at everyday activities, but I'm pretty much a complete noob when it comes to advanced computing and anything having to do with programing. I'm guessing I probably had to compile the program or something like that to get it to work, but who knows. My Comand Prompt kept closing before I could read the error. Probably had something to do with Java.
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I just got my computer set up to mine. It's the technology that fascinates me, so I'm using bytecoin as a way to understand bitcoin as it's definitely not worth even attempting to mine bitcoin.
I'm mining at 682 khash/s with GUIminer
How do I increase this? I have a good computer, I thought. Am I set up wrong? Or does mining require specific GPUs or something? I have an Nvidia GeForce 670 and an i7 processor and tons of memory (for other things I do on the computer), but all I can get is 682 khash/s.
*Edit* I got rid of some of the extra flags that I had put in following the tutorial I was following and it incraeased to 2.7 Mhash/s.
Still seems slow though, right? Most people have more like 800 or something...
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