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December 06, 2023, 05:14:34 PM *
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1  Economy / Marketplace / Re: iPod Touch 16GB 1st Generation on: April 08, 2010, 10:19:08 PM
Once I get my hands on a new one for Apple's iPhone OS 4, I will sell my old one for 100,000 bitcoins.
2  Bitcoin / Bitcoin Discussion / Re: Suggestions to significantly increase bitcoin's users on: April 08, 2010, 10:18:02 PM
I have really limited programming abilities but I have played with the iPhone SDK a bit. I could look at Bitcoin's source and see if I could get it on the iPhone, iPod Touch and iPad platforms.
3  Economy / Economics / Re: Calculating Bitcoin Value... on: April 07, 2010, 12:25:33 AM
Yeah, after reading through this forum I have learned the value of a Bitcoin is completely subjective. It's worth whatever you want it to be.  

This project is very interesting and I find it odd it isn't bigger. Liberty, I really have to congratulate you on maintaining the greatest Bitcoin exchange. Keep it up but you may see competition from me in the future.
4  Economy / Marketplace / iPod Touch 16GB 1st Generation on: April 06, 2010, 10:40:29 PM
I am willing to sell my iPod Touch (I don't use it that much) for bitcoins. I just need to see how easy it is to obtain a supposed $100's worth of bitcoins.
5  Bitcoin / Bitcoin Discussion / Re: I have a couple of questions... on: April 06, 2010, 08:34:40 PM
Also, would it be unethical for me to farm a whole cluster of old Pentium3s/Pentium4s and generate Bitcoins that way?
6  Bitcoin / Bitcoin Discussion / Re: Suggestions to significantly increase bitcoin's users on: April 06, 2010, 08:12:47 PM
If someone just slashdot'd this thing, it would really jump.
7  Bitcoin / Bitcoin Discussion / I have a couple of questions... on: April 06, 2010, 07:24:57 PM
Do all CPUs--no matter their strength--produce the same amount of coins at the same rate?

If not, can I give the Bitcoin application the highest priority on a system and dedicate all of the CPUs power to Bitcoin production? Will this produce more coins compared to running the application normally?

8  Economy / Economics / Calculating Bitcoin Value... on: April 06, 2010, 05:32:48 PM
One thing that concerns me is how people are calculating how much it costs to generate a Bitcoin. For instance, NewLibertyStandard has determined the value by  "the yearly average of the bitcoins generated per day divided by the yearly average of the amount of dollars spent per day on Internet and electricity or (bitcoins generated)/(cost of bitcoins)."

Well, you see there is a few problems with this:

1. When you determine the bandwidth required to generate a Bitcoin, it is very little. The monthly cost of paying for internet service inflates the value especially when not all of the bandwidth is dedicated to making coins. One should determine the average cost of an American kilobyte plus how many kilobytes it takes to generate a Bitcoin.

2. You can't judge the electricity used to generate a Bitcoin based on how much power the whole computer using since it's doing other things besides making coins. The computer is only using a bit of the CPU power and basic system components to generate Bitcoins. Additional hardware such as optical drives and powerful graphics cards will skew this if their power is counted as well. There should be a definite number of how much CPU/Mobo/Memory (ALONE) power is used to generate a Bitcoin. A separate minimalistic machine should be used for calculating exchange rates.

I don't know if NewLibertyStandard is considering these factors but it's just a heads up. I might start my own exchange and base it on the minimum resources required to generate a bitcoin, for the sake of accuracy.

Just my 2 cents. Your thoughts? Am I wrong?
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