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1161  Bitcoin / Mining support / Re: [1 BTC BOUNTY CLAIMED!] Get 6 radeon 7970 installing and mining in Windows on: June 06, 2013, 08:10:31 PM
Just for the record, windows changed something, along with the drivers...

The "registry" fails to hold more than 4x of any single card on win-7(64bit).

The solution, which I did not realize I had done, was to have previously had the v12 ccc drivers. Then, the newer v13 drivers were installed. (Major version numbers are "separate" drivers. As opposed to having 13.1 then 13.3, which is a minor driver change, thus, the same exact driver.) Thus, you can run both separately. 4x per major version. (Might be 4-thread duplication limit? One thread/instance of the drivers per card now. As opposed to one thread trying to control all cards at once.)

Windows rolled-back the driver for me, for two of my cards, as I installed them one at a time. I had not noticed this, as I had disabled the CCC from starting. (Because I use Afterburner to control my cards.)

After spending two days trying to figure out why this was not a working solution (Just adding the cards and using the jumpers), for others... I dug deeper. (For win7-64bit.)

Another thing that was suggested, but I could not get it to work with windows new updates...
Card 1, 2, 3 set in cross-fire mode, with the links (No other cards added at the time of setting-up "Cross-fire" support.)
Use the monitor on the middle-one (the 16x native slot, with the 16x riser)
That causes windows to treat the three cards as "One card", with a slight performance loss in mining. The 16x connection will "re-route" data-channels, only using 8x of them, and not using the ones from the two surrounding 1x slots.)

Then... Add the other cards one at a time, in slots 5, 6, 7... all with the jumpers, and the two above 1,3 also with the jumper, only the one-card on the full 16x riser #2, being without a jumper. (So it can actually do crossfire-mode. 1x will not.) Then dummy-plug card #2, the 16x linked cross-fire main card... and move the monitor to the card in slot #5 or #6, to get the others to be seen, as you add them.

Yes, they should all be seen now, without the /!\ and should all function. Even without the roll-back drivers. (Which should work without doing all this other crap.)

NOTE: It will "seem" like nothing is happening... The cards have a hell of a long time trying to "activate" and figure out which ones to display an image on. Takes about a minute to see anything on the screen on "rebooting" or "start-up", but eventually one screen on #5 or #6 should come-on... But I never shut them down anymore, so I forget about this every time I reboot... kind-of scares me into thinking that I fried something.

If it still does not work for you... Then you MUST use win-8 or Linux. (I have to test my "vista 32bit", I don't have vista 64-bit to test on.)

Funny thing... win7 shows only one monitor per card, in the settings. In vista/xp the monitor setup shows all 4 monitors per card. EG, 6-cards = 24-monitors available to configure. (This may also have something to do with win-7 new "limitation", as they are degrading crap to make win-8 sell. Just like they did with xp/vista... but they stopped degrading most of xp/vista.... Which may be why the stuff still functions there. Tongue for now. Stop auto-updates. hehe.)
1162  Other / CPU/GPU Bitcoin mining hardware / Re: 1Kw PSU apparently not enough juice for 2x7970's Ghz Editions... on: June 04, 2013, 11:58:05 AM
To the comment...

"Buy a brand name"... They are all "brand names", thus, the NAME...

That is the most useless info you can give someone. Especially since "Brand names" are "OEM", and "Generic" PSU's manufactured by someone-else without a name.

"Big brands" make crap too, and have the same hardware malfunctions.

Can't find "power cooler" or "cooler power" PSU's anywhere on the net... So I imagine they were a spin-off trying to "pretend", on error, to be "identified" as a "good brand", (Cooler Master, or PC Power & Cooling) Both are higher quality brands.

I would assume that the 12v rail was just not up to par, at all.

I just had this happen with a "Brand name" lol, Logisys 750w PSU that fried with a 600w load at the wall, on the 12v rails. (Should have been able to handle 700w fine.) POS brand-name crap.

Here is a "big list" of "good BRANDS"... (Note the "models"... Not all models by the same "brand" are equal. EG, Corsair CX = crap/ok, Corsair TX = good/great, Corsair HX = excellent/super) FYI, I normally use the 750 Corsair TX for 3x 7970's + Mobo/CPU. It has run up to 800w at the wall, but normally I run it at 680w-720w at the wall.
http://www.overclock.net/t/183810/faq-recommended-power-supplies

Here is a good source for "crap BRANDS"... (Bottom of page)
http://www.10stripe.com/featured/psu/brand.php

P.S. If it costs $60, it is NOT a 1000Watt anything.
Rule of thumb... For potential expected power/cost
$30 = 300-400w {Cheapest I would ever go, for 1 GPU and CPU/mobo/SSD, or single OC GPU}
$60 = 450-550w
$90 = 600-700w (Cheaper to get two 400w)
$120 = 750-850w (Cheaper to get two 400w)
$160 = 900-1000w (Cheaper to get two 500w) (Even cheaper to get three 400w)
$190 = 1100-1200w (Cheaper to get two 600w) (Even cheaper to get three 400w/500w)
$250 = 1300-1500w (Cheaper to get two 750w) (Even cheaper to get three 500w) (Even cheaper to get four 400w)


For the 7970 HD Radeon cards (230w run - 250w max)
Also with standard CPU, with SSD or USB-drive or low-power HD, ~ 65w normal operation (45w for low-power models, or disabled cores.)
* If you have many HD's and a super-CPU, overclocked.. water-cooled, add 100-200w to all these "max" values. (That is just stupid. lol.)
1x = 250w GPU + 65w CPU/mobo = 315w MAX (Rec 400-450w)
2x = 500w GPU + 65w CPU/mobo = 565w MAX (Rec 650-700w or 2@ 400w-card/cpu/mobo + 300-350w-card)
3x = 750w GPU + 65w CPU/mobo = 815w MAX (Rec 900-1000w or 3x 350-400w)
4x = 1000w GPU + 65w CPU/mobo = 1065w MAX (Rec 1100-1200w or 2x 550-650w)
5x = 1250w GPU + 65w CPU/mobo = 1315w MAX (Rec 1400-1500w or 2x 750-850w)
6x = 1500w GPU + 65w CPU/mobo = 1565w MAX (Rec 2x 900-1000w)

Less, and you get less... Pay strong attention to the +12v power. Many put a lot of power on +5v, because that is cheap to do, and is for "USB and SATA and HD" powers. (Eg, if you have 4 HD's and many USB crap things... As opposed to having 3+ video-cards, which is "abnormal" for a CPU marketing item.)

Multi-rail is just stupid. You will never "match" rails to GPU's, or power... Thus, you will short yourself amps, or overload one rail, thus, "stupid" by design. (Except a system designed to have 25a on any rail, with 4 rails, but only has 60a available total, on all rails. That is a "smart" design, if it identifies the four separate rails, and has one dedicated to just the mobo/cpu.)

Don't worry, the new 12v only PSU's are coming. No more crappy 3.5v and 5v and -12v rails... Just 12v rails and an 11v (stand-by power). That is where you will see a major gain and reduced PSU size/heat/losses.
1163  Other / CPU/GPU Bitcoin mining hardware / Re: Inverter - Air Conditioner - how to calculate on: June 04, 2013, 08:47:41 AM
It is cheaper to use "filtered fresh outside air" for cooling, than it is to use "air conditioning".

If you must use air-conditioning for a boost... then exhaust all the 200F air outside, and cool-down the incoming 90F outside air, before it gets to the GPUs.

If you just want to save all that head-ache... Invest in ASIC's, lots of them, which will easily out-preform any GPU. Investing in only a few is a waste. You are just swapping GPU's for mini-ASIC's, but still going to make the same money. If you invest big, you will get a realistic portion of the market before "everyone" has one, and squishes you out of the market.

Investments in ASIC's is the same thing... Invest now, you get 100% return in about a month, by the time it arrives to you. The next ones, if you re-invest that money in more of equal power, will take you two months to return... again, investing that in double now, will take you three months to get a return... then doubling will result in four months... etc.. until you finally stop investing, and have to "hope" you actually stay alive, with all the existing tired miners in your possession, to get your money back in a year... before you make money agan...

Since the major makers are making/manufacturing 100x more for themselves, before they sell you the "penny-miners". They are the only ones making money with ASICs in the future, not us. They already made our money from the pre-purchase (free loan that cost us 3x more than we gave), and will rape your "earned coins", when you realize you just can't purchase enough ASIC's from them, to take away the giant portion of the market they will consume. They will consume it, because every ONE they sell you, will result in at-least TWO they make, to neutralize the "percent" of the market you just took, by running one more, and to F-U, they make the other one, because they can, because the other manufactures of ASIC's are making them too.

Let them fight with the coins that will only be valuable to them in the future. Move directly to an alt-coin, and take you value with you. (EG, take the bitcoin value before they get a chance to take it from you. You have no chance in hell now... period. Because you are not MAKING the machines, that they are also running.)

GPU's, are already being squished out. Another two months, and we will be less than 50% of the market... another month after that, and we will be less than 20%, another month after that, there will be effectively zero GPU miners mining bitcoins. (We will have all moved to scrypt-based mining of the many alt-coins, Which ASIC's can not participate in mining.)
1164  Economy / Speculation / Re: Here comes the hell-storm... Massive cash-in... on: June 02, 2013, 09:18:02 PM
if my memory serves me - there was a big selloff around or on the 1st of May also. coincidence?
LOL, for the longest time, (two years ago), I kept calling Bit-Coins... "Bit-Cons".... (Thinking of "convicts" and "conventions".) Saying to everyone... it's a scam, it isn't going anywhere, without actually understanding what it was.

Yes, 1st and 15th of every month. (bi-weekly{month} "payouts")...
Also, Wednesday seems to have a lot of "payouts", weekly earnings selling BTC to make payments...

Friday and Saturdays seems to be more "buying" BTC than selling (sales/market users)...

Saturdays and Sundays seems to be a lot more "trades", since the "normal markets are closed on the weekends". (For traders.)
1165  Economy / Speculation / Re: Here comes the hell-storm... Massive cash-in... on: June 02, 2013, 08:32:34 PM
I leave you guys alone for 8 hours... and this is what happens!

lol

BTC micro-limbo... Dropping the bar to $115, and not stopping until it hits $110.

Oh, about the "hitting $1000" thing...

Smart-butt... If you get 1BTC now, at $120, you could wait until it hits $1000... but 6-months is a long time to wait for an $880 gain.

You invest in the micro-movements... The $10-$20 swings, which there will be more than 3000 of... in that time.

Translation, 3000 movements of * $10 = $30,000 gain. (If you do it correctly.)

I like to buy progressively, and earn while I buy. You just have to set buy-points, and actually buy them. Ignore the "whole value", and only track the "individual value".

Pretend the price is normally at $300/btc...
It drops $10 from its steady position (month-average)... buy 0.1btc
It drops another $10 again, buy 0.2btc
It drops a big $20 more, buy 0.4btc
It drops a huge $40 more, buy 10.0btc
It rises $20, from the $80 it just fell, you sell 5.0btc (Gain)
It drops another $40 from the -$60 under position, you buy 20btc
Pretend this is the "ultimate bottom"... The trough of the next hill...
Hold these until it returns to half of its normal value, which it should do rather fast... then sell half your holdings from the lowest point (10btc)
Hold the remainder until it gets to 75% of its normal value, selling the remainder of the lowest buy (The last of the 10btc purchased at -$100 under normal.)

Eventually, the "tiny" motions will be able to sell for above $10 from what they were purchased. Those will be many micro-movements. The larger movements, you counter with larger purchases. Each gain gives you more buying power... It grows fast. Even just moving money between markets... One lists them for 100, another for 120... buy them at 100, and move them to the other market for an instant $20 gain. (You don't have to actually move them.. just buy them with cash on that account, and sell the same number of coins that are already in the other account. Thus, no waiting for the transfer.)

If the market is going to crash, it is going to crash... Unless you are not participating at all, which it wouldn't matter then... Then you can easily turn it into a smart gain. Never just "hold-out" waiting for that "magic low"... It is a market with only a tiny hedge, thus, it has no choice but to rise. (A hedge gives it a chance to GAIN from falling, which you should be playing too.)

What is the "market potential"... Well, btc has historically hit $250+, and actually sold for that price, sooo... that is a realistic "high" again, that people were willing to pay. What is a realistic low... Roughly "2/3 to 1/2" of the normalized monthly average. But why "wait" for it to get that low... if it doesn't, that is just longer you go, without btc to make gains on. If you buy progressively, as it lowers... you loose less, and gain more. (Less than if you just dump all your savings into a "one shot low" that might not be an actual low, with hopes of cashing-out at a "one shot high". More than if you wait for a low that never comes, and thus, have never made an investment to gain on.)

As for extracting USD... You can avoid the "limits", with multiple accounts... one on each exchange, and private sales. Your "total extraction" is not limited... only the extractions per each exchange. Use a US exchange for USD, not a foreign exchange... Unless you want Yen or Yuan. BTW, the Yuan is a great deal to buy for USD/BTC right now. The USD value is decreasing to the Yuan, since we owe them all that money for the billions in loans we just got, again...

1 USD = 6.1347 CNY now...
In a year, that will lower to...
1 USD = 5.8694 CNY

EG... $10,000 will get you 61,347 CNY. That will cash-in, within a year, to be... $10,452 Thus, about a $500 gain. Actually about $1,500 because that would normally be $10,000 USD that would have degraded here in the USA, possibly buying you only $9,000 worth of crap in the future... Made in china. (Gain of 5%, as opposed to the expected loss of 10% by keeping USD in hand/bank/savings.)
1166  Economy / Speculation / Re: Here comes the hell-storm... Massive cash-in... on: June 02, 2013, 09:46:54 AM
And now it is back to 130... And rising above...

....

Nope, tug of war now!... lol

130 - 125 - 130 - 125... Better stop at 150 by the end of the day.

I like that chart, reminds me of the old arcade game I had in my apartment. "Defender".


1st and the 15th... major market moves... "pay day"
1167  Economy / Speculation / Re: Here comes the hell-storm... Massive cash-in... on: June 02, 2013, 09:41:46 AM
The market regains faster from an abrupt drop... The market would just look like it was crashing, if they constantly pulled a steady stream out. Psychologically, a "trough", looks more intimidating than a slow downward slope. But numerically, it will be smoothed-out in all charts when they merge the averages. (Thus, less intimidating.) They are hiding something, since they are doing all sorts of small transactions... or using a screwy BOT to bid... (It is actually waiting for the price to rise, and then sells, then waits, then sells...)

I would assume, they have been holding for a while, and finally found that new Lambo they always wanted. Tongue

The market is still persistently rising, as our losses (future losses), continue to grow. (Thus, we keep asking for more, to fill the losses.)

Once the GPU's switch-over to scrypt-coins, that will cause another odd swell and drop. However, we still have another four months before ASIC's do any real damage to us. Even when they take 50% of the total mined coins, we will still be the dominant ones until we ALSO own ASIC's. Then they will be exactly where they were before ASIC's... with the same 0.00001% per person, and now 50% going to the ones making the ASIC's. EG, we will still end-up with less than we have now, as individuals.

See, the market is almost right back up to $130 again...

Thus, "persistently rising", and "A good time to buy", and "still realistically going to hit $1000/btc by the years-end." (I'll bet 0.01btc on that!)
1168  Economy / Speculation / Re: Here comes the hell-storm... Massive cash-in... on: June 02, 2013, 09:20:18 AM
I wasn't complaining, just observing... (That was sarcasm in my first post.) Smiley I am only here because I ran out of electrical tape, while modifying one of my new PSU's, to make it run my three new 7970's. Stupid PSU only had one 6-pin, and one 8-pin... The rest were all crap molex connectors. Pure waste of 64amps on a 12v rail. They didn't even use two of the holes to mount the other 8 wires it could have had. lol, cheap guys. Now it powers one fan on 5v, to give it a load, for better 12v regulation, and has all 3 of the 6&8-pin connectors, for running the three cards, and nothing else. Smiley Then I ran out of electrical tape, once it was all soldered and rigged. I should have been born Jewish... (That was a compliment, not an insult.)

It is a good sign that... Now it is 40,000BTC that was cashed-in, for an average of $122/btc, so that is $4,880,000 USD cashed-out... and the market was barely dented.

For those looking for a quick-sweep, to make $10 per $120... There is no better time than now, to buy. (Not like the market is going to hold at this price. That was the 2nd largest drop all week.) May not sound like much of a gain, but that is all the market has to offer.

BTC is like gold... Not great to invest in, short-term, but great to find on the ground! (We need more hedging!)
1169  Economy / Speculation / Re: Here comes the hell-storm... Massive cash-in... on: June 02, 2013, 09:01:49 AM
I like the "stand-off" now... lol...

Buyers moving the "Bid" to just under 119/btc...
Sellers moving the "Ask" to just over 119/btc...

Obviously, the one cashing-out has a limit/wish of getting at-least $119/btc...

Makes more popcorn, extra salt, extra butter...

Doesn't look so vicious on the 6-month chart. (That is when I start to freak.)

I knew something like this was going to happen... The "volume" of trades is sadly, the same as what it was, when bitcoins were only $13/btc... (That solidifies that the next price-point will be $1000... When we go full-tilt ASIC mining.)

$1-$10 = CPU mining
$10-$100 = GPU mining
$100-$1000 = ASIC mining
$1000-$10000 = NEURAL mining
$10000-$100000 = SOUL mining
$100000-$1000000 = GALAXY mining
1170  Economy / Speculation / Here comes the hell-storm... Massive cash-in... on: June 02, 2013, 08:34:02 AM
Just when you thought the market had a stable value... Boom... someone with millions if holdings goes and cashes out, all at once.

Tongue

Good time to buy!

The sky is falling, the sky is falling! No, just the value of bitcoins. xD

Almost up to 20,000 BTC cashed-in... What is that, like $2,500,000 that was cashed-in for about $125/btc...

LOL, they are waiting for everyone to raise the price again... so they can cash-out on a second run, with less losses. You can see them slowing down as they knock the value down.

Smart, they cashed-out on all the markets at once... Instead of just dropping one market, they hit them all. lol. I smell ASIC dust in those transactions.
1171  Alternate cryptocurrencies / Altcoin Discussion / Re: [ANN] Sexcoin - coin for adult industry on: May 31, 2013, 07:12:25 AM
Nolo: ^^^^^ It is a new coin... like, just past "testing" stages. (At the promotion stage now.)

Problem solved... "Transaction was orphaned"... It should show it in the list.. or remove it as a transaction. Poor design. lol. I want my money back for this program... Oh, wait, it was free. Tongue (TXID: 8427cb4c7c5727ed80a9180b78fc761df98c099d0b97a334f65d05d482fd54b6 ) Sad

Also note, Keeps getting, "Runtime terminated in an unusual way" when run as a server.
1172  Alternate cryptocurrencies / Altcoin Discussion / Re: [ANN] Sexcoin - coin for adult industry on: May 31, 2013, 06:17:08 AM
Anyone else having trouble getting connections?  

Did you add the two primary nodes? (First post has two to add to your conf file.) I only have two connections, but up to 6 so far.

Also remember... There are not that many solo miners yet... (Pools are just one connection each... well, one for every connection they setup.)

Assist the network by solo-mining... Assist other miners by pool-mining. That is the jist of it. (Pun intended.)
1173  Alternate cryptocurrencies / Altcoin Discussion / Re: [ANN] Sexcoin - coin for adult industry on: May 31, 2013, 03:13:06 AM
You gotta set this up with "LiveJasmine"... and other adult websites...

I know I will use it... I ... just... can't... mine... fast... enough.... (Done)... NVM, finished... Just in time!

SexCoins, You'll be glad you came and used them.
SexCoins, The only thing you can slip into a virtual g-string.
SexCoins, She'll beat them out of you! (or he)
SexCoins, What's in your pocket! So you are happy to see me!
SexCoins, It's not the size of your coin, its how you use it, that counts.
SexCoins, You just can't buy this kind of shit with a credit card or cash anymore!
SexCoins, Good things come to those who can't wait to spend them!
SexCoins, This will be our little secret!
SexCoins, Your coin just can't do what ours can... Provide happy endings!

You beat me to it... the sexcoins...
S4KehMGF4aiJZx2t5hjdiTsZ1jUL7RZAJY

ChinSu, so... are you single? (If you are a guy, I was just asking because my friend wanted to know... If your a woman... it was me that wanted to know. Tongue)

I already mined my first block! Yay! Now.. where can I spend them? JK... I'm going to hold on to these tighter than my virginity... Hmmm, I didn't hold on to that too tightly.

I bet Sharkey would adopt this... Try contacting him in his forums...
(He makes old-school cheezy 3D flash sex-story-games, and has supporting fans making 3D art comics too. He also has a lot of contacts in the sex-net industry.)
http://www.the-shark-lagoon.com/
1174  Alternate cryptocurrencies / Altcoin Discussion / Re: [SXC] SexCoin giveaway !!! on: May 31, 2013, 02:59:06 AM
You beat me to it... the sexcoins...
S4KehMGF4aiJZx2t5hjdiTsZ1jUL7RZAJY
1175  Bitcoin / Pools / Re: [8500 GH/s] Slush's Pool (mining.bitcoin.cz); TX FEES + UserDiff; ASIC tested on: May 30, 2013, 08:24:13 PM
Namecoins are not supported here. The ones we get are just a bonus due to the want things are set up. (paraphrased)

Bonus = Supported... (Not sure who told you they were not supported. I earn them here and get them delivered just fine.)

I understand that... But why NOT submit all the valid chances? That is an extra $40 a month I am loosing-out on, with my 4GHs machine here. Instead, I am getting $4, where on other servers I am getting $40. All you do is submit/check the shares from bitcoins that are returned. It doesn't take any extra "work" to submit/forward that to the namecoin wallet.

Just because it isn't setup correctly. BTCguild is the same issue... improper setup, thus, they "think" it isn't worth it... Yes it isn't worth it, if it isn't setup right. (I would submit the shares myself, if I could, but that would just submit MY valids, to the whole wallet... not all of our valids.)
1176  Bitcoin / Pools / Re: [8500 GH/s] Slush's Pool (mining.bitcoin.cz); TX FEES + UserDiff; ASIC tested on: May 30, 2013, 08:06:29 PM
You don't have the namecoins setup correctly... we should be getting 10x more namecoins than bitcoins, not 1/10th...

Are you submitting all the valid shares from bitcoins, and also the bitcoins blocks It looks like you are only submitting the blocks. There should be about 10-20 shares valid from each block we are mining. (You know our shares that return as 1.4k/1, 3.8k/1... or whatever the equal difficulty level is for namecoins. More if we mine for diff 2-3-4-5...etc...)
1177  Bitcoin / Mining / Re: multiple rigs - how do you manage your operation? on: May 30, 2013, 02:34:42 PM
4-port KVM... No issues ever... Tongue
http://www.newegg.com/Product/Product.aspx?Item=N82E16817399045

Remote monitoring, I use some app I downloaded to show that the machines are hashing. Could have just made a php-api app myself, but why reinvent the wheel. (For me)
1178  Economy / Trading Discussion / Re: Who trades BTC/USD options? on: May 30, 2013, 01:49:01 PM
https://campbx.com/main.php
If you are in the USA... Great option.

I had a larger list, but they all seem to be "less active", and well... shady fronts for foreign accounts that always seem to "get hacked" and "loose your funds"...

This one, and MtGox are my two favorites. But MtGox is in Japan. BTC-e is the next best thing, for multiple trade formats.
1179  Bitcoin / Project Development / Re: BitShare Economic Theory and 10 BTC Bounty to convince me it is wrong. on: May 30, 2013, 01:36:07 PM
lol... ok... Your whole system is IOU's... You are not giving actual gold to people for actual gold (which would be stupid and redundant)... it is all virtual-debt... If there is no broker, there is no market... nothing to crash/alter... just private sales, which have "No records of value"... What are you going to just "say" it is worth x, with no proof that you sold any for x value? You need a broker to have a "value of transactions", which only a broker displays. Seriously, you know your stuff man... where do you think the charts you see are coming from? Brokered sales, recorded and displayed in a chart.

You win...

You develop your coin, then we will see who actually knows what the hell they are actually talking about.

You are the idiot who suggested RAM as a "limit". Not sure what computers you use, but SSDs are RAM, and multi-striped, are faster than most sticks of RAM, and since RAM is cheap, cheaper than an ASIC, or CPU, or GPU... That would hardly be a "limiting factor", as you stated. Yes, on a home-computer it might... but not on any server-computers with multiple TB of RAM installed. (And ASIC's have access to RAM, by the computer they are hooked-up to. They don't need to work with RAM directly, because they don't process anything in RAM.)

Have fun playing, you C++ master! lol.

P.S. My virtual-ram is in RAM. So, yes, I KNOW the magnitude of the two... it is YOU who doesn't understand the limits you think you are imposing. Thus, not good enough to program what you think you want to program.
1180  Bitcoin / Project Development / Re: Threat Model for Colored Coins on: May 30, 2013, 01:17:21 PM
The threat of a 51% attack is a flaw of the system. It can be "enforced" in code... but it is not. We use trust, and "let it work itself out"...

Equally so is the reverse of a 51% attack, and that is a coin-eater that hunts down and destroys wallets, hurting those who do not have a paper-wallet. Thus, driving up the value, as opposed to driving it down in a 51% attack. (Although, if a 51% attack is found, it can be reversed, as the transactions become nullified, you simply find that your incorrect balance is no longer there... it just vanishes, as the "new block-chain" with the "undelivered fake coins", enters your wallet... Thus, invalidating your previous balance that you thought you had. But destroyed wallets can not realistically be "restored", unless you happen to find the wallet in its original form. It can not be "created" just off the info you have of a prior wallet, due to the fact that "new addresses" do not come from the wallet itself, they are requested from the network, which is sooo wrong, on sooo many levels. Because the network does not track the addresses you requested in a block. Thus, any money sent to those "have no clue what the system gave me" addresses, will never be recoverable.)

What is to be expected to "be covered in legal agreements"... is that you "register with your countries federal monetary regulatory board, as a minter." Also, purchase the appropriate insurance legally required for losses that protect YOU as a minter/banker, in the event of frauds and theft, and offers protections to your customers (The mint holders). Also reporting and complying with laundering laws and tax laws, reporting any/all income, all "non-transfer" exchanges, and various other things... Deposits of $10,000 or more in value, clients identities and records of all transactions and associated fees... A "non-owned" account resembling a "portion of handled currency", that you can never touch, used to "pay your mint-holders", at the time of a withdrawal only. (Thus, can not be, "lent-out".)

What actually gives it "value", at that point, is the government. They tell YOU what you have to accept, and what you have to give them, and what it is worth. You just become a federal pawn, limited to convincing others that they should give you funds, which will be lent to others, who you HOPE will pay you back. Also having the appropriate collections agents and methods in place to reject those "high-risk" borrowers... which requires you to use credit reports and pay for background checks, and various other P.I. and enforcement crap.

Minimum-wage is the base for all value. However, that is screwed-up when the governments raise the value of minimum-wage, thus, devaluing the currency as a whole. Unprepared food comes next, as that is the next largest untaxable physical thing of actual value. (Labor is virtual, like credit.) After that, comes material-taxable-assets... Shit that can be taken away from you, to pay debts... which is also devalued to a fraction of actual repayment value, thus, nearly the least valuable. The least valuable foundation of currency is "hope". If you don't believe in the note/government/system/values-set-by-them... then there is zero value. That is why they/we spend so much effort trying to get everyone to believe things have value, that they want them, that they need them. Because we are holding them. Those who hold the most, tend to push the hardest belief. (Hold the most debt/currency.)
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