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Competition in mining, like in any industry, will mean that the average person is unable to make a profit. Only those who invest the most time, are the most efficient, and stay ahead of the curve will make money long term with Bitcoin mining, and this should be expected.
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People will stop to mine, how will the p2p network keep going?
People will continue mining because the block reward includes not only the new coins (50btc right now) but also a small fee component from each transaction. In the future, if Bitcoin has been successful, the value of these fees will be substantial and may even be worth more than 50btc per block. Sites that make tons of transactions already pay significant amounts in fees to the miners. SatoshiDice.com has paid over 750 BTC over the last 5 months just in fees and all of this goes to the miners. |
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Trace is awesome  It is absolutely hypocritical to go to Libertopia and use government fiat the whole time... like a hippie rallying against globalization while holding up a sign on paper from canada drawn with a pen made in Vietnam. Wake up libertarians, your money has arrived! Start using it! And thanks for the report, Steve! |
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Guess not
Wow impatient much? http://www.satoshidice.com/lookup.php?tx=^^^ that lets you lookup the status of a transaction. You can click the details link and all the info is there to verify that the roll was pre-determined legitimate but you have to understand some of the hash stuff to do that. In other words, it's impossible for the system to cheat people, because people could check bets after they were made and discover the cheating. |
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Using Coinapult.com you can already send Bitcoin to an email address or phone number (via SMS). With the SMS system specifically, phones even without web access can hold bitcoins and transfer them to other phones. It's pretty badass. |
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The math on SatoshiDICE is absolutely fair and transparent. The whole point is that if you don't trust the site, you can check it using the hashes of the transactions (it's a bit complicated to do this but many have done it).
Not only is SatoshiDICE fair, it is -provably- fair, and is one of the first online games in the world to be able to prove its fairness (one more awesome benefit of Bitcoin).
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Go here: http://src.satoshidice.com/rev2/And click on the "Leaderboard" tab. You'll see the people who have played the most, and whether they have won or lost, and how much. Many lose, many win. It is gambling after all, and there is a small house edge, so the average player will lose net-net, but some win alot and some lose alot, and that's how gambling works Interesting, but I think I'd rather see the leaderboard sorted by net profit, not by amount staked. Better still, make the column headings clickable so I can sort by whatever field I want to. Great idea, leaderboard is now sorted by net profit (you might need to hard refresh). |
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Beautiful design work - really loving this |
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Yes let's do this! How many satoshis would you like to buy from me for $0.01 each? I'll give you a 20% discount if you buy more than 100 million of them.  |
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Go here: http://src.satoshidice.com/rev2/And click on the "Leaderboard" tab. You'll see the people who have played the most, and whether they have won or lost, and how much. Many lose, many win. It is gambling after all, and there is a small house edge, so the average player will lose net-net, but some win alot and some lose alot, and that's how gambling works |
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Cool site! Note that BitInstant just launched an Online Bank Transfer method which works in a couple dozen countries including Mexico, Canada, and much of Europe. Fee is lower than the cash deposits and coins can be obtained even faster than the cash deposits. |
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Does anyone have any ideas how to make bitcoins without having to do complicated mining procedures? I've been doing surveys, using faucets, ETC for the pass three months and have racked up a whopping 0.00005437 bitcoins. Can anyone help? Or give: 19EbjmgkmAwTVLffrhgYSt8NnSaXZfAUuc OR 1Pxmub3XrQXYvrYgigWRuzfZjBUCDGfidk .
Peace, and God Bless.
-LS
Liquidspirit - what you're basically asking is, "is there a way to get money for free?" There are ways to get small amounts of money for free, but typically you're going to have to buy it, or work for it, or earn it in some creative way. If you have lots of twitter followers you can make some via FeedZeBirds.comOtherwise, it's probably best to just buy them through a service like BitInstant.comAnd yes this is a shameless promotion since I'm involved with these projects |
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I actually thought this was a very well-written and well-argued piece. The criticism he's levying against the bitcoin community is valid. Many Bitcoiners have been fools, and it is a shame to be a fool with this amazing technology.
Revolutionary ideas often comes after a long string of failures. I've heard it said, "An expert is someone who has already made all the mistakes that can be made in his chosen field." Trying ideas and failing is part of the process. The fools are the folks who don't learn from their mistakes, not the folks who try and fail. Where do good ideas come from? Often from people who look at an idea that failed and say to themselves, "I can do better." +1 |
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Most of what comprises the "Black Market" is actually activity that is not immoral - purchases of drugs, guns, money laundering, etc. These are not immoral acts, and thus nobody here should try use force to prevent them from happening.
Now, for those acts also part of the Black Market which ARE immoral (human trafficking being the obvious one), it'd be great if anyone in this community can help to stifle them.
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I actually thought this was a very well-written and well-argued piece. The criticism he's levying against the bitcoin community is valid. Many Bitcoiners have been fools, and it is a shame to be a fool with this amazing technology.
With great power comes great responsibility, and the fact is that many people can't handle that responsibility. Now, fortunately, in the Bitcoin world most people can only hurt themselves with their mistakes... mistakes cannot be socialized to others. I did not lose money with Pirate because I'm not retarded enough to invest in obvious scam. Pirate's scam didn't affect me, because I was prudent.
What people should take away from that article is this - Bitcoin is serious technology. If you are going to use it, use it seriously. Learn it, respect it, and work to build it with wisdom and prudence.
With that said, that author should recognize that a large number of people are actually building amazing things with this technology. They are using it well, and growing it. They are playing with fire, so that some day others will have light. The majority of people have not been fools, but the fools stand out with their unfortunate antics. Admitting that there are fools using this stuff, as the author points out, is an important lesson for us all, so that we can be ever-diligent in avoiding foolishness ourselves.
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I hate to be a filthy capitalist but the best measure of Bitcoin adoption is the price. The more goods and services exchanged for Bitcoin, the higher the price is. It's really simple.
The price is most certainly not the best indicator, though it is a very important one. The reason is that price is influenced extremely easily by very short term changes in sentiment and myriad psychological factors. These factors are transient and flippant. The price could double tomorrow and it doesn't mean Bitcoin is twice as healthy. I will caveat this by saying perhaps the 90 day moving average price may well be the best indicator, but certainly not the spot price. I'd say the basket of most important indicators are (in no order): - Transactions per day (exclude top 100 addys if you want) - New addresses created per day - USD price and/or 90-day moving average price - Exchange volume as measured in USD - Transaction volume as measured in USD - Tweets per day which include the term "bitcoin" |
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