People will be reluctant to spend a bitcoin if tomorrow it will be worth more. Yet, this is how bitcoins ALWAYS will be.
People claim this a lot, but it's dead wrong. The only five reasons BTC goes up in value from a fundamental perspective are: 1. It becomes more useful 2. Expectation that it will become more useful 3. It gains some kind of non-utilitarian subjective value, such as being a prestigious collectable. 4. Fiat goes down in value so the exchange rate for BTC goes up (not really increasing in value but appears to be). 5. It becomes more expensive to replace (i.e. difficulty goes up, electricity goes up, etc.) I don't really agree with the argument that difficulty doesn't influence price (only the reverse) and I believe I could show that formally, but I don't have time to write it down. Just because there is a fixed or declining supply of something doesn't make it go up in value. There is a fixed or declining supply of one year old dog shit, but no one is going to pay more for it, ever. |
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MIT or GPL3 License, whatever is wanted.
Either MIT or BSD would be my vote.... GPL can lick my boot. I understand where you are coming from, but in this case I don't really think it matters since the WebCL and JavaScript source goes out to every user's browser anyway (unless someone wanted to try to obfuscate it I guess -- unrolled SHA256 xCL code is pretty well obfuscated already if you ask me  ). Anyway, for my part of the bounty, I don't object to any of these licenses. How much are you committing to the bounty? |
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What license would it be open sourced under?
Good to discuss on the other thread. For my part of the bounty I will accept any widely-used open source license, MIT, GPL, etc. GPL shouldn't really be controversial for this because the source code goes out to the browser anyway, but either way I'd be happy. |
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There is no need for kickstart or whatever it's called. Just post on my bounty thread and if enough people commit to the bounty, it will be paid once an open source WebCL miner is available. Bounties have been done here many times before and work nicely. https://forum.bitcoin.org/index.php?topic=9901.0 |
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Instead of using DigiCash I would invent a new digital currency which would be centralized controlled so that double-spending would be impossible.
And then let people buy the new currency with their bitcoins. And have their saldo of the new currency increase when the Bitcoin value increases, so that the buyers of the new currency would not need to worry about spending their bitcoins in exchange for the new digital currency.
Congratulations you've just invented mybitcoin. Problem is, no real privacy unless you trust the bank (and also trust them to not be compromised). Every time you spend the money they know. |
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I don't think you took my advice to go study DigiCash; you seem to be quite confused, still.
Not me, must have been someone else. I studied DigiCash quite a while ago, which included reading Chaum's papers, FYI. If you attempt to double spend DigiCash, the DigiCash issuer learns your identity. The issuer learns the "identity" you used to used to submit the bill request. But unless that identity is somehow linked to your REAL identity, it's not clear why you care. The DigiCash system depends on the deterrence of being prosecuted (or at least chased by bill collectors) if you double spend. At least for offline transactions. For online transactions i think you can just immediately reject double spends in a way that Bitcoin by itself can't. |
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If you value your anonymity, you won't attempt to double spend. If you attempt to double spend, first the transaction fails, and the consequences are whatever are specified by the bank.
Well, no I mean let's say you buy digicash with bitcoins. No one really knows who you are -- you are just a bitcoin address. If you double spend, the sender bitcoin address might be revealed, but so what? In order for there to be any real deterrent to double spending, it has to be some kind of real identity, like going to an actual bank and having them check your ID, fingerprints, iris scan, etc. I don't see how you do that online. There is online detection of double spending with digicash, so perhaps that is still helpful relative to waiting for bitcoin confirmations, even if not as useful as allowing offline transactions (with detected and deterred double spending). |
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The idea I had is simpler I think. I haven't figured out yet the technical solution for how the transactions would be made with the new digital currency though.  Perhaps some kind of simple yet secure public/private key solution that would be very fast, much faster than the bitcoin transactions. That's why I suggested Chaum's DigiCash as a starting point. All the patents should be expiring very soon or already expired. How does DigiCash work in a distributed anonymous world? I thought that what happens if you double spend is that your identity is revealed. That works in meatspace where the signer is a bank, can have you arrested for bank fraud, etc. |
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the webcl code is freely available, why bother paying so much to get it open sourced?
I don't think it should cost very much. |
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I think a bounty is the way the go here, to motivate one person to actually do it, rather than sending a few BTC to each of several developers who may never release any open source.
Of course, anyone who wants to tip you guys is welcome to do it. But for anyone who wants an open source WebCL miner, post your bounty commitments on this thread.
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OK so if you're saying I will probably be using 7.2 KWh/day and the energy data for the UK according to the wiki link is € 0.0436 how much would power consumption be a day?
If that is the correct price per KWh (and I have no idea whether it is), then its 7.2 times 0.0436 = € 0.31392 per day. This is approximate because the 300W power usage was a rough estimate. |
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That's going to be somewhere around 300W, so 7.2 KWh/day. Plug in your electricity cost and go from there. If you want a better idea how much power you are using you can either buy a kill-a-watt or you can turn the system on and off while comparing your electric meter power reading without changing anything else on the same meter (tricky to do since appliances can cycle, etc.)
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Hey nothing personal. I applaud your work. It's just that if a few WebCL miners end up controlling millions of PCs, that's not good for any of us.
I don't really think this project is that hard. There are already open source OpenCL miners that can be ported, so this is really just a good opportunity for someone who wants to do a bit of JavaScript coding.
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You will receive when you open the client later.
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it is quickly going to become all about efficiency
Efficiency is subjective |
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only flaw is lack of EMI shielding Aluminum window screening mesh might work. |
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I was actually thinking of a banklike service. You send them the bitcoin, so you do not have to have your private key with you. Basicly it replaces the credit card with a number on it with your finger with a fingerprint on it.
Fingerprint readers might be cool but once you are bringing banks into it, Bitcoin offers nothing new. The same thing could be done with a regular credit card. Bitcoin uniquely offers the ability to transact electronically without banks. |
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Two WebCL miners have been released. They connect to a private back end or to a pool. http://forum.bitcoin.org/index.php?topic=9876.0http://forum.bitcoin.org/index.php?topic=9891.0These are going to put mining in the hands of millions of non-technical users (especially once WebCL ships with a popular browser) and even web site visitors (and probably malware victims). The JavaScript web miners were a nice technical achievement, but were much too slow to have any significant effect on overall mining. This is different. These WebCL miners are competitive with GPU mining rigs. We need to make sure now that WebCL mining is available, it is widely available, without being controlled by a few developers or pool operators. Let's offer a bounty for an open source WebCL miner. Current pledges: 10 BTC smooth 15 BTC freeborn 25 BTC Total Requirements: TBD EDIT: Add pledges and requirements sections |
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