If I could choose any price I would get 4582.57569 BTC for ~44 USD, the price I have to pay for an ounce of silver.
So that would be around 0.01 USD.
Why 4582? It's the square root of the total supply so I'd have a reasonable part of the overall bitcoin economic power while at the same time archiving maximum divisibility.
Interesting.... Not sure 0.02 % would be controlling but it would have some influence... Most accept 3% as controlling. |
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When I was mining, it would have been nice if I could use the mining heat to heat the hot tub.
The hot tub is only feet away, and consumes electricity on its own just to keep the water warm. What a waste! I could have water cooled rigs and free mining (the hot tub pays for it) if only I wanted to spend some time engineering some plumbing and frankensteining twelve video cards.
Thinking is good.... and apparently comfortable. Wouldn't a thermal couple work for you. Its a little waste in efficiency but provides multiple uses other than the tub. |
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On a recent survey about Bitcoin I found a person who admitted that it's his job to destroy Bitcoin within a team of people, probably to protect the current financial system: "It's my job to assist in the destruction of the Bitcoin network. Currently we are researching various methods that will be used to attack the network in the near future. Previous attacks have resulted in price drops, but we will not be content until Bitcoin has been driven completely underground to a very small amount of fanatics with no chance of taking off into the main stream financial world." "I want the network destroyed. It's not personal, this is just a requirement of the project for which I have been assigned to." What would you like to see in the future of bitcoin in general? Answer: "More bank account closures on the exchanges" see more of his answers: http://www.kwiksurveys.com/results-overview.php?mode=5&survey_ID=OHKDGN_329545e7&session_ID=CKJIGJM_e611c8dRecently nearly all bank accounts of exchanges in Europe (SEPA-zone) were closed within one week. So this fits with what he says. Also he admits that one goal is to drive the price down, which is also happening now. Sounds like "JOB SECURITY", pardon the pun. hehehe... BitCoin welcomes attacks.... Unlike other institutions... What doesn't hurt it makes it stronger... |
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Wasn't MtGox going to add a signed signature to his emails?
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Not quite sure what you are implying here... Are you talking about "Cornering the Market?"
There are plenty of Hoarders of BTC. Most are not flowing freely in transactions.
There are two (2) little dirty secrets with BTC that have not yet been addressed in practice but only theory.
The first is Block Chain Growth and the space needed to hold it.
The second is Attrition (loss of BTC via varying losses... damaged HD, forgotten, etc...) Since there is a predetermined amount of BTC that will be produced i.e. 21 Million which in base units of "Satoshi's" is 21 Quadrillion base units, we will run out of BTC in about 108 years if the percentage of Attrition follows fiat currencies. However, I am thinking the percentage will be slightly higher due to other unusually forms of loss.
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The Short Answer: YES
Government is a force of Nature... Humans will seek like minded people and form rules... these rules will be tested by others and nature. We tend to think we are "Smart." This is actually being dumb. Accept the boundaries in which nature has provided, although sometimes seemingly cruel ones, and work with those systems.
Government is ruling by force or threat of force.... Has always been that way and will always be that way. Suppose Iran went with Flower Power instead of Nuclear Power.... They would be conquered in a day.
The problem is with the application of force and when to appropriately use it. I follow the "Brubaker" and/or "Patton" model. In Brubaker's instance; "Walk softly but carry a big stick" and in Patton's "Only unleash the dogs of war in dire circumstances, then quickly cage them again".
If you find yourself disagreeing... Imagine only 1 family on earth. There is government. The Head of the Family rules by varying means but force and/or the threat of force is the predominant one.
In the natural world it boils down to 3 basics...
EAT
SLEEP
PROPAGATE
How well you do these things is where all the problems come in.
So, I propose that your question is not whether we need Government, but which form of Government is best. To answer that:
Capitalism is a natural process not a form of Government. Many confuse this. But think of it this way. Capitalism is trying to find the best and most efficient use of resources while achieving the largest gain. All forms of government do this no matter what they call themselves. Democracy, Communist, etc...
There will always be more poor than rich. That is a forgone conclusion. So the real question is, which form of government allows the the free flow of poor to rich and rich to poor with the least amount of barriers. Given a level genetic field of poor and rich.
BTW, my term of using Rich and Poor here only imply financial status. Personally I thing culturally rich systems can beat the heck out of financial ones. I.E. Bet the Amish are laughing their butts off at our "Recession."
The Bear.
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Message to myself....
Buy BTC.... and Higgs Bosun discovered....
Back to the Future...
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On another note, Having to Stop the Ternary Quantum Computer, CERN has "possibly" discovered the FTL travel.... I will now wait to send myself a message on how to proceed.... The Paradoxes... are to numerous to mention....
Hey, the BitCoin Miner... sell the coins before you generate them....
I digress...
Will be around...
The Bear...
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My fingers are crossed.  |
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Will be in Washington, DC this week. If any bounty requests.... just post them.
I will see if I can comply.
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OK, so your Mtgox and Drop box were compromised... buy you say: "encrypted disk image to store the wallet" <--Was that PassWord the same too? and then you say: "zipped the wallet file with a long password" So, you backup your wallet to Dropbox that could have been compromised, in a Encrypted .DMG that might have had the same password, that was Zipped with a long PW <--- BTW Zipped PW is by far full-proof... I am thinking it is more likely your computer is compromised.... better check that also... |
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At the time of writing this I went to http://blockexplorer.com/q/totalbc and it showed 6532850.00000000. If you wait for a while and refresh the page you can watch it go up by 50 at a time. They have almost made 1/3 of all bitcoins that will ever be made. How do you mean ''that ever will be made''? This means that there will only ever be 21,000,000 bit coins on the market. This is how Bitcoin will stay rare and not just "print" itself into worthlessness. So if the 21mil BTC are produced, the mining is over? No, because miners will want to collect 'fees' for the blocks. They just won't get a reward of 50btc, 25btc, etc... They will get the fees people are charged for transactions. Even if miners find that it is not worth it, then difficulty will decrease to a point to where, almost anyone could find a block and collect fees. This type of system tries to find a happy medium according to the number of transactions and fees. Best Regards, The Bear |
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Let me ask, Would you keep $25,000 dollars in your house? I am not judging one way or the other, but if 'someone' knows your computer has $25,000 on it, then you need to really protect that computer, not just from the internet and crackers. Don't let your wife/husband/kids near it. Keep it locked up in a safe, sort of speak. Curiously, not assuming you had bad passwords for online accounts, but was the one for the logon, 'simple'? Did you ever leave the room/home with it on? effectively leaving $25,000 on the desk? Might you have had a second computer with BitCoin client to transfer a large sum to as a sort of Savings, and then disconnect it from the internet? Of course now I presume, you have already thought of those questions. If you care to discuss your, well, 'adventure', bring it to #bitcoin-court so others may learn.. and maybe provide advice. Not that we are perfect, and we all make mistakes, the 'key' is to learn from them.... Best Regards, The Bear p.s. Hope your coins find their way home... but i guess they are there already, in the block chain, just have to get them back out. |
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So I just bought The Real Plato a tank of gas for bitcoins and talked to him for about an hour tonight. I would love to tell the story in his main thread, but I'm just a newbie of course  ^ <<----- Plato, Really, I mean Really. The Bear |
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I know for a fact that about 200 BTC has been lost... A few friends of mine started mining back when mining was REALLY good. And well one, lets call him JOE, reformatted and reinstalled his computer, forgetting to backup his wallet. Then the other friend, lets call him BOB, had to leave for military training. Well BOB asked JOE to house-sit for him. BOB told JOE that he had backed up everything and that JOE was free to reformat/reinstall his computer. Well BOB didn't backup either. JOE had something like 70 BTC and BOB had around 140 BTC. So I wonder how much of that 6.534 mil. has been lost?!?
IMO: Attrition is a problem, but it is a problem that the community has plenty of time to overcome. Unlike fiat currencies, as money is lost, it is lost forever (probability wise). You won't find it; you can't print more; consider it the 'angles share'. However as soon as a certain percentage has been removed from use through, crashed hard-drives (with no backups), fire, flood, or any number of possibilities, there will be plenty of time to migrate to (lets say) version 2 over a period of years to give everyone the chance to change over. Don't consider this 'printing more', but maintaining the 21 Million BTC, which in reality is 21 Quadrillion units of 0.00000001 btc by replenishing what has been lost through attrition... Best Regards, The Bear |
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If you goto BitcoinCharts.com , and look at the top, you will find lots of curious information, along with current exchange rates and charts, of course.
Best Regards,
The Bear
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This site might be of some help to find pools... BitCoinWatch.com
Best Regards,
The Bear
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Atlas,
Not in a hurry, but yea, it would be nice....
;;ident BTC_Bear
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;;ident BTC_Bear
That is usually how one introduces one's self in the BitCoin world.
Let me know when I am no longer a member of the newbie group.
Best Regards,
The Bear
I will endeavor to facilitate the newbies... to the wild world of BitCoin....
PS. if there are any Lawyers here, I would like to schedule a moderated chat on the irc.freenode.net #bitcoin-court I am sure there would be a lot of questions...... from many... there... Please PM me on the channel, if you want to schedule a time...
This could be very beneficial to the success of BitCoin.... ultimately....
Possible Questions to expect:
Are BitCoins Legal?
Is it legal to purchase a cryptographic piece of 'real estate' in the block chain secured by mathematical formulas - otherwise known as BitCoin?
--if yes, what is the difference between BitCoin and others like WoW, Linden, or even monopoly money?
--if no, then any advice on setting up official business' within the U.S. (lets stop sending innovation overseas)
and etc....
Best Regards,
The Bear
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As was noted in the #bitcoin-court (hehe).
Jacker224 sent money to an unregistered, unidentified Nick. Not that would have prevented this scam, but that i could have been slowed down.
I just recently moderated an escrow between 2 nicks for a pretty substantial amount. After both identifying, we went to PM mode. One of the participants lost connection and came back online. And then asked for the BTC, I had made him re-authenticate. Before releasing the BTC.
This isn't a place for the faint hearted. Buyer beware, Seller beware. If something goes wrong or you are worried, back out, there is no harm.
This an semi-advanced scam. And am glad it was brought out.
However, buying using trusted escrow, the BTC would have been protected. A resolution could have been accomplished.
In this case, Jacker224's BTC would have been safe. Jacker224 would have know the BTC was there and his upon the OK to release from the Buyer.
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