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Plant your BTC in fertile ground. Wait till it comes up and make sure it gets enough water. After 3 years the tree is going to bear fruit, which you can harvest in late summer. Inside those you will find new and fresh BTC.
Hopefully that sounded not too sarcastic. I agree with the rest, just work hard.
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Because that one takes the hash of a string, not the actual hexadecimal value it represents in the memory.
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Hi Blockchainlottery,
thanks for the reply.
It's great that more retailers are accepting bitcoin but surely for it to be successful bitcoiners need to be spending their coins, and who would risk spending 1K worth of bitcoin if it could be worth 10k in a year, not me. Tit seems a lot more appealling to sit on the sidelines and just hold it instead of risking spending it and then see it go up a lot in value
Yes, probably what I would do to.  Hopefully not everybody will continue to do that, then something is going to break. Should be okay if part is going to be used for investing or saving, and part to pay bills. |
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 In December 2013 we launched a new Bitcoin based lottery called Block Chain Lottery. It doesn't have a big jackpot (yet), but this was never the intention. It's true that it is one of many lotteries, but it is the product of trying to build something with Bitcoin to better understand it. Most of all we want to apply this knowledge to other ideas we have. Anyhow, it does exists now and we hope people like playing it. This tread is mostly intended for answering any questions, reporting bugs, and for giving feedback.  Features: - Fully automated and does only depends on the block chain.
- Two kinds of lotteries are available. A fixed size lottery and a progressive lottery. (Fixed size is not yet in place.)
- Provably fair, tickets can be checked with only data from the block chain.
- Funds to cover the prices can be found on the site.
- Tickets appear on the site after one confirmation plus a maximum of ten minutes. Prices are paid once a day.
- Only 1mBTC per ticket.
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It's nice that more and more businesses are using Bitcoin, but mostly via services like BitPay. You pay in Bitcoin, but the company immediately is getting dollars in return. That way there's no price pressure. Think about it, if you buy something for 10BTC worth 1000dollars and it is immediately offered again on the exchanges and somebody buys it for ~1000dollars the price pressure is neutral.
Maybe this conclusion is a little bit simplistic, but I believe it only will work if Bitcoin will circulate through the whole chain of companies and suppliers.
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My guess is that the people who are most butt hurt are those who have lost money in previous pump-and-dump coins (or failed to get rich overnight when they chose the wrong one), or that feel that their bitcoin wealth is threatened by the prevalence of altcoins in general.
Ah, that's a tricky reply and a false generalization. I think most people never put any money in alt coins or feel threatened by it. They are just saying that they are bad clones or pump-and-dump schemes (which most of them are), taking resources away from alt coins which are really different, and are annoying people who see it everyday over and over again. |
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Also it is clogging up internet fora, or for example the newbies section. I do like new coins and their advantages and new technologies, but I hate all those clones with goofy names. Nobody should take that to seriously.
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Why would somebody want to rent your miners?  But great to see you having success. How long did you have to wait between ordering and delivery? |
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I think most of them or talking about Bitcoin. If you want to get some profit from Bitcoin, you should make a big investment. And not everybody thinks 250 dollar per month is worth the hassle.
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What does dogecoin has to do with you mining in 2011/2012?
Copying the original wallet.dat file, should do the trick. To be sure you can do a rescan. If nothing pops up, then there's no money in that wallet.
Maybe you still have an account, for pooled mining, that contains the Bitcoins.
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On a fundamental level, though, this experimentation can only help to further the cryptocurrency cause. Alternative systems like Dogecoin (named for a recently-popular Internet meme), introduced towards the end of 2013, are learning from the problems that forerunner Bitcoin encountered in a hope to reach a wider, more practical, demographic. That's quite a statement that Dogecoin would tackle big problems Bitcoin would have. Nothing new, is writing the same as all the other media. |
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The question was, what todo with $5000. Using it as a method for paying wouldn't make Bitcoin any stronger. Yes, that was the question.  And the question is implicitly about how to make money with that 5000 dollars. But I don't agree with your second statement. If Bitcoin becomes more popular, the price will go up and you can even make more money. After all, it is meant as a currency. So people have to actually use it so that as much Bitcoins are in circulation as possible. |
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I'm missing the option: Using it as an actual method for paying. That would make Bitcoin stronger, thus more valuable. So the best thing to do is use Bitcoin for savings and use it for buying stuff.
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Mining alt coins could still be profitable in 2014, but just in small time windows. When one is highly profitable, a lot of people start mining it until the margins are very small. In other words, you have to be lucky and will probably make at best a very small profit.
IMO scrypt mined coins are losing their advantage over sha256 mined coins. It was first only considered to work efficient on CPU, but was an incorrect assumption. On GPU it is mined much faster, and ASICs are also coming (more expensive however). I think soon most of those coins are dead.
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Ask yourself, is it worth your time? If you want to earn money, just get a job. It pays you much better. Seems to me it's not real fun to do, I can imagine better things. But if you like it, no one is stopping you.
If you're worrying about if it's a scam, as long as you don't give private information it can't harm you much.
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That's inherent of using any backup. Between a current copy and a backup, things have changed. So between those, information always is lost. But maybe it can't hurt to tell people that that should be done before someone used up 100 addresses. But Bitcoin-QT isn't perfect, and because you run it yourself it's your responsibility. With online wallets you don't have this problem, except you have to trust the company behind it.
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I am not used to crypto coin and i juste want to ask you few questions.
Everybody say bitcoin is over there is too many problems : speculation...
According to you, what is the default of bitcoin ?
What is the most important things about a coin ? transfer speed ? mining ?
I heard that the transfert speed of bitcoin is very slow so we can't use it in real life to buy coffe, is it true ?
Yes, probably the price is a bit high due to speculation. But that would be even more true for other crypto coins. What the default is depends on what it is based. Mining costs or the buying power of BTC in circulation or a combination. I would say closer to 200 dollars than to a 1000 dollars. Transactions aren't slow, they are forwarded on a best effort basis. The confirmations take some time. If that turns out to be a big issue, a second layer can solve this. A trusted third party can take all the risk for everyday small transactions, providing a guarantee that the transaction went well. |
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By reading all this, it can be concluded that Bitcoin as a way of paying, has little impact on the price. Would that ever be possible? I mean, would the Bitcoin price change if it would be used to pay employees and they would use it again to pay for groceries as the dollar or euro would?
Sure, the total amount of BTC circulating has to have a big enough value to pay for all trades done within a time frame. Simple example, if all coins together were worth the equivalent of $20M you couldnt buy a yacht worth $50M even if you had all the coins. The trade is simply impossible. If town had e.g. 100k inhabitants and every one get an average salary of $3k/month and spends all coins every month the total supply of coins must exceed a value of $300M. A somewhat more complicated calculation was done by the Bank of America. Basicly they calculated the value of a bitcoin under the assumption that one day 10% of the online trade is done in bitcoins, that would justify a value of $1300/BTC. However bitcoin is very, very far away from that goal. Current prices are imho far too inflated by speculation. It's very hard to know how much BTC is used for payments, right? I know we can see how much BTC is send in total, but we don't know what the change is. If someone sends 10BTC, it could mean he just bought something for 9.99BTC. In that case the total BTC in circulation could be very small, and for now has minimal influence onto the BTC price. |
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Hi,
I'm joining because I want to get involved in this community. It intrigues me, but I literally have no idea what I'm doing. I have the Coinye Wallet and DogeCoin Wallet. I've been gathering coins through faucets, but I really want to figure out the whole mining aspect of cryptocurrency. I'm a real idiot, so any help is appreciated. Love the community here.
<3
Do Coinye and Doge coin have any new features compared to Bitcoin? Absolutely none at all other than a gimmick. They're easier to mine and cheaper, but that's about it. But why invest in them? There can't be that much money in it, right? If so, then everybody would join until nobody can profit anymore. On top of that it is most of the time exchanged for BTC anyway. I think newbies should be very aware of the fact that most of the alt coins are pump and dump schemes. Only a few are really different and worth investing in. There's money to be made if people are willing to mine and trade the coins. They're mined and then pumped and dumped then the miners move on to the next and then these newbs are left holding worthless coins. And newbies don’t listen. They're naive and think that this new crapcoin will take them 'to the moon'. If you tell them it's a scam they and the devs will just say that you're jealous because you missed the train etc. Nicely said, I agree. There's money to be made if people are willing to mine and trade the coins. They're mined and then pumped and dumped then the miners move on to the next and then these newbs are left holding worthless coins. And newbies don’t listen. They're naive and think that this new crapcoin will take them 'to the moon'. If you tell them it's a scam they and the devs will just say that you're jealous because you missed the train etc.
But it's not always like that, you can be lucky sometimes too. If you mine the right coin and sell soon enough, you can make profits with low hashrate too. Yes, but that's comparable with playing poker. Few winners, lot of losers. |
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