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282
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Bitcoin / Mining speculation / Mining vs. Buying calculator?
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on: April 19, 2013, 03:09:49 PM
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Hi.
I'm curious if any of you have seen anything like this for back-testing the decision between buying vs. mining bitcoins?
It would need to take into account historical prices and difficulty, and make estimates about the cost of GPUs at the time.
Thanks for your help.
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283
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Bitcoin / Bitcoin Discussion / Re: The Key Ring
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on: April 19, 2013, 02:13:09 PM
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Finally, a key ring makes multi-party transactions physically natural. If three people have money in a set of 3-of-3 outputs, they can each put their hands on top of each other - the act of all rings being in proximity triggers the multi-signing process.
*pictures the 3 musketeers, crypto-saving the world. Where's that guy with the comic book skills when you need him? |
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285
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Bitcoin / Press / 2013-04-19 The Times - Don't write off Bitcoins as just another bubble
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on: April 19, 2013, 11:02:47 AM
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http://www.thetimes.co.uk/tto/opinion/columnists/article3743384.eceSorry about the paywall, I have only the print edition. 20+ inches on bitcoin in todays paper (p26), by Matt Ridley. Matt is the author of an economics best-seller (don't laugh) called 'The Rational Optimist'. The book and the article are both very good. Some gold in there: Yet it would be a mistake to write off bitcoins as just another bubble. People are clearly keen on new forms of money, safe from inflation and confiscation that look increasingly inevitable as governments try to escape their debts. ...Birmingham tokens, whose story is told in an excellent book by George Selgin, has now turned his attention to Bitcoins, which he thinks come close to having the characteristics of an ideal currency. Metaphorically, Bitcoin's creators have destroyed the plates by making it impossible for anybody to change the programmed supply. Selgin points out that to get an exchange going from scratch is hard enough when a new currency is fully compatible...<snip>...This only makes Bitcoin's modest foothold even more impressive. Remember the lesson of the Anglesey druids: Private entrepreneurs designed far better coins, far more cheaply than sclerotic bureaucracies.
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288
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker
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on: April 14, 2013, 09:10:33 PM
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Oh. What any exchange anywhere in the real world would have done, would be along these lines:
- Close trading for at least 24 hours to enable notification to all account holders
- Erase all existing orders
- Allow placement of new orders
- Execute an "opening", where all the bids and asks are matched against each other, and the market cleared with one price (and probably huge volume as all market orders and a good number of limit bids and asks would be instantly executed). Only after this the open trading would commence.
How is that "one price" determined? One can place an order or cancel it but nothing gets matched until the bell rings, so to speak. Conservative orders jostle around a while without executing, eventually the spread narrows. It's not so much 'one price', just that anyone bidding more than they visibly need to is a fool. |
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290
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker
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on: April 14, 2013, 05:52:20 PM
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 1% variance in the last hour, steady but low volume, 5K wall at $5 above, 5K wall at $5 below. Well this is cosy isn't it?  Didn't you hear? $100 is the new $5. Those were the days. I think it would be so great for bitcoin if we could just hold steady for a few months. I don't really even care at what price. |
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294
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Bitcoin / Press / 2013-04-13 TechCrunch - Beyond the Bitcoin Bubble
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on: April 13, 2013, 03:29:01 PM
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http://techcrunch.com/2013/04/13/beyond-the-bitcoin-bubble/Some positive copy: I realized this week that Bitcoin actually is a really big deal — in a way that’s been almost entirely obscured by all the hype. Where Bitcoin matters, where it’s important, is the developing world. In the developing world, though, crippled by weak currencies and byzantine payment infrastructures, a simple, seamless, frictionless, reliable international peer-to-peer payments system could be a huge, huge deal.
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295
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Bitcoin / Press / 2013-04-12 Financial Times - Bitcoin fans put brave face on price fall
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on: April 13, 2013, 11:06:44 AM
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http://www.ft.com/cms/s/0/4118322c-a389-11e2-ac00-00144feabdc0.htmlCovers the recent volatility: Adherents of the virtual currency Bitcoin are picking up the pieces after their holdings collapsed in price, and vowing to continue growing the Bitcoin economy despite the volatility and illiquidity bedevilling activity. some nice anecdotal stuff too: Jennifer Longson, whose Cups and Cakes Bakery in San Francisco boasted of being the first cupcake shop to accept Bitcoins last October, is sticking by the currency. It represents a tiny proportion of her business - she makes Bitcoin sales at a rate of four a week, usually to “tech-oriented guys in their 20s and 30s” – and she has never cashed in the Bitcoins.
“I am definitely still up on the deal,” she said, “but I don’t consider that as part of my income because it is so volatile.”
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296
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Bitcoin / Press / Re: 2013-04-12 Time - The real significance of the bitcoin boom
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on: April 12, 2013, 09:13:06 PM
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Is that the website of the newspaper that was quoted by Satoshi in Genesis?
PS. Good article, btw.
No, Time magazine is a US publication. Satoshi quoted 'The Times' A UK Newspaper. (For the benefit of newbs: The bitcoin software includes a quote from the days newspaper when mining bitcoin began, this was to prove that Satoshi hadn't pre-mined tonnes of bitcoins to make himself rich. Something which in retrospect seems silly, because Satoshi has now undoubtably (and deservedly) been made very rich.) |
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297
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Economy / Speculation / Re: Still bullish
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on: April 12, 2013, 08:40:21 PM
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It's almost like the media have been burned before, calling bitcoin dead. I'm looking at you Wired magazine.
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298
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker
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on: April 12, 2013, 08:00:47 PM
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Two of my co-workers who hold no coins have been following the bitcoin market since I first told them about it in 2011. Both asked me today for advice on opening & funding exchange accounts and upon hearing about the typical delay involved in getting funds to an account enquired whether I would sell them some of my coins for cash.
Do not underestimate the number of interested parties who have been sitting on the sidelines thinking they have missed the boat and are now chomping at the bit to get in. The difference between now and 2011 is that btc has already demonstrated that it can rise from the ashes once. That is a very important difference.
I wasn't on site today but received a call this afternoon from the project office where two or three were asking how to buy. They had been telling me they were thinking about it for some time and once they got reassurance from me that nothing substantial has broken and there is no imminent threat they've decided to take advantage of this price drop to jump on board Unfortunately with UK banks being amongst those with the most to lose it is still a pain to buy bitcoin here but I reckon at least two of them will figure it out. Thanks for sharing, I enjoy anecdotes like these. We just won't know anything about the bitcoin outlook until bulls have had 72 hours+ to fund the exchanges. Yesterday was basically a sucker-punch by the bears. |
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