These are two statement from the same post... The long term trend for bitcoin value is contraction, not expansion.
This is not a thread about the speculation of bitcoin's future, these are the facts.
my question: Aren't these two statements mutually exclusive? edit: after rereading my post.. I should have said: Aren't these two statements contradictory? Yes he seems to make a point but then contradict it later on in his own statement. Not at all. I offered ample evidence that can easily be verified by hard sources and simple logical reasoning to back up my thesis. Therefore, no contradiction. Facts follow formula, and I provided the requisite references. Dude you nor anyone else can predict the future with 100%accuracy. Thus your claim although you cited sources is still S  P  E  C  U  L  A  T  I  O  N. |
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You forget that the future prices may reflect a reason for mining at a loss at the current time. Not all markets remain static and thus they fluctuate. I suspect you will see a fluctuation in the price of namecoins to one bitcoin.
Don't be too sure that anyone is giving away processing power. Those who mine namecoins are holding them for a reason. Same with bitcoin.
Also keep in mind...that early on in bitcoin the pioneers who mined not ALWAYS mined at a profit. They saw the big picture and not just 4 feet in front of their faces.
No, the people mining namecoins simply can't do math. If they had mined bitcoins instead and bought namecoins one of two things will have happened: they'd have wound up with MORE namecoins (30-40% more) or the price of namecoins would have reached difficulty parity with BTC. I suspect a combination of the two. Oh, and more people would be mining NMC because of that price parity, so NMC isn't stuck in 1-2 transaction an hour hell for over a month. Early bitcoin pioneers didn't have the option to mine "bonuscoins" which easily converted to the exact same bitcoins but with 30-40% more output. If they had you can bet the clever ones would have mined those instead. You seem to confuse "going long namecoins" with "mining namecoins." The second is a way to accomplish the first, but with a massive penalty. Your perspective is still focused on the short term. Did bitcoins value go from $0.00001 to $32 in less than a month? No. So you're comment about it been on a downward trend for a month isn't any different than bitcoins not gaining in market value for more than a month. You keep saying things like "massive penalty" when you can't forecast the price of bitcoins nor namecoins for that matter. For all we know bitcoins could take a shit-dive to $7 for a month then in the meantime give namecoins a month's worth of high times. Like I said also, Satoshi and the pioneers did take losses in the beginning prior to the recent run up in price in the last 9 months. So how is it a surprise that early adopters of namecoin are taking a loss in the short-term same as Satoshi? Obviously you're more like a day trader. Make your $1 spend it and then in 6 months realize if you saved that $1 you would have had $1000. Come back and talk to me in 6 months and we'll see who was short-sighted on the matter. |
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How would you submit a hash to both NMC and BTC networks when they have different difficulties?
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One of the barometers that I'm using is to try and sell goods here on the forum. Afterall, everyone here understands Bitcoin so if I can't sell here, then the rest of the world surely isn't ready yet. So far my result has been less than impressive. No minimum bid, 80+ views, no offers. I know my goods have value because I have a locked in price from Amazon as to what they would be willing to give me for my item.
Obviously one item isn't enough to make any sort of conclusion, but I think as I put more items up for bid, it will give me a better sense of if this Bitcoin truly is just for speculators or a viable medium of exchange.
The stories of so and so bought a car or house with Bitcoin is irrelevant to me. A guy bartered a red paper clip into a house. Doesn't mean I should go out and buy red paper clips. Anyway, that's one of the current metrics I'm using for my personal bullish/bearish long-term outlook on BTC.
Come back to make comments on this analysis of yours in a year. Then you can say you've really tried and took the time to see what this market will become. |
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So basically this will split mining with my hashrate between BTC and NMC equally? Is there any flexibility to this?
I can think of several scenarios where I would want to mine one more over the other in terms of percentage of my total hashrate. What details on the granularity of the settings for mining both exist?
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The only KING prevailing will be cash and hopefully bitcoins.[/color]
WAIT....wut?!?  I really hope you were thinking Swiss Francs when you wrote that. Hey look it's Raw-retard's face! |
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Is there some relationship that makes bitcoin similar to Apple, or are you just picking something that went up in price and hoping bitcoin does the same?
I see holding BTC like holding a share in a popular, fast growing company. Obvious similarities and exponential growth witnessed in both BTC and AAPL. You can buy a share in BTC for less than $1 whereas in AAPL each share is gonna cost ~$350. I'm obviously hoping Bitcoin goes in the $350 a coin direction. I agree with your statement. But currently the big difference is that apple has wide spread acceptance and bitcoin hasn't just yet. |
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The fact that they are merely cryptographic tokens doesn't change anything. The fact that they are just intangible letters and numbers without a database to confirm them, they will be completely worthless. Get yourself some bitbills so you can actually hold them in your hands and feel safe. bitbills.com |
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A list of reasons and benefits for this change would be appreciated, especially for the community that is going to be using it.
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Here is a graph of the the price of WonderBread. I'm sure it has something to do with the price of bitcoin, I just don't know what.  that my friend is called INFLATION. LOL |
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I disagree. The price has stabilized at roughly 50% of the spike high. It is now backing and filling and distributing from weak hands to strong hands. All of this is perfectly normal in a healthy market. There are so many amazing things about Bitcoin, even one of them is enough to make it a success. For example, in my video "Bitcoins and Borders" I outline how the Bitcoin has single-handedly destroyed the power of capital controls, currency controls, and exchange controls. Just that function ALONE is enough to give Bitcoin a value of 1000. But there are so many others. You are too close now, as you are not seeing the forest for the trees. Take a step back and you'll see a forest that will grow for the next 100 years. Bitcoins and Borders: http://www.youtube.com/watch?v=bxQ4OrzULoU&feature=channel_video_titleExcept it hasn't stabilized. It's being artificially propped up and failing it at that. Again, BTC has not had any gain in value since Gox opened back up. It has been a slow bleeding. Back in February when Bitcoin hit above $1 it backed and filled for 1.75 months until it went over a $1 again. So what technical analysis are you using? With this pattern we're looking at the first or second week of August before we can see any movement possibilities. |
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These are two statement from the same post... The long term trend for bitcoin value is contraction, not expansion.
This is not a thread about the speculation of bitcoin's future, these are the facts.
my question: Aren't these two statements mutually exclusive? edit: after rereading my post.. I should have said: Aren't these two statements contradictory? I don't believe so. Was there an error in my assessment you'd like to point out that would throw my conclusion into doubt? Anything that doesn't have 100% chance and hard proof of something being true is called SPECULATION. |
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These are two statement from the same post... The long term trend for bitcoin value is contraction, not expansion.
This is not a thread about the speculation of bitcoin's future, these are the facts.
my question: Aren't these two statements mutually exclusive? edit: after rereading my post.. I should have said: Aren't these two statements contradictory? Yes he seems to make a point but then contradict it later on in his own statement. |
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And since the exchanges know this full well, my guess is that they have at least token mining operations in place so that the system will keep going, even at a loss, if (and it's a big if) all the other miners decide to throw their hands up in the air and shut down.
Bingo. There will always be someone to mine, even out of idealism. We have proof -- just look at namecoins. Anyone currently mining namecoins (rather than mining bitcoins and buying namecoins) is giving away more than 30% of their processing power. Soon they'll be giving away 70% of their processing power. Not everyone is motivated by profit and income. As long as there's some usefulness at all in the bitcoin network someone will mine. Plenty of people have spare hardware and "free" power and network access. Not everyone's cost basis is the same, and for some even $0 is enough incentive to mine. You forget that the future prices may reflect a reason for mining at a loss at the current time. Not all markets remain static and thus they fluctuate. I suspect you will see a fluctuation in the price of namecoins to one bitcoin. Don't be too sure that anyone is giving away processing power. Those who mine namecoins are holding them for a reason. Same with bitcoin. Also keep in mind...that early on in bitcoin the pioneers who mined not ALWAYS mined at a profit. They saw the big picture and not just 4 feet in front of their faces. |
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Can someone post up a brief overview/summary of where the groupcoin project is currently and approx. when it will be available for use?
Thanks
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Sneek preview Smartcoin munin monitor plugins ... Work in progress  [/quote] OOH I LIKEY! RELEASE DATE? |
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Will it be usable to mine namecoins too? |
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Wish I could get pushpoold to work. I keep hitting every possible roadblock.
Very helpful. With the thorough amount of detail you've provided, I'm sure we'll have you up and running in no time! Hey jack-wagon, I've posted Here --> http://forum.bitcoin.org/index.php?topic=10321.0 multiple times. |
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