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The way I understand it.
The network gives the whole pool 1 block to mine. Imagine that like being a piece of land. The pool then divides that land and tell everyone in the pool "You, mine that piece of land", "You, mine that other piece of land"
As we all frantically dig, one of us finds the piece of gold (the answer to the very difficult cryptographic puzzle). The pool then tries to tell everyone as fast as possible "Guys, we found it, stop mining!".
Problem is if pools get a bit slow or there are connection problems you never get the "Stop Mining" message. Your PC happily keeps mining the piece of land that the whole pool by now know does not contain gold. You PC then runs back to the pool, the good little puppy it is, and then says "I dug here and I found nothing. We can skip that land and you can give me a new piece to mine". The pool then says "Dude... we found gold ages ago, the rest of us are already mining on a new piece of land, WhereTF have you been!?".
And that... is a reject.
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+1 There need to be more examples like this around cryptocurrency in general. The concept is esoteric enough as it is, but the way terminology and raw numbers are thrown around casually by those in the know makes it become even more abstract to outsiders. Breaking things down to real-world analogies helps laypeople understand what Bitcoin, et al are in a way that is meaningful to them and makes them more likely to 1) make that first plunge to experiment with the concept and 2) feel confident enough to participate in the long term. This is vital to the sustainability and stability of the economy and ultimately benefits everyone. |
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Are there any places online where you can spend XRP or are we not at that point yet? Not that I even have any at the moment, mind you, I'm just interested in its viability as an actually currency.
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Who would want to say "this item costs 0.0000000001 bitcoin" compared to "this costs a dollar"? No one.
So no, people do not want to deal with decimal points. They like dealing with whole numbers. I'd like to see someone go to a bank and request $0.00023 dollars. lol
This isn't the dollar, bub  And besides, they're completely different. $.00023 will never, ever, ever, ever, ever, be worth the dirt on your feet. A single Bitcoin encompasses tens, to hundreds of dollars. A fraction of a fraction of a Bitcoin is equal to a dollar. People would call it something different if it came to that. You seem very sure of yourself for someone who shouldn't be. Besides, there's no way we'd whittle down to 1 BTC considering the last Bitcoin will be minted sometime after you're dead. Nobody's gonna lose all 21 million coins, I guarantee it. And if the fed's decide to disallow any official merchant trading it BTC, due to fear of fraud or manipulation? Whats the value of those bitcoins then? Or suppose the internet gets wiped out, massive virus, large hardware malfunction or server wipes. BTC seems to be a risky business. Even if it became illegal (or over-regulated to the point of near uselessness), there would still be an underground market for it. Until something better came along, anyway. Currencies come and go all the time. |
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I can't say for sure regarding the cooldown period, but if it does exist then it's important to remember that it has nothing to do with Bitcoin itself; it's just a Dwolla thing.
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The few experiences I've had dealing with Dwolla have been positive and fee structure is simple and ridiculously low, especially compared to some other options. I mostly deal with low-mid sized transactions (typically in the high $XXX range), so 2-4% via BitInstant or a $15 fee for a bank transfer really adds up. Unfortunately, it seems like Mt. Gox is the only place that actually takes Dwolla; everywhere else that I have seen relies on bank transfers, BitInstant (which is fantastic, BTW), or a slew of alternate e-currency services. So why no love for Dwolla? Is it because it is a US-only thing?
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So, the only way to get posts is to post ITT?
Actually, you have to make 5 posts anywhere and have accrued 4 hours of online time. I can't tell you how frustrating it was trying to figure out why I couldn't post anywhere even though I was logged in. :/ |
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