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1801  Economy / Speculation / Re: Price of bitcoin in 5 years? plus explanation not a gambling thread. on: November 03, 2013, 10:07:22 AM
What you are saying the problem will not arise because of altruism (which is running a node without a financial incentive)
People running a node because they provide some sort of service and do not mine might want to sell their transaction data.

No, I'm not suggesting that altruism will prevent this from becoming a problem.

Mining and altruism are not the only two reasons to run a full node.

In fact, I would suggest that neither of them are the main reason for someone wanting to run a full node.

Missed the third reason?
1802  Bitcoin / Bitcoin Discussion / Re: Mining Bitcoins should be renamed to burying. on: November 02, 2013, 08:41:32 PM
Mining Gold should be renamed "Generating Gold", obviously.

Into alchemy?

No, just smoking some of the same stuff you clearly are.

I doubt it.
1803  Bitcoin / Bitcoin Discussion / Re: advocacy versus etiquette on: November 02, 2013, 08:35:40 PM
People who work in the service industry have it tough enough, I'm not going to make them jump through hoops to get their tip.

Come on, where is your contribution to The Movement?
1804  Local / Biete / Re: Investment für Kleinanleger on: November 02, 2013, 06:49:21 PM
lol
1805  Bitcoin / Bitcoin Discussion / Re: Urgent! Need to raise ~$1,200 USD in 24 hrs for South Pole expedition. on: November 02, 2013, 06:42:45 PM
I urge a more permanent resettlement. As an incentive I'll provide you with a lifetime supply of Ayn Rand eBooks.
1806  Economy / Speculation / Re: What threats to Bitcoin exist? on: November 02, 2013, 06:15:19 PM
FIFY

The forum is full of it, even without me posting. One of my main activities here is making fun of those who really do think these things are a threat and I can't even do it in half the occurrences.
1807  Economy / Speculation / Re: Price of bitcoin in 5 years? plus explanation not a gambling thread. on: November 02, 2013, 05:53:49 PM
In 5 years the design flaw pointed out by Microsoft research can become relevant.

If you can't remember what that was about:
Without a sufficient block reward nodes will stop broadcasting transactions because by not doing it they increase their chance of getting the fees contained in them if they are mining.

Today, the huge majority of nodes are not mining.

What do you think the ratio of pools (mining nodes) to nodes (non-mining) will be in 5 years?

I doubt it will be very much different than it is today.

I also doubt the block chain will be prohibitively (as in too costly to be a node) large in 5 more years. I can still keep the entire thing in RAM if I wanted too.

A 12.5 bitcoin block reward isn't sufficient?

If that actually is a problem, I think it will take much longer than 5 years to become relevant. If light nodes still broadcast transactions, it's probably never going to become a problem in the first place.

If the trend holds it might be at 6.25. The transaction fees might make the difference between break-even and profit. What you are saying the problem will not arise because of altruism (which is running a node without a financial incentive)
People running a node because they provide some sort of service and do not mine might want to sell their transaction data.

Read the paper a solution to this problem along these lines is actually proposed in there. When it was published it was harshly criticized but maybe people have become more receptive.
1808  Bitcoin / Bitcoin Discussion / Re: advocacy versus etiquette on: November 02, 2013, 05:14:29 PM
They might also ban you from their premises in response.
1809  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 02, 2013, 05:09:39 PM
Litecoin is in rally mode. Just now touching the last high made a few weeks ago with very high volume. Usually litcoin up = bitcoin down and vice-versa.

It's really a hunter/prey model, not quite it's a bit more of a symbiotic relationship.
1810  Economy / Speculation / Re: Price of bitcoin in 5 years? plus explanation not a gambling thread. on: November 02, 2013, 05:04:53 PM
In 5 years the design flaw pointed out by Microsoft research can become relevant.

If you can't remember what that was about:
Without a sufficient block reward nodes will stop broadcasting transactions because by not doing it they increase their chance of getting the fees contained in them if they are mining.

That sounds interesting. Do you have a link to more information?

http://research.microsoft.com/apps/pubs/default.aspx?id=156072

You could have googled it yourself though.
1811  Economy / Speculation / Re: Price of bitcoin in 5 years? plus explanation not a gambling thread. on: November 02, 2013, 04:41:35 PM
In 5 years the design flaw pointed out by Microsoft research can become relevant.

If you can't remember what that was about:
Without a sufficient block reward nodes will stop broadcasting transactions because by not doing it they increase their chance of getting the fees contained in them if they are mining.
1812  Bitcoin / Bitcoin Discussion / Re: Mining Bitcoins should be renamed to burying. on: November 02, 2013, 12:44:17 PM
Mining Gold should be renamed "Generating Gold", obviously.

Into alchemy?
1813  Bitcoin / Bitcoin Discussion / Re: Mining Bitcoins should be renamed to burying. on: November 02, 2013, 12:42:34 PM
well talking about carbon waste.. im not wasting carbon. in the UK it is getting cold and so usually i would have my electric heaters on. each heater is 1000W. my avalon miners are only 600W, yet im sat here nice and comfortable without having my electric heaters on.

so i am saving carbon compared to last year by using less electric to heat my place. and i am making money to pay for all my bills.. this is better then solar power for me, especially as we dont get much sun.

In the civilized world people heat with natural gas/oil or even a modern hyper inverter air conditioner in heating mode which costs less than an ASIC rig.
1814  Economy / Speculation / Re: What threats to Bitcoin exist? on: November 02, 2013, 12:35:47 PM
If you look at the talking heads on the forum:

-Cosbycoin
-Ripple
-eBay/paypal/Amazon
-BFL
-The Rothchilds/JPM
-NSA/FBI/CIA/DHS
1815  Bitcoin / Mining speculation / Re: What can happen after mining reached saturation? on: November 01, 2013, 01:00:43 AM
What will happen is some people ought to resell their ASICs at a loss to people with cheap electricity.
1816  Bitcoin / Bitcoin Discussion / Re: Mining Bitcoins should be renamed to burying. on: October 31, 2013, 11:30:41 PM
Generating Bitcoins wastes electricity
Rendering stuff on your computer wastes electricity too judging by your logic.

Know of anybody who renders stuff only to get more media then the other guy while both pipe it to null?
I don't.
1817  Bitcoin / Bitcoin Discussion / Re: Mining Bitcoins should be renamed to burying. on: October 31, 2013, 11:28:06 PM

According to my precise calculations, the number of people who decide to sit at home watching BTC tickers and reading bitcointalk.org vs. jumping in their car and burning fuel to go hiking or something makes Bitcoin deeply carbon-negative.



Best point yet. But no, that the arms race has lead to viewing it as a heating substitute speaks volumes.
1818  Bitcoin / Bitcoin Discussion / Re: Mining Bitcoins should be renamed to burying. on: October 31, 2013, 05:10:30 PM
Is this some sort of inquisition?
I made a habit of pointing out ridiculous things about Bitcoin long before ripple came along.   If you don't like how I post there is a bright yellow button at the left that spares you my insights. But then please don't post in my threads.

This thread is not about that though.
It is about how dumb the term "mining" is.  It was called generating Bitcoins at the start, which is a way better term. The introduction post was just my way of pointing that out.
1819  Bitcoin / Bitcoin Discussion / Re: Mining Bitcoins should be renamed to burying. on: October 31, 2013, 04:47:44 PM
Wait, isn't ElectricMucus one of the Ripple shills?

who are you?
1820  Bitcoin / Bitcoin Discussion / Re: Mining Bitcoins should be renamed to burying. on: October 31, 2013, 04:43:12 PM
I think this is dumb

It's intended to be dumb. That is because it was called the right term all along and this is the only way to highlight how dumb "mining" is.
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