Latest posts of: ribuck

(a) I don't see an acknowledgement that the generation difficulty will increase greatly during that time, and that your projection relies on speculating that the BTC price will go up proportionally.

(b) I don't see the price of electricity in there. Oh, you get free electricity in your college dorm. For 60 computers?

(c) If you live in a hot place, even one mining PC will make the room too hot in summer.

Lachesis has provided the details it in this post.

Quote

P(p,t)=1-e^(-pt)
Where p is the probability that you will win in one second: p=khps*1000*target/2^256, and t is the number of seconds.

So I solved for t:
t = -ln(1-P)/p

Llama agrees in this post.

Quote

To calculate average (expected value of generation time):

1/(pr)

To calculate how long until you have a T chance of producing at least 1 block:

-ln(1-T)/pr

Where:

p = probability of a given hash resulting in success (TARGET / 2^256)
r = rate in hashes / sec
T = target probability, such as 0.95
ln = log base e

What lachesis and llama call "target" is Bitcoin's hashing difficulty factor (currently 109670 but due to increase in the next day or so).

Quote from: Enochian on May 09, 2011, 08:57:11 AM

It appears to me that you can't use a non-standard script unless you also create the block the transaction goes in.

The Eligius pool will put non-standard transactions into its blocks for a small fee. You also need to run a modified Bitcoin client to generate those non-standard transactions.

"The perfect is the enemy of the good".

There are some parts of Bitcoin that are not everyone's idea of perfect. And yet, those things are part of what Bitcoin is. The cost of fiddling around with those things is very high, and the benefit is low (even if you think the current design is suboptimal) to zero (if you don't think there's a problem).

At the same time, there are real, substantial problems that are far more deserving of people's energy. Such as: how can non-technical Bitcoin users keep their wallet safe?

On the day before the reward decreases from 50 to 25, there will be approx 7200 new coins generated out of a total of 10.5 million. Less than 0.08% extra. On the following day there will be approx 3600 new coins generated out of a total of 10.5 million. Less than 0.04% extra.

The change from 0.08% to 0.04% per day won't upset the markets, and the miners will have known about the coming change for ages, and will have factored it into their plans and budgets.

This is not something to sweat about.

The purpose of the Marketplace sub-forum is for stuff like this.

I'd like to see a Bitcoin installation for the Ben NanoNote, a cheap and ultra-small piece of Linux hardware that includes a tiny keyboard and a 320x240 display. Everything is open and readily hackable.

You could carry your Bitcoin wallet in your pocket.

If theymos could somehow get -3, it's proof that the ratings are broken.

Quote from: RodeoX on May 08, 2011, 04:56:24 PM

So I have received my first rateing and it is a -1 Huh

So I gather I have no way of knowing who or why? Haven't a clue what this is about?

Don't worry about it. We're all getting mystery negatives. No-one is going to think bad of you for it.

Quote from: jones on May 08, 2011, 12:15:56 PM

...the transaction takes quite a long time until it is confirmed (ab 30-60 minutes).

In comparison to other online payment options like paypal this is quite a bad performance..

Eh? PayPal takes over a month before a transaction is genuinely confirmed.

Is this the same mechanism as used by Fedora's SELinux (security enhanced linux)?

The forum has a setting to allow only "+" ratings not "-". That would remove a lot of the objections to the rating system.

Quote from: lzsaver on May 08, 2011, 10:55:28 AM

There is nothing wrong that he has a few bitcoins.

There's nothing at all wrong with S3052 holding coins, even if it's more than "a few". I just prefer to see it out in the open, that's all.

If S3052 had chosen to respond "none of your business", that would have been OK too.

Quote from: S3052 on May 08, 2011, 06:56:24 AM

... help bitcoin to get its fair value ... which could be in the thousands when measured in USD ...

You have a financial interest in the market's response to your Technical Analysis, I presume. I mean, you're not a disinterested outsider, are you?

Miners know that the decrease will be coming, and will factor that into their plans. Predictable events don't cause problems for markets.

Quote from: S3052 on May 07, 2011, 01:45:13 PM

...the withdrawal limit of 1000$ per day is a joke for investors...

MagicalTux, the owner of MtGox, has repeatedly made it clear that serious traders can make arrangements with him for a higher limit.

Quote from: gavinandresen on May 07, 2011, 02:25:19 PM

... The transaction size fee rules are designed to discourage people from wasting everybody's disk and network bandwidth by sending big transactions ... you might be able to send three payments of 0.10 BTC without a fee

Clearly the fee system is suboptimal if one can reduce fees by workarounds that increase system overhead.

Quote from: BCEmporium on May 07, 2011, 11:11:22 AM

...so most of people is actually consulting not trading...

That's no big deal. A few well-known mirrors (e.g. www.bitcoinwatch.com ) can get themselves whitelisted and can proxy the MtGox pricing information for everyone else. Or they can put it into a form that's hard to DDOS (such as Usenet NNTP).

How about: send 0.1 BTC to MtGox for your IP address to be whitelisted for an hour. All whitelist payments would be deducted from your MtGox exchange fees, so this would not cost genuine traders anything.

Technical analysis means absolutely nothing without a liquid exchange.