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Have a hand tick around that would cycle at that average rate of the last 20 blocks. On a long enough timeline this is basically correct. When the block is solved, jump it back to the beginning and restart the round about. Maybe have it change colors from blue to red when it passes 360 degrees without a block solve (to signify being overdue).
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There will always be meat-space: https://en.bitcoin.it/wiki/In_Person_TradersI don't like to use exchanges myself, but I think they are critical for a currency. They establish an exchange rate, allow outsiders to easily get into a currency, and provide confidence that you can get out of a currency if it isn't working for you. In the end though, I think that all exchanges are doomed to failure. The banking and monetary systems control the government and make the rules. Bitcoin treads heavily in their territory and if successful would be extremely destructive to their business. The only reason it has not been shut out completely from the financial system is that it is currently small potatoes. |
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I think it isn't.
But is it difficult do make a 3D printer that works with some different colors?
I think the only way is via colored sandstone right now. You could also just press the whole thing into an ink pad. |
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Doesn't that mean you gave it to the miner?
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Highly?
I don't know about that.
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You might find as you grow that using SendMany will save you some fees. You might send every hour for example, sending 15 tx at a time for only about double the fee of sending one singly.
Yeah, I am thinking I might just set it to when the system as a certain built up value, otherwise slow times will end up wasting more. I am working on a script to build a nice big send many now as that seems to be the best way. It is going to produce some impressive transactions if the site becomes popular. |
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fees suck! to say the least  You can give your fee payments to me if you don't want them. noo it makes me use 0.0005 minimum Do you have any idea how much that is? At the current exchange rate, it works out to $0.0028 - about one fourth of one US fiat cent. Just pay the goddamn fee. And it goes to support the security of the system. |
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Hated->Disliked and by the power of css #about a{
font-weight:bold;
}
I know that plenty of people don't dig the style for the site (I have no eye for design). If you have a keen eye for style, feel free to submit changes to the css on this forum. If I like the looks I will incorporate them. All lists have a limit of 100. I might up the Top section to 500. The hot and the newest section are supposed to be a slug fest by design. How about Hated > Dislike > FUD : http://en.wikipedia.org/wiki/Fear,_uncertainty_and_doubtFear, uncertainty and doubt, frequently abbreviated as FUD, is a tactic used in sales, marketing, public relations, politics and propaganda. That seems to apply here. Thoughts? ~Bruno~ I don't understand. I know what FUD is though. How does that fit in to this project? |
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Both are now up on the site. For simplicity I am considering today the first day of the running, and both will go August 1st, 2012. If I remember, I will probably have an auction again at that point.
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Would anyone do this? I would sure like to see them try!
Makes no sense for any of us to do this because the price would fall down again after we stopped buying. For someone with deep pockets and big plans, this may just be the way to go, however. Ahh the speculation game. What would happen if someone seriously tried to do this? I am guessing that it would cause the price to shoot at least past $200 per coin. Keep in mind he wouldn't be doing this in a vacuum, and plenty would jump on his bandwagon. It would also cause bitcoin to jump back into the news, and attract new investors. He would probably be best served by doing it all in one shot in mass (this way he gets ahead of the hype). What would be crazy is that if one $100M person jumps in, it makes another start to think it isn't that bad of an idea. And once you have two people... |
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I know that plenty of people don't dig the style for the site (I have no eye for design). If you have a keen eye for style, feel free to submit changes to the css on this forum. If I like the looks I will incorporate them.
Why not make a hand cursor at http://coinsmack.com/submit?I'd add something like ".submit_type_button { cursor:pointer; }" to the stylesheet.
added, thanks! |
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So if Kim Schmitz wanted to hide his money in the BitCoin network, he would have wired $170 million to Mt. Gox?
I do believe that that would have been noticed by at least the speculators. The problem is that investors in bitcoins are all small fries, and to buy or sell with this much fiat would swing the market into insanity. |
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Hated->Disliked and by the power of css #about a{
font-weight:bold;
}
I know that plenty of people don't dig the style for the site (I have no eye for design). If you have a keen eye for style, feel free to submit changes to the css on this forum. If I like the looks I will incorporate them. All lists have a limit of 100. I might up the Top section to 500. The hot and the newest section are supposed to be a slug fest by design. |
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I am running coinsmack.com, which uses bitcoin micro-transactions to vote things up, and the person who posted the article that is voted up gets a percentage of all bitcoins sent to vote things up.
I am working on an automated payout system, and would like to make it fairly instant (the second you get bitcoins on your post, the post will send bitcoins to you).
These transactions could be as low as 0.001 bitcoins.
Now I would like to maximize payouts to users, so I would like to minimize how much I pay in fees. These transactions are very small, so they are very difficult to distinguish from block-chain spam (though there won't be many of them).
Can anyone spell out what the most common mining software uses as an algorithm to ignore transactions it deems as likely spam? What is the calculation of the fee required, and is it based on the number of bitcoins in the transaction?
For simplicity, assume that these are all relatively new coins.
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Thanks, now a little more jazzy. |
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The amount of energy consumed grows to match the price of bitcoins. Energy is basically the margin cost of mining, and bitcoins is the revenue. Miners will start buying more cards to mine more when the payout is higher, eventually pushing them to an equilibrium where everyone starts complaining that it is not profitable any more.
If the revenue were to drop to 1BTC per block, miners would start unplugging their machines to cut costs, and the difficulty would drop to match this change. Once you win a block, the cost to add a transaction is nearly nil, and to ignore low value transactions will mean that the next miner will be able to take them and pocket them.
So your solution is "we don't need fees" because when block reward falls 90% then hashing power will fall 90%. Except if hashing power falls 90% then Bitcoin is vulnerable to 51% attack. It is possible for Bitcoin to have low fees. Lower than ACH, lower than VISA, lower than WU but something needs to pay for the network. If the network is vulnerable to 51% attack then the value of Bitcoin will decline relative to that risk. If it it is trivially easy/cheap to 51% attack the network then the value of Bitcoin is nothing. Keep in mind that more's law also applies to miners, and 2 years from now all that mining equipment will be obsolete, so unless miners keep buying equipment, they will be replace by a new set of miners who will get twice the hash rate at half the cost (energy consumption probably won't drop).
Which provides no security. New attackers will have access to the same hashing power. Thus in 2 years 10TH is more like only 5TH now. If the network is 20TH it is only roughly as secure as it is today. The nominal network rate is irrelevant. What matter is the cost of an attack. Today 10TH is prohibitively expensive. In 60 years the Iphone 87 may have 20TH/s of computational power. Moore's law can't make Bitcoin "stronger" because both defenders and attackers have access to the same powerful new gear. Unless some miners get 50% of the hashing power (or some cartel forms), market laws will apply, and the cost to add a transaction will be the limit to the actual required fee. All that power consumption and fancy graphics cards will end up being sunk cost at the point of transaction recording, and thus be irrelevant.
Didn't you say that due to more efficient gear miners will be forced to either turn off rigs or upgrade them. Equipment has a finite lifespan both physically and economically. The equipment cost can be computed per hash by block by taking blocks of effective lifespan divided by the equipment cost adjusted for the time value of money. You make some great points. If there is virtually no reward (the fees suck since they just amount to record keeping cost) then there will be no serious mining. If there is no serious mining, the whole system could be in effect shut down. So what happens at that point? I guess you would have to mine to complete your own transactions, and you might as well take the fees of others while you are at it. So others might feel the same way and put forward gpu power to just get their transactions to be solid. You would see the stamp of miners that you trust and would hash their stuff to help them maintain being on the main branch. . . So maybe mining would not actually turn out to be for financial rewards. Maybe it would just be a collective of people that own bitcoins, and see value in keeping things in the control of people who aren't screwing up the system. The miners would be the people who have transactions to send and maybe the will need to occasionally resend the transactions when a bad agent tries to derail the works. Or maybe at this point the pools might become the central nodes and only hash on branches that other approved pools have hashed on. You join a pool because if you mine solo your branch might get ignored (not trusted). |
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The best way to bring decentralization to the network is just to mine for yourself. I don't know what I think about so much control of the network going to so few.
That's the idea behind p2pool, solo mining with pooled reward. Unless you have a 100Ghash farm hiding in your garage to reduce the variance??? Variance... whatever. You get paid once every 2 months a lump sum or a little bit every day. Why does it matter except to satisfy the monkey brain. If you do have a garage farm that can get a block ever other day, reducing variance is really pointless. |
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Hot. This means that you don't need to outspend everyone in the history of the site to actually get posted, just the most recent stuff (hot weight = BTC/sqrt(time))
This is done manually right now every morning at 9:30 am PST. Twitter has removed some of their simple api methods and it is difficult to get a script to work that does this automatically.
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Fees will go up if micro payments will come into the play... equilibrium will be found... fees influence transactions size and vice versa.
Micropayments are great. You get more of them in, you get more profit on your block. The cost to write to the block is trival, and if you ignore a transaction because the fee is too little (but worth more then the cost of adding to the block) then you leave money on the table. Remember the cost to mine the block is sunk cost at the time of transaction writing, so it is irrelevant regarding the fee you are willing to accept to write a transaction. Fees will stay low unless there is collective action (cartel) to prevent them from being low. Then someone will come along outside of the cartel and sweep in all of the transactions that have been sitting around with little fees and profit majorly from it. Mining power will decline (in investment & energy use) to match the payout + total fees per block. They are all slaves to a race to the bottom unless individuals (such as pools) use their power to force fees higher. Transactions that aren't urgent will always be able to use low fees and just wait around for someone to scoop them all up. |
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