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54 @ 1.05
(yes, fifty-four. It's a nice round number in base-27)
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I use Electrum and keep the wallet on my laptop. It generates wallets deterministically using a randomly generated seed, which can be encoded as 12 words, which can and should be memorised. So in theory you could then delete the wallet, and as long as you remember the 12 words you can still access your bitcoins. Maybe print them out and store the paper under a floorboard and mention it to your loved ones.
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The guy who took bitcoins for pizza creates far too much uncertainty in the market.
Did he immediately turn around and use it for hamburgers? Or did he hoard it? We do not know this and thus live in daily fear of such an unknown.
You're being facetious but unreasonably so IMO. We could tell whether he used or hoarded the BTC by looking at the blockchain. Also the value of the pizza (10000 BTC? from memory) is a couple of orders of magnitude smaller than SN's holdings, so has correspondingly less market impact. |
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If I understand you correctly, I agree with you. The fact of premining itself, or even how large it is, is not really an issue for the usefulness of a currency. What's crucial is that everyone using the currency has as much information as possible. This is why I got so excited by Sergio Damian Lerner's thread in which he analysed the blockchain to come up with a pretty good guess of which blocks were mined by SN. What we still don't know is whether those coins are capable of circulating, or lost forever, and this would be a real help in stabilising Bitcoin's value. I'm sure it wouldn't kill Satoshi to pop up, say "yeah those are mine, they're still spendable, here's me spending 0.1BTC from each of the blocks with prime number depths as proof". In the mean time those BTC (order of about a million?) are a bit of an elephant in the room.
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As already mentioned, currency won't be a sensible concept for the first wave of settlers, they'll just be trying to build an infrastructure. I'm not sure how much money gets used at Amundsen-Scott station, for instance.
Once there is a permanent human presence on Mars, and at least some of the inhabitants are producing extra food, fancy clothes, and works of art, they'll need a currency. It would be insane for that currency to depend somehow on how things are back on Earth, since there'd be almost no traffic of goods or people between the two. If the Martians did try to implement a Marscoin operating on the same principles as BitEarthcoin, they'd need their own internet, miners, genesis block, and subsequent blockchain. It would be fascinating to see how a variant of Bitcoin would develop in a 'virgin' environment, where it doesn't have to compete with existing currencies and all the dodgy things that go on with them.
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This video is great news. BFL finally got their shit together, even if power needs were wildly underestimated. This is infinitely better than that slimy shit Luke and Josh pulled three weeks ago.
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This is what CoinLab were supposed to be working on. Then the Bitcoin Foundation launched, then CL told everyone they were taking over MtGox, and since then we've heard nothing about their HPC cluster developing project.  |
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Will the average fee per transaction increase in order to get coins through in a reasonable amount of time?
That's the plan. |
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Hi, I've been mining on Ozcoin for a couple of weeks now, loving it so far... but...  the site is telling me one of my rigs hasn't submitted a share for 14 hours, the other two haven't for 7 hours. But my rigs inform me they're happily hashing away and shares are being submitted and accepted. I haven't changed anything for at least a week. What's going on? They're all connected to eustratum.ozco.in:3333. |
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Nice work, Sergio. And please don't let them grind you down - I mean the fuckwits who think ignorance is EVER preferable to knowledge (and especially for markets!).
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1 @ over 9000!
(No. Not really.)
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I would also be happy to be one of these magical five escrowers. On the plus side, I've been on the forums over a year and never scammed anyone. On the minus side, I'm nobody special. On the plus side again, I'm British (Londoner) so shipping would be quick and easy.
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I'm a Brit and I'm registering my interest in this.
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 What is this thing you hyoomans call 'job'?
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>BFL order
hahahaha good luck mate
Yeah, probably not my smartest move. Most of my loans on BTCjam are deadbeats too. OTOH I've won all but one of my bets, and my rigs have done nicely (well, they're the source of all my bitwealth). |
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It means having: - A brainwallet - An outstanding bet on BetsOfBitcoin - A BFL order - ASICMINER.PT shares - Some lending on BTCjam - A modest GPU mining rig  |
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I keep forgetting about ASICMINER, because I frequent the Custom Hardware subforum. Also, if I want to find out who's said what when about ASICMINER, I balk at the thought of wading through a 160 page thread.
When ASICMINER finally do start making their ASICs available to the buying public, will they please please please start a new thread in Custom Hardware? I'm getting sick of BFL this and Avalon that and NewScammer the other.
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On the whole, an excellent article. I'd make a minor quibble: The whole cumbersome process of getting and spending the currency... convinced me of one thing - that Bitcoin was not yet much use except as a means of speculation. ... OR store of value. The only reason to get hold of Bitcoins right now is because you think they might be worth a lot more in a few hours or days. Not quite the only reason. Your timeframe might instead be months, years and even decades. Which really does change the... *giggles*... 'impact' of this crash. But unless and until Bitcoin can be used to buy a sandwich, or be accepted by your friends when you pay them back for a restaurant meal, then it is likely to remain just a playground for geeks and gamblers. This is the crux of the matter. Bitcoin *can* survive indefinitely as a store of value, but it would be worth so much more if it could also be a means of transaction. Actually I don't particularly need it to be viable at POS, just rent and utilities bills would be great. But groceries, even better. One thing's for sure: this crash is NOT newsworthy in the grand scheme of things, it's only newsworthy because reporters and journalists have a job to do, and they can't talk about Margaret Fucking Thatcher *all* the time. |
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