So you are assuming that the hashing power doubles every retarget, which would happen every week, for the next nine months. No, I'm not. In my message to which you replied, I said: "if hash rate keeps outstripping difficulty adjustments such that blocks are generated at 12/hour instead of 6/hour, then...". Yes, and for the blocks to continue to come at twice the target rate across 28 retargetings would require that the network total hashing power double every seven days for 28 weeks. |
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What a bunch of n00bs.
Seriously, though...
You have to ignore those figures for at least 24 hours after a reset. It's an easy mistake to make, I'll admit. I wondered what the heck was going on the first time I saw it -- but I assumed something was messed up.
I'm not a noob, and I checked for a disfunctional statistic. I'm used to it being off for quite a while after a difficulty adjustment, but as I was watching it, the stats were rising instead of adjusting. And I still waited for four hours to mention it because I wasn't sure. You need to wait longer. That being said, the price is holding steady. I think everything will be ok. No, I don't, and I wasn't talking about the price. Did you bother to read the thread? |
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Some moron just admitted to stealing half a million bucks on Twitter?! Time to call your local FBI office.
Yeah, really. That's at least as damning as some guy bragging in a bar to the drunk next to him. |
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Do you also rail against the US FRN because it's a pyramid scheme? After all, you don't have as much as Warren Buffet; and that bastard got into the pyramid scheme before you were born!
So we're back to BitCoin is a fiat currency? No, we are not. My point was, if Bitcoin is a scam and early adopters are those who got into it in the past two years before you did, what then is the US FRN when the early adopters got into it before you were born? Injustice! We need to gather the troops and have a flash mob protest! Were you not alive for the past two years? Did you not have Internet access? Not know how to use Google? So a few hundred people make a mint because they new about something before you did are scammers, even though you had as much chance as anyone to do the same; while the legacy currency system that you were born into is the metric by which you judge fairness? Are you for real? How much does Senator Schumer pay you anyway, are are you an "unpaid intern"?
What are the advantages again? Oh it's deflationary and not controlled by the guberment!!!!111
Who told you Bitcoin was deflationary? Are you listening to the media trolls? Bitcoin is not deflationary, and will not be before your 100th birthday. Read the documents for yourself, and don't depend on the opinions of strangers on an Internet forum for truth. |
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If you do the hard math to determine the actual value of btc based on capital investments, human resources, overhead etc. , youll see that BTC already has a premium built in for the increased difficulty. The invisible hand knows everything!
In My estimation BTC is already overvalued by around 38%
And how do you know what the capital investments, human resource and overhead are? You don't, and you can't. No one can. |
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5 days? That was just in the past 18 hours.
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I cannot believe any rational man would nearly advocate the dissolution of technology and wealth in the name of just pure numbers employment. It sickens me.
And your screen name reminds me of the most absurd critique of Ayn Rand's Atlas Shrugged was that the characters, particularly the villians, were just absurd. |
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11 months early? How did you get there? Yeah, maybe I screwed up the arithmetic. 210000 - 131,159 = 78841 blocks away 78841 / (12 blocks/hour) = 6570 hours away = 273.75 days 273.75 days / (365.25 days/year) = 0.74949 years 0.74949 years * 12 months/year = 8.99 months. So 9 months. So you are assuming that the hashing power doubles every retarget, which would happen every week, for the next nine months. I see. Care for an over/under bet on that? |
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I think the key point that everyone is missing is that this difficulty increase didn't actually affect the amount of bitcoins coming into the market. Somewhere today we hit 12 terahash and thus the supply of bitcoin hasn't decreased. The supply of new bitcoins doesn't change (much), that's the major point of the difficulty retargeting. The daily new supply of bitcoins is fairly constant. Price didn't go up because price doesn't follow difficulty. Corrolation isn't causation, children. You have to look at which metric leads the other. Price changes consistantly lead difficulty changes, because a spike in the exchange price attracts new miniers. Why is this concept difficult to understand? - noun - like a regular miner, only smaller  I saw this and at first was like, "Wha..?" and then it hit me, and I bust out laughing. |
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Why don't we have The Price is Right have an episode where instead of a car, it's 2,000 BTC, and then this will be a relevant conversation Why don't you make such a suggestion to the show? |
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Guess all you want, there is no way to know. Maybe Silk Road has had a record sales day.
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I really wish people understood what they are getting into with those bitcoin markets including mtgox. ALL of them are purely basement outfits ran by a few guys that can disappear at any given moment. There is no safety nor legal protection like banks or brokerage accounts.
You think that you have protection in a brokerage account? MtGox is a real company in Japan, subject to real laws. They could be liable for this person's losses, particularly if it was due to negligence on MtGox's part. Still, you're right that no one should keep more in an online wallet service or exchange than they are willing to risk losing. |
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I think the key point that everyone is missing is that this difficulty increase didn't actually affect the amount of bitcoins coming into the market. Somewhere today we hit 12 terahash and thus the supply of bitcoin hasn't decreased. The supply of new bitcoins doesn't change (much), that's the major point of the difficulty retargeting. The daily new supply of bitcoins is fairly constant. Price didn't go up because price doesn't follow difficulty. Corrolation isn't causation, children. You have to look at which metric leads the other. Price changes consistantly lead difficulty changes, because a spike in the exchange price attracts new miniers. Why is this concept difficult to understand? |
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God forbid that I believe that BitCoin should be a real currency, not a pyramid scheme.
Do you also rail against the US FRN because it's a pyramid scheme? After all, you don't have as much as Warren Buffet; and that bastard got into the pyramid scheme before you were born! |
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Just out of curiosity, if you can not log into your account then how do you know how much is going out or how much is left? I'm new..VERY new to this stuff and created an account at MT.Gox only yesterday.
He doesn't. He just imagines that his account was hacked and he's losing his funds at the max cash out rate. |
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So to rephrase my question. Where does the USD/EURO come from that pays your profit you get when mining?
From me, but as my employee, you only get half of the profits. So I pay you $10 for each bitcoin you make. How's that for a deal? |
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No, CURRENTLY mining serves two purposes:
1) Expand the economy by mining bitcoins and putting them into the market (currently 50/block solved)
2) Confirm Transactions
There is a third purpose, to secure the blockchain against a brute force attack. |
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Oh hey would you look at that, another person with less than 10 posts vehemently defending the bitcoin aristocracy.
Oh, hey would you look at that! Another bitter newbie mad that other people profited off of what he never knew! |
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Factoid: if hash rate keeps outstripping difficulty adjustments such that blocks are generated at 12/hour instead of 6/hour, then the 210000th block happens sooner than otherwise projected, 9 months from now.
11 months early? How did you get there? |
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