I now have 30 kHash/s working for me. I think I am pulling more than a kilowatt of power now. Eeek. I am global warming.
@ 15 cents per kwh you are spending 3.6$/day on electricity @ 30 kh/s you are earning ~30 cents a day. Net loss 3.3$/day YACoin, not Litecoin or whatever. Doesn't matter It does, YACoin uses scrypt-jane while Litecoin uses Scrypt you know what, i was wrong. I was assuming its just another litecoin knockoff using plain old scrypt. |
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I now have 30 kHash/s working for me. I think I am pulling more than a kilowatt of power now. Eeek. I am global warming.
@ 15 cents per kwh you are spending 3.6$/day on electricity @ 30 kh/s you are earning ~30 cents a day. Net loss 3.3$/day YACoin, not Litecoin or whatever. Doesn't matter |
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I now have 30 kHash/s working for me. I think I am pulling more than a kilowatt of power now. Eeek. I am global warming.
@ 15 cents per kwh you are spending 3.6$/day on electricity @ 30 kh/s you are earning ~30 cents a day. Net loss 3.3$/day |
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I just bought some at the store and had to pay a tax on both
You bought potatoes and cabbages with Bitcoin? You are not even on the same subject! He was talking about swapping potatoes for cabbages. You are talking about buying food with money. Let me spell it out for you slow people. "The Government does not tax bartered items" If you paid with money, this subject does not include you. Thank you for spelling it out for me, your position was unclear and now it isn't. Tell me, since you argue that bitcoin isn't money: 1. What is it 2. What about all the governments that have declared it is, in fact, money? |
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There is no selling price "5. Tax deducted from selling price". This law only applies to trades done with money. So what? I wasn't weighing in on the argument one way or another, just disagreeing with the statement of It's like wanting to tax someone for trading a potato for a cabbage. I just bought some at the store and had to pay a tax on both |
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Yes, it's testing rather than premining. Satoshi could've mined around 1000 blocks in that 6 days, but he just mined 14 blocks. Apparently he ran it very sparsely. Only after releasing, he run miner continuously to support the system.
Its not a "rather". Its a test AND a premining. Could have prevented any premining by restarting the blockchain from 0 after release and mining then I am not saying its a big deal that 700 coins were premined, but I don't see why you are trying to mince words about it or attacking those who dare call it premining Now, lets move on from satoshi and unto altcoins. Anyone knows if LTC was premined? |
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Thank you, so satoshi premined 700 BTC, and it is estimated he owns 1 million BTC which he got through after the code was released when BTC was cheap to buy and easy to mine. That is actually pretty decent. Anyone else think its worthwhile to know the specific amounts premined for each coin? |
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I have a question that is relevant to the topic.
Mining costs money.
Mining is necessary to secure transactions.
Mining earns you coins for now but eventually it will not earn you anything (once all the coins are mined in... was it 50 years?).
Why would anyone mine once all the coins have been mined? And would the system not collapse if everyone stops mining?
When there's no new coins, transaction fee still rewards the miners. When the profit decreases, the number of miners will decrease and so does the difficulty (sadly the two weeks adjust cycle seems a little bit too long). There suppose to be a equilibrium. Ah, thank you. But won't transaction fees have to increase then? |
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I he did he deserved it he made one of the greatest contributions to the human race and freedom. He reminds me of Tesla who tried to give free unlimited energy , communication and more to the human race just to get crushed by evil greedy bustards. Satoshi was smart to work underground. Maybe we are lucky he lives a long life and one day before he departs us give us some words of wisdom but if he doesn't what he left is amazing and give me hope to live life and know there is hope for real freedom!
so if he premind who cares, make your coin and don't premine it if that bothers you he gave you the way, so don't worry about it.
I didn't ask if it was bad or good or if he deserved it or not, I asked if it happened. I need more time to formulate my opinion on the issue (although I am currently leaning towards "yes he deserved it"); but discussing this is not the purpose of this thread. Different people are of different opinion on the matter, and it becomes especially pertitent for altcoins which make little to no changes. It would be great if we could compile a list of premining info for each coin so people can make their own decisions. Was litecoin premined? doge? nxt? frei? etc. Actually, how could I got about finding out this info myself? |
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Which altcoins are premined (and which aren't)?
Also, I had heard that satoshi premined 1 million coins before releasing bitcoin to the public. Is it true about satoshi?
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I have a question that is relevant to the topic.
Mining costs money.
Mining is necessary to secure transactions.
Mining earns you coins for now but eventually it will not earn you anything (once all the coins are mined in... was it 50 years?).
Why would anyone mine once all the coins have been mined? And would the system not collapse if everyone stops mining?
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Don't use metaphors in online debate.
There are literal flat earthers out there.
People will think you mean it literally.
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Riiiiiiiiight, deadgiveaway (sarcasm). Those billions of people that can't afford a pencil, never mind access to a semi-decent education, are all inherently "stupid". This is all about creating a new oligarchy of "high IQ" elites who'll be free to exploit and abuse the rest selfishly.... a marvellous step forward for humanity!
Thanks for your post. You've greatly enlightened me regarding the noble and egalitarian ideals of Bitcoin and cryptos in general. Feel free to label me a "faggot" too; not homosexual but not homophobic either, so I won't be offended in the slightest.
If this important piece of innovation dies... I won't hesitate to rest the blame squarely at megalomaniacs like you that seek to selfishly twist and corrupt it. No wonder Satoshi stayed anon and left the forum years ago... he's undoubtedly ashamed to be associated with the likes of you.
you mean those billions of people that can't read or write but love using their smartphone ? The poorest (i.e. those "billions") can't afford high-end smartphones; they're using e.g. Series 3 Nokias for SMS and calls. And they do so without being able to read, write, or afford a pencil! Amazing! Anyway; my objection was to deadgiveaway's assertion that anyone who doesn't understand cryptos is inherently stupid and not worthy of consideration. I agree with that objection. Its just that you started spouting nonsense unrelated to that after making said objection. |
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Wow that is a lot buzz words. Your source is some clueless marxist on these forums, except you are misquoting him too. its sad.
But lets put aside the class warfare propaganda for a second and how utterly wrong your goals and values are.
Even if I accepted your values of what is desirable, your proposed method would do the opposite of what you want. A 5% devaluation of currency per year means a 5% tax on savings account (0% tax on property). To believe that it will cause the rich to lose money while the middle class and poor will be unhurt by it is absurd. The rich keep all their money in assets which earn them dividends. When the money loses value all their assets gain value. Net loss is 0%. However, the middle class cannot afford to spend the time and risk their meager life savings and retirement on such plans. So they will instead be losing money every year. Meanwhile the poor don't have much in savings (but suffer a lot more for each loss), but they aren't getting their salary constantly renegotiated to keep up. If you adjust the minimum wage from 30 years ago for inflation it comes up to over 20$ in todays money, much more then they are actually making.
You are punishing the poor, taxing the middle class, rewarding the rich, and calling it a progressive method absolutely necessary to redistributing wealth.
While your intent of rich only taxes is evil, stupid, and counterproductive; the actual specific method you propose and its result of a middle class only tax & poor only penalties are even MORE evil, stupid, and counterproductive in every way shape and form. And the absurdity of it all is that you don't realize you are proposing it because you are so ignorant.
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United nations?  AKA the great fascist alliance |
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Actually I was wondering, what if some beneficiary of current system buys all BTC and destroys his hard drive? Wouldn't it mean that BTC is lost? Reminds me of extre nutcase christians going to a bookstore, buying all copies of harry potter, and burning them. And then being surprised that it didn't work in reducing circulation of the books. |
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Yeah , it doesn't matter if you're shot or stabbed. But then again , one is more painful than the other  . Neither is inherently more harmful or painful. It depends on the specific application (where the bullet/knife enters, size of bullet/knife, force used, etc) 2. They try to regulate encryption technologies using licensing requirements etc, has that been successful? They try to regulate drugs, do you think that has been successful? They try to regulate torrenting, how has that been going? Do you have an argument to explain how bitcoin, or more specifically cryptocurrency in general will be different? I don't think shutting down all the exchanges will end bitcoin, local bitcoins and other similar methods will still exist. Although the liklihood of that happening is incredibly small at this point anyway. Unlike bitcoin, those are all purely digital things. You don't go to the store to exchange milk for a pirated DVD. That being said, bitcoin CAN be used in purely digital format. Buying anything digital online. 3.You need a better argument than using just Bitcoin. You're acting like it's the only cryptocurrency that has a future.Crypto anarchy can exist alongside governments. Of course there will still be coercive governments that exist and enforce corrupt laws. People will have to decide which system resonates with them. Sadly the truth is many people today will choose perceived safety and security and follow their elected leaders. who is you? |
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I think people commonly confuse communism with fascism which has always been a component of the American makeup even right down to the age and gender roles.
That is like saying people commonly confuse AIDS for HIV. They two are different, yes, but if a country is infected with communism then it either gets cured or it gets fascism. Communism cannot survive in a non fascist nation & it is one of the strongest causes of fascism 1. I'd say it's more socialism than communism, although the end goal of communism and socialism are almost 100% the same. Socialism is just more subtle and appealing to people. Funny thing, socialism is a term invented by carl marx, he defined it as "a society in transition towards communism" and characterized by still using money (in his dreams, he imagined that a pure communist society will not have money). And yea, people use socialism as a different name to sell communism because the word communism leaves a bad taste what with stalin, mao, etc, etc. |
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May I ask you where you live?
Because I lived in a communist country for enough time to realize USA is not going communist.
1. I live in the USA 2. Living in a communist country doesn't make you qualified to comment on whether a country is transitioning towards communism. It only qualifies you to explain what it is like to live under a communist regime after the transition is over. Unless you wish to revise it into you having lived THROUGH such a transition. 3. The hell it isn't |
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