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841
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Alternate cryptocurrencies / Altcoin Discussion / Re: Hypothetical idea for better initial distribution of a new coin
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on: February 05, 2014, 07:18:48 PM
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The trickiest thing is finding the correct type of community to invest, and then finding the correct community to embrace and support this coin.
Going down the path you proposed, it's highly likely that you encounter significant resistance, and quite easily, significant amounts of FUD. Even with a blockchain as a measure to ensure proper distribution, what's to stop collusion or worse scapegoating someone?
The other thing to consider is what defines a "fair initial distribution?" What if someone has a significant sum they want to invest? What's available to stop them? Sure we could make individual caps, but what is to stop someone from making or buying tons of sock puppets? And if we're okay with significant investment, should we be concerned with somebody essentially have an overwhelming majority of stake?
Don't get me wrong, I actually like the ideas you present, but there are some difficult questions to be addressed.
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842
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Alternate cryptocurrencies / Mining (Altcoins) / Re: Help! Need to know if I just screwed myself.
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on: February 05, 2014, 06:00:42 PM
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Would a 1.9 MH scryptminer be profitable in two weeks (when I receive the miner from Singapore)
Or did I just royally screw myself out of 1700$.
I've been saving for almost a year to get a miner, finally got one.
I don't pay for my electricity so that's not a problem, but I just looked into how difficulty works, Do you really think it could jump past 3000 in two weeks?
I will say, if you don't pay for electricity, then why go for a Scrypt ASIC? At this point, the cost per Kh/s of an ASIC is greater than the raw computer hardware. Sure you can resell it, but that is on the strict assumption that a refined model isn't significantly superior. If it is, then your 1st gen ASIC is like those 333 Mh/s usb sticks for BTC mining: pretty much dead weight. I'm not sure what you're talking about, scrypt ASIC? I haven't heard of that, even looking up all I could find was just about as expensive if not more expensive with the same hasing power. Unless I can buy something like this : http://www.ebay.com/itm/0-2-th-s-200-Gh-s-bitcoin-miner-asic-/171234617575?pt=LH_DefaultDomain_0&hash=item27de60e8e7and use it to get 200GH on litecoin mining then I have no idea what you're saying. My mistake, I misread. My apologies, I got confused as I read through the post. Since you were getting something from Singapore, I thought you were getting one of the Gridseeds or something. Gah. My bad. In this case, use a profit calculator to see how long it'll take you to ROI. As someone mentioned, you can always use a pool-hopping site to mine on. And if you're aiming to get LTC, just convert to LTC. Once again, my apologies. Too much scanning and not enough thoroughness... |
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843
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Alternate cryptocurrencies / Mining (Altcoins) / Re: Help! Need to know if I just screwed myself.
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on: February 05, 2014, 05:41:15 PM
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Would a 1.9 MH scryptminer be profitable in two weeks (when I receive the miner from Singapore)
Or did I just royally screw myself out of 1700$.
I've been saving for almost a year to get a miner, finally got one.
I don't pay for my electricity so that's not a problem, but I just looked into how difficulty works, Do you really think it could jump past 3000 in two weeks?
I will say, if you don't pay for electricity, then why go for a Scrypt ASIC? At this point, the cost per Kh/s of an ASIC is greater than the raw computer hardware. Sure you can resell it, but that is on the strict assumption that a refined model isn't significantly superior. If it is, then your 1st gen ASIC is like those 333 Mh/s usb sticks for BTC mining: pretty much dead weight. |
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844
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Alternate cryptocurrencies / Mining (Altcoins) / Re: to alt miners, please respond
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on: February 05, 2014, 05:28:09 PM
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do you mine alts because you believe in the altcoin you mine or because it is more profitable in the moment?
remembering back to the November run-up, and how people were suddenly turning there rigs back to bitcoin as it became much more profitable, would they have been better off mining bitcoin the whole time?
one of the main reasons I see people using for mining a altcoin is that mining bitcoin directly is no longer profitable, however, if you simply hold the mined fractions of coins, refusing to sell them for a unprofitable amount, the price will go up. calculate what price price would have to be for you to be profitable and put your sell orders there. If the hash power of the altcoins was redirected to bitcoin, the network share of others would be reduced putting pressure on them to also only sell for a higher price.
I have been wondering lately if some of the biggest miners who are making $ and BTC hand over fist are actually promoting alt coin mining and creation to keep the hashrate of bitcoin low enough that they make the largest share of the daily coins they can.
Guess I'll start. Regarding SHA-256 alts, sure the network share would be reduced. But there has been many a discussion about whether difficulty affects price (essentially, the answers have resounded a deafening no; however, because there is a new paradigm of people involved now, that ideology may have shifted). But for the most part, there are only a few strong SHA-256 alts they have good, solid, and interesting fundamentals (PPC has PoS, FRC has a deterrent to hoarding). Sure there are some copy-paste crap clones, but they don't have much of a market presence. Additionally, a lot of the time, the arbitrage that you could make between the coins is hard to capitalize on amongst the SHA-256 coins. And with profit calculators, a lot of those coins stick around the same value so people tend to mind what is either the most profitable using a pool hopper or stick to what they like (based on various other factors). |
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845
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Alternate cryptocurrencies / Altcoin Discussion / Re: I am compeletely lost
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on: February 05, 2014, 05:09:46 PM
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Well why not mine DOGE and destroy coins?  DOGE: A Case Study 1) Create coin that has zero innovation but panders to an untapped market (reddit) 2) Redditors buy/mine the everloving crap out of this flavor of the week coin 3) Redditors get stuck bagholding 4) Redditors use their immense volume to pump/promote this shit coin 5) Coin becomes mainstream 6) Coin doesn't die like normal memes because of the Redditors holding 7) Newcomers continue the whole bagholding/pumping/promotion cycle until the coin's ultimate death I love what DOGE did to introduce so many new people to crypto. I hate DOGE because it lacks innovation. If it didn't, it might survive the inevitable altcoin genocide that most people think will happen to all the copy-coins. Ultimately, this will burn a lot of bagholders and leave a bad taste in the mouth of thousands, if not millions, of people in terms of crypto and turn them completely off of it. I refuse to support DOGE because it is overall bad for crypto. Because profit is much more fun? One would assume so at least. |
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846
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Bitcoin / Bitcoin Discussion / Re: Has Bitcoin hype died down in the media as of 2014?
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on: February 05, 2014, 03:39:09 PM
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I'd say that hype has died down, but that isn't necessarily a bad thing. As hype doesn't always lead to staying power.
As an analogous point, I'd rather have 1,000,000 people following up on Bitcoin on an occasional basis throughout the year than have 10,000,000 people getting sucked in at the same time for a week 2-3 times a year. I'm certain that most establishments would rather prefer the former rather than the latter as it is more difficult logistically to adjust for spikes.
In terms of BTC, sure these spikes are great to make a quick buck, but you can only have so many spikes and you can just as easily get burned.
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847
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Bitcoin / Bitcoin Discussion / Re: Would you give your life for Bitcoin?
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on: February 05, 2014, 04:46:29 AM
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I could cheat and say that I'd be okay with Bitcoin dying because the idea and concept of the protocol would still exist.
But I'll try to drive at the heart of your question with an analogous question: Would I die for the sake of a revolution? Yes.
Then again, to be even more precise: Would I die for the sake of this revolution? No. It's not really that much of a revolution. I don't think that BTC will bring economic equality as much as others. So there ya go...
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849
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Bitcoin / Press / Re: [2014-02-04] Homeless Man Begs for Bitcoin Donations
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on: February 04, 2014, 09:56:43 PM
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He will have much better luck begging for dollars instead. Why do you think that? unless of course you don't like bitcoin.. He will encounter 100's of people with dollars. He might encounter 1 or 2 people with bitcoins. You're missing the point completely here... he wouldn't get noticed begging for dollars.. Him begging for Bitcoin says a few thing about him. 1) He's smart enough to know what bitcoin is and how to use it at least.. which is good in my book. 2) He now has a huge audience online (500k+ views on reddit and a few news outlets covered the story) just because he was begging for bitcoins and not dollars. And THAT is getting him a lot more donations he would've ever gotten begging for dollars. cheers! Yes it is awesome but the tricky thing is that this is only possible with the coverage. Now if more people started panhandling for Bitcoins and it became a fairly common occurrence, I don't think this will have the great effect that it has in this story. Remember, it only gets coverage because it's different. |
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851
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Alternate cryptocurrencies / Altcoin Discussion / Re: Why is Peercoin so low?
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on: February 04, 2014, 08:27:42 PM
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PPC is low because there currently isn't much in the way news or market coverage. But another spike in difficulty might change that (because of its reward mechanism).
As a note, BTC and LTC have remained relatively stable recently too in January. But that doesn't change any of the fundamentals of those markets. Just sit back and relax. Hehe.
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852
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Economy / Economics / Re: Cult of hoarding
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on: February 04, 2014, 07:11:59 PM
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Yes, this is one of the biggest issues. Each percentage of growth requires even more and more money to flow into the system, compound this with about 3600 new BTC coming into existence each day and the money needed for growth starts to loom large. As an example, just for prices to stay the same this month, we would need over $50M in new value to enter the system (assuming that about 1/3rd of coins are just simply off the market). Mind you though, the new value doesn't have to come in the form of fiat; it could come in other forms. But to acquire $50M each month isn't something so easy. And remember, this is just to maintain the price. Growth would require proportionally greater and greater amounts of value.
$50mil a month is nothing for bill gates and that is ONE person there is plenty of money out there, believe me Of course there is plenty money out there. (The US M2 Money Supply is at over $10 Trillion.) The trick is convincing people to put money into BTC over, let's say, finding treatments for cancer (since you used Bill Gates as an example). Gates definitely has no trouble donating billions of USD to charity, but I'm fairly confident that he would be significantly more hesitant putting money into BTC. Just because there is money out there doesn't mean it's going to go into the bucket that you think it could go in to. |
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853
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Economy / Economics / Re: Cult of hoarding
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on: February 04, 2014, 05:01:23 PM
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As long as bitcoin appreciate more than 50% per year, it is very natural to just take a consumer loan with 8% interest, and spend the loan instead of coins. Or even take a loan to buy coins if it goes mainstream, and that will make the hoarding more severe and price appreciation more crazy
Spending the inflative money and saving the deflative money, make perfect sense. I'm sure somebody is already doing this
Of course if the price is driven by credit money like housing, then it will become dangerous. Spending coins to buy goods/services will not affect exchange rate that much, but you always need fiat money to pay back the loan. When there is a fiat money liquidity problem, the exchange price will crash. Currently the liquidity is not a problem, but who knows when all the fiat money has been drained by bitcoins
That is a -very- big if. Yes we've done it in the past. A couple of times over.  I hope it continues but it's certainly going to be tougher each year as more money needs to flow into Bitcoin than ever before for any price appreciation. Yes, this is one of the biggest issues. Each percentage of growth requires even more and more money to flow into the system, compound this with about 3600 new BTC coming into existence each day and the money needed for growth starts to loom large. As an example, just for prices to stay the same this month, we would need over $50M in new value to enter the system (assuming that about 1/3rd of coins are just simply off the market). Mind you though, the new value doesn't have to come in the form of fiat; it could come in other forms. But to acquire $50M each month isn't something so easy. And remember, this is just to maintain the price. Growth would require proportionally greater and greater amounts of value. |
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854
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Economy / Economics / Re: Bitcoin will hit the $10,000 because the U.S. economy will collapse soon!
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on: February 04, 2014, 03:55:09 PM
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If bitcoin will reach that price, thats crazy 1 bitcoin for 100k wow.
In the serie Almost human ,they are living in the future and everyone is using bitcoins as the standart currency.
But if 1 bitcoin will become 100k alot of people will become millionair then?
Not necessarily, believe it or not, the amount of people with 10+ BTC isn't as many as you would think. Someone on these forums did an analysis of it; it was quite a good read. |
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855
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Other / Off-topic / Re: What was the dumbest thing you did for love?
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on: February 04, 2014, 04:42:59 AM
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Spend all my money and time for nothing. What I got is depression.
Not to be overly philosophic and stuff, but it might not be for nothing if you end up on the other side, stronger, better and more awesome than you had even been before. I hope that you got to that light at the end of the tunnel, because I'm still in that place trying to get to that light. Although, I know I'm closer with each day that goes by! |
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856
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Other / Off-topic / Re: What was the dumbest thing you did for love?
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on: February 04, 2014, 04:40:22 AM
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Damn, sounds like she was a porn star  I read a story in the news of a guy who went abroad to work for a year and left his wife to take care of their kids. He earned a lot and decided that he'll send her the money and she'll start with building the house so no time is wasted. She was sending him back tpictures of the land she bought and the house being built so he continued to send the money. When he finally came back, found out she already filed divorce papers and was screwing another guy while he was gone. The house and land were fake and she just spent the it all with her lover. Definitely not a porn star. The worst part is that the sex actually sucked... Whenever it actually DID happen. Horrible story...  Glad to hear that! I know that sometimes we have to face adversity first and stumble a bunch before we find our greatest story. Always glad to hear of times when in the end it's great. It just sucks for me because I wanted to believe that I had already found it. Oh well.
I'm still fairly raw with my issue (she's still yet to move all of her stuff out, but I gave her an ultimatum of two more weeks to get all her stuff out) so it's focus on me time! I've cut her and my former "best friend" out of my life and doing things that make me happy. I hope it ends up well for me too in the end!
Well, the story is far from over and plenty can happen, but the past 2 years or so have been bliss. No fighting, just mini arguments and quick compromises. Focusing on you is definitely the best thing to do right now. If you can afford out, get out there and do shit you've never done. Do them alone. Go on an adventure that scares you. Self-discovery is most rewarding when we're alone and kicking ass. Definitely! I am planning on finally travelling once I can square away my finances and find a second person to split my place with. I'll probably cash out some of the investments that I have, and go from there. I hope things go well for you! If the last two years have been bliss for you, you may have found your greatest story (and a great story is always worth keeping)! |
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857
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Alternate cryptocurrencies / Altcoin Discussion / Re: What is your biggest frustration with the altcoin currency exchanges?
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on: February 03, 2014, 11:59:51 PM
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Thanks Gazza1, hellscabane and Disastrus. The trade lag/speed issue seems to come up often. I do wish that some exchanges that trade many cryptocurrencies only allow the trade of coins that maintain enough activity.
Why is that? Is it because there are too many coins displayed in the interface and you want to filter just the active ones (remote the clutter)? Or because the buy/sell orders don't execute when there isn't enough activity? Or something else entirely? Mainly issues with perceptions and there is a higher likelihood of easy manipulation for coins without much activity. I don't think there should be a daily minimum, but maybe if a coin's bi-weekly moving average dips below a certain point, consideration to phase it out should be made. |
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859
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Alternate cryptocurrencies / Altcoin Discussion / Re: Shocked At What Alt Coins Are For
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on: February 03, 2014, 07:06:27 PM
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Crypto was CREATED to be about money. Crypto IS about money. Crypto will ALWAYS be about money. My $.02.  Yes, but it should be a revolutionary form, not just a get rich quick scheme for idiots. Yeah, but let's be honest, the masses aren't interested in a revolution. Most people are just interested in having the status quo that they are comfortable with, but at the same time doing what they can to get a little more of the piece of the pie. And sometimes, clear stupidity gets the better of people. Just look at how many MLMs have succeeded in the past... |
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860
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Alternate cryptocurrencies / Altcoin Discussion / Re: Shocked At What Alt Coins Are For
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on: February 03, 2014, 07:03:41 PM
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Unfortunately, because there is so much saturation with all sorts of alt-coins, the instinct of getting money or recapturing ROI tends to bubble to the surface as the main priority since it costs money to mine. That's why people are so easy to say that the markets will sort out the winners and losers, but this isn't necessarily the case as people have mined and dumped coins with some innovation.
There have been several coins that have brought something new to the table, but as many of us know, innovation isn't the only driving factor. Fundamental sociological and psychological aspects are also key market drivers.
That being said in terms of a financial motives, yes, alts unfortunately serve the basis of being somebody's profit mechanism. The problem is that with the influx of alt currencies, people can't help but drift away from the revolutionary aspects of cryptocurrencies and instead use it as a means of profit.
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