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Could somebody who is not a new user confirm, if this is legit?
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The centralization of farms is a bigger problem than the centralization of pools. Agreed, though really they're two different expressions of the same problem: the impetus towards centralization via economies of scale. because he is mis understanding the multiple users connected to a mining pool, centralisation (which i and the OP mentioned) vs a single mining farm centralising the hash power. See above. turvarya]ad 1. lol, where? China?
There were some banning of websites in Austria, but I just changed my DNS for that.
ad 2. with all the lobbying from the content companies in the governments, i don't see how it is a smaller issue for the governments. They really tried a lot, to get such sites offline and they clearly failed. I mean, you don't really want to tell, they didn't try pretty hard, do you? 1/ http://en.wikipedia.org/wiki/Countries_blocking_access_to_The_Pirate_Bay2/ You don't see "copyright" as a smaller issue than "control of money"? You're entitled to your opinion, I suppose. lol Austria is on that list. I have no problem going to that site or the other sites, so the "ban" is useless. That just is in favor or my argument: They tried, but they by far didn't succeed. You can compare them by the technology and how government try to ban them. |
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b) Your "price inflation" is bullshit of course. Otherwise, I'll go back one more year, and suddenly Bitcoin becomes hugely deflationary. Meaning, I don't get to cherry pick the periods of the market where BTC/USD hugely increased, so you don't get to cherry pick the period where it decreases. The market valuation of one bitcoin is simply not the issue here - otherwise, I point to market valuation since inception and point out we're still up more than 100,000%.... "Cherry pick the period"? You mean choosing a year when discussing yearly inflation rate? Bitcoin/USD-exchange rate is just not stable enough to make a serious statement about that. Such discussions are just dumb ... |
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I have stopped reading after a while. I just have one question: If governments can regulate everything, why is https://thepiratebay.se/ still there? 1/ In many places, it isn't, thanks to government regulation. 2/ "Potentially illegal filesharing via a bittorrent site" is a somewhat smaller issue than "global money transfers". ad 1. lol, where? China? There were some banning of websites in Austria, but I just changed my DNS for that. ad 2. with all the lobbying from the content companies in the governments, i don't see how it is a smaller issue for the governments. They really tried a lot, to get such sites offline and they clearly failed. I mean, you don't really want to tell, they didn't try pretty hard, do you? |
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... At least someone who knows the term "monetary base inflation", but that is still not the kind of inflation, that really matters to a consumer, so I don't get, why people are referencing it all the time. But anyways, your calculation still doesn't make much sense. In case you just didn't see my Edit: "value flown into bitcoin" is definitly not, what people paid on exchanges for Bitcoins. You have to take mining equipment and electricity into account. I'm not certain you understand what inflation is, so I'll give you an abridged definition from Investopedia: "DEFINITION OF 'INFLATION'
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling."Note that "value flown [sic] into [currency]" is conspicuously absent. That's because it has nothing to do with inflation. To offer an example: If the US FED started spending trillions of dollars a day on printing presses, and paying its employees trillions of dollars an hour, USD inflation rate would not be any lower  There is monetary base inflation, which means, that someone made more money(print or mine) and there for according to supply/demand one unit of money has less value. And there is Price inflation, which means you can buy less with the same amount of money. When you talk about inflation with someone outside of the Bitcoin-community they mostly mean the second. People in the Bitcoin-community mostly mean the first one, like dinofelis did, stating that inflation is 10%. Sorry, I just mixed you up with dinofelis. He said: As a simplistic example, suppose that most coins have been bought at an average price of $100.-
That means that the actual "value flown into bitcoin" would be rather $1.5 billion. |
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I have stopped reading after a while. I just have one question: If governments can regulate everything, why is https://thepiratebay.se/ still there? |
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USD has a inflation of 10%?
No. Bitcoin has an inflation rate of 10%  Ok, you mean that in a year there will be 10% more bitcoins. That is not really inflation. That is nothing someone who bough Bitcoin really bothers. But I see, you like to play with numbers, and make stupid conclusion. It is the same as taking some numbers from the bible, play with them and than telling everybody that the world ends at a certain date. You asked about the 10%. I answered: It is Bitcoin's monetary base inflation. If you are interested in the rate at which the general level of Bitcoin prices for goods and services is rising, this number is ~65%.* That's how much Bitcoin BTC $ price has fallen YTD. Hope this helped. *This assumes that USD had 0 (zero) inflation. If we factor in USD inflation, the number becomes even moar hilarious. At least someone who knows the term "monetary base inflation", but that is still not the kind of inflation, that really matters to a consumer, so I don't get, why people are referencing it all the time. But anyways, your calculation still doesn't make much sense. In case you just didn't see my Edit: "value flown into bitcoin" is definitly not, what people paid on exchanges for Bitcoins. You have to take mining equipment and electricity into account. |
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USD has a inflation of 10%?
No. Bitcoin has an inflation rate of 10% Ok, you mean that in a year there will be 10% more bitcoins. That is not really inflation. That is nothing someone who bough Bitcoin really bothers. But I see, you like to play with numbers, and make stupid conclusion. It is the same as taking some numbers from the bible, play with them and than telling everybody that the world ends at a certain date. Edit: Just to show, how stupid your assumption is. "value flown into bitcoin" is definitly not, what people paid on exchanges for Bitcoins. You have to take mining equipment and electricity into account. |
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You guys forgot to put the 1-2% it costs to buy the BTC then the 1-2% to sell it! You also forgot to put the hoops you have to jump through to buy bitcoin. Much tougher then filling out a form at WU.
I pay 0.35% to buy and to sell. There might be some other small fees for transaction Bank to Exchange, but summa summarum it should be less than 1% |
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I don't understand why the price is still in the same range, although more people starts to use bitcoin and more merchants accept it. Is this due to exchanges or people with lots of bitcoins making profit on the small rise and then dump it etc?
If someone could explain it shortly, would be great!
Let us not forget that there is an inflation of 10% going on. That means that the bitcoin holdings must grow at a 10% rate at the current price. The market cap is a wrong indication of "how much value" there is stored in bitcoin. In reality, the amount of value people have put into bitcoin is much less. Many coins have been sold and are still held since they were a few dollars or a few tens of dollars. So in order to sustain an inflation at 10% at the current price, means actually that the real value flowing into bitcoin is very big as compared to the past. As a simplistic example, suppose that most coins have been bought at an average price of $100.- That means that the actual "value flown into bitcoin" would be rather $1.5 billion. At the current price, say, $350 per coin, and an inflation rate of 10%, this comes actually down to a growth of the value flowing into bitcoin of 35% per year. In other words, even to sustain the current price, per year, one third of the total value that has flown into bitcoin since 5 years, must flow again in bitcoin even to sustain the current price. A growth of 35% a year is HUGE, and is needed to sustain the current price, simply due to inflation. USD has a inflation of 10%? |
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I would vote for Trezor Hardware wallet for the moment , I think it's the best even if the price is a little bit high i guess it worth it. also Mycelium Bitcoincard https://mycelium.com/bitcoincard looks interessting , cant wait to see it when they finish developping it I might get the chance to test a prototype of the Mycelium Bitcoincard. I am pretty excited about that  |
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for the same reason there is still a 'simple machines forum' logo at the top right of the forum pages - becasue moderators don't really give a fuck, and most likely can't read.
- deleted -
What is simple machines? |
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The robot/miner part is just wrong. The piggy bank is not chosen randomly.
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Is there a summary? I don't want o watch a 4 hour video
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Damn, that is really hard.
I am glad, I finally managed to put most of my coins in paper wallets. For me it was just laziness that I postponed that for months.
Do make something clear, since so many people don't seem to understand that. The difference between bitcoin and fiat is, that with bitcoin it is your responsibility how secure they are. That is one reason why banks have hefty fees: They use part of it to ensure security and insurance. You can't have both: no fees and someone else takes care of the security
So, yes, bitcoins are much more secure than a bank, if YOU make them that secure. But it is not that hard to store them securily: Printing out paper wallets is really easy. Protect them with bip38, store one copy at home and one copy at another secure place and you are done with the security.
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Hi Guys, This is my first post  . Now, I thought I had a fairly decent understanding of the basics behind how bitcoins work, however what happened yesterday stumped me. Basically I had 3 Satoshi dice "accounts" that all had a bitcoin value. Then I went to withdraw the value from each all to the same BTC address that my local BTC exchange provided me as a "deposit" address. After waiting half an hour I was worried that I had pasted in some random BTC address and that my funds were forever gone. However when I woke up 8 hours later, the Bitcoins had thankfully arrived in my exchange's "account". The thing that stumps me is this is the deposit address used for all 3 transactions: 19CLWY1baVTiE1WUBCBoay7DKsmUCuxrw4 But yet when looking in blockchain it claims that there were no transactions made. https://blockchain.info/address/19CLWY1baVTiE1WUBCBoay7DKsmUCuxrw4But yet on my exchange's account hsitory page these 3 transactions did in fact go through ( https://i.imgur.com/lpuljVf.png). Could someone please explain to me how this process worked? I thought that the BTC had to actually be sent to that address which would then store the BTC until they were withdrawn by me, or traded with someone else. The exchange I'm using is bitnz.com. Thanks guys! -A. The address you postet s 19CLsomething, the address in the screenshot is 19Lqsomething. They are just not the same. |
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Ja, so kann man es auch sehen! Danke für die kritische Einschätzung - Und: Natürlich haben wir lange über potentielle Kosten und Nutzen nachgedacht.
Erstmal danke, dass Du Dich hier dem wütenden Mob stellst. Ich puzzle gerade über folgender Passage: MtGox’s servers and PCs (formatted after deleting all the saved data and software) will be handed over to Payward. All of those assets are located in Japan. Copies of the data (including personal information) and software stored on the server, etc. will remain with and managed by the bankruptcy trustee and used for purposes of examination, administration of properties, and bankruptcy distribution. They will not be included in the transferred assets turned over to Payward.
Siehe https://www.mtgox.com/img/pdf/20141126_announcement.pdf , ditte Seite. Wieso übernehmt ihr Equipment von Gox, wenn es zuvor sandgestrahlt wurde? Um Spurensuche kann es dabei dann ja wohl nicht gehen, denn die Daten werden ja ausdrücklich von dem Transfer ausgeschlossen. Für mich liest sich das eher so als hättet ihr ein paar Dinge von Marks Resterampe gekauft und als Bezahlung u.a. Arbeitsstunden angeboten. Weiter oben in dem Dokument ist von 500 Stunden die Rede. Das wären zweieinhalb Arbeitswochen für einen eurer Mitarbeiter oder entsprechend weniger Zeit für mehrere Leute. Was genau soll in dieser Zeit gemacht werden? Die ersten Leute in der Community unken schon, dass es hier nur darum geht Beweismaterial zu vernichten bzw. zu manipulieren. Kann ja später niemand mehr nachweisen: https://bitcointalk.org/index.php?topic=179586.msg9667131#msg9667131Bei einer 40 Stunden-Woche wären das 12,5 Arbeitswochen. |
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Why would you make more than one transaction for a purchase? The values might come from different addresses, which resembles you metaphor of 10 10$ bills.
Because I control more than one address? Because tx fees are ridiculously small? Because it costs nothing to create an addy? Why wouldn't I, considering that folks like you equate # of transactions with influx of users? Profit. If you want to make fake data, you can also just send the same amount forward and back between two addresses to increase USD volume. That doesn't make that metric better in any way. Sure. Are you suggesting that the USD volume data could also be manipulated and likely is? I'm with you on that one, brah @inca: Your prognosticatin' skillz in this thread are on par with your ability to read the market. I don't think, anybody does this in a large enough scale to really have a significant impact on the statistics. People often tell me that all statistics/studies are fake, when a statistic/study doesn't fit their gut instinct, but sorry, the statistic/case study is still better than your gut instinct. When all media, all statistic, all studies are fake, on what do you base your opinion/knowledge? Conspiracy theory sites on the internet? |
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Why would you make more than one transaction for a purchase? The values might come from different addresses, which resembles you metaphor of 10 10$ bills.
Because I control more than one address? Because tx fees are ridiculously small? Because it costs nothing to create an addy? Why wouldn't I, considering that folks like you equate # of transactions with influx of users? Profit. If you want to make fake data, you can also just send the same amount forward and back between two addresses to increase USD volume. That doesn't make that metric better in any way. |
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