You grab a piece of mining software (e.g. GUIMiner), sign up at a mining pool and start to mine. What if I want to solo mine? And doesn't GUIMiner only support Bitcoin? Sorry, I was thinking about bytecoin (which is a direct clone of bitcoin), you can use GUIMiner for bytecoin. So I've tried like 3 different alt-currencies, including Bytecoin, and GUIMiner keeps on saying 'nothing to mine on, exiting.'
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You grab a piece of mining software (e.g. GUIMiner), sign up at a mining pool and start to mine. What if I want to solo mine? And doesn't GUIMiner only support Bitcoin?
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How do I mine alternate currencies that aren't Bitcoin and don't have a mining tab like the Litecoin client does? I know its a super dumb question, but I'm honestly having a hard time.
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I've followed Jeff for years. He'll make this happen if anyone can... The real problem for this gaining world-wide acceptance however is that the places that need it most (i.e. Cyprus, Japan, Argentina, and the PIGS) are the exact places that have government who would be the first to ban bitcoins. It seems that every franchise owner for these things would be risking the local government swooping in and stealing their whole business. For now I'd be comfy seeing these things in the USA though; New Hampshire and Texas at least would use them like crazy. I don't know about Argentina or the PIGS, but Cyprus has had literally no regulation on its financial industry. Just a few years ago things like Genius Funds were flying all over the place over there. If they can let that shit fly, why not bitcoin? As for Japan, they already have MtGox and they haven't tried to pull anything stupid.
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Just saying. The guys on bloomberg didnt just randomly happen to get rich. And i have a feeling they are about to get richer.
Yeah, they may be rich, but they can't buy a supersized Coke where they live, so the jokes on them. Can you buy a supersized Coke with bitcoin yet?
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The road to $50 saw gains of dollars per day. After $100 we are seeing jumps of $10+ per day. At $500 we will see jumps of $50+ per day. $1000 we will see gains in the hundreds. pretty sure we still see gains Of only a few dollars a day. Sure there will be good days but there will be bad days too. Until btc starts being accepted in local stores you wont see it gaining 10% in sustainable value consistently.
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Just saying. The guys on bloomberg didnt just randomly happen to get rich. And i have a feeling they are about to get richer.
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Who would spend their weekend waiting in the mtgox queue... It only counts business days anyway!
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Nobody is psychic.
Are you sure? Yes. Wouldn't that make you psychic
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Simple version: no.
For there to be any disruption adoption would have to be on a massive scale (i.e. millions of new users every week). Bitcoin would implode under such adoption. The infrastructure (imagine MtGox getting hit with 200x as much volume .... next month), the codebase (not exactly Grandma friendly yet), and the protocol (unresolved issues like tx fee marketplace, 1MB limit, etc).
Now nothing of these are impossible obstacles but they will take time. Bitcoin in 2013 looks a lot different then Bitcoin in 2009 and likewise Bitcoin in 2019 is going to look even better. If millions upon millions of people poured into Bitcoin today it likely would freeze up. Bitcoin would survive but it wouldn't be optimal. Some nice 100% to 300% annual organic growth is much better. It gives the "system" (the ecosystem of developers, clients, service providers, merchants, etc) to build up to that scale.
Note I am not saying I or anyone else should decide how much growth is too much. It will happen automatically but as growth exceeds the capability of the "system" friction will be introduced which slows growth.
By the time there honestly 5% to 10% of people know about bitcoin perhaps these issues would have been resolved for the most part?
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You know he has a point. The sign message system in bitcoin is used nowhere near as much as it should be. No price instability problems to boot
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The road to $1000 will be exactly 9 times harder than the road to $100.
([$1000-$100]/$100 = 9)
With the assumption that the difficulty ("hardness") to move from one dollar to the next remains constant, which is not true. Actually it probably does. The amount of difficulty added due to "OMG ITS A BUBBLE" and attention we attract from DDOSers and the like is roughly equal to the "easiness" added by people bandwaggoning and extra positive press and the like.
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I don't think it's so difficult to check out the chart yourself, but anyway FYI here is the hourly chart of the whole crash in June 2011, http://bitcoincharts.com/charts/mtgoxUSD#igHourlyzczsg2011-06-06zeg2011-06-12ztgSza1gSMAzm1g200zm2g21zvthere are a number of traits for you to see: 1.The price moved up very fast before the top, can be 100% per day. 2. The price then made a rapid downmove, which in itself is not enough for you to distinguish a crash from a normal correction. 3. The price then slowly recovered but never reached the previous top. 4. The price then started to decline slowly but surely, for a few days, at this stage it becomes more and more clean that the selling pressure is outweighing the buying pressure and the current price range could not last for long. 5. Eventually the price made a final decisive move below the brown hourly SMA 200 line, accompanied by large volume, which marked the beginning of the bear market. But it's just the past, which very well may not tell anything about the future. I'm not a bear but.... 1. The price moved up very fast before the top ($147). 2. The price made a very rapid downmove (to $108 or $100 if you ask btc-e) 3. The price then slowly recovered... GUISE, WE NEED TO REACH THE PREVIOUS TOP...
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The road to $1000 will be exactly 9 times harder than the road to $100.
([$1000-$100]/$100 = 9)
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the entire joyride will end as soon bitcoins are getting percepted not only valuable (thats of course our feeling, the feeling of owners) but also as expensive (for all of those that would like to become owners. its a psychological barrier. if we start talking about millibitcoins (mbitcoins, mbtc), we would make it attraktive to the masses. itīs a language thing: stop talking about bitcoins, the new era is the mbitcoin. that will flaten out the scary graphs for a little time. people who own btc should manifest their treasure by strictly insisting on mbtc from now on.
you can currently buy 100 mbtc for 14 bucks
or 1 mbtc = 14 cent. sounds cheap enough!
when the world accepts mtbc we will own...
I'm not sure we are the early adopters. I would say the early adopters are the ones who have thousands of BTC. The same with the other coins, if you don't own at least 10,000 can you say you're early? or late? What we need to figure out is how late is too late? I own thousands of mBTC
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It went up 2.19% today which i consider a good large increase but not alarm bell large.
Just 271585% per year if constant compounded daily. I don't hear any alarm bells. On a day of a good rally the markets will go up 2% or more. Bitcoin, seeing as it started out for practically free, makes sense that it will have a ton of good rallies in a row.
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Is anybody here from Finland?
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2% daily growth would bring us to ~$200k this time next year. I think you can count on 2% daily growth (except on weekends and 'gox weekends') at least on the short term.
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I'm thinking a re-run of the gold confiscation. A Bitcoin confiscation or prohibition. That would smack the price down.. perfect for buying And how would a bitcoin confiscation be performed? Buy up all the bitcoins on gox? Oh wait.
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buy on news sell on hype.
Buy on gox sell on skype.
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