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Author Topic: Introduce yourself :)  (Read 1003893 times)
jorijnsmit
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August 12, 2011, 08:33:17 AM
 #2581

[...]

I have a question that I hope will be answered: Doesn't mining cause inflation?
Mining rewards are handed out at an exponential rate; http://en.wikipedia.org/wiki/File:Total_bitcoins_over_time.png.

This curve is maintained by increasing the difficulty of the blocks to be mined when more mining takes place.

(Correct me if I'm wrong, I am - after all - a newbie ;-))
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jorijnsmit
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August 12, 2011, 08:41:15 AM
 #2582

Here's a more in-depth explaination:

Because block solutions arise out of an independent random process, block creation by the Bitcoin network can be described as a Poisson process. The protocol adjusts the problem difficulty so that the distribution mean is λ = 2016 blocks per two weeks, so there are roughly ten minutes between the creation of new blocks on average (the wait times between events in a Poisson process follow an exponential distribution). The difficulty updates happen every 2016 blocks. The difficulty is set to the value that would have most likely caused the prior 2016 blocks to take two weeks to complete, given the same computational effort (according to the timestamps recorded in the blocks).[25] All nodes perform and enforce the same difficulty calculation.
skidz7
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August 12, 2011, 09:06:42 PM
 #2583

Ok so spammers are kept out by letting people spam this thread?

I don't think most spammers would last long enough to post 5 spams and it keeps the other forums clean.  I like the idea, even though I'm not up to my minimums yet.
528491
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August 12, 2011, 10:26:50 PM
 #2584

Greetings Cheesy i come from 3DG Forums Cheesy

New here :$ ...
madsokrates
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August 12, 2011, 10:48:12 PM
 #2585

the question about mining and inflation is a good one... had me thinking for a bit. Maybe btc avoids inflationary concerns altogether since the increase in supply is essentially fixed and public knowledge. Any fear of inflation should be quelled by the ultimate expectation of deflation when all the coins are mined. It's hard to test the idea empirically though since the flux in value is thus far is surely due more to it's widening adoption as a currency than to the increasing supply of btc. hmm...

Welch Schauspiel! aber ach! ein Schauspiel nur!

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Bitcoin Kamikaze: http://bitcoin-kamikaze.com/?father=41883
Stefanie Andrea
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August 12, 2011, 11:10:01 PM
 #2586

Hello everyone
triggs
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August 12, 2011, 11:37:10 PM
 #2587

Hi everyone,

just thought i'd say HELLO!! and brace yourself for some noob questions Smiley

triggs.
gnoll110
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August 13, 2011, 03:21:13 AM
 #2588

*delurking alert*

Hi All.

Find all the bit coin stuff interesting.

https://bitcointalk.org/index.php?topic=36776.0 Creating a master database of honest traders

People talking about a master database.
Given bitcoin is distributed system, shouldn't any solution also try to be distributed too. Calculated from the transaction chain? Could the chain included optional extra info to enable this?

Just my 0.02BTCs worth!

Rubyist who think bitcoin sound like a good idea.
bearbalu
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August 13, 2011, 06:30:50 AM
 #2589

Just another bitcoin miner  Roll Eyes

If my post has been useful, you might want to donate: 1535whnCV91teSHsYdGCwCDTpLh26xy5kr
jasco
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August 13, 2011, 07:26:10 AM
 #2590

Hi everyone!

Been lurking here for the past month or so.  Tongue
SuperTramp
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August 13, 2011, 07:56:29 AM
 #2591

Been around for about 5 weeks now. Finally decided to sign up. TONS of GREAT info on this site, thanks for those
who have posted and shared their knowledge and thanks in advance for future sharing.





-SuperTramp







Currently mining @ Deepbit.net
Running 5 x Sapphire Radeon 5830's.
GPU's - 975-990mhz, Mem -500mhz
Avg 305mh/s/GPU

MinCoinForum, Home Of The Best Peer2Peer Crypto-Commodity. http://mincoinforum.com/
Only 10million To Be Made. Find out more at http://mincoin.us/
androsyn
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August 13, 2011, 08:17:37 AM
 #2592

Hi I'm newbie from Italy, i'm following Bitcoin evolution since may 2011 and seems it will be a revolution, hope you'll give me level-up asap as i need to configure mining farm, have some problems with config files...
prdtr23
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August 13, 2011, 09:04:14 AM
 #2593

here is the predator
Bit JaZ
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August 13, 2011, 09:56:51 AM
 #2594

Hello!

Been lurking & mining for 2 weeks now...
Lolcust
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August 13, 2011, 10:53:49 AM
 #2595

Hi!

IRC lurker arriving at forums.

Will now look for ways to make necessary posts Smiley

Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

Feed the Lolcust!
NMC: N6YQFkH9Gn9CTm4mpGwuLB5zLzqWTWFw67
BTC: 15F8xbgRBA1XZ4hmtdFDUasroa2A5rYg8M
GEG: gK5Lx6ypWgr69Gw9yGzE6dsA7kcuCRZRK
km3b
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August 13, 2011, 11:11:11 AM
 #2596

Hello.

Been mining for a few months now at Bitcoin.lc(greatest pool ever). Time to get out of the newbie forum!
Pendrokar
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August 13, 2011, 12:40:31 PM
 #2597

Greetings,

I am a website programmer and found out about bitcoin not too long ago. Still haven't received a single request from a website owner for bitcoin support, though.  Roll Eyes
rafuter
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August 13, 2011, 01:16:43 PM
 #2598

Hi,
I am a programmer (C++, ASM) and interested in opensource mining projects.

Ollie
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August 13, 2011, 01:17:20 PM
 #2599

Just an interested newbie. Females are welcome to PM. Grin
greekminer
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August 13, 2011, 02:21:46 PM
 #2600

Hi, everyone!!! New here!  Smiley

I am interested to intergrate the bitcoin payment on my e-shop : www.electrocyprus.com

and m new project www.easymall.gr and soon .eu , a free online marketplace for small merchants around Europe!

I realy hope bitcoin works!!!  Tongue

Thank you

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