Nenolod, the guy that wants to prove Bitcoin doesn't work.

[Babylon]

bitcoin exchange has been down for a while.  I don't think it has anything to do with him.

[kosovito]

as expected, bitcoin difficulty cranked up to 181.5. this basically takes the little man out of the equasion...

I am really worried about this....

[Babylon]

I'm not.  It will adjust downward again once he takes his node offline.

[SmokeTooMuch]

Bitcoin is not about generating coins and sell them for money.
Bitcoin is about trading and people should start seeing it this way.
Of course it`s nice to get some "free" coins by generating them yourself but if that's all what bitcoin is to you, you should start questioning whether bitcoin is the right thing for you.

[eugene2k]

Hmm... think I'll rent a few servers too for easy money...

[sirius]

http://twitter.com/nenolod

bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.
11:34 AM Jul 15th via web

I'm curious about that. Is this why bitcoinexchange.com is down ?

BTW, Nenolod writes on Twitter:

bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.

He hasn't sold anything at BitcoinExchange.com and the service is down just for technical maintenance. Should be up today or tomorrow. Maybe he meant that 1500 € was the rate for the 84,732 BTC he supposedly has.

[FreeMoney]

Hmm... think I'll rent a few servers too for easy money...

You actually found servers to rent at a price to make this profitable?

[Babylon]

His stated goal of bankrupting the exchanges is where I think his basic mistake is.  I don't think he realizes that bitcoinmarket is not an exchange in the same way bitcoinexchange is.  It's a market place and if he sells enough bitcoins to exhaust the current demand he will make the price go down, for a while, but he won't be making any real difference.  He will make himself some money, but he seems to be doing so at the expense of his server clients, which is pretty poor business practices and I hope it is pointed out to them.

[Bitcoiner]

Bitcoin is not about generating coins and sell them for money.
Bitcoin is about trading and people should start seeing it this way.
Of course it`s nice to get some "free" coins by generating them yourself but if that's all what bitcoin is to you, you should start questioning whether bitcoin is the right thing for you.

operation: bankrupt the bitcoin exchanges is now underway.

LOL

Though, I'm not sure how an exchange can be "bankrupted". Any trade should always be zero-sum or profitable for an exchange; only the individual players should possibly lose out. That is, unless the exchange itself is doing their own trades and not simply acting as a mediator.

[Babylon]

Bitcoin is not about generating coins and sell them for money.
Bitcoin is about trading and people should start seeing it this way.
Of course it`s nice to get some "free" coins by generating them yourself but if that's all what bitcoin is to you, you should start questioning whether bitcoin is the right thing for you.

operation: bankrupt the bitcoin exchanges is now underway.

LOL

Though, I'm not sure how an exchange can be "bankrupted". Any trade should always be zero-sum or profitable for an exchange; only the individual players should possibly lose out. That is, unless the exchange itself is doing their own trades and not simply acting as a mediator.

Yep, that was my point.  The only exchange that isn't just a mediator is, I believe, bitcoinexchange.com

[knightmb]

So this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC.
His name is William Pitock aka Nenolod http://twitter.com/nenolod

What do you think? If he cannot prove the system isn't sustainable, he wins, because he will have lots of bitcoins.
If he does, we all loose.

I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON.
Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3
so I can prove him he's wrong.

Please discuss the issue.

I'm 100% certain that he isn't really generating that much and I'll leave it at that.

[eugene2k]

Hmm... think I'll rent a few servers too for easy money...

You actually found servers to rent at a price to make this profitable?

Not sure as I have no idea what their output will be, but for the sake of experiment...

[aceat64]

So this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC.
His name is William Pitock aka Nenolod http://twitter.com/nenolod

What do you think? If he cannot prove the system isn't sustainable, he wins, because he will have lots of bitcoins.
If he does, we all loose.

I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON.
Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3
so I can prove him he's wrong.

Please discuss the issue.

I'm 100% certain that he isn't really generating that much and I'll leave it at that.

I agree, there are many things about his statements which don't seem to be in line with reality. In particular his quoted generation rates are not divisible by 50.

[SmokeTooMuch]

when you modulo-devide it trough 50, the rest could be from transaction fee, he's running ~1000 instances (or at least cores) of bitcoin, so the probability of him getting transaction fees is very high.

[knightmb]

when you modulo-devide it trough 50, the rest could be from transaction fee, he'`s running ~1000 instances (or at least cores) of bitcoin, so the probability of he getting transaction fees is very high.

What amount does one have to send to incur a transaction fee though? I've send some large amounts around myself and never saw a fee?

[satoshi]

Typically, over 25,000 BTC.

[mtgox]

Who gets the transaction fee? The person that solves the block your transaction is in?

[knightmb]

Typically, over 25,000 BTC.

Does the fee come out of thin air or is it taken to from the transaction so that it cost 25,009 to send 25,000 BTC?

[NewLibertyStandard]

Who gets the transaction fee? The person that solves the block your transaction is in?

Yes

Typically, over 25,000 BTC.

Does the fee come out of thin air or is it taken to from the transaction so that it cost 25,009 to send 25,000 BTC?

The latter.

[knightmb]

Who gets the transaction fee? The person that solves the block your transaction is in?

Yes

Typically, over 25,000 BTC.

Does the fee come out of thin air or is it taken to from the transaction so that it cost 25,009 to send 25,000 BTC?

The latter.

Ok, I was certain that you couldn't transfer BTC around in a circle to pick up fees that were more than the cycle of transition (basically BTC coming out of thin air rather than being generated)

So if this guy was intercepting greater than 25,000BTC currency being traded around, it must be from someone else and even then, you can only transfer it around so many times before you run out.

I think that further cements that this Nenolod guy is just blowing smoke.