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Author Topic: Gearing up for tomorrow  (Read 2393 times)
Serge
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January 15, 2012, 08:05:01 AM
 #21

i'll start looking for a good wive after the show
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January 15, 2012, 08:06:58 AM
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Ah yes, one that cooks, cleans and is a whore in the bedroom. That is not a good wife but a perfect one lol.
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January 15, 2012, 08:19:11 AM
 #23

It is relevant because people who watch the show might start mining shortly thereafter

OK - I guess this might be relevant for miners who can expect difficulty going up - but not for the bitcoin price.
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January 15, 2012, 08:20:06 AM
 #24

That is correct. If there are new users it will take them a day or two to look it up then up to a week to decide whether or not to invest and then another couple days for the transfer of money into MTGox. There will be no direct rise from the show but for the next couple weeks after is anyone's guess.
It took me half a year from hearing a recommendation about bitcoin to bying a bunch.  Granted it was much harder back then.

It took me 3 days from hearing about Bitcoin to start mining!

How is that relevant?

Who elected you relevance police?

It was not relevance police - it was only a question.
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January 15, 2012, 08:22:04 AM
 #25

It is relevant because people who watch the show might start mining shortly thereafter

OK - I guess this might be relevant for miners who can expect difficulty going up - but not for the bitcoin price.

If they start mining they will start using their bitcoins.  If they see how useful they are, they may just buy some more or tell a friend.  It's longer term, but it could be a leading indicator in some limited situations.  This may be turn out to be one of them.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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January 15, 2012, 08:34:23 AM
 #26

That is correct. If there are new users it will take them a day or two to look it up then up to a week to decide whether or not to invest and then another couple days for the transfer of money into MTGox. There will be no direct rise from the show but for the next couple weeks after is anyone's guess.
It took me half a year from hearing a recommendation about bitcoin to bying a bunch.  Granted it was much harder back then.

It took me 3 days from hearing about Bitcoin to start mining!

How is that relevant?


How is it any less relevant than what you said?

Mining Bitcoins is slowly buying them with a hardware hedge, you understand that right? The Bitcoins I mine never hit the market, so they have just as much of an effect on the price as if I were to purchase them directly.

I see - that's a reasonable theory.
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January 15, 2012, 08:48:59 AM
 #27

That is correct. If there are new users it will take them a day or two to look it up then up to a week to decide whether or not to invest and then another couple days for the transfer of money into MTGox. There will be no direct rise from the show but for the next couple weeks after is anyone's guess.
It took me half a year from hearing a recommendation about bitcoin to bying a bunch.  Granted it was much harder back then.

It took me 3 days from hearing about Bitcoin to start mining!

About 3 minutes for me. I didn't exactly understand it, or the difficulty of it. It was back in June, right before the MyBitcoin Scam. I was CPU mining and earned exactly  0.00308817  before I realized that CPU mining is futile.

What is this about The Good wife? Bitcoin is making a cameo?

If you love me, you'd give me a Satoshi!
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January 15, 2012, 04:37:58 PM
 #28

That is correct. If there are new users it will take them a day or two to look it up then up to a week to decide whether or not to invest and then another couple days for the transfer of money into MTGox. There will be no direct rise from the show but for the next couple weeks after is anyone's guess.
It took me half a year from hearing a recommendation about bitcoin to bying a bunch.  Granted it was much harder back then.

It took me 3 days from hearing about Bitcoin to start mining!

About 3 minutes for me. I didn't exactly understand it, or the difficulty of it. It was back in June, right before the MyBitcoin Scam. I was CPU mining and earned exactly  0.00308817  before I realized that CPU mining is futile.

What is this about The Good wife? Bitcoin is making a cameo?

where have you been? it's alright though, it's going to make a negligible difference in prices, which is all anyone cares about on this forum. mindshare is good though

this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
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January 15, 2012, 05:35:04 PM
 #29

I would like to correct myself. There could be some instant reaction and that would be evident in the global hash rate. It is easy enough for someone to download GUIMiner and join a pool so this could happen during or shortly after the show. They might not have an ideal graphics card or may only try cpu mining but some people will probably try it out cuz of the show if there is enough detail on it.

I  must disagree.  I think this is probably one of the most commonly underestimated barriers to Bitcoin acceptance.  People are simply not as computer-competent as you think they are.  Even if they CAN figure out how to set up everything, the sheer amount of time it takes to really know what you're doing for the first time is FUCKING ANNOYING.

I consider myself to be fairly proficient with computers.  I built my first computer from scratch about 6 months ago and I wrote a simple RPG program in Q-basic when I was 12.  I've also done some basic HTML stuff.  When I first tried getting involved in Bitcoin, it took me over 10 hours before I had anything in my wallet, and that was only what I got from the faucet.  And that didn't even include the hours I spent researching nearly every aspect of Bitcoin to decide whether or not it was worth investing in, let alone the time spent trying to rationalize whether or not it was even ethical/legal to do so.

About half of these 10 hours were spent researching the most efficient means to acquire Bitcoins and figuring out what the hell I would do with them if I had some.  The other half was spent figuring out my miner and customizing it (e.g. WTF are flags?  Try explaining flags to a newb).  Solo mining also took some time ("problems connecting to RPC something-or-other" came up a lot).

Granted, it all seems pretty easy once you've done it a few times, but that's irrelevant to a newb.

If you think its easy for someone with only general computer knowledge to:

1)  Download client
2)  Figure out that their client needs to synchronize with the network before they can really do anything with any amount of Bitcoins (not initially obvious).
3)  Download GUIminer
4)  Register with pool
5)  Set up your miner
6)  Start mining

7)  Realize that their awesome NVidia graphics card sucks  (perhaps they have ATI but have not downloaded the stream SDK...oops...here come another few hours figuring out why GUIminer won't detect my GPU).

8.)  Jump through hoops to join an exchange.  Don't want to pay wire transfer fees?  Well, then you might as well open up a suicide-support website in another browser tab while simultaneously trying to set up your Dwolla or Paxum account.  At this point, sharp things start to look very appealing.

9)  Figure out how to safely secure their wallet.dat and all their passwords (multiple backups, linux, ubuntu, and boot-from-USB operating systems?  Yeah right.  These are people who use Windows and their only knowledge of backing up anything corresponds to "save as").  

My mother has an IQ tested over 130.  She doesn't even understand text messaging -- well, she understands it, but its very complicated to her.  She'd need a 3-month course just to feel confident enough that she might not lose every penny of her investment.

If you want mass Bitcoin acceptance, you need a client/miner/exchange-account all wrapped into one.  Do you know how nice it would've been to install my client and have instant access to trading and mining?

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January 15, 2012, 05:49:21 PM
 #30

I would like to correct myself. There could be some instant reaction and that would be evident in the global hash rate. It is easy enough for someone to download GUIMiner and join a pool so this could happen during or shortly after the show. They might not have an ideal graphics card or may only try cpu mining but some people will probably try it out cuz of the show if there is enough detail on it.

I  must disagree.  I think this is probably one of the most commonly underestimated barriers to Bitcoin acceptance.  People are simply not as computer-competent as you think they are.  Even if they CAN figure out how to set up everything, the sheer amount of time it takes to really know what you're doing for the first time is FUCKING ANNOYING.

I consider myself to be fairly proficient with computers.  I built my first computer from scratch about 6 months ago and I wrote a simple RPG program in Q-basic when I was 12.  I've also done some basic HTML stuff.  When I first tried getting involved in Bitcoin, it took me over 10 hours before I had anything in my wallet, and that was only what I got from the faucet.  And that didn't even include the hours I spent researching nearly every aspect of Bitcoin to decide whether or not it was worth investing in, let alone the time spent trying to rationalize whether or not it was even ethical/legal to do so.

About half of these 10 hours were spent researching the most efficient means to acquire Bitcoins and figuring out what the hell I would do with them if I had some.  The other half was spent figuring out my miner and customizing it (e.g. WTF are flags?  Try explaining flags to a newb).  Solo mining also took some time ("problems connecting to RPC something-or-other" came up a lot).

Granted, it all seems pretty easy once you've done it a few times, but that's irrelevant to a newb.

If you think its easy for someone with only general computer knowledge to:

1)  Download client
2)  Figure out that their client needs to synchronize with the network before they can really do anything with any amount of Bitcoins (not initially obvious).
3)  Download GUIminer
4)  Register with pool
5)  Set up your miner
6)  Start mining

7)  Realize that their awesome NVidia graphics card sucks  (perhaps they have ATI but have not downloaded the stream SDK...oops...here come another few hours figuring out why GUIminer won't detect my GPU).

8.)  Jump through hoops to join an exchange.  Don't want to pay wire transfer fees?  Well, then you might as well open up a suicide-support website in another browser tab while simultaneously trying to set up your Dwolla or Paxum account.  At this point, sharp things start to look very appealing.

9)  Figure out how to safely secure their wallet.dat and all their passwords (multiple backups, linux, ubuntu, and boot-from-USB operating systems?  Yeah right.  These are people who use Windows and their only knowledge of backing up anything corresponds to "save as").  

My mother has an IQ tested over 130.  She doesn't even understand text messaging -- well, she understands it, but its very complicated to her.  She'd need a 3-month course just to feel confident enough that she might not lose every penny of her investment.

If you want mass Bitcoin acceptance, you need a client/miner/exchange-account all wrapped into one.  Do you know how nice it would've been to install my client and have instant access to trading and mining?
+1

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January 15, 2012, 06:08:55 PM
 #31

If you want mass Bitcoin acceptance, you need a client/miner/exchange-account all wrapped into one.  Do you know how nice it would've been to install my client and have instant access to trading and mining?

Hmm, interesting.  Someone should do this... complete with nice warnings for newbies.  Also, there should be no blockchain download... Electrum is nice.

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