Bitcoin Forum
December 08, 2016, 04:29:43 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 [3] 4 5 6 7 8 9 10 11 »  All
  Print  
Author Topic: difficulty too high while bitcoin society too small  (Read 21787 times)
afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 08:06:53 PM
 #41

Changing "difficulty" in that way would break Bitcoin. Perhaps you should study it more closely.

As for Russia, btcex.com disappeared because its operator was apparently a scammer, who also was apparently involved somehow in DDoS attacks on some other Bitcoin exchanges. Lots of people lost money when btcex.com closed. This is unfortunate.

Perhaps instead of complaining about mining being unprofitable, you should do something that IS profitable, like open a new exchange and run it honestly?

Exactly no!

I know, algorithm change is a HUGE problem. Not technical one - bitcoin supports several protocol vrsions. You, 10 000 miners & adopters, will loose profit in a short-interval future. And long-interval future is DIM at all for all business.

So if you advice me "do something else (but mining) that IS profitable", in context of difficult-doubling interval of FEW days, and bitcoin adopters of FEW 10 000 people world-wide - it carries out a "message" following:

"we know about the problem, but we are pyramid gamers, and just try to output our money, to save our short-interval profit."

wake up! this politics will apparently kill bitcoin far soon than somewhere in 2012, @ 50-to-20 BTC per block switch.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
error
Hero Member
*****
Offline Offline

Activity: 574



View Profile
May 23, 2011, 08:11:18 PM
 #42

All right, well since you don't know what you're talking about and have no interest in learning, I wish you good luck. Bye Smiley

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
kjj
Legendary
*
Offline Offline

Activity: 1302



View Profile
May 23, 2011, 08:24:05 PM
 #43

I just read this whole thread again, and I still can't understand your point, apart from missing out on the goldrush.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
I routinely ignore posters with paid advertising in their sigs.  You should too.
afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 08:29:11 PM
 #44

All right, well since you don't know what you're talking about and have no interest in learning, I wish you good luck. Bye Smiley

Estimated   386297 in 894 blks
^^^^^^^^^^^^^^^^^^^
http://bitcoincharts.com/markets/

No problem! I see you understand EXACTLY what I talking about - you are just pyramid gamer, you do not care that bitcoin failure will discredit the whole idea of decentrolized distributed currency in eye of 6 000 000 000 average Joes.
afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 08:36:43 PM
 #45

I just read this whole thread again, and I still can't understand your point, apart from missing out on the goldrush.

Yes, I say APPARENTLY - I am missing out on the goldrush, because FEW days ago difficult was 244000, and FEW days prognosis is 380000.
Few days ago I could be miner, few days later I never could.

I do not what to do something most profitable than mining, because I do not trust to 10 000 bitcoin miners/accepters worldwide - I need some 1 000 000 worldwide, in 6 000 000 000 world!

And I am that EXACTLY average Joe with $1000 for 5850x2 or 5970 miner rig.

Do you want you 10 000 guys will manage the world?! Bitcoin is a monopoly much stronger than dollar?!
afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 08:46:33 PM
 #46

IMAGINE REAL GOLD MINING BECOMES UNPROFITABLE FOR INDIVIDUAL GOLD-DIGGER IN TIME INTERVAL OF FEW DAYS.
while total number of gold-diggers is 10 000 in 6 000 000 000 world.

guys can you think by head?
barbarousrelic
Hero Member
*****
Offline Offline

Activity: 675


View Profile
May 23, 2011, 08:49:55 PM
 #47

IMAGINE REAL GOLD MINING BECOMES UNPROFITABLE FOR INDIVIDUAL GOLD-DIGGER IN TIME INTERVAL OF FEW DAYS.
while total number of gold-diggers is 10 000 in 6 000 000 000 world.

guys can you think by head?


Real gold mining is unprofitable for most people, so if they want gold, they provide goods and services in exchange for other peoples' gold.

Why don't you try selling stuff on biddingpond.com or bitcoin classifieds?

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 08:55:24 PM
 #48

Total BTC already mined is 6.306 mln. from 21 mln.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
http://bitcoincharts.com/markets/

Imagine just 1/3 real gold is mined, and individual mining is unprofitable, but FEW days ago it was profitable @ 7:1 per individual gold-miner (per electricity cost).

THINK!

afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 09:10:45 PM
 #49

Real gold mining is unprofitable for most people, so if they want gold, they provide goods and services in exchange for other peoples' gold.

Why don't you try selling stuff on biddingpond.com or bitcoin classifieds?

Did you read all my posts? I answered, I do not trust in 10 000 bitcoin accepters & miners, I will provide goods for dollars, because 6 000 000 000 people world-wide accept dollars. Even in Russia Smiley

I am, average Joe, will trust in bitcoin, only if I can mine bitcoin profitably. Gold & dollars are historically trusted, bitcoin is NOT.

For bitcoin - can't mine <=> can't trust. In CURRENT difficulty rate situation. In CURRENT number of bitcoin acceptors.

error
Hero Member
*****
Offline Offline

Activity: 574



View Profile
May 23, 2011, 09:12:35 PM
 #50

Did you read all my posts? I answered, I do not trust in 10 000 bitcoin accepters & miners, I will provide goods for dollars, because 6 000 000 000 people world-wide accept dollars. Even in Russia Smiley

I am, average Joe, will trust in bitcoin, only if I can mine bitcoin profitably. Gold & dollars are historically trusted, bitcoin is NOT.

For bitcoin - can't mine <=> can't trust. In CURRENT difficulty rate situation. In CURRENT number of bitcoin acceptors.

Oh, so you're crazy.

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
mewantsbitcoins
Full Member
***
Offline Offline

Activity: 126


View Profile
May 23, 2011, 09:15:42 PM
 #51

Wake up and stop trolling
bitcoinBull
Legendary
*
Offline Offline

Activity: 826


rippleFanatic


View Profile
May 23, 2011, 09:18:18 PM
 #52


Yes, I say APPARENTLY - I am missing out on the goldrush, because FEW days ago difficult was 244000, and FEW days prognosis is 380000.
Few days ago I could be miner, few days later I never could.

I do not what to do something most profitable than mining, because I do not trust to 10 000 bitcoin miners/accepters worldwide - I need some 1 000 000 worldwide, in 6 000 000 000 world!

And I am that EXACTLY average Joe with $1000 for 5850x2 or 5970 miner rig.

Do you want you 10 000 guys will manage the world?! Bitcoin is a monopoly much stronger than dollar?!



Doubling of difficulty means going from 10,000 miners to 20,000 and on the way to a million miners.  Isn't that what you want?

Your problem is that you cant see before or beyond the difficulty increase to the bitcoin price increase.  Before you got here the difficulty was flat around 100,000 and BTC was under $1.00. 

Then BTC went to almost $10.  Now difficulty is heading towards a million to match the 10x increase in price.

When difficulty is at a million and BTC is $10, mining will seem like a losing bet.  Some will quit and sell their coins. 

Come back in a few months.  The price will go to $50 or $100.  Difficulty will follow from one million to ten million, and all the new miners will complain that the sky is falling, difficulty is headed towards the moon (a good thing btw), and bitcoin is doomed.

College of Bucking Bulls Knowledge
amincd
Hero Member
*****
Offline Offline

Activity: 772


View Profile
May 23, 2011, 09:18:28 PM
 #53

Quote from: afterburner
Did you read all my posts? I answered, I do not trust in 10 000 bitcoin accepters & miners, I will provide goods for dollars, because 6 000 000 000 people world-wide accept dollars. Even in Russia

That is of course the disadvantage of bitcoin to established currencies: they are widely accepted and bitcoin is not. There needs to be some perceived advantage that bitcoin has to established currencies that encourages adoption despite its being less widely accepted, and so far it has had that, since its adoption rate has been very high.

The increases in difficulty increase trust in bitcoin, because they are a result of greater computing power, and greater computing power increases security.

afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 09:30:41 PM
 #54

Did you read all my posts? I answered, I do not trust in 10 000 bitcoin accepters & miners, I will provide goods for dollars, because 6 000 000 000 people world-wide accept dollars. Even in Russia Smiley

I am, average Joe, will trust in bitcoin, only if I can mine bitcoin profitably. Gold & dollars are historically trusted, bitcoin is NOT.

For bitcoin - can't mine <=> can't trust. In CURRENT difficulty rate situation. In CURRENT number of bitcoin acceptors.

Oh, so you're crazy.

Yes, I am, as crazy as difficulty rate @ http://bitcoincharts.com

afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 09:42:56 PM
 #55


Doubling of difficulty means going from 10,000 miners to 20,000 and on the way to a million miners.  Isn't that what you want?

Your problem is that you cant see before or beyond the difficulty increase to the bitcoin price increase.  Before you got here the difficulty was flat around 100,000 and BTC was under $1.00. 

Then BTC went to almost $10.  Now difficulty is heading towards a million to match the 10x increase in price.

When difficulty is at a million and BTC is $10, mining will seem like a losing bet.  Some will quit and sell their coins. 

Come back in a few months.  The price will go to $50 or $100.  Difficulty will follow from one million to ten million, and all the new miners will complain that the sky is falling, difficulty is headed towards the moon (a good thing btw), and bitcoin is doomed.


First good argument, you know, I was waiting for it. But 95% of 10 000 bitcoin adopters were so unlogical! But they all are still geeks!

I agree with this argument, but the problem is ALL you mentioned takes place in the field of.. 10 000 players! bitcoin excange ratio is too unstable, and money output is too unguaranteed.

DANGER, extreme exponential games take place in the field of some 10 000 players!
 
afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 09:48:43 PM
 #56

Also, I used

http://www.alloscomp.com/bitcoin/calculator.php

to see, difficulty rises faster than $/BTC exchange ratio.

and I can not find any prooven data of rising of number of bitcoin acceptors world-wide.

some exchange closes (btcex.com) take place..
afterburner229
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 23, 2011, 10:09:06 PM
 #57


The increases in difficulty increase trust in bitcoin, because they are a result of greater computing power, and greater computing power increases security.


I wrote about this too - difficulty increases trust just for you, first 10 000 mining geeks.

For me, average Joe, trust depends on number of bitcoin acceptors world-wide, and because this number is so poor, as 10 000 miners, the only way to trust for me - being attracted to profitable mining myself.

FEW days ago I could mine profitably. Few days later I never can mine due to difficulty. So, average Joe does not trust in bitcoin.

vuce
Sr. Member
****
Offline Offline

Activity: 476


View Profile
May 23, 2011, 10:12:29 PM
 #58

Actually, mining is much more profitable now than when bitcoin was only worth 80 cents (and difficulty was about 95000)... So this whole "early adoption" idea falls a bit short.
error
Hero Member
*****
Offline Offline

Activity: 574



View Profile
May 23, 2011, 10:12:44 PM
 #59

Then why are you still here? Go try to find some other get-rich-quick scheme. Bitcoin is not.

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
amincd
Hero Member
*****
Offline Offline

Activity: 772


View Profile
May 23, 2011, 10:18:44 PM
 #60

Quote
I wrote about this too - difficulty increases trust just for you, first 10 000 mining geeks.

It increases security of every bitcoin holder's currency as it makes the bitcoin transaction record more difficult to attack. This element increases trust.

Quote
For me, average Joe, trust depends on number of bitcoin acceptors world-wide, and because this number is so poor, as 10 000 miners, the only way to trust for me - being attracted to profitable mining myself.

What exactly do you mean by "trust" here? Trust that any bitcoins you acquire will be safe from theft/hacking? That they won't devalue due to inflation?
Pages: « 1 2 [3] 4 5 6 7 8 9 10 11 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!