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How not? Kids with gaming PCs + parents paying for electricity + 2012 = 10 BTC
Re: How to achieve instant payments in Bitcoin-like cryptocoins
The biggest issue is that these incredibly short block intervals will lead to tons and tons of orphaned blocks. Network speed/latency will become a pool's limiting factor, not hashrate.
So you are saying that he is lying when he says:
-snip-
still keeping the coin safe from stale blocks and competing chains.
-snip-
still keeping the coin safe from stale blocks and competing chains.
-snip-
I'm saying it's of limited bearing. A better claim would be that it "keeps the coin as safe from stale blocks and competing chains as possible." The blocks still need to propagate, there will still be competing chains, and because of the short block time, network latency becomes a big overhead.
EDIT: Sorry my first statement; it was made rather quickly after only glancing through the entry, but my thought stands.
Re: How to achieve instant payments in Bitcoin-like cryptocoins
The biggest issue is that these incredibly short block intervals will lead to tons and tons of orphaned blocks. Network speed/latency will become a pool's limiting factor, not hashrate.
I cannot for the life of me pull any more than about 365kh/s from either of my AMD 6950s - one's a 2GB Sapphire card, and the other a 1GB Visiontek card.
My clocks are 750MHz and 950MHz for the GPU and VRAM, respectively, and haven't found any clocks that work any better after consulting http://litecoin.info/index.php/Mining_hardware_comparison, even when tweaking CGminer's settings. Higher clocks always result in lower hashrates, typically 300-320kh/s. I'm currently using the following flags:
-g 1 --thread-concurrency 8000 -w 256 -I 19
CGminer is version 3.7.2, using Catalyst version 13.12.
If any more information is needed, I would be happy to provide it. Thanks for any insight.
My clocks are 750MHz and 950MHz for the GPU and VRAM, respectively, and haven't found any clocks that work any better after consulting http://litecoin.info/index.php/Mining_hardware_comparison, even when tweaking CGminer's settings. Higher clocks always result in lower hashrates, typically 300-320kh/s. I'm currently using the following flags:
-g 1 --thread-concurrency 8000 -w 256 -I 19
CGminer is version 3.7.2, using Catalyst version 13.12.
If any more information is needed, I would be happy to provide it. Thanks for any insight.
Re: When in 2013 shall Bitcoin break its all-time-high of $31?
Depends on when we get to the situation where mining difficulty is decreasing. History shows that every time the difficulty decreases for more than 30%, Bitcoin loses about 90% of its value.
Ok, it happened once, from June 2011 to December 2011. But still, you can see it here http://blockchained.com/, 7th chart from the top, titled Bitcoin difficulty vs market price logaritmic, all data.
It's quite logical. Decreasing difficulty means that miners are operating at the edge of zero profitability, and must sell almost all their new coins to cover the cost of electricity. Also, decreasing difficulty dampens the speculators' spirits. No new speculating cash coming in, and miners must sell.
Expect this phase to begin in 3 to 7 months, that is when a long slide down will start. If it loses 90%, it means going down to $100, but since we are at much higher levels now, it could be a bigger slide, it could easily go down to $10 to $50 range.
Ok, it happened once, from June 2011 to December 2011. But still, you can see it here http://blockchained.com/, 7th chart from the top, titled Bitcoin difficulty vs market price logaritmic, all data.
It's quite logical. Decreasing difficulty means that miners are operating at the edge of zero profitability, and must sell almost all their new coins to cover the cost of electricity. Also, decreasing difficulty dampens the speculators' spirits. No new speculating cash coming in, and miners must sell.
Expect this phase to begin in 3 to 7 months, that is when a long slide down will start. If it loses 90%, it means going down to $100, but since we are at much higher levels now, it could be a bigger slide, it could easily go down to $10 to $50 range.
The difficulty decreased because the speculation shot itself in the foot, not the other way around.
You should look at altcoin mining instead of Bitcoin mining. For example, you could mine on http://middlecoin.com/, which mines various scrypt-based altcoins and pays out in Bitcoin. Your 780 Ti could probably do atleast 400KH/s ( https://litecoin.info/Mining_hardware_comparison ), which from my experience would pull in 2-3$ every day.
You're looking at the wrong 7950 there - the commonly used card for mining is the AMD Radeon 7950, while the one you're referring to is the much older nVidia 7900GS. Not only is it much slower, but it's not capable of mining using current software as it doesn't support CUDA or OpenCL.
Anyone who doesn't think we've already hit the moon is crazy, I think. Appreciation of over two-hundered-and-fifty-times under two years from tangible, credible causes is practically unheard of.
Let's go to Mars
Let's go to Mars
I imported an old private key, untouched since about May 2012, into Multibit, and after scanning the blockchain it noted a balance of about 0.93 BTC. I tried to send this BTC to a different address of mine, and Multibit claims to have made this transaction, but it lists the transaction as "seen by 1 peer." The link it provides to Blockchain.info only gives an error on the webpage, saying the transaction doesn't exist.
Restarting Multibit came to no avail. What should I do?
Restarting Multibit came to no avail. What should I do?
Re: My last prediction of the year! This is a good one, I promise!
I think we will see some large scale miners going out of business in the future.
Or miners-gone-speculators. The introduction of ASICs has created a situation where I feel that miners that aren't immediately profitable will find rising prices to be an excuse to continue mining when they otherwise may not have. While I'm certain many already do so, it's going to be more prominent as these miners will have a much less liquid market to sell their hardware into than GPU miners did.
You can offload a few hundered GPUs as the demand for them is in the millions. You probably can't offload a few hundered ASICs in the same amount of time, and given how quickly mining hardware is obsoleted now, that's an issue.
Re: My last prediction of the year! This is a good one, I promise!
And so thought they on November 28th 2012 that they would wake up the next morning to a price increase.....nothing happened. The market will have this priced in long before the action.
I think it's more plausible this time, but still improbable. The impression I have of the mining market now is that everything's done on much tighter margins, and miners that aren't speculating ideally need to make at least some amount of coins to break even. When the reward halves, most miners conceivably will need twice the buying power per Bitcoin to keep their profits - or lack thereof.
It certainly will not be instantaneous, but I have a strong feeling that if miners are still on the edge when this halving date encroaches, prices will do something interesting.
+100 you gotta be a special kinda retard to equate falling prices that are result of greater efficacy and new technology with falling prices that are a result of a deflationary currency..
If argument is that in deflation, people will wait to spend, then why would people not wait to spend if they know tomorrow they can buy newer more efficient technology? Is there difference between waiting to buy because of new more efficient technology, and waiting to buy because of falling prices? Your statement implies lower price is bigger incentive to wait than new more efficient technology.
Sometimes I want things now, and this magical buying power could take a year to double.
I've been rather happy to buy things with my finite amount of Bitcoins simply because of the deflation. I used them on the ride up at around 400$. I used them near the peak at 1200$. I used them at the bottom at about 500$. I used them yesterday at 700$.
Would I in a bear market? Possibly. It all depends on how much of my total wealth I'm expending to buy an album or seven. It has nothing to do where the price is going, but only where it is.
My 8$ and some change.
Would I in a bear market? Possibly. It all depends on how much of my total wealth I'm expending to buy an album or seven. It has nothing to do where the price is going, but only where it is.
My 8$ and some change.
I have no clue what you are trying to say. When you say "simply because of the deflation" what are you talking about? Are you saying you used your coins because the price went down?
I admit that may have been a little vague. The recent rises in prices have increased the value of my holdings and therefore allow me to buy things with smaller percentages of my holdings. It's substantially more convenient for me to buy certain things using Bitcoin versus USD, and because my buying power with Bitcoin has gone up I don't need to use as much of my total stash to buy, say, gifts for xmas.
See you are just proving the point... you spent your coins because they went up in value, which means you didnt spend them when you believed that there was gonna be a run up in the price. Economies can function like that, people cant seize up the economy because they think that the currency is going to increase in purchasing power. Currency is the medium of exchange it is not the exchange itself. It is just a piece of paper, or a digit in a computer it has no value.
My mindset, before, was that buying the same stuff that I did (~650$ of gifts) would have cost me an entire quarter of my holdings in Bitcoins. Now, that 650$ was barely even a fourtieth of it. The thought that it might go up has nothing to do with it, as right now I full expect my holdings to be worth atleast ten times what they are now within a few years, and possibly ten times that in a few more.
I've been rather happy to buy things with my finite amount of Bitcoins simply because of the deflation. I used them on the ride up at around 400$. I used them near the peak at 1200$. I used them at the bottom at about 500$. I used them yesterday at 700$.
Would I in a bear market? Possibly. It all depends on how much of my total wealth I'm expending to buy an album or seven. It has nothing to do where the price is going, but only where it is.
My 8$ and some change.
Would I in a bear market? Possibly. It all depends on how much of my total wealth I'm expending to buy an album or seven. It has nothing to do where the price is going, but only where it is.
My 8$ and some change.
I have no clue what you are trying to say. When you say "simply because of the deflation" what are you talking about? Are you saying you used your coins because the price went down?
I admit that may have been a little vague. The recent rises in prices have increased the value of my holdings and therefore allow me to buy things with smaller percentages of my holdings. It's substantially more convenient for me to buy certain things using Bitcoin versus USD, and because my buying power with Bitcoin has gone up I don't need to use as much of my total stash to buy, say, gifts for xmas.
I've been rather happy to buy things with my finite amount of Bitcoins simply because of the deflation. I used them on the ride up at around 400$. I used them near the peak at 1200$. I used them at the bottom at about 500$. I used them yesterday at 700$.
Would I in a bear market? Possibly. It all depends on how much of my total wealth I'm expending to buy an album or seven. It has nothing to do where the price is going, but only where it is.
My 8$ and some change.
Would I in a bear market? Possibly. It all depends on how much of my total wealth I'm expending to buy an album or seven. It has nothing to do where the price is going, but only where it is.
My 8$ and some change.
it needs to change to mbits of something smaller because its a bit of a mess
and new users will struggle to equate value of a payment like 0.0035 to buy a coffee that costs $2.50 in fiat
a whole bitcoin will soon be out of reach for many people and the decimal point placement
is a bit tricky if we dont start using mbits or ubits etc
and new users will struggle to equate value of a payment like 0.0035 to buy a coffee that costs $2.50 in fiat
a whole bitcoin will soon be out of reach for many people and the decimal point placement
is a bit tricky if we dont start using mbits or ubits etc
The problem of decimals is fixed pretty well via punctuation that for some reason isn't standard (IE: 0.013,275,0 BTC is easier to make sense of than 0.0132750 BTC at a glance). On the other hand, I feel that we should switch to mBTC simply because many people don't initially understand the concept of divisibility. While it can be argued any new user should understand how the currency works, nobody in the general public really gives that much of a hoot and you know it
