It also got me thinking about the future price of Bitcoin discussion in a new way. I've seen semi-convincing arguments of $100,000 or $1,000,000 per coin, but they don't mention mining or difficulty. If the price really gets that high, as you said, the number of mining operations would double all along the way. From $100 to $200? Double. $200 to $400? Double. If the price does go through the roof and people don't invest in mining to get some "free" coin, they'd be missing out.
The price of BTC has nothing to do with whether the mining equipment is profitable. If you buy a miner for 10 BTC and it never mines back 10BTC it's not profitable, it doesn't matter how much the value of BTC increases, you'd still be better off holding the BTC you had in the first place (or buying it if $ is what you had).
Thats not correct, if everyone bought btc instead of hardware that secures the network for the long term... Then the value is much more likely to plummet someday. A bunch of hardware is basically strengthening bitcoin for the longterm, maybe even reducing volatility
When the Mrs and I started getting serious about our bitcoins, we bought a laptop only to be used to mine bitcoins and perform bitcoin transactions. We never use it for anything else and keep it updated. Never had a problem with any site or service, but then we dont allow any of them to hold any money or coin for more than a few hours. We use it immediately and either send the coins to our own bitcoins wallets, or we send the cash to our bank - which is a bitcoin-only account. Also, when signing up for sites and services, use long passwords with lower case, upper case, numbers, and special characters. I use KEEPASS for name/password combinations that are long, then its simply a matter of copy and paste. Lastly, we have our laptop hard drive encrypted with truecrypt and have many backups of our wallets saved to hard drive, memory cards, cds, usb drives, and online in the cloud a few places, and of course we have copies cached in all of our online email accounts.
Now you just need to stop running that damn mouth off of yours! Now i know i just need to steal your clipboard contents for passwords...
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Re: should I just get used to this?
by
Meatpile
on 27/07/2013, 15:23:02 UTC
It is really not right to blame victims but... Do you have a learning deficiency? Stop giving other people control and complete trust.
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Re: Piper Paper Wallet - Why are there no replies???
by
Meatpile
on 22/07/2013, 16:17:53 UTC
Well you asked: because its a shitty idea.
I dont understand the desire to tie brand new ideas to old annoying terrible things like a paper printer. The whole idea is ruined by the slightest amount of time or moisture.
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Re: Let's get bitcoin support for OUYA!
by
Meatpile
on 18/07/2013, 00:52:31 UTC
The best game is called towerfall, and for me it is worth the $250 for console, 4 controllers and this game... But fuck sake they sure are assholes to require always online authentication for a $15 game....
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Re: Trailer Park Boys Accept Bitcoin! (Swearnet.com)
by
Meatpile
on 06/07/2013, 12:59:44 UTC
Poor bastards, that other show they tried to make was terrible, cant even remember the name of it anymore
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Re: Wikimedia is irrational in not accepting Bitcoin payment
by
Meatpile
on 03/07/2013, 23:59:23 UTC
I think you are a bit irrational. As much right as you have to value bitcoins, everyone else has as much right to deem them worthless.
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Re: What Litecoin means for Bitcoin (and crypto in general) once it's on Mt.Gox
by
Meatpile
on 21/06/2013, 23:54:28 UTC
What it means is a never ending stream of BUY THIS NEW ONE perpetual annoyance that really devalues the whole idea of digital currency to me
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Re: More info on the MtGox ‘Temporary Hiatus on U.S. Dollar Withdrawals’
by
Meatpile
on 21/06/2013, 02:41:41 UTC
Oh you mean you cant do business as usual with a company doing illegal money transfers and in the middle of a lawsuit worth multiple years of its income? How strange
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Re: CampBX - Dwolla deposits taking forever as opposed to 'Instant'?
by
Meatpile
on 13/06/2013, 13:39:16 UTC
Dont you listen to any news? Everything you do needs to route through all the worlds spy agencies now, expect ping times in the days
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Re: Will bitcoins become illegal?
by
Meatpile
on 01/06/2013, 13:16:06 UTC
It doesnt have to, harsh msb fees will make it infeasable
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Re: Jim Rogers on competing currencies
by
Meatpile
on 30/05/2013, 20:27:30 UTC
Some illiterate contextless quotes from an interview with a guy who says he barely knows of bitcoins existance?
"just keep enough money in your wallets that you are willing to lose" is the worst excuse anyone can come up with. If it cant be secured then its bullshit and shouldnt be considered useful in the least
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Re: Let's Talk about Scamcoins - Researching for Let's Talk Bitcoin! show
The whole premise upon which Freicoin is based, that "hoarding" is somehow bad (we prefer to call it "saving") is flawed. It springs from the Marxist school of thought that is against the concentration of wealth in the hands of anyone, even if the that concentration came about by providing goods and services that people want.
That opinion is a little narrow minded, if the freicoin (or some alternative) had other properties that somehow made it really easy to exchange into and out of, then whats wrong with it acting as an economic exchange mechanism where saving can be done in another currency? Isnt it possible a digital asset could be more price stable if it wasnt hoarded in?
Just because a tool is designed for not saving it... Doesnt mean it wants to outlaw all saving of other tools
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Re: The Holy Grail! I wish I could kiss the author of Bitmessage on his face.
by
Meatpile
on 22/05/2013, 18:17:56 UTC
Bitmessage sounds a bit unscalable, the white paper says you are attempting to decrypt every single message that comes in over the wire with all of your local keys... That would quickly get wasteful and cpu intensive
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Re: US Regulations to "Rule them all?" - Look at this
by
Meatpile
on 21/05/2013, 12:20:08 UTC
Sounds like bullshit, why would government agencies ever take the time to warn businesses they are Not under their control?
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Re: Ripple trying to take over the Bitcoin Discussion thread
can Ripple technology work without the use of the "built in currency"?
No, because XRP is needed to facilitate transfers.
Having a native currency is why Ripple is succeeding where Open Transactions and the original Ripple failed.
Everything is so much clearer when they say something so fucking stupid,
so ripple... Which itself is not open source yet. ?. Has succeeded! Where open transactions a clearly superior system still under active development and testing has failed already?
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Re: New video: Why the blocksize limit keeps Bitcoin free and decentralized
by
Meatpile
on 17/05/2013, 13:21:03 UTC
Reminds me of those movies where they start out with all this proven science .. Then suddenly go off on a batshit crazy tangent