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Showing 20 of 120 results by RedhatCAT
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Board Beginners & Help
Re: Did you earn some bitcoin today?
by
RedhatCAT
on 01/06/2015, 17:43:32 UTC
Yes, from signature campaign and I sell bitcoins to people in person at market + 5-10% depending on the person and the amount.
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Board Economics
Re: What Will it Take For BTC to Reach $1000?
by
RedhatCAT
on 28/05/2015, 15:00:03 UTC
BTC will hit $1000+ again but no time soon, ONLY after security measures are put in place to make BTC a "safe" investment. Safe in terms of reasonable investment security, currently there are far too many ways to lose your money than to make it.
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Board Bitcoin Discussion
Re: BTC in your country
by
RedhatCAT
on 20/05/2015, 13:12:39 UTC
I’m from Australia. A lot of my acquaintances have hear about BTC, but almost no one use it because they think bitcoin is a scum or they don’t understand it.
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Board Scam Accusations
Re: primedice is a scam
by
RedhatCAT
on 19/03/2015, 16:38:54 UTC
It would help if you were to give some kind of evidence to backup your claim.

I hope that you realize that it is 1% per bet that you should expect to lose on average over the long term. So if you are making 1 BTC bets, then over time you will loose .01 per bet
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Board Economics
Re: What do you guess about he future of bitcoin?
by
RedhatCAT
on 19/03/2015, 16:37:05 UTC
It should be expected that the price of bitcoin be unstable in it's early years. The same is true for most other currencies. It you were to look at a longer term graph, you would see even more instability.

Over a much longer term the price of bitcoin will likely eventually 'settle down' to more normalized levels (be it either higher or lower where it stands now) as more adoption will likely cause the price to stabilize
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Board Meta
Re: What did theymos do with 200K?
by
RedhatCAT
on 10/03/2015, 00:29:10 UTC
Yes of course but maybe this money could go towards philantrophy or something worthwile to the community. I agree that maybe the money would just be sitting there, but 1.5 million for a forum software is absolute madness. All free or cheap forum software is 100% tested and is definitely enough to handle load. SMF is free (just checked there site and its a free download) and look how well it is holding up now. So hire some designer for at most a couple thousand dollars, and hire someone to do some features and there you have it a good forum.
The donations were specifically for a new forum/new forum software. This was something that theymos explicitly said he was going to use the donated money for. After the $1.5 million is spent and the new forum is complete then the forum will still have a lot of money left over that is specifically earmarked for new forum software, due in part to the fact that the price of bitcoin has appreciated so much since most of the bitcoin was donated.
True, I was never really interested in sending over 3 thousand dollars to a forum (10 btc), so I never read the donation page. If he did say that he would use the funds for the forum software then yea I think its a good idea then. Still, hard to get over the fact that a new forum costs 1.5 million dollars.
If you are not aware of the facts then you probably are not qualified to be making comments about the question at hand.
Haha...suckers donated to people who sold the forum withing a couple weeks...

The forum wasn't sold (or given away). Past and future donated funds will be used to pay people to develop the forum software.

A million dollars (or even two million dollars) is really not a lot of money to be spending to build a piece of software that is used for a half million people, many of which conduct a lot of business on
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Board Meta
Re: What did theymos do with 200K?
by
RedhatCAT
on 10/03/2015, 00:11:02 UTC
Yes of course but maybe this money could go towards philantrophy or something worthwile to the community. I agree that maybe the money would just be sitting there, but 1.5 million for a forum software is absolute madness. All free or cheap forum software is 100% tested and is definitely enough to handle load. SMF is free (just checked there site and its a free download) and look how well it is holding up now. So hire some designer for at most a couple thousand dollars, and hire someone to do some features and there you have it a good forum.
The donations were specifically for a new forum/new forum software. This was something that theymos explicitly said he was going to use the donated money for. After the $1.5 million is spent and the new forum is complete then the forum will still have a lot of money left over that is specifically earmarked for new forum software, due in part to the fact that the price of bitcoin has appreciated so much since most of the bitcoin was donated.
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Topic
Board Bitcoin Discussion
Re: blockchain.info now shows CHINA mining 54% of BTC
by
RedhatCAT
on 10/03/2015, 00:08:38 UTC
this is pretty alarming

not really..

after all. for atleast a year, maybe even 3+ years america was dominating the mining..
The US government does not quite have as negative view on bitcoin as the Chinese government does. There is also a lot more corruption throughout the Chinese government, and overall less rule of law when it comes to private property. This means that it would be more conceivable for the chinese government to seize chinese miners and use them to attack the network
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Topic
Board Micro Earnings
Re: In 2015, faucets are bad for bitcoin
by
RedhatCAT
on 09/03/2015, 05:17:52 UTC
Faucet is not worth time & enegry, but it needed to introduce newbie to understand bitcoin
But, after they realize faucet is not worth. They would search better way to earn bitcoin like gambling with faucet / do signature campaign
You are correct in saying that faucets are a very good way to get people to become knowledgeable about bitcoin as several faucets do contain good information about bitcoin and how bitcoin works. However faucets quickly become something that causes someone to make very little BTC - well under the amount that one would expect to earn in a minimum wage job
Quote
I think only owner of faucet & miner are the one who get profit from faucet
I am not quite sure what you are saying here, but I think it is safe to say that I disagree
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Board Bitcoin Discussion
Re: Question about the price gap between BTC-E and Bitstamp
by
RedhatCAT
on 09/03/2015, 01:14:43 UTC
Since no one really knows for sure, and the fact that I do not like anyone's answer so far, I will chime in....

I would say that the reason would be that btc-e offers more privacy protections then bitstamp, therefore people are more inclined to sell on btc-e then they are to buy on btc-e as they do not need to go through the AML/KYC verifications that bitstamp (and other exchanges) require their customers to go through
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Board Bitcoin Discussion
Re: What is the purpose of creating a new wallet for, why not use just 1?
by
RedhatCAT
on 08/03/2015, 23:06:53 UTC
For further clarification
-snip-
"Bitcoin Address": A string of letters and numbers typically starting with a 1 or a 3 that is used when creating a transaction to control who will have access to the bitcoins.
You should create a new one of these every time you receive bitcoin. There are a few exceptions to this rule, primarily when you are expecting to receive bitcoin from some kind of service multiple times and they offer an option to "lock" your payout address as an additional security measure. When you send bitcoin from that 'dedicated' address, it is best to always send to a previously unused address
"Bitcoin Wallet": Software or a service that allows a user to manage one or more bitcoin addresses along with the associated private keys, and typically provides an interface for creating transactions and identifying the total amount of bitcoins under the wallet's control.
Generally speaking most wallet services allow for some level of coin control, however it is generally best to create multiple wallets to promote additional privacy. Even though wallet services allow for coin control, people make mistakes, and you may inadvertently sign one transaction with two private keys that you intended to keep disassociated with each-other, having multiple wallets helps prevent you from making that mistake  
"Bitcoin Account":  A service provided whereby you turn complete control of your bitcoins over to the service provider and trust that they will return those bitcoins to you upon your request in the future.  (Some service providers will misleadingly call this a "wallet".)
I may be incorrect on this, however I believe that some people (including satoshi) at one point called a bitcoin address a 'bitcoin account'. Additionally, today, some services allow the user to retain control of the private keys when creating an 'account' (for example coinbase multisignature vault - the private keys are generated either in the browser or by coinbase - I am not sure which and do not have the resources to tell you which applies - although you will need to trust coinbase enough to believe they will not retain a copy of the private keys after they give them to you). For the above reasons I would dispute this definition.
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Board Bitcoin Discussion
Re: Bitcoin For Retail
by
RedhatCAT
on 08/03/2015, 22:20:27 UTC
Could anyone tell me the best system for using Bitcoin or any other currency for a retail operation?

Bitpay or coinbase is probably your best bet. Good luck.
I am fairly certain that the OP is referring to a retail physical store, as in someone who is essentially accepting a 0/unconfirmed transaction all the time. I don't believe that coinbase/bitpay actually accept 0/unconfirmed transactions, although they do mark it as 'paid' once the tx is broadcast to their node.
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Board Mining speculation
Re: New Diff thread Mar 8 to Mar 22.
by
RedhatCAT
on 08/03/2015, 20:47:04 UTC
My guess is +1.51% to +1.75%

Does anyone know if suchmoon actually plans on continuing?

your pick is taken see above notlist3d,

As for this promo so far suchmoon has not confirmed he will run it anymore.
I change my guess to +1.26% to +1.50% (didn't see him)
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Board Mining speculation
Re: New Diff thread Mar 8 to Mar 22.
by
RedhatCAT
on 08/03/2015, 20:05:52 UTC
My guess is +1.51% to +1.75%

Does anyone know if suchmoon actually plans on continuing?
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Board Lending
Re: [Filled 100% Thank you!] BTCJam Loan 10 BTC | 31.31% APR | 6 months
by
RedhatCAT
on 08/03/2015, 20:03:50 UTC
3 quick points:

1 - I will update this thread after each payment.  Smiley
2 - Somebody please explain me the logic of autofilling my loan.
3 - I'm anti-apple.

1 - I doubt that anyone here cares about the status of your loan as it was very unlikely that anyone would have been willing to take on enough risk to "invest" in your debt
2 - Since there are were only enough suckers to fund ~5 BTC of your loan, you would have received nothing as the loan would not have funded, so instead in invest the remainder of the loan to get it to fund and then run away
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Topic
Board Scam Accusations
Re: Chinese Mining mogul FriedCat has stolen more than a million in AM hash SCAM
by
RedhatCAT
on 08/03/2015, 19:26:21 UTC
BREAKING NEWS: Rock Xie discloses communication with Friedcat:

https://www.bikeji.com/t/1228

We need to translate this ASAP
The fact that the emails were posted as pictures isn't going to help anyone trying to translate them into english. They are timestamped late 2014 up to mid January 2015 which is around the time that FC last logged in. IMO this is really not going to give any additional information
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Topic
Board Mining speculation
Re: When payout per block halves, how will that effect difficulty?
by
RedhatCAT
on 04/03/2015, 02:27:55 UTC
Difficulty will only drop if a lot of farms turn off their gear. It's likely that most folks will be mining at a loss for the first period after the halving. What sucks is, since mining only alters the total supply by a fraction at a time, the supply/demand curve won't be moved very much at all by the halving so it won't have much effect on the exchange rate.

Using the same argument, why don't you think that most of the miners are alreayd giving up(looking at the low prices ) ?
Shouldn't we also expect a drop in difficulty right now ?

https://blockchain.info/charts/hash-rate  This doesn't seem to indicate that.

Shouldn't the hash rate actually go down knowing the sites like C_Cex shut down mining.
I expected to see a drop in hash power as well.
CEX.io shutting down payments because the maintenance fee > earnings is not the same thing as the gear being unprofitable to run at all. That would only be the case if the maintenance fee they charge per GH/s is their actual cost.
I would say that it would be fair to say that cex's maintenance fee is roughly in line with their actual costs. I am sure they are/were making a profit off of their maintenance fees, however I would think their margins were pretty thin.

Additionally it would be a good guideline even with a small profit as miners would not want to keep their machines on just to essentially break even, they want to expect at least a small profit after costs to account for the risk they will have bad luck
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Board Mining speculation
Re: Feb 22 to March 9 diff thread with contest included.
by
RedhatCAT
on 04/03/2015, 02:21:51 UTC
lookin' at the btc price trend  Cry i think we are fucked....
if price goes back to ~220$, or under,  we may see negative dif again
I am not sure the chances of the price being under $220 for long enough to make a difference are very good. There is only ~4.4 days left until the next adjustment and the price would need to be below that level at least a good two to three days prior to the adjustment in order for it to have any meaningful impact on the difficulty change.

I would say it is more likely that more miners will be turned back on as the price has recently increased
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Board Bitcoin Discussion
Re: Free BTC Methods
by
RedhatCAT
on 04/03/2015, 02:16:54 UTC
this is like saying free money methods...

there are some chances to get "free" bitcoins but there is always a work behind that chances

for sure ... always have to give something back so I can get BTC, either work, or anything else.
no free lunch in the world!At the beginning you have to do something to earn it. Then you can invest it in some great projects and let your invested money earn money for you! Then you can relax and do nothing.
This. There are many people on here that are saying that you should use faucets, however they do not realize the amount of time required to be put into actually receiving faucet funds. Nor do they understand the fact that the reason they are receiving funds from faucets is because they are viewing advertisements and therefore are not receiving "free" bitcoin
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Topic
Board Bitcoin Discussion
Re: Too much adoption
by
RedhatCAT
on 04/03/2015, 02:05:21 UTC
I believe the current limit is about 7 transactions per second, which gives us 604800 transactions per day, way above the current ~100000 transactions per day on the network.

7tps is impossible.  It is a computed value assuming the minimum size txn with only a single input and single output.  A more realistic range would be 2 tps to 4 tps per MB of block size.
This is true, as you explained in your thread arguing against keeping the max block size at 1 MB.

However thinking that the number of transactions per second will (near) instantly jump to 1 million is just not realistic. What would more realistically happen is that the number of TPS would increase over time which would give enough time for the network to be forked to allow for a higher number of TPS (via a larger max block size).

If we were to see a(n average) number of TPS that effectively brushed up against the maximum for a medium period of time, then we would see a period similar to some parts of 2013 where we saw confirmation times effectively increase, and the effective minimum tx fee required to have your tx confirmed in the next block increase