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Re: Will bitcoin ASIC mining lead to litecoin or namecoin adoption ?
ok thanks, but what does it mean in practical terms? why is everyone talking about it? what effects will it have on the bitcoin world? thanks in advance!
CPU : GPU :: GPU : FPGA :: FPGA : ASIC
As the market matures, mining will progress towards more and more specialized hardware. This will allow for a greater hashrate given the same price.
CPU is general purpose
GPU is for several specific applications (mostly games)
FPGA is for even fewer applications, great at crypto
ASIC models will be made specifically with Bitcoin in mind
Bitcoin ASICs are controversial because at first one company will have a temporary monopoly on their manufacture. Expect a big boost in hash rate, and more people complaining about that monopoly until more manufacturers enter the market. Since this makes CPU even MORE obsolete, expect fewer botnet miners and more professional miners with lower profits - which in the long run goes to zero.
Really it sucks for miners but is great for users.
Ok, thanks. Very informative. Why is it good for users to have a boost in hash rate? Also, I still don't understand what ASIC is, it's better hardware that's designed specifically for mining bitcoins? It involves better software too or no? What makes ASIC so much better? How much faster will it be at mining? Is there some place where I can read lay discussion of this issue, I'm not that technically advanced. Thanks!
Re: Will bitcoin ASIC mining lead to litecoin or namecoin adoption ?
ok thanks, but what does it mean in practical terms? why is everyone talking about it? what effects will it have on the bitcoin world? thanks in advance!
Does anyone have up-to-date information on the correlation between cost of mining and bitcoin price? How much does it cost to mine 1 bitcoin? How has that cost changed over time?
Do people generally think there is a connection between mining cost and bitcoin price, or is that not considered to be relevant?
Thanks!
Do people generally think there is a connection between mining cost and bitcoin price, or is that not considered to be relevant?
Thanks!
http://blockchain.info/charts/miners-revenue
Thanks, cool site!
Does anyone have up-to-date information on the correlation between cost of mining and bitcoin price? How much does it cost to mine 1 bitcoin? How has that cost changed over time?
Do people generally think there is a connection between mining cost and bitcoin price, or is that not considered to be relevant?
Thanks!
Do people generally think there is a connection between mining cost and bitcoin price, or is that not considered to be relevant?
Thanks!
How many blocks are you at? Did you erase your blkindex.dat file to make it download the entire chain again?
I've got them now, I don't know what the problem was, program kept stalling. I would quit and restart and get 1 or 2 more, and then nothing. Even if I left it running forever. Finally it fixed itself.
This isn't the stock market. The Bitcoin market, and its investors, are extremely fragile. It won't take much to topple the house of cards.
It depends, the stock market can get overleveraged and overbought also. It remains to be seen whether Bitcoins have hit that point. The real question is who is buying Bitcoins now and why? Many of the big early holders got their Bitcoins from mining, not through debt financed purchases. Are new buyers buying with debt? Are they buying more than they can afford, and will need to sell them soon? Or are they mostly people who are intrigued by Bitcoins and just buying a few to take part in this cool system with some spare cash? Once the suckers buy en masse, that's when it will probably crash, although whether it will be a mini-crash or a major crash will depend on who the majority of holders are.
Potential gains BTC vs Silver...
(IMO Silver is the better choice out of the precious metals because of its price, dual usage as a PM and industrial, and lastly growth potential compared to gold, platinum).
Which is the better speculative and which is the better investment? Silver vs BTC?
(IMO Silver is the better choice out of the precious metals because of its price, dual usage as a PM and industrial, and lastly growth potential compared to gold, platinum).
Which is the better speculative and which is the better investment? Silver vs BTC?
Historical returns for commodities are terrible. Especially if you buy at an historically high price like Silver is at now. Just look at a chart for the last silver bubble in 1980 and you will see what is likely in store going forward. The volume on the most recent selloff was enormous, smart money has left this trade. I would suggest staying far away from silver, as it is likely to fall to mid-20's/mid-teens. I know many silver bugs disagree, but there are two sides to every trade, make sure you fully understand the short silver rationale before you go long. Silver may or may not bounce up a little more to 40/42 spot, but will likely fall very hard at some point in the near future.
As for Bitcoins, right now they are a great speculative pick, could easily go up a lot more, but just as easily could crash, very hard, so don't put any money in Bitcoins you wouldn't be fine losing 100% of.
Someone is buying bitcoins on bitcoinmarket for $14 or $15
Someone bought 10 BTC for $150 on Ebay. http://www.bitcoinfrenzy.com/2011/06/bitcoins-sell-for-15-on-ebay-why.html
Truly insane stuff is going on.
Yes it's false, but what they probably meant was that there's no record associating transactions to particular people. They definitely could have used clearer language, but the story wasn't completely off.
Why do you think the piece was bad? They addressed potential positives and negatives of bitcoins, and stated that Bitcoins may "do for banking what the internet did for publishing." Some innacuracies, but that is to be expected. If you ever read or hear a news story about something you know about, you realize they get about 65-75% of the information accurate usually, so NPR did a decent job in my opinion.
What y'all seem to be ignoring or understating is the utility to CRINIALS. Don't get me wrong, I see a huge difference between "illegal" and "immoral" so I'm not using the term pejoratively. Just as the internet itself and VCRs before that were largely technologies first adopted by the pornography industry, it will be criminals who will use Bitcoin first on a large scale. By the time the governments of the world get serious about stopping it, it will be far too late. This is a very, very good thing. Markets want to be free. We have a rare opportunity to profit tremendously by doing the right thing here and taking Bitcoin mainstream.
The caveat is that speculation can be overdone when leverage is used. BTC is definitely not ready for primetime yet and wide use of margin can collapse the price if liquidity is rapidly removed. selling into a bidless market is every investor's nightmare. When you get your margin call, you are wiped out. I suggest any leveraged speculators to Google "Bunker Hunt" for a specific cautionary tale concerning this peril.
The caveat is that speculation can be overdone when leverage is used. BTC is definitely not ready for primetime yet and wide use of margin can collapse the price if liquidity is rapidly removed. selling into a bidless market is every investor's nightmare. When you get your margin call, you are wiped out. I suggest any leveraged speculators to Google "Bunker Hunt" for a specific cautionary tale concerning this peril.
Who is buying on margin? How can you even do that? As I understand it the exchange does not allow for margin, is there something I am missing?
In options I have "Connect through socks4 proxy: Proxy IP 127.0.0.1 Port:8333"
That's already selected.
What should I do at this point? The number of blocks has stayed the same for days.
That's already selected.
What should I do at this point? The number of blocks has stayed the same for days.