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Showing 20 of 21 results by blazespinnaker
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Board Economics
Re: part of berlin really takin up bitcoins
by
blazespinnaker
on 27/04/2013, 00:26:32 UTC
This is what we need, is a small nation (preferably a warm one with great ocean front) started using bitcoin as their main transactional currency.

Obviously people would still have savings / investments / etc in other currencies, but somewhere you could go and pay for everything in bitcoin.
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Topic
Board Economics
Re: What if everybody wanted to move to BTC?
by
blazespinnaker
on 27/04/2013, 00:22:52 UTC
Quote from: PieStick on April 26, 2013, 11:06:25 PM
Hypothetical question:

What if everybody wanted to move from USD to BTC? Wouldn't the dollar become completely worthless after a certain number of people switched over, making it impossible for everybody else to convert their money?

Not impossible, but harder.  You'd probably have to get around 90% or so, before it'd became 'impossible'.

However ......  when you said "hypothetical", you kinda nailed it there.

I mean, hypothetically, if water started turning into wine, wouldn't wine merchants have a hard time making money?

Or, hypothetically, if I won the lottery, would I still have to go to work?
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Board Economics
Re: Housing Demographics Poll
by
blazespinnaker
on 16/04/2013, 19:31:06 UTC
He is!

I'm interested in the results as well.  Please vote!
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Topic
Board Economics
Re: Price leads hashrate not vice versa! (heck price leads everything!)
by
blazespinnaker
on 16/04/2013, 11:25:35 UTC
Transaction fees leads fundamental value of the bitcoin.    You can fake bitcoin destroyed days or number of transactions, but why would you fake transaction fees?   Not sure anyone is that dumb.

Not sure of about price being lead or leading though, that's some particularly crazy number subject to the madness of crowds.
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Board Beginners & Help
Re: How, I'm making 10-15% daily.
by
blazespinnaker
on 15/04/2013, 05:10:32 UTC
The strategy works in theory.   Or did until the markets all aligned themselves so the margins are getting pretty thin.

Unfortunately, there is VERY significant deposit risk.   If one (or more) of these smaller exchanges goes belly up, goodbye profits.

In fact, what a great scam.   Create another exchange, wait for day traders, and then vanish.
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Topic
Board Beginners & Help
Re: Mining: Where's the catch?
by
blazespinnaker
on 14/04/2013, 23:35:10 UTC
Quote
The "catch" is that you are grossly under-informed about how the bitcoin works, how they are generated, how the hashing network operates, and just about every other aspect. I suspect you have a few more hours of browsing the forums before you shed your newbie status. I suggest using that time to become more educated about bitcoin.

Now, I could be wrong.   I could be going out on a limb here.   I mean, just possibly .. don't quote me .. but do you think maybe, just maybe .. I mean just maybe that's why he posted in the Newbie forum and asked his question?

Naaah.   That'd be just too crazy.
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Topic
Board Beginners & Help
Re: Mining: Where's the catch?
by
blazespinnaker
on 14/04/2013, 23:32:35 UTC
Take a look at http://blockchain.info/charts/hash-rate

Notice how the hash rate is increasing rapidly.

Right now on a daily basis you are getting  (60 Mhs (your mining rate) / 60,000,000 Mhs) * bitcoins mined per day right now (~3600).  

Which is your idea of free money.

However, in a month or two, you'll probably be getting half that as the hash rate increases to twice what it is now.  

If you can find a way to get an ASIC miner very quickly, you'll be good to go, but if takes awhile.. it's a waste of money.
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Topic
Board Beginners & Help
Re: what happens if all bitcoins are mined
by
blazespinnaker
on 14/04/2013, 22:59:23 UTC
The biggest dangers to BitCoin is someone finds something specific to the protocol, hacks BTC Guild (or something similar) that lets them seriously(but subtly) mess with it and it isn't really discovered until too late.   

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Board Beginners & Help
Re: Fundamental value of a BTC
by
blazespinnaker
on 14/04/2013, 22:10:16 UTC
Not sure if it will ever stabilize as people will lose BitCoins.

21 million isn't a lot.

I agree though, I think # of transactions (specifically those not including mtgox and friends) are the best way to value it.

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Board Beginners & Help
Re: Cant connect to BTCGuild?
by
blazespinnaker
on 14/04/2013, 22:07:26 UTC
They're getting close to 51% of the network, I think they're trying to avoid that .. so they might just be shutting people out.

Let me know if you figure out the problem.
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Topic
Board Beginners & Help
Re: I ordered a BFL 50GHs - and THEN did the ROI math...
by
blazespinnaker
on 14/04/2013, 07:06:07 UTC
Well, you could ebay the miner once you get it.
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Topic
Board Beginners & Help
Re: I ordered a BFL 50GHs - and THEN did the ROI math...
by
blazespinnaker
on 14/04/2013, 07:02:17 UTC
http://www.btcguild.com/index.php?page=pool_stats

I didn't see that they were only going to add 1.5.   But hard to imagine they're particularly constrained for any reason.   The avalon/bfl folks have to deal with all that shipping nonsense, whereas ASICMiner can just ramp up as fast as possible.
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Board Beginners & Help
Re: I ordered a BFL 50GHs - and THEN did the ROI math...
by
blazespinnaker
on 14/04/2013, 06:19:43 UTC
Yah, I don't think BFL will be the problem, I think it'll be ASIC Miner that will probably develop some pretty massive hash rates pretty soon.
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Board Beginners & Help
Topic OP
Fundamental value of a BTC
by
blazespinnaker
on 14/04/2013, 06:12:20 UTC
Curious, what formula would you use to value the BTC?    Number of transactions?   Number of individual addresses?  Hash rate?

http://blockchain.info/stats
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Topic
Board Beginners & Help
Re: HOWTO: create a 100% secure wallet
by
blazespinnaker
on 14/04/2013, 04:33:19 UTC
Isn't there any specific hardware for this?
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Topic
Board Beginners & Help
Re: Offering PayPal for Bitcoin? You're likely to be labeled a scammer - Read why
by
blazespinnaker
on 14/04/2013, 04:27:43 UTC
PayPal seems like a nightmare for sellers, but is pretty nice for buyers.

And sometimes it's easier to sell a good product when your buyer knows he can reverse the payments if necessary.
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Topic
Board Beginners & Help
Re: Ripples and BTC
by
blazespinnaker
on 14/04/2013, 04:23:57 UTC
Hard to imagine XPR will be anything more than a novelty.  The secret to BitCoin are two fold, there is no central control and there aren't so many outstanding.

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Topic
Board Beginners & Help
Re: Terminology
by
blazespinnaker
on 13/04/2013, 02:29:47 UTC
cheers
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Topic
Board Beginners & Help
Re: Hi - Please help my friend in getting back his 30,000 bitcoins!
by
blazespinnaker
on 13/04/2013, 02:27:58 UTC
Quote from: alexandra_meley on April 13, 2013, 01:44:34 AM
Hi all,

I am new to this bitcoin thing so maybe I make some mistakes, please bear with me.

I have a friend who just contacted me and told me about this new thing called bitcoins. His situation is that he is in prison serving a sentence for I think 8 years, and he needs me to get his bitcoins.

He said two years ago he wanted to buy drugs on the internet so he used a couple hundred bucks to buy some bitcoins, he said he thinks there are around 30,000 of them but he is not totally sure.

But he never got round to using them and they are still sitting in his computer.

However when my friend was arrested last year the police confiscated his computer. I just asked the police for his computer, they told me because his computer was connected to his drug dealing charges it was confiscated, and it will be sold at public auction later.

My question is should I hire a lawyer to ask for his computer, and even if I got it how on earth do I get these bitcoin thingy back??

Hire a lawyer is a pretty good idea, don'tcha think?
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Topic
Board Beginners & Help
Re: Trust No One
by
blazespinnaker
on 13/04/2013, 02:25:30 UTC
Yeah, assume there's a reasonable chance anyone is going to steal your money and not delivery.