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Showing 16 of 16 results by jack_jones
So I've got several old PCs lying around my house. They're all from around 2006... and certainly haven't been used for some time now. I'm just curious if anyone has tried to put their old PCs to work using Linux + Diablo. Is it even worth it to consider using old machines? Or is the only practical way to consider mining at this stage in BTC integration to get an entirely new rig?
_Jones
_Jones
Anduril - Thank you for your skepticism. We all need to remember that forums are supposed to facilitate discussion. As a minority community attempting to demonstrate the benefits associated with BTC adoption we should always be honing our arguments and solidifying our opinions.
That said, I have been thinking that hoarding is a big problem. But, have you heard about the event that occurred on April 4, 2011? Supposedly 30,000 BTC were sold over a short period of time. Considering that the supply of BTC was just over 5 million, this is an extreme amount. Indeed, a transaction of this size did have some control over the market - we saw the USD/BTC drop considerably. However, soon after the ratio adjusted back to its original level. This indicates resilience in BTC itself and maturity in the BTC community. For this reason I'm encouraged that hoarding isn't the biggest problem that BTC faces.
Furthermore, you're right in being concerned with the liquidity of BTC. In many capacities this goes hand-in-hand with the hoarding problem. Several things are certain, however: As more people accept BTC in exchange for goods and services, the more likely others will follow, the price will become less volatile, and the more liquid it will be.
That said, I have been thinking that hoarding is a big problem. But, have you heard about the event that occurred on April 4, 2011? Supposedly 30,000 BTC were sold over a short period of time. Considering that the supply of BTC was just over 5 million, this is an extreme amount. Indeed, a transaction of this size did have some control over the market - we saw the USD/BTC drop considerably. However, soon after the ratio adjusted back to its original level. This indicates resilience in BTC itself and maturity in the BTC community. For this reason I'm encouraged that hoarding isn't the biggest problem that BTC faces.
Furthermore, you're right in being concerned with the liquidity of BTC. In many capacities this goes hand-in-hand with the hoarding problem. Several things are certain, however: As more people accept BTC in exchange for goods and services, the more likely others will follow, the price will become less volatile, and the more liquid it will be.
Re: Silk Road and other illict purchases with bitcoins, good or bad?
I think it has been established that bitcoin value will go up with usage which we would porbably all agree is a good thing.
If illicit goods and services are traded with bitcoins that will presumably increase the amount of people using them, which should push up their value, right?
Obviously there is the ever present risk of governmental regulation which has the potential to shut things down completely.
What do you guys think, good or bad?
If illicit goods and services are traded with bitcoins that will presumably increase the amount of people using them, which should push up their value, right?
Obviously there is the ever present risk of governmental regulation which has the potential to shut things down completely.
What do you guys think, good or bad?
Bitcoins have gotten a significant amount of press over the past few weeks (months?) from sites like 'Silk Road'. For the time being I think that participation is the most important thing for the success of BTC. I don't think that BTC will ever be used solely as a black market currency, hence I think that the participation gains associated with Silk Road mostly benefit this community.
As to the anonymity issues associated with 'Silk Road'... I don't think that I personally will use 'Silk Road' for some time, but that shouldn't stop others entirely. I find this situation pretty analogous to the early days of torrents (using Napster, etc.). For the time being 'Silk Road' isn't perfectly secure, you're right. However, with enough participation the US government (as well as others) simply wont have the resources to track everyone down. I wouldn't go around buying loads of drugs if you hold a public office, have a government job, or even if you have priors. But, I don't think the US is going to be coming around knocking down doors for buying 1/8 of pot. At that point why wouldn't they just go to any college campus in America....
Re: In light of Mt. Gox... Time for a more professional trading platform?
It's not just Mt.Gox. Everything about this currency needs to be more professional.
What you see now just looks like a hobby currency. Adoption is slow but I think professionals are turned off by the early adopters fortunes. No matter how you try to explain it, a lot of people don't like the fact that a new currency can be invented and this can happen.
Sure, early discovers of precious metals, oil, rare earths etc. get the same thing. But this currency has been invented out of thin air. I think there is still a great lack of confidence in it. It could yet drop and be worthless.
Bit of a chicken and egg situation.
What you see now just looks like a hobby currency. Adoption is slow but I think professionals are turned off by the early adopters fortunes. No matter how you try to explain it, a lot of people don't like the fact that a new currency can be invented and this can happen.
Sure, early discovers of precious metals, oil, rare earths etc. get the same thing. But this currency has been invented out of thin air. I think there is still a great lack of confidence in it. It could yet drop and be worthless.
Bit of a chicken and egg situation.
Yeah I agree with your early adopter analysis. However, many of the first commercial websites grew into huge businesses (take books.com for example) and that didn't stop large scale adoption...
I think you're just much better off buying some BTC now and holding. Assuming you've taken the necessary precautions with you're wallet, you could buy over 65 BTC with that rig... unlikely you'll ever make up that difference.
Re: In light of Mt. Gox... Time for a more professional trading platform?
Absolutely necessary. Mt Gox has done some incredible things for the BTC community but I think that we need a more reliable service. What about NYSE to BTC??? 
Hmmm... I actually have the source code to what used to be a commercial poker site and it's client. Would be interesting to set it up, but I am sure the servers at least would need to be located outside of the US.
You think the US would shut down a gambling site that only uses BTC? It's fiat, why would they care?
Hi All,
I'm in the process of starting a BTC options exchange. I'll have more on that in a few days, and when I'm able to post in the wider forum.
Cheers
I'm in the process of starting a BTC options exchange. I'll have more on that in a few days, and when I'm able to post in the wider forum.
Cheers
Hey BTCOptions,
I've thought about this a good deal. How far along in the process are you? I'm very interested to hear about it. I develop with PHP, and have done significant research in options trading. PM me if you want to talk anything through.
Best,
Jack_Jones