Bitcoins

dryhat

Satoshi wrote: »

Which ones lightcoin/world of warcraft currencies?

Remember e-gold?

There is also gold money these are not unbacked like bitcoin and world of warcraft virtual currencies.

Bye Bye troll.

I'm out.

sabretoothtigger

I used to mine BTC, its gone pro now. We're at the JCB stage of mining, spend 100k on a monster machine or go home.
I did get another royalty from an exchange yesterday though so I dont have to mine exactly.

WHO WILL RUN THINGS AND ON WHAT COMPUTERS AND WHO WILL PAT FOR IT ALL?

same as now, there is a small charge for transactions. If lots use the system its worth processing, if nobody uses it I presume it will just take longer as fewer people take the effort to verify and trasmit the infomation. It should be self adjusting


egold was centralised, not really related is it. We can talk Coke points if you want, thats of some kind of worth but again not really related.
The real alternatives to BTC are very similar just not as established.
Pennies to pounds they could be called I guess, sometimes nobody is even bothered with keeping them just like pennies but theres many exchanges and some retailers also take part but no where as many.
I notice Wiki refuses BTC donations? Like a busker only taking credit cards

Archi_Bald

More bitcoin crooks on the loose

http://www.bbc.co.uk/news/technology-24964426

paddyrg

Satoshi wrote: »

Thanks but I have seen similar answers before on the BitCoin forums, it just does not make sense.

who will run the worldwide transactions when no more mining is done? At the moment it is those doing the mining.

gold and silver are physical metals, bitcoin is virtual.

You partly answer your own question here, by virtue of bitcoin being virtual it doesn't require a centralised clearing system, and so can use a peer to peer model. It certainly is a clever system.

Personally, I see tears long before the pool is all calculated. The exchange value just now is staggeringly high, not following the favoured theories of traditional economists. Yes it is novel, but it does also suggest a lot of irrationality in the valuation (if you assume use is largely legitimate). To become widespread, valuation will need to become more rational as use is legitimate. The electrical (environmental?) cost of mining a new bitcoin now is so high for anything but dedicated custom built chip arrays that a value correction will either make it unprofitable to mine bitcoins, or only profitable to do so by stealing electricity.

dryhat

paddyrg wrote: »

Personally, I see tears long before the pool is all calculated. The exchange value just now is staggeringly high, not following the favoured theories of traditional economists. Yes it is novel, but it does also suggest a lot of irrationality in the valuation (if you assume use is largely legitimate). To become widespread, valuation will need to become more rational as use is legitimate. The electrical (embodiments?) cost of mining a new bitcoin now is so high for anything but dedicated custom built chip arrays that a value correction will either make it unprofitable to mine bitcoins, or only profitable to do so by stealing electricity.

There have been many suggestions for the reasons behind Bitcoin's phenominal price increase over the past 6 weeks.
(from about £80 to £300 today)

One of the suggestions is that small scale miners are giving up in droves and buying bitcoins directly instead, thus raising the price.

Satoshi

There bound to be a large dip down in the future, just like last year when it went over $260 crashed down to $50 again.

Next big dip I want to buy my first bitcoins. But I view it as speculating not investing.

paddyrg

Satoshi wrote: »

There bound to be a large dip down in the future, just like last year when it went over $260 crashed down to $50 again.

Next big dip I want to buy my first bitcoins. But I view it as speculating not investing.

Just be aware they're only worth what you can sell them for. It is dangerous thinking to assume a low period is a dip in a rightfully high value, it might also be the start of a collapse.

[Deleted User]

Satoshi wrote: »

Sounds too problematic, say I wanted to process transactions and charge a fee for doing so, how could someone trust me and have confidence to pay me the fee? There will surely need to be some central authority once all of them have been mined. The only way it works without a central authority now is because people have incentive to let their computers be used.

I do not believe that the end of bitcoin mining is anything like a hundred years away. Do you not understand exponential arcs? That number is worked out by the current number of miners assumed to be continuing the same numbers.

The mining part of the Bitcoin network serves 2 purposes: 1. Release of new coins (until the upper limit is hit) 2. Process transactions.

If bitcoin carries on the same exponential curve it will be sooner.

You desperately need to read up on how Bitcoin works. The network automatically adjusts for the speed at which things are being mined, although yes it's possible the mining will finish earlier than expected, it cannot finish hundreds of years in advance. The network automatically adjusts difficulty based on the total hashrate of participating miners.

DiggerUK wrote: »

I only ever see posts from those who have bought, or who are thinking of buying bitcons.
Why do we never see anything written by those who have succeeded in mining the coins. Is it because nobody has ever mined them, and is the reality that it is just a pair of Kray type brothers who are selling these crypto cons to suckers.
..._

There are a lot of people who have mined them, anyone can mine them, you're welcome to go and buy a miner now and mine them, or run it from your computer, the mining system is provably true, because you can look at the blockchain, every transaction is registered. You can look at the source code for Bitcoin if you link, it's all open: http://github.com/bitcoin

Also the mining process is required for the network to work, mining is how transactions are validated, if nobody was mining it would not be possible to transfer BTC.

There are most definitely problems with Bitcoins long term viability as a currency, but a lot of the problems you're wheeling out are fairly low on the list of potential problems that have long since been discussed and a consensus has been met. If you're genuinely interested in the protocol and understanding it, the Bitcoin wiki (and bitcointalk forums) contain a wealth of information and they welcome questions from those that are not sure -- although if you're dismissive of the technology people will be less inclined to help you.

Satoshi

paddyrg wrote: »

Just be aware they're only worth what you can sell them for. It is dangerous thinking to assume a low period is a dip in a rightfully high value, it might also be the start of a collapse.

Im fascinated by bitcoins and dont mind the risk, what is the smallest amount of bitcoin you can buy?

[Deleted User]

Satoshi wrote: »

Im fascinated by bitcoins and dont mind the risk, what is the smallest amount of bitcoin you can buy?

There is no central authority that sells Bitcoins, anyone can buy from anyone that holds them so it's up to whoever is willing to sell if they'll sell the small amount you may want. Bitcoins are divisible down to 8 decimal places, so you could buy 0.0000001 if you find someone willing to sell that few. Right now 1 BTC is worth about $450 so you can divide that how you wish.

Try to find someone locally: https://localbitcoins.com/