No Martijn, you won't. It's unlikely that the smartphones have enough power to ever even submit a share, let alone find a block. You are severely mistaken if you think even millions of smartphones mining for one person would make even close to a bitcoin within one year.
267 posts • joined 11 Sep 2012
Re: Pissed again?
I'm not a big fan of consumer protection myself. I live by this: Caveat Emptor. If I buy shit, it's my own fault, not the merchants. If I want something to be of quality, I will have to research the matter, this is not only educating but also helps making better decisions.
The trick is not to see Bitcoin as an intermediary between fiat (€/$/£), but as its own currency. Currently the forex rate changes drastically because it's currently driven by speculation, not adoption. This will continue for another few months to years at least, but at some point the speculation will die down and adoption-driven valuation will take over.
Re: Bitcoin - the new Second Life
@I ain't Spartacus
The plan is simple and it's already being carried out...
With every Bitcoin transaction you make you have to attach a fee if your transaction is larger than a specific size (I don't know it from the top of my head, but I think it was 1 KiloByte). The minimum fee you have to attach to your transaction for the network to relay your transaction is 0.00001 Bitcoin which is currently around 0.005USD. This number is expected to be lowered further in the future. The current system lets the miners prioritize transactions by their fees. Miners compete for high priority transactions (those with the highest fees) because that means they get to keep these fees themselves, which means that miners will consider transactions with higher fees more important than transactions with lower fees. That's why a small part of a block is reserved for high priority transactions and a bigger part is reserved for lower priority transactions. Some miners (like Eligius for example) allow you to create fee-less transactions and invalid transactions and will still include them in the blockchain if you are directly connected to their node.
When no new coins are created anymore, the idea is that the transaction fees will cover the miners expenses, currently this is not the case, as the daily transaction volume is still very low, so for this to work Bitcoin has to be accepted more widely.
Re: Bitcoin is strongly deflationary
How again is Bitcoin deflationary? I'm pretty sure that deflation means that the supply of money is getting lower, so less money is in existance, on the other hand inflation would mean that more money is coming into existance.
At the moment Bitcoin is inflationary, due to the mining reward currently being 25 bitcoins. A long time in the future mining will no longer carry an inherent block reward, besides collected transaction fees, at which point Bitcoin will cease to be inflationary. But at this point no supply is lost either. Apart from the one or two invalid transactions here and there, which are usually not confirmed by miners, and maybe a few deaths of careless bitcoin owners, no bitcoins are ever lost, so saying it's deflationary is just plain wrong... Bitcoin isn't as two sided (inflation vs. deflation) as you would try to make people believe, because if supply remains unchanged, bitcoin is neither inflationary nor deflationary.
Mark Karpeles was the CEO of Mt.Gox. Not it's founder. He bought it from someone after it already was a more or less established exchange.
Also @ Commentards: It's Bitcoin (the protocol) and bitcoin (a unit of currency).
BitCoin doesn't exist, it's not the correct word. This is very clearly defined as such.
Next thing they'll come up with is gonna be a "drive" that has an RJ-45 connector on one end, S-ATA on the other and they'll offer "Cloud-HardDrive" where all data is directly streamed from the cloud. They'll go with 10TB and above at 50+ quid per month + 10 quid per month if you want the WiFi variant.
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Re: Legal vs Illegal
I totally agree with you. The only problem I see with that: Legals can't really up their game: If they want to increase their selection to all-encompassing they'd basically become a monopoly. And while I wouldn't have a problem with that, people like the Office of Fair Trading or Federal Trade Commission wouldn't be too happy, slamming said monopoly in the face.
That's why we can't have nice things.
If only I could stream recent and old 1080p movies and tv shows on demand with original audio (I'm German, everything gets localized here) without having to buffer for hours. I'd be sure to drop 50-100€ per month (as long as the selection is as vast as they are on pirating platforms).
But it's not done. So I'll keep on doing what I'm doing now.
PS: even 720p would be fine as long as it's h.264 encoded with at least 5mbps and does not need Microsoft Silverlight
DRM free is the way to go (see humblebundle.com and gog.com )
Bitcoin, not BitCoin. It's very clearly defined and constantly misused...
Also: DVRs mining Bitcoin is incredibly stupid as it will not make any money at all. 600GH/s worth of power (10x the ASIC power of a BFL Single) brings 0.05btc per day, without subtracting electricity costs. This is already almost nothing. You'd need millions upon millions of infected smartmobes and DVRs to make even the tiniest amounts of money with this. I doubt the hackers are doing it for money, more for disrupting either the DVRs or to enforce the reputation Bitcoin has as the "evil man's tool"
Just made the calculation: If you had 1,000,000 Raspberry Pis mining 24/7 you would make a whopping 144usd per month!
Edit2: If you want to calculate for yourself: A Raspberry Pi (example for an average ARM processor) can hash with ~100kh/s when overclocked
Re: This would be funny except ...
"Do remember that, apart from one return, "train tickets" need only be one way. Every little helps ...."
Wouldn't it be environmentally better than, if all tickets were return tickets with the seats on the return ride empty? Train has less mass (due to seats being empty) and thus requires less energy...
They were their banking partner. I don't see how it's justified to sue them, after all they aren't responsible for what their customers do.
This is going to turn out very bad for many other Bitcoin businesses, as potential banks will now look more than twice if they should accept a Bitcoin business as their client, as "these people" seem to be quite sue-happy.
Re: Equal Justice? Nope ....... Next stop and logical step, rope for dopes with no places to hide?
"Settling charges it gave drug lords and terrorists access to the U.S. financial system, British banking giant HSBC (HBC) agreed to pay a record $1.92 billion on Tuesday and accepted responsibility for inadequate anti-money laundering compliance."
And where do you think do these $1.92 billion come from?
Every customer of HSBC, of course. This is not something the executives have to pay from their own pockets. These 1.92b will just be slapped onto the regular fees and then handed down to the customer. No real damage done.
Re: Come and get them
I totally agree with you. Bitcoins could still exceed $10m dollars per bitcoin tho and still be very much feasible. The 8 decimal places limit isn't carved in stone by Thors mighty hammer Mjöllnir. If necessary the developers of Bitcoin could enable bitcoin to have 10 or 20 decimal places. This doesn't pose a problem. Bitcoin will take quite a while to hit $10m a piece tho. I'm sure of it.
Re: Aren't the ASICs so fast because they're, well, ASIC?
"It's not so much that as it is that, given the knowledge you got from making mining ASICs, you can make a codebreaking ASIC, tape it and such in a short period of time. IOW, it's becoming a lot quicker to turn out NEW ASICs because the Bitcoin boom forced everyone to find ways to speed up IC development."
SHA256 is an openly specified algorithm. Many papers exist about optimized sha256 implementations. If you know even the tiniest amount about Verilog, you can make a Bitcoin ASIC. I have worked on a Bitcoin ASIC for a friend a while ago and they just taped out. And I had 0 prior knowledge about SHA256 or ASIC development.
Then you have to consider that cracking passwords is a whole other deal than mining for bitcoins. It may look like the couple bitcoin ASICs hashing at 19 peta-hashes per second are doing a lot. But they really really aren't. SHA256 is a 256 results are 256 bit long numbers. That means that there are 1.1579208923731619542357098500868790785326998466 × 10^77 different possible outcomes. And thats not the smallest number I've ever seen. so at 19 petahashes per second, at pure brute force it will take roughly 1.9324963489898961825344299081532201769952132344 × 10^53 years to calculate all possible hashes. Have fun mate.
Re: Bitcoins traceable for most users
@PyLETS I don't get your point. Bitcoin transactions are tracable no matter if they were sent through a vpn via TOR or whatever. To actually make Bitcoin transactions, these transactions have to be public and known to every node, otherwise the transaction never really happened.
And if you are talking about finding the source IP for a transaction: What is easier than to load your private key onto blockchain.info and start sending away? Not blockchain.infos IP is the source of the transaction. But IPs do not matter.
What you could do to hide the origin of a transaction is using a mixing service, there are also simple ways to work around cheap mixing services. And even if you get rid of all of your coins in a mixing service and get "new" ones, its a reasonable assumption that they're just as tainted as the ones you gave away.
Re: Has he been convicted yet?
Those aren't his bitcoins. These bitcoins are the property of The Silk Road (mainly liquid bitcoins, so bitcoins of pending sales and general stuff to handle server costs. So not the private stash of DPR or Ulbricht.
Thus they can be legally sold without convicting him of any crimes.
Re: 2 comments
Litecoins are barely profitable to be honest. If I were you, I'd look in pools like middlecoin.com which mine different cryptocurrencies based on their profitability and sell them for bitcoins, which go directly to you. My two r9 290x are mining every day when I'm at work and my PC isn't needed for gaming or other purposes and are pulling in 0.008 bitcoins per day like this.
Re: Magical Internet Money
I agree that mining litecoin is practically improfitable. I'm using middlecoin.com to mine various crypt-currencies and auto-sell them for bitcoin. I make around 0.01 bitcoin per day if I only run the gaming PC while I am at work and have it either off when sleeping or in use for gaming the rest of the day. Thats around $8 per day at electricity costs of roughly $4 per day. I am using 2 R9 290X cards for mining scrypt... Probably will purchase another couple of R9 290s for scrypt mining, because it really is profitable, and I'm living in Germany. We have HORRENDOUS electricity costs.
Magical Internet Money
I wrote a Google Chrome plugin that changes the word "Bitcoin" on every site you browse to "Magical Internet Money". Makes bitcoin related websites and news articles a lot funnier:
Scrypt mining is very much profitable btw. I'm buying and buying hardware for more and more hashing power. Malware casts a bad light on crypto-currencies, true, but we are in the process of "forging" a weapon against that ;)
Re: Tulips ! @ Jonathan 29
Point was, that the Tulip Mania remains disputed, due to inconclusive historical evidence.
Then again I must say, how long can tulips stay in shape until they rot and become worthless? I've never heard of Bitcoin or Gold to rot, or physically degrade into a worthless shape. (Not taking irradiated gold into consideration, Goldfinger says hi)
There are already low value alternatives, like Litecoin for example.
Why would you think tho, that bitcoin needs a low value equivalent? You know that bitcoin can be divided to up to 8 decimal places? You can have 0.00000001 bitcoin and this is still a valid amount. This is also not set in stone btw. if the developers see fit, they could implement lower minimal values. Currently there is just no need for those, tho.
Also, what is wrong with Bitcoins being lost forever? This just increases the value of the currency. I think you have not understood bitcoin yet, and should do some thorough reading up on it. You will find some rather interesting aspects, that you have noted as missing, which are included, just not exactly as you said they should be. Versioning coins to not accept old bitcoins is stupid tho. There is no difference in the bitcoins from block 0 to the bitcoins from block 50.000 or whatever.
Re: Wow this Winklevoss guy is a visionary such a sage
The higher the price, the better for everyone, in my opinion.
21 million bitcoins aren't many, of course they are fully divisible to 1^-8 decimal places, but that doesn't count for much if a single bitcoin is only worth $0.01. So if you needed to transmit $100 worth in bitcoins, you would need 10,000 bitcoins already, which are rather far spread at the moment and not concentrated on a point. if the bitcoin was worth $10,000 tho, you could send 0.01btc which is a much smaller part of those 21 million btc, which has better availability.
Alright, I didn't explain it well, but I hope you get what I mean.