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Pretend I'm a non-techie who has no problem with US currency. Convince me to use bitcoins. | The point of this post is to help you all put your enthusiasm into words that a non-geek can understand and agree with. I'm playing the role of that non-geek, and I'm stubborn. As a normal person, I have trouble looking into the long-term issues of traditional currency, so you have to convince me why I should bother in the short term.
So my work dollars go right into my bank account, my credit card works for everything, and I pay taxes in dollars. I trust my bank, and I'm careful about my identity. PayPal is as simple and instant as I could ever want. What can bitcoins do for me that dollars can't?
**EDIT:** Feel free to put your argument supposing we're, say, a year in the future. Bitcoins and the market are quite undeveloped right now, so let's let some time pass in order to make me not considered an early adopter. | "You can buy drugs off the internet." (kidding, but I maintain that Silk Road, however one may feel about the products sold or the controversy surrounding it, has been a major driving force for BTC, and it is actually a very well-thought-out marketplace in terms of design and implementation). | Bitcoin |
When you go to the internet ... | null | Basically what was said [here](http://www.reddit.com/r/Bitcoin/comments/hwbyb/pretend_im_a_nontechie_who_has_no_problem_with_us/c1yw44m). Except written down on paper and photographed, for some reason. | Bitcoin |
r/bitcoin, you seemed to be out of good graphic cards. I have some hush hush good connection inside graphic board retail system, and I could probably get you graphic board of your choice for a fee. Detail inside. | I have some strong connections with several people in Asia who gets to decide the distribution. Redditors, if you're willing to pay some extra for your mining rig, read on. And yes, I accept Bitcoin.
Let me know which one you want and where you live, and I'll get you the quote.
.
- since i'm not sure if this works, i'll accept **two** orders only. I'll open up as I gain experience.
**PRICE**
- price of graphic card + 25% handling fee + shipping fee for payments in USD. For payment in Bitcoin, x1.3 of that.
- if you live in US, shipping fee should be about 58.6936 USD at current JPY/USD rate..
- at the point of your purchase, i'll have google convert JPY to USD. (And USD to BTC)
**SHIPPING**
- your product will ship 3 to 5 days after I receive payment . i'll let you know how long it takes to get one for you.
- to figure out estimated delivery cost , [heres's JP's estimator.](http://www.post.japanpost.jp/cgi-charge/index.php?lang=_en) All graphic card will be considered 2800 grams each.
- if everything goes smooth, it will arrive at your home in 6-7 days since you send me the money, but on average it should take 7-10 days. depends on how fast I can get your money converted to JPY and pay my source. delivery WILL be faster as I gain enough cash pool to skip the currency conversion.
- as for warranty, you'll get a receipt, but you'll be on your own.
EDIT: Much simpler explanation. Old version can be found at http://dl.dropbox.com/u/13193829/rig4u.html
EDIT2: changed handling fee calculation to simpler one. | But the question here is, *do you accept bitcoin?*
| Bitcoin |
We are working with the government to make sure indeed the long arm of the government can reach Bitcoin -Jeff Garzik, Bitcoin Developer | null | If you don't subscribe to Agorism (I don't, currently) or whatever is mentioned in this article, ignore that part. The news here is that we are not on course to challenge government power over money and markets. We are helping to build whatever bitcoin will be and handing it over to the banks and government.
EDIT: [Direct link to the interview.](http://www.cbsnews.com/video/watch/?id=7368784n&tag=contentBody;housing) Srry, I didn't bother to watch the video before posting. | Bitcoin |
How will MtGox Manage During Panicked Selling? | null | What don't you understand in their way of doing operations ? This is not their cash that they send you, they just match orders from buyers and sellers. All the dollars present on the accounts of their website is accounted for and they'll still make a profit by the end of the day if everybody withdraws simultaneously. | Bitcoin |
I think the biggest problem with bitcoins is
speculating. Is there any way to stop the
speculators? | otherwise bitcoins will crash | Speculation is a necessary driver of all markets. Speculators are the risk takers that, if successful, can help make Bitcoin worth more.
The role of speculators is vital in economics. For example, futures markets help stabilize volatility overall and provide liquidity.
Speculation is the economic grease that helps drive markets. I highly recommend reading up more. | Bitcoin |
Will a cheap PC with good graphics card for mining? A Netbook? | I'm thinking of setting up a PC in the corner of my apartment somewhere that would do nothing but mine. How much do the specs besides GPU matter? Could I get by with just any old PC so long as it has a good graphics card? I'd be down for spending a few hundred on a graphics card or two and sticking it in a barebones PC.
What if I were to turn on my netbook, which I hardly use, and just let it mine for months. Obviously it wouldn't be a monster righ...but would it even be worth the hour or so to set it up and the cost of electricity?
EDIT: I accidentally a word in the title, sorry. | > How much do the specs besides GPU matter?
Almost none whatsoever. | Bitcoin |
Hotel Room Hashing | null | Travelling for two weeks for work in Arkansas. Nice change of scenery from my usual travels to Chad. I wanted to work on two of my rigs while here in Arkansas so I brought them with me. Running 3x 5970s, if I add a 4th, the extension cable (rated for 15 amps) gets warm.
I just found out that one of my 5970s that I thought was fried, ran at 101°C for about a day (was still hashing when I shut down the computer), but wouldn't post after that, is actually fully functional as a secondary adapter. I was about to RMA the card.
For clarification: When I checked on my computer the gpus were 99°C and 101°C. The pump on my watercooling loop failed. The water in my block and the nearby tubing had boiled off. Phoenix was still hashing away though. I closed the windows, shutdown the computer, replaced the pump and tested the lines/bled the air out, and the computer would not post. Replaced the 5970 and the computer worked fine. I just tested the card again, but as a secondary adapter and it works fine, back hashing at 830Mhash/s with 1000mhz core/347mhz memory clocks. | Bitcoin |
Jacob Appelbaum "Bitcoin Prediction: Major bugs in the near future will mess with the 'market'". No, he hasn't said what they are yet. | null | For those who don't know, Jake Appelbaum is a Tor spokesman, security expert, and is also the only American who is known to be working for Wikileaks. His is one of several twitter accounts that were subpenaed by the DOJ. | Bitcoin |
What is the gpu processes used for? | It doesn't make sense to me that everyone is using all this gpu power for nothing. I've read FAQs and stuff and they say it's all internal to get blocks, but I have a hard time buying that. Seems like someone could have just as easily set this whole thing up to use people's computer to crack something. It seems like people just have money in their eyes and no one is asking this question.
My main theory is some hacker group, or skynet, possibly the government. | It is used to confirm transactions. Look at the code if you don't believe it. | Bitcoin |
Ok, bitcoin users: time for your first test. Will you sell or hold? Will bitcoin stabilize or tumble? | null | I sold 40 BTC at $29-$31, I should have sold them all. | Bitcoin |
Bitcoin’s Four Hurdles: Part Four – by the founder of the Pirate Party | null | Great article. This.
>the first two exchanges to link up their buy-and-sell orders through an open protocol are going to get an immediate headstart over everybody else due to fourfolding the networking drive.
| Bitcoin |
/r/bitcoin, clearly we're in the middle of a big correction here. Can someone with market wisdom give a prediction of where we're going? | I've heard 15 set as the new price target after the correction. Can someone with technical analysis abilities chime in? I'm waiting for a good buying opportunity. | [I wouldn't put too much faith in technical analysis](http://en.wikipedia.org/wiki/Technical_analysis#Empirical_evidence) | Bitcoin |
Buying opportunity or beginning of the end? | BTC=$23. Where do we go from here, short-term, and what do you think caused the drop? | Wasn't bitcoin at $10 last week?
Be patient | Bitcoin |
The $22 bids just disappeared... prepare for freefall! | null | Now at $24.2. What a rollercoaster. | Bitcoin |
SomethingAwful post that started the panic. | null | The price corrects after every big jump. That is something expected. | Bitcoin |
Recent Bitcoin Events | null | Seriously guys: look at the history. This has happened before, and will happen again. The price oscillates, but the market trends upwards. | Bitcoin |
Sudden spike in the "other" part of the hashrate distribution chart. | null | From http://bitcoinwatch.com/
I wonder if this is a commercial hasher going online? A cluster of those new hardware things dedicated to mining? | Bitcoin |
Bitcoin Explained (video) | null | 22:38 or so is where they start talking about BitCoin, if you missed the exact point, no worries, they used a story to lead into the bitcoin segment at 24:50.
| Bitcoin |
How much influence do the richest Bitcoin users have over the market? | null | Having lots of bitcoin doesn't give you control.
It gives you the *potential* to *influence* the *price* of bitcoins only.
I agree that if someone dumped 100,000 bitcoin onto the market, the price would plumet. And probably stay low, because the supply of bitcoin just increased.
See, when someone takes 100,000 out of the market, by decreasing supply, that's essentially creating deflation. It's just like the destruction of those bitcoins. Unless they later sell them, when the price will correct back to where it would have been if they hadn't bought them. | Bitcoin |
Anyone else leaving Mt. Gox for TradeHill due to all the negative press they have been receiving. | Been reading too many negative stories categorizing Mt. Gox with Silk Road and the online drug trade. They may not be the first bitcoin enterprise in the near future to be shut down, however possibly the second after silk road due to it's popularity.
Plus TradeHill offers, faster transfers and lower fees .6% compared to .65% on mt.gox
Use this code below and reduce the commissions fees by 10%
Rref code: TH-R12157
[TradeHill](https://www.tradehill.com) | Seems a bit self-promoting here. | Bitcoin |
Apparently Bitcoins aren't infinitely divisible due to the lack of infinite data structures. ಠ_ಠ | null | Did you pay him the .5 BTC? Because if not I'd be willing to explain it to you to make some quick coin. | Bitcoin |
How does bitp.it work? Has anyone used it, or is it a scam? | null | It works, it's slow. Profit is minute if existent. Not a scam, but you won't get more than a few tiny shavings with it. | Bitcoin |
Digital Black Friday: First Bitcoin "Depression" Hits
| null | Depression? More like the typical market correction. | Bitcoin |
69xx owners: help me squeeze some more hash juice out of this card! | I have an MSI 6950 Twin Frozr III. Unfortunately it will not unlock to 6970, nor will the shaders unlock. That's a real bummer since it probably costs me a good 10% performance or more.
I'm using phoenix 1.48 with AGGRESSION = 7, BFI_INT, and VECTORS parameters. I've also tried poclbm and diablo, both of which perform worse than phoenix. I'm also using the Stream 2.4 SDK.
*
At stock (1149 mV and 850/1300) I was getting 270 MH/s.
*
Currently I have it @ 1250 mV and 910/500 and am getting 290 MH/s average.
*
I can get it stable at 1350 mV and 940/500 but that only gives me another 10 MH/s (and I figure it's not worth it to volt-stress the card 24/7 for another measly 10 MH).
However, looking at [the charts](https://en.bitcoin.it/wiki/Mining_hardware_comparison) my performance is nowhere near other 6950s. In fact there's one listed @ nearly 140 MHz slower than mine, without shaders unlocked, which is hashing even faster.
Anyone with a 6950 have any tips? Or even just a point of comparison? | I'm hitting 300Mhash/s with a core clock of 840 without changing the voltage on my reference card (not shader/6970 unlocked)... And you definitely shouldn't need to overvolt the card THAT high. I set mine at 1.175, with a 900MHz core clock, at hit just below 350MHz.
Try turning agression to 11 or 12, which I've set it at. Also use the phatk kernel, and try setting WORKSIZE=128. | Bitcoin |
Why is there no easy start mining method? | It seems like you have to build this or read that or some nonsense. If this is to take off you have to let any sort of pylon get in on the action.
<discuss> | > Wasn't the idea to be able to 'create' currency?
Not really. You've probably read it in some old and misleading article.
Average users aren't supposed to mine currency, they should get it from exchanger or through selling things.
Miners are nodes which process transactions, ensuring network security and protecting from double spends. They are awarded with bitcoins for their hard work.
> It's now impossible to use standard CPUs and a move to GPU mining is needed.
It is now impossible because there is too much competition in mining.
> I'm currently using m0mchil's miner on my GPUs and have lucked out on a few coins...
So it wasn't that hard, right?
> but not anyone could get started with the instructions.
If they cannot do it themselves then they either should pay to one who can or they should buy ready coins.
If everybody was only mining there would be no economy. But now it is easier to get coins by selling something and that's how economy gets bootstrapped. | Bitcoin |
From @bitcoinmedia: No bankers went to jail for stealing 21 trillion and you really want to hunt down peaceful bitcoin users because of 1 website ? sad.... | null | The 21 trillion is all part of the [plan](http://www.youtube.com/watch?v=CWILhrSzw5o). Whereas bitcoins are not. | Bitcoin |
A more organic way to increase BitCoin value. | With the latest speculation bubble in the BitCoin market and with the accusation that BitCoin is a money laundering system, it dawned on me how governments could actually help stabilize the BitCoin market.
If the governments actually decided to shut down the exchange systems, the value of BitCoins could actually stabilize and grow in a more organic manner. Here is my reasoning:
1. If I want to buy BitCoins but the exchanges have been shut down, I would go into the market and buy things with my dollars. I would then put these things up for sale in online markets for BitCoins.
2. If I want to sell my BitCoins for dollars, I could do just the opposite, buy things with BitCoins, and then sell them for dollars.
3. In this manner, there is a more organic connection between BitCoins and products/services. Someone seeking to manipulate the value of BitCoins to dollars would only end up doing a lot of work exchanging goods for BitCoins, and in the end strengthen the value of BitCoins. | The issue with no exchanges is that there are many scammers that would never pay. Exchanges are nice in that they protect both parties. | Bitcoin |
A few questions from a noob considering getting into mining... | *
I've seen a few comments on here and elsewhere saying that it's already too late and anyone just now getting into mining will have a hard time recouping hardware costs let alone making any money. Thoughts?
*
Is there any particular card that is an exceptional value as far as mining goes? (I know ATI is preferred)
*
How much of a headache is it to exchange BTC for USD?
*
Which mining programs do you prefer and why?
Considering getting a $150-$200 card and running it in a pool for about a month as a trial run and if it works out dumping $500-$1000 into building dedicated rigs and running them either solo or pooled. Thoughts? Comments? | If you want the card anyway, go for it. Honestly though, I wouldn't invest in a bunch of hardware just for mining, unless you can spare the money. It's a fun hobby, but not really that profitable. | Bitcoin |
Realtime ticker/graph app/widget/website? What do you use? | null | mtgoxlive.com | Bitcoin |
Which card should I buy? | Looking to upgrade my graphics card, looking to spend maybe $200 to 300 (really not sure, haha). I was thinking a 6950 would be a good card, is this good with games and mining? Which of these would be best for mining? http://www.newegg.com/Product/ProductList.aspx?Submit=ENE&N=100007709%204018&IsNodeId=1&name=%24200%20-%20%24300
Thank you | Why is the 6950 not the best for mining? | Bitcoin |
New pool with a twist | null | If I wanted to gamble, I'd just solo mine... | Bitcoin |
So a few long time miners/early adopters felt like cashing in to take their girl(s) out this friday night... what's the big deal?! | Isn't this one of the big "elephants in the room" anyways? That "early adopters" have too large a piece of the pie?
Everybody has a number, today a few people hit theirs and sold. Big whoop. | I may be somewhat guilty. I sold off about 70 BTC at ~$30 and took the gf out for a nice dinner. But I bought back in! I still have 100 BTC so I'm still in it for the long haul (minus one $150 dinner) | Bitcoin |
Mining rig that costs ≈ $.72/(Mhash/s) | Motherboard: ASRock M3A770DE AM3 AMD 770 ATX
Power: Thermaltake Toughpower XT TPX-675M 675W
Memory: Crucial Ballistix sport 1GB 240-Pin SDRAM DDR3 1600
CPU: AMD Sempron 140 Sargas 2.7GHz
GPU: 2 Sapphire 5850 XTREME's
Total of $432 and expected 600Mhash/s for about $.72/(Mhash/s)
Can anyone do any better? | Where can you buy the 5850 | Bitcoin |
This could be HUGE for Bitcoin... | null | [It's all over the reddit homepage right now.](http://www.reddit.com/r/worldnews/comments/hwhhb/swiss_banks_to_pay_billions_of_dollars_in_fines/) | Bitcoin |
Hashing with the 6950s | It seems like the 6950 (and maybe the 6000's in general) throttle their performance based on power usage (from the looks of it, I'd say they shut down some shaders). In other words, if you oc them, you'll get to a point where your Mh/s drop off, despite a high clock. But if you boost power the Mh/s rebounds to where you'd expect.
Has anyone else experienced this? Is this a documented feature of the 6000's? | Maybe, I would read into it more. Are you also sure your power supply is beefy enough to handle your (seemingly twin) 6950s?
Mildly sure there is an option to turn it off in some tweaking software somewhere. | Bitcoin |
Bitcoin Conference | I've recently been tossing the idea around in my head of starting a Bitcoin Conference. Many industries have conferences for it's members to come and listen to guest speakers and have open panels to discuss what's new.
Would something like this be a good idea for the Bitcoin community? I've started and ran many different conferences in the past, so I would be very comfortable in organizing it. | Great idea. You should get it going here, at the bitcoin.org forums and at the bitcoin-otc irc channel. It'll gain traction. If you could elaborate more on what kind of event you have in mind, that would be great too. Maybe somewhere that brings together developers, merchants, theorists, miners, economists, investors etc?
Edit: also how about securing a bitcon.org url or the like to begin with? | Bitcoin |
I think I'm just wasting cycles, Please help! | I'm trying to make a Bitoin miner using PHP scripts (host - that spreads the work between clients, client - does the computation and returns result to host) I know it's not the most efficient way, but I seem to get between 20-40Mh/s.
Anyhow, when asking the `bitcoind` for `getwork()` it returns four parameters: `midstate`, `data`, `hash1`, and `target`. From what I see after running the scripts for 8-or-so hours `midstate`, `data` seem to change every time I use `getwork()`, but `hash1` and `target` stay the same.
I'm using a `nonce_start` and `nonce_finish` which are simply counters that start from `0` every time the `target` changes. This is the first thing I'm not sure about - I have a feeling that this is not the right way, and I'm just wasting cycles on my servers.
So I guess my questions are:
1. How often should I update the `midstate` and `data` when sending to client miners?
2. When do I update the nonce to start back from 0?
Please help, it's been running for 8 or so hours, and I think I'm just wasting electricity :( | Please tell me the computation isn't done in PHP. That would most certainly be wasting cycles.
I can't help you with your exact problem, but have you tried looking at the [other miners' code](https://github.com/m0mchil/poclbm/blob/master/BitcoinMiner.py)? | Bitcoin |
I think we might be facing an inevitable and catastrophic crash (eventually). | It seems the recent increase in bitcoin's value over time has been driven by investors looking to make money. In fact I'm pretty sure it's safe to say a very large majority of bitcoin holders are people looking to eventually sell, with legitimate users being a minority since they are using it mostly for either ideological reasons or illicit purposes.
Considering this, doesn't this mean that we are facing an inevitable and catastrophic crash once bitcoin's value peaks?
I know very very little about economics and I might be wrong, so I'd like some input on this by people who might know better. | I'm very new (hours) to all of this and I think the above is an interesting aspect of an interesting topic. You can take your condescending shit elsewhere. | Bitcoin |
holy shit... 20 to 16 bucks in 1 minute! | null | then to 15.2.... BLOODSHED...
| Bitcoin |
Now taking wagers -> the bottom for Bit Coin's slide. | The latest trades are hitting around $15. Your thoughts? | I saw the whole slide. Awesome spectacle. Huge support at $10. Infact whole market is flattened leaving that level. | Bitcoin |
Hey r/Bitcoin, what's void video card plugs on some of the rigs? | I will see them from time to time and wonder what they are used for.
Anyone know? | DO you mean dummy plugs? If you have more than 1 graphics card plugged in, the second/third/etc will not work unless they are plugged into a monitor. A dummy plug tricks the card into thinking it's plugged into a monitor, and thus gets it to work without you actually needing to plug 3 or 4 monitors per rig. | Bitcoin |
What's the procedure when you send bitcoins and they never arrived? | Today is the 4th time I withdrew bitcoins from my Mt Gox account to my bitcoin address. All the previous three times worked, this time, nothing. Mt Gox says the money is sent (and gone from my Mt Gox account), but my bitcoin app is not showing any even unconfirmed transactions. Now what?
**EDIT**: I emailed Mt Gox and they sent me a reply within 2 minutes. They pointed me to http://blockexplorer.com/address/_xyz_ where \_xyz\_ is my bitcoin address. Now, how do I read it? All I can see is that my transaction is listed there in the page when at the same time it's not reflected in my bitcoin client.
Mt Gox asked me to make sure to "have enough connections on your bitcoin client" How do I do that? (On Windows here) | How long ago was this? I for one would say, patience. I mean I have to at least wait a day so the funds from MtGox reach my Liberty Reserve account.
Which as far as it goes you should either wait or contact MtGox staff again. | Bitcoin |
Pop | Goes the bubble. | It's at 19 again. What is your point? | Bitcoin |
Is there any way to move USD around faster to get in on the action? | Dwolla takes 1-3 days to move cash... is there any service that will enable me to move faster? This is killing me... and this is why the bitcoin is great for the internet! | You could buy Mt Gox USD from people or buy bitcoins on ebay. | Bitcoin |
Is the Bitcoin Forum down for anyone else? | I tried to access the website a few times in the last couple of minutes here at http://forum.bitcoin.org/? and all I get is a blank page an no re-direct or anything. | Seems to have gone down the minute mtgoxusd plunged. Curious. | Bitcoin |
Don't be afraid to sell/spend your bitcoins! You'll probably end up making more money. | Everyone is excited about the climb from $2 to $32 over the last two or so months. In fact, there is a lot of hysteria and emotions over what bitcoins are doing. People are viewing this as their breakout, which shows the high potential of this budding currency. But an issue here is people aren't treating bitcoins like a currency, they are trying to hoard them due their limited nature.
Do you really think bitcoins are worth $30? No. What's most likely happening here is someone with deep pockets jumped into the market; an admittedly young one that is rife with liquidity issues. It wouldn't take too much to influence this market and I believe a party(ies) with nefarious intentions have jumped into the game. It is most likely these parties cashing out which is causing this. Then after price falls enough, they will probably start round two of the buying frenzy. Markets move up and down and those who are paying attention should understand buying and holding in this environment is not ideal. No, you are most likely not going to pick a top or bottom, but there is nothing wrong with realizing some profit and letting the remainder run.
Don't be afraid to sell, people. MtGox is showing bitcoins at $13(who knows when you read this, crazy volatility) -- if you sold in the 20s and 30s you would've had ample opportunity to gobble up this supply. But don't worry, this puppy can reach the $3-5 mark again easily. There is no precedent in this market, therefore expect a wild ride for the next few months as price is determined. I can assure you it won't be a smooth curve, nor an exponential climb without hiccups along the way. We need the bitconomy to maintain strong growth to allow for bitcoins to reach a stable value and also to create a stable, more predictable rate of deflation.
As long as bitcoins survive, there will be opportunity to make money. Don't be naive and hoard bitcoins because there is a finite supply -- that hasn't stopped gold or even oil from fluctuating in both directions for the last century. Bitcoins are going to depend on how easy they are to exchange for services or products, otherwise everyone here is investing in a mirage. | I think you really need to read the wiki. | Bitcoin |
[BUYING] DDOS somethingawful.com - 5 BTC per hour | null | lol u mad | Bitcoin |
Did the crash happen first at MtGox? TradeHill still has buy orders at 19.5. I'm guessing it will follow MtGox over the next few days, though. | null | Crash? | Bitcoin |
Bitcoin: Currency of Resistance | null | Someone should compare the rich list before and after the price drop. | Bitcoin |
My analysis on what just happen to the bitcoin value. | null | At least when the SHTF with P2P technology, the effects are ... distributed! | Bitcoin |
What do we call BTC and fractions? | I've seen people say bucks when referring to bitcoins. I've found myself saying just 'coins' in conversation. But is there a 'standard' jargon for it? Also, since BTC can be subdivided out to 8 decimals, are there words for each denomination, along the lines of bucks, cents, mils, mics? | I say "bitcoins" or "coins." And here are what I call the divisions:
* 0.01 = 1 bitcent
* 0.001 = 1 mBTC (milli-bitcoin)
* 0.000001 = 1 uBTC (micro-bitcoin) = 1 UBC
* 0.00000001 = 1 SAT (Satoshi) | Bitcoin |
Hmm, maybe I'll read up on darkpools | null | http://blockexplorer.com/block/00000000000007d6d8c9ccd1472df92b69ae8bf0d1a06f6f42df8d580a080f0e | Bitcoin |
A metaphor | null | Someone is becoming a very rich bastard off this. I don't have any money in the exchanges :( Thousands being bought up every dip. | Bitcoin |
The price of Bitcoins is normalizing | ....towards their actual price, which is nothing. Unsurprisingly a faux currency that amounts to florins for autistics fails when collective delusion can no longer sustain it. My only hope is that it craters faster than anyone here can sell their stock off, a just punishment for willing compliance in money laundering and credit card fraud. Good riddance to bad rubbish. | As a freelancer working abroad I have to wait for checks from clients to be deposited into my bank account by someone in another country so I can then have someone wire that money overseas at USD 35 per transaction. I don't see why people in that position should be punished for wanting to see that type of nonsense become a thing of the past. | Bitcoin |
What happens if governments try to make BitCoin an illegal currency? | I love reading what you all have to say in these threads & thought this could be an interesting discussion! | They can try but I don't know what laws they would use. Bitcoins are not backed by a commodity, they're not a security and not a bond. The only value they have is what other people are willing to give for them.
If I want to come over and mow your lawn in exchange for hub caps, that's perfectly legal provided I report the value of the exchange on my income taxes. If you want to pay me in bitcoins to write articles for your blog and I accept them, as long as I report the income there's nothing illegal that I know about in that transaction.
If someone wants to pay me cash in exchange for encrypted tokens, that's nobody else's business. I know everyone is making a big deal about Silk Road, but it's a non-issue. I could just as easily mail cash inside a birthday card instead of using bitcoins. You're trusting the vendor to mail you something both ways. | Bitcoin |
Right Now | It is taking too long to get funds into my Mt Gox account, and I am tired of having zero bitcoins. How can I buy or earn a bitcoin *right* now? | I sold a couple of bitcoins to a friend of mine [RipplePay](https://ripplepay.com/). I guess that if you knew people who use it and own BitCoins, you could buy some from them. | Bitcoin |
Can someone explain mtgoxlive to me? | www.mtgoxlive.com (only works on chrome afaik)
I don't understand what I'm looking at for the most part. So time goes up the screen and the green line is historical market price, I understand that.
How do I read the yellowish/orange line and the blue line? What do they represent and why is that important?
Are the updates that flash in the upper right corner sales occuring in real time? Price on the left and volume of the trade in BTC on the right?
Any further insights would be great. | They represent the order sheet. The orange line is buy orders, the blue line is sell orders. The higher up the Y axis you go, the more BTC has to move in order for the market to reach the given price.
From those graphs you can allegedly figure out the momentum - I think it's supposed to be a flat horizontal line means prices could move fast with some big trades, where as an almost vertical line means prices would probably move much slower.
I'm still learning how this whole thing works though - it's just a fun game for me because I don't really have anything invested in it - so I highly recommend you don't take anything I've said here without a grain of salt. :) | Bitcoin |
Is the bitcoin "Black Friday" really a crash? | null | Meh. Technical analysis crap. | Bitcoin |
This is why the market crashed, so everyone chill out. | null | No, if it were deepbit they wouldn't all be blocks with balances of 50, they'd be blocks that had their funds partially/mostly distributed. These are blocks starting from 2009, so it was just someone who was mining back when it was easy to mine suddenly realizing the value of what they had done two years ago and cashing out. | Bitcoin |
Does Mt Gox require users to upload their BTC in order to sell them? | How does it work logistically? How do the transaction between buyer and seller actually occur? | You send the coins to an address MtGox provides. They are credited to your exchange account. When a sale occurs, MtGox moves some numbers around and shaves off a percentage. Then you can ask them to send btc/usd to an appropriate address/bank account.
So yes, while your coins are on the exchange (whether or not you're buying or selling), they aren't in your wallet. | Bitcoin |
Same thing happened a month and a half ago. Am I wrong saying to wait until the price reaches ~10 again and then buy like mad? | null | You need to find another hobby. Possibly something that doesn't require you to make decisions for yourself. | Bitcoin |
Trivial question but could anyone explain to me what Mt. Gox means? Why does it have the name it does? | I'm not familiar with currency exchanges and markets and the sort of thing. Forgive me if this is stupid but does Mt stand for mount as in mountain? Is that riffing off something? And why Gox? Does that mean anything or just somebody's name or handle? | Magic the Gathering online exchange? I heard that somewhere, not sure though. | Bitcoin |
Trollonomics. | null | Good luck obtaining every single bitcoin in existence before short selling | Bitcoin |
Is Bitcoin bringing us closer to a technological singularity? | Consider the following: the surge of interest in Bitcoin mining is causing a massive growth in computing power across the globe. People from all walks of life are essentially building new super-computer clusters.
The fastest supercomputer that exists has a processing capacity of 2.5 petaflops. As of today, the Bitcoin network is sitting at 6000 GH/s, which [according to calculations](http://forum.bitcoin.org/index.php?topic=4559.msg66916#msg66916) is equal to 48 petaflops, or 19x faster than the fastest supercomputer. In two months this has been a twelve-fold increase.
Meanwhile, all of this money is being invested into the computer hardware market which will increase market share, innovation, and perhaps even the production schedules of companies like AMD.
Artificial intelligence requires massively parallel computation. Watson, for example, the machine that IBM designed to win the Jeopardy tournament recently, was only possible because of its processing power. If Bitcoin is a catalyst in the growth of processing power and information processing technologies, then it follows that power will be harnessed in A.I. applications. Directly or indirectly, Bitcoin will bring us closer to the processing power necessary for human-level artificial intelligence and therefore the technological singularity.
Thoughts?
INB4 u mad | Yes. | Bitcoin |
Couldn't Bitcoin be shutdown very easily? | I am not sure I understand the people that say they (a government) CAN'T shut it down... due to the finite nature of the currency couldn't a powerful entity simply purchase ALL (or a controlling majority) of the currency and hold it indefinitely... effectively freezing the market.
Looking at the size of the bitcoin market today, and assuming most are just using it as an investment, I would think most would sell for the right price. Also the anonymous nature would prohibit people from knowing if they are selling to this powerful party.
Do I just have this wrong? | How would someone purchase ALL of it? If you mean someone went out of their way to buy everysingle bitcoin at exchangers like mtgox, thats still only a fraction. People are holding onto bit coins, and are mining them each day.
Don't forget of the massive price increase when people find out the goverments "BUYING" all of the bitcoins.
| Bitcoin |
Not enough buyers and too many sellers. | The problem with MtGox is that it is open 7 days a week, 24 hours a day. Most financial institutions are not open for that long. When people can't get money in, the amount of sellers go up and prices fall fast. Perhaps to solve this problem. MtGox should be closed on the weekend? Atleast for now when the prices are really volatile. They can start opening it back up as bitcoin is more established. | What's the problem? Are you saying you want the price of bitcoin to be even higher? Why?
Anyway, if what you've said is true, why don't you make some money off it: deposit money on Mt. Gox, but on Sundays, and sell on Tuesdays. | Bitcoin |
I think we gots lulzsec'd... | null | Looks like they may have removed the tweets. [Screenshot of tweets](http://i.imgur.com/CEBCv.png). | Bitcoin |
Bit Mining with a supercomputer | As I understand it if you want to mine you need a powerful computer that performs calculations until it finds a coin which takes about ten minutes because they are difficult to find and you need to perform millions of calculations to find one. What if the Government (or anyone for that matter) decided to use one a supercomputer for say an hour to perform trillions of calculations per second to get all the Bitcoins then hold them until the economy collapses or till they have trillions of theoretical dollars?
Am I missing something? | So then the battle comes down to making sure the forces of light have more computing power in the network than the forces of evil. I think we can outnumber them. I think people are generally decent and want to cooperate not fuck shit up and create chaos. But we must remain vigilant. Government = terrorism | Bitcoin |
Integrating Bitcoins with ZenCart, the free shopping cart software. | null | Wow,
Really not sure why someone randomly posted this. But I open sourced this and it's been out for a little bit.
https://github.com/jalder/Zen-Cart-Bitcoin-Payment-Module | Bitcoin |
Help me read a transaction log (as a human bitcoin user) | .
| Transactions that split a single "coin" result in "change" back to one of your addresses.
So that's the change that you received at 1BXn9aieGuoH9ZuZZieFkWxm83WUrrzLf5 | Bitcoin |
Fuck you, I'm mining. | null | *If you don't*
*smoke* ***Tarrlytons***...
.
***Fuck you!*** | Bitcoin |
Are you going to buy Bitcoins? | Now that there is a Bitcoin correction going on, are you going to buy some Bitcoins while the price goes lower every hour? | I hear the [rant](http://www.rantradio.com) phyle is looking for new converts ; ) | Bitcoin |
relax guys, the days of bitcoin are likely far from over | i just wanted to chime in my 0.02 BTC to say that what is happening now was to be expected. the currency was over-valued, and the market is correcting itself. perhaps this will be the small bubble that will lead to a much larger gigantic bubble in the near future.
if you believed that bitcoin was just going to keep climbing, you were thinking wishfully. i would really like to see bitcoin become a successful currency, but the only way that bitcoin will retain value is when there is real market adoption. so far, this hasn't happened and any value that bitcoins have right now has much more to do with speculation, rather than intrinsic value. hopefully in the near future, vendors will start accepting bitcoins. i see that as being unlikely until the speculative value of bitcoins stabilizes to something not resembling a monstrous uber currency.
so, i'm just taking a deep breath (debating whether i should buy while it's low) but mainly feeling fortunate that mining doesn't cost anything. and it's been a fun time diving so deeply into monetary theory. i've learned a lot and sorry to you all if you lost money. | who would you buy from? rumors are mtgox short sold the bubble - that's why delivery was delayed | Bitcoin |
GPU question | I have an ATI Radeon HD 4650. Is that enough to mine, or join a pool? | You can [expect about 30 MH/s](https://en.bitcoin.it/wiki/Mining_hardware_comparison) which will translate into [about 0.05 BTC per day](http://www.alloscomp.com/bitcoin/calculator.php) at the current difficulty if you mine in a pool. Depending on the cost of energy where you live, that may or may not be worth it. | Bitcoin |
Bitcoin Payment Module for Magento | null | Stuff like this is exactly what BitCoin needs: more payment systems that can easily be integrated into web stores.
I sifted through a little bit of the code. Does it work yet? | Bitcoin |
High:24 Low: 13 | I don't think today will be the end of BitCoin, but fluctuation like this is a big problem. Let's say someone got paid yesterday in BitCoin ($27 USB = 1 BTC), and now they need some USD to pay their rent. They go to make a sale, and bam, they no longer have enough BitCoin (now $14 USD = 1 BTC) to even pay their rent, let alone meet their other needs.
https://mtgox.com/trade/history | If you're using bitcoins as a currency instead of an investment, you should be turning them to cash as soon as you get them to avoid this. If I am selling something like t-shirts for bitcoins, as soon as I receive bitcoins I'd be cashing them to hard currency as soon I get them. Easier for me in Canada as I can use cavirtex.com to sell and get interac cash transfer directly to my bank account for a 1.50 fee. | Bitcoin |
Has Confidence in MtGox Been Damaged? | Since there were people who purchased at $33 I would expect that the new price of $14.5 has quite an impact on the psyche.
Does anyone on here feel burned by the massive drop last night? | volatility in any currency damages its reputation. I don't feel burned, but I didn't buy at the bubble prices | Bitcoin |
I put up a live bitcoin price chart/ticker. Useless, but fun to watch. | null | That's pretty cool - can't wait for the TradeHill one, assuming the wheels haven't fallen off before they get their full API done. :P | Bitcoin |
OK, so how does a Canadian buy and sell bitcoins? | ...other than mining, of course. Is there a site I can send money to? | Open a bank account with an institution that supports [e-Interact](http://www.interac.ca/consumers/productsandservices_ol_eTransfer_list.php) and trade at the Canadian exchange [Virtex](https://www.cavirtex.com/home). | Bitcoin |
What are some of the best articles on Bitcoin? | My favorite so far is the "[Four Hurdles](http://falkvinge.net/2011/06/04/bitcoins-four-hurdles-part-one-usability/)" series by Falkvinge. Is there any other good journalism on bitcoin?? | There was a post on Quora as to why bitcoin was a scam and doomed to failure.
If you read the comments, you can find links to the same authors various follow ups, where he nearly changes his tune on every single major point. Really a great (long) read.
I'd like to give a bit of a self plug for my Podcast we just did recently on bitcoin, I'm proud of it at least: http://www.jupiterbroadcasting.com/9276/bitcoin-explained-techsnap-9/
It's worth a visit for all the epic links in the show notes alone..
I've also kept a pinboard.in tag feed going of the best-of-the best on bitcoin that I come across:
http://pinboard.in/u:tophfisher/t:bitcoin
And the last bit of fun, is there are a few good discussion threads in this forum:
http://www.jupitercolony.com/viewforum.php?f=57&start=0 | Bitcoin |
can anyone explain the bitcoin hashing algorithm as implemented on graphics card miners? | null | http://en.wikipedia.org/wiki/SHA-2#SHA-256_.28a_SHA-2_variant.29_pseudocode | Bitcoin |
I was under the impression that generated blocks are given as a single unit of 50 BTC - Why does this transaction has 35 TO addresses? | null | If you successfully generate a block, it contains the hash of the previous block in the chain, an X number of transactions and 1 transaction to yourself for 50 BTC. | Bitcoin |
How do you read the Bitcoin market charts? | I'd love to be able to know what I'm looking at on the different Bitcoin market graphs:
examples:
* [bitcoin charts](http://bitcoincharts.com/charts/mtgoxUSD#rg60zvztgSzm1g10zm2g25)
* [bitcoin monitor](http://www.bitcoinmonitor.com/)
* [mt gox mega chart](https://www.mtgox.com/trade/megaChart)
How do you read these? What are things to look for?
THANKS!! | Well the first one is a candlestick. The bottom of the line indicates the lowest point of the day, the highest part of the line is the high of the day. The top and bottom of the square are the open and the close. Red square means it dropped in value open to close, and green means it gained value open to close. For instance, if the square was green, it would have gained value which would make the bottom the open, and the top (higher number) the close. | Bitcoin |
Bitcoin forums: Unable to post? | I can't seem to be able to reply to threads/PMs or post any more... The buttons just aren't there.
Anyone else experiencing this/ | Same here - any newbies are now restricted to their own little subforum. I've also seen several posts critical of this move being deleted. | Bitcoin |
Would it be a good idea to purchase now? | Well right now, it's at 11.71281 USD/BTC
Would it be wise to purchase a shit ton and hope for the best or don't even try. I really don't want to bitch at myself for not doing it | If I had money in mtgox, I would buy everything right now. A lot of people are transfering money to buy low. But money takes 3-4 days to get to mtgox, so there is a delay. | Bitcoin |
Dell BitCoin troll ad. | null | Lol, always hated those bastards! | Bitcoin |
Gambling with your Bitcoins | [Is so much fun](http://i.imgur.com/oTRwe.png)!
How is everyone else having fun with their bitcoins? | Uhhh yea, I know gambling is fun, that's why I try to stay away from it.
People .... let's try not to place all of this currency's cash into the hands of a casino owner as well! | Bitcoin |
I was addicted to reddit... now I am addicted to r/bitcoin. | I hardly even visit the reddit homepage anymore. My eyes are (somewhat insanely) wide open as I type this.
Anybody else the same? | I'm enjoying the show too. | Bitcoin |
BTC will be below $7 by Sunday, probably be below $4 by Monday. | I guess the pass-the-bag speculation has been fun, but in the end someone has to end up being the bagholder. The smart folks are unloading in the dark pool while all the retail "investors" think they're getting up to the minute market information from a website that used to be for trading magic cards. http://forum.bitcoin.org/index.php?topic=15062.0 | Original: BTC will be below $11 by Tuesday, probably be below $7 by Friday.
It's $10.50 now and it's still Sunday! | Bitcoin |
Guys, I'm sorry to say, but this makes bitcoin virtually useless now, because it makes modern encryption no longer useful in any way what so ever. | null | But does it have Minesweeper? | Bitcoin |
Need some advice with a random deposit to my Mt. Gox account. | So I logged into my Mtgox account and I look at my USD amount. Where once there was $8, there is now more than $1700. I looked at my account history and I see that, indeed, someone had deposited over 147,000 yen into my account. I am at a loss for what to do. Some Japanese guy is out 1.7 grand. Advice? | Seems pretty clear to me. Do the honest thing and give it back, or do the greedy thing and laugh all the way to the bank. There will likely be no repercussions or rewards beyond how you feel about it one way or the other. | Bitcoin |
Most major financial markets have a circuit breaker, I would suggest the same for this market. | null | NO, LET THE FREE MARKET HANDLE IT. | Bitcoin |
Bitcoin Exchange Rate Watcher Program. Open
source and free. Donate if you like! | null | Highly recommend this app. | Bitcoin |
New to BitCoins. This came up in my console output; can you explain please? | 2011-06-12 06:41:35 Found Hash!
Sending to server: {"method":"getwork","params":["removed numbers"],"id":1}
Server sent: {"id":1,"error":null,"result":true}
Thank you. | You found a valid hash! Gratz! | Bitcoin |
A simple explanation of how bitcoin works: | null | rather an illustration showing the monkey-tilt potential of speculation | Bitcoin |
Are you staying on the roller coaster or did you have enough and you're puking your guts out? Please share! | The nerve wrecking weekend with 60% change in mere minutes must have caused some of you to bail out completely, while others used the low entry price to stockpile some coins.
What did you do at what price and how much %%% of your total bitcoins was it? I'm truly interested to know how the redditors are taking this kind of thrill ride! | I bought a few bitcoins to keep indefinitely. I'll keep them until they become worthless, or I actually need them for something. | Bitcoin |
Trading at MtGox just froze (can't place new trades). | It's been out for about 10 mins now. Another thing that's bound to have an aftershock. | The creator was in irc earlier. MySQL stuff. Should be fixed soon. | Bitcoin |
What prevents somebody from starting the exact same bitcoin system again and call it e-coin or something? | Could there be an unlimited amount of bitcoin systems? Every company starting their own bitcoin-clone? Or even governments making their own bitcoin system? | Nothing stops anyone from doing that. All they need to do is essentially use a different DHT keyset. | Bitcoin |
Biometric bitcoin proposal | Although I am a big fan of bitcoin, there is one criticism often popping up that I'm a bit sensitive to: The mining system gives a huge advantage to early adopters.
One could argue that the early adopters take the risk and deserve the profit, but the risk/profit ratio does not seem to be very fair. When I bought a few bitcoins a couple of months ago, I wasn't taking much risk, but I can now sell them for a huge profit that is hard to justify.
Thinking about a crypto currency alternative without this problem, I would like your feedback on the idea of a system similar to bitcoin but where a new coin is not generated by cpu power, but by a biometric key, or "fingerprint". The biometric key should have the following properties:
1. It should be (almost) unqiue for every human.
2. It should be impossible or inpractical to fake, thus it should have some hard-to-calculate redundant data.
3. It should be impossible or inpractical to steal from each other.
Obviously a fingerprint won't do as it breaks the second and third rule, but with the advances in biometrics, I can imagine such a biometric key exists and can be found.
It's interesting to speculate how the ecocomics of such system would work; as for bootstrapping, I think it would be much more stable in the beginning. The number of bitcoins would be the same as the number of participants making the value only dependant on the actual usefullness of the coins as a currency.
In the long run, I can imagine such a system could become a force against large wealth inequality, giving an unfair (or fair?) advantage to the poor.
That said, I'm not an economist and I'm hoping for some feedback on the idea.
| I'm not sure #3 *It should be impossible or inpractical to steal from each other.* makes any sense. If it's a property of a human (fingerprint, retinal print, etc), then it can be stolen.
If the biometric key is a fingerprint, then people get coins for every finger they bring in, and are therefore incentivized toward stealing other people's fingers. If you're doing a biometric key on a "retinal fingerprint" -- same thing, only it's eyeballs.
Even if you were to fingerprint someone by their unique stride/walking pattern (as I've heard is possible) then this information can be stolen just as easily by laying down pressure pads and capturing info on passers-by.
For the sake of argument, if we are to assume that it IS impossible to fake/steal and every individual in the world is entitled to 1 coin at the start, I'm not sure the economic properties make any sense. Humans have come as far as we have in part because we're competitive and ambitious. Why would you want to **completely** and artificially equalize the economic system? Equality is one thing, but at its extreme is it not just as dangerous to progress as inequality? | Bitcoin |
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