BitCoin / LiteCoin
Discussion
TheExcession said:
I could start 10 alt-coins tomorrow and pre-mine all of them - but how do I get people to start using them? Well if I was Boots or Marks&Spencer or Tesco etc etc they could have value.
Could it be argued that in Club Card and Reward points, Boots and Tesco already have their own currencies of a sort? You "mine" them by spending money in store, which to my mind doesn't seem that different from mining by spending money on computing power and electricity? Granted, they're fixed value and can't be traded, so not entirely the same, but how long before they evolve into something else I wonder? Thinking about distributed computing projects, I wonder if a business could use similar ideas to offset the cost of some of its own computing requirements? Clearly not for anything critical, but in theory, you could offer a client that solved a certain task (that task being a business need of some sort) and link mining of an alt-coin to that, which I think what Gridcoin is doing? You could then offers goods and services for that coin.
Going completely crazy for a second, why couldn't a Government do something similar? Distribute the processing for various non-essential but time intensive tasks to a distributed project, in return offering a mined "Govcoin" that could be used to pay taxes, levies or what have you. Maybe allow corporates to participate in return for certain tax incentives? Gives Governments an incentive to be business friendly, business an incentive to locate to Govcoin territory and would probably also help develop improvements in computing as people seek to become more efficient Govcoin miners to reap bigger tax benefits.
Art0ir said:
Bitcoin founder allegedly outed. Not going to post it here as they've rather distastefully posted pictures of his house and car, even after finding out he has been having serious health problems recently.
Good job you put allegedly in there.I can't imagine it's really him, but with out doubt one family is now going to be the subject of a massive level of scrutiny and harassment.
My guess is that Leah McGrath Goodman is going to get a hammering over this. As for Sharon Sergeant and Barbara Mathews - I need to do a bit more reading.
hairykrishna said:
That seems a totally irresponsible article with essentially zero actual news content.
Indeed, a storm in the tea-cup. I've even just seen a Sky News Report on it so definitely filtering down to the 'mainstream/masses'.Any one care to offer a speculation on the value of 1 BTC to the USD by the end of 2014?
My gut instinct says +$1000.
I'm no financial analyst - (more's the pity) in fact I hardly understand these speculative trading platforms at all - people swapping numbers is the best analogy I can find.
Recently my son (aged 7) has got into 'Match Attack' football trading cards. He is forever getting me to buy a pack and on some days seems delighted and on other days disappointed with his (my) purchase.
Still it appears there is a whole market system running in the school playground, and he does seem to dump a load of 'worthless stock' in order to gain a 'medium' value stock in order to combine it and get the 'rare' stock.
I should illustrate to him the need to add a transaction fee. Market knowledge pay back? If boy X wants to sell a card, He should apply a fee for trading, then when boy Y wants to buy that card he should apply another fee for trading.
I think I might even get him to take a look at crypto currency charts - maybe he can start to figure out the moves in the market!
hairykrishna said:
That seems a totally irresponsible article with essentially zero actual news content.
Someone on Coindesk made the point that given the amount of bitcoin the "real" Satoshi holds, there's a decent motivation for some to obtain his private keys. Those with criminal intent now have a suspect they can go after, meaning this Satoshi (real or not) could now be in genuine danger. Nice work Newsweek.FWIW the "real" Satoshi has denied being this Satoshi :-
http://p2pfoundation.ning.com/forum/topics/bitcoin...
hornet said:
FWIW the "real" Satoshi has denied being this Satoshi
Of course he has! I think some of the calls to have 'Satoshi' sign a post with his PGP private key are valid, like wise I guess a transaction out of the Genesis block whilst Dorian is held at gun point in GITMO might also get the poor fella off the block.
Still - he got his free lunch!
Interesting Daily Telegraph with quite an intellectually low depth article about Wikipedia and Bitcoin
Shows just how the community are pulling together; +18 bitcoins through that account already.
Shows just how the community are pulling together; +18 bitcoins through that account already.
So then, Ripple. Been playing around with it, as there are a few BOINC clients that reward XRP, but seems you must first activate the wallet. This appears to be THE MOST DIFFICULT THING IN THE WORLD. Anyone here dabbled in XRP and have any suggestions on how to get up and running without having to register at umpteen gateways or exchanges? Bitstamp seem to do BTC to XRP withdrawals, but that obviously entails setting up an account, which seems daft for what's basically a one time event. I want to like the concept, but by Christ they're making it difficult!
Edited by hornet on Tuesday 18th March 21:56
Edited by hornet on Wednesday 19th March 12:49
Update - it lives!
Found The Rock Trading, which seems like a useful site. Set up an account, pinged all of 0.01BTC there from my Multibit wallet, exchanged for XRP and sent that through to my Ripple wallet, thus activating it to receive payments from my WCG/BOINC projects. All rather exciting watching that lot whizzing about cyberspace
Found The Rock Trading, which seems like a useful site. Set up an account, pinged all of 0.01BTC there from my Multibit wallet, exchanged for XRP and sent that through to my Ripple wallet, thus activating it to receive payments from my WCG/BOINC projects. All rather exciting watching that lot whizzing about cyberspace
dtmpower said:
Looks like something from the Matrix....... maybe this is how it all starts. Dare I ask how much 1MW costs? I see that allegedly the average home in the US uses between 1 and 1.5 kW of electricity on average, so 1 MW would power roughly between 750 and 1000 homes. So multiply the average electricity bill by that and that's the cost of 1MW? His ventilation system didn't look amazing based on the large fan on the floor and if someone really wanted I bet they could find the location of the mine.
There are still people mining from home setups competing against that, how on earth can they win?
There are still people mining from home setups competing against that, how on earth can they win?
Edited by g4ry13 on Saturday 5th April 12:32
dtmpower said:
All very well but who/with what organisation/how is he trading in that sort of volume and getting usable cash out? It's a lot of "product" to shift.
t. From what I gather that Pirateat40 dude who scammed everyone with Bitcoin Savings and Investments only got something like $150,000 out in cash and he's supposed to have stolen what, $500million worth?kev1974 said:
dtmpower said:
All very well but who/with what organisation/how is he trading in that sort of volume and getting usable cash out? It's a lot of "product" to shift.Gassing Station | Finance | Top of Page | What's New | My Stuff