[QUOTE=DanTehMan;30553430]I'm wondering if it would be worth it to invest into a bitcoin rig...[/QUOTE]
It's not
What is the normal stopping point for blocks? Because I am at 111k and it is still going.
[QUOTE=Nohj;30553250]If you earn a bunch of money, then backup your wallet, spend it all and replace the current wallet with your old one wouldnt you get all your coins back?[/QUOTE]
The transactions that occur in the Bitcoin network are recorded into the blocks that people mine and get verified that way.
To spend money, the block where the transaction happened needs to be verified.
You spend money, it gets verified, you recover a backup, either your wallet gets updated to the new version by the network or when you try to spend the money that doesn't exist, it bounces back at you and the transaction fails.
someone should buy my .71BTC via paypal
[QUOTE=demonguard;30553689]someone should buy my .71BTC via paypal[/QUOTE]
ask djshox
what the fuck. IS IT NORMAL FOR THE WALLET AND BLOCKS TO TAKE OVER A GIG OF SPACE
I can imagine blocks taking quite a lot of space but my wallet is only 120kb.
[QUOTE=nikomo;30554410]I can imagine blocks taking quite a lot of space but my wallet is only 120kb.[/QUOTE]
Well is it normal for the blocks to take over a gig because seriously, I did the free faucet thing and have not recieved that yet and these blocks are still going.
[editline]18th June 2011[/editline]
also the btcguild account page broke the second i started mining
[editline]18th June 2011[/editline]
Oh look the blocks finished and now i got my ever so small coin :saddowns:
[editline]18th June 2011[/editline]
131740 blocks :suicide:
900MB used space
[QUOTE=nikomo;30552902]It means Bitcoins grow in value because the difficulty of obtaining them increases rapidly over time.
The only problem with the system is when you're not putting any new currency into the system.
It's like a country who's population growth is exploding but their GDP stays the same. (I think? I haven't studied economy at all)[/QUOTE]
A better analogy would be comparing bitcoins to gold. When all 21mil bitcoins are mined, it would be like all the gold in the world has been mined. Now that we know that no more gold can ever be mined, the supply now decreases. When supply decreases, and the item still has a function, then people are still going to want it. If people want it, then this turns into a classic supply and demand scenario.
The more people want something and the less of a supply there is, the higher the value will be.
If there is no other competition to this currency (which there already is, but they haven't taken off like this one), then when the limit is reached and no more Bitcoins are being pumped into the market, then the value will keep fairly stable. In fact, the value will in theory increase over time since it is possible to "lose" bitcoins, like if your wallet becomes corrupt and you didn't have a backup.
There is another side, though. Once the number of circulating bitcoins reaches a certain low-point, then there will be a massive spike in value temporarily before people realize that the value vs. gain is not worth it, and then the value will crash.
Ok last question before I let the miner go on for the night, whenever I decide to cash out, I need to have the main bitcoin app open and running to get the confirmations and to have it transfer right?
[QUOTE=Master117;30554594]A better analogy would be comparing bitcoins to gold. When all 21mil bitcoins are mined, it would be like all the gold in the world has been mined. Now that we know that no more gold can ever be mined, the supply now decreases. When supply decreases, and the item still has a function, then people are still going to want it. If people want it, then this turns into a classic supply and demand scenario.
The more people want something and the less of a supply there is, the higher the value will be.
If there is no other competition to this currency (which there already is, but they haven't taken off like this one), then when the limit is reached and no more Bitcoins are being pumped into the market, then the value will keep fairly stable. In fact, the value will in theory increase over time since it is possible to "lose" bitcoins, like if your wallet becomes corrupt and you didn't have a backup.
There is another side, though. Once the number of circulating bitcoins reaches a certain low-point, then there will be a massive spike in value temporarily before people realize that the value vs. gain is not worth it, and then the value will crash.[/QUOTE]
Except unlike gold, these have no practical purpose. Once people realize they have no actual value, the craze will stop.
[QUOTE=jordguitar;30554621]Ok last question before I let the miner go on for the night, whenever I decide to cash out, I need to have the main bitcoin app open and running to get the confirmations and to have it transfer right?[/QUOTE]
yeah, you only need something like 10-20 before people trust that it's confirmed, though.
Please tell me what the practical purpose in gold is
The only reason gold is valuble is because people long ago decided they liked shiny things and as such put value on it
This, from a currency standpoint, is exactly the same thing.
[QUOTE=KorJax;30555251]Please tell me what the practical purpose in gold is
The only reason gold is valuble is because people long ago decided they liked shiny things and as such put value on it
This, from a currency standpoint, is exactly the same thing.[/QUOTE]
Gold looks nice and can be used to make cool/useful things (you wouldnt have a cell phone without it) but Bitcoins are fictional currency that has an artificial worth.
[QUOTE=jordguitar;30554621]Ok last question before I let the miner go on for the night, whenever I decide to cash out, I need to have the main bitcoin app open and running to get the confirmations and to have it transfer right?[/QUOTE]
no
it doesnt have to be open
shadaez rarely knows what he's talking about tbh
[QUOTE=Nohj;30555291]Gold looks nice and can be used to make cool/useful things (you wouldnt have a cell phone without it) but Bitcoins are fictional currency that has an artificial worth.[/QUOTE]
The fuck's a fictional currency?
Monopoly money could be used as currency if people accepted it for goods and services, and Bitcoins are definitely being accepted for goods and services.
[QUOTE=nikomo;30556022]The fuck's a fictional currency?
Monopoly money could be used as currency if people accepted it for goods and services, and Bitcoins are definitely being accepted for goods and services.[/QUOTE]
But they arent recognized by any government as such. They have no physical item that you can say "This is 1 bitcoin" or "This card has 100 bitcoins on it" You cant walk into walmart and say "Ill be paying in bitcoins today." because its not legal tender. If anything its a stock you can earn for leaving your computer on.
I almost stopped reading at "the government".
There is no singular government.
It doesn't matter if a government doesn't support the currency if the people support it.
"The government" exists to serve "the people".
You have not been to America have you? You don't get to choose what currency you use. You get dollars. That is it.
I've replaced "the government" with "any government" and it still fits.
okay ive been trying to get this damn thing to work for the past two hours.
It CPU mines fine, but when I try to get it to GPU mine, It refuses to connect, at all.
[QUOTE=Nohj;30556212]You have not been to America have you? You don't get to choose what currency you use. You get dollars. That is it.
I've replaced "the government" with "any government" and it still fits.[/QUOTE]
you can use whatever the fuck currency you want
it just depends whether whoever youre buying from wants to accept it
[QUOTE=Nohj;30556212]You have not been to America have you? You don't get to choose what currency you use. You get dollars. That is it.
I've replaced "the government" with "any government" and it still fits.[/QUOTE]
I can damn well go to a flea market and pay in items, you're stupid, get over it.
But if you pay in items, you are using something that has worth or use. This is just as useful as telling me I need to buy special stripper bucks that are worth 5x the American dollar in order to pay the strippers to let me see their tits. Why cant I use regular money? Because we said this money is better.
[QUOTE=demonguard;30556308]you can use whatever the fuck currency you want
it just depends whether whoever youre buying from wants to accept it[/QUOTE]
when I walk into a store and see "Now accepting Bitcoins." I will accept that they are a valid currency.
[QUOTE=Nohj;30556384]when I walk into a store and see "Now accepting Bitcoins." I will accept that they are a valid currency.[/QUOTE]
[url]https://en.bitcoin.it/wiki/Trade[/url]
[QUOTE=Nohj;30556384]But if you pay in items, you are using something that has worth or use. This is just as useful as telling me I need to buy special stripper bucks that are worth 5x the American dollar in order to pay the strippers to let me see their tits. Why cant I use regular money? Because we said this money is better.
when I walk into a store and see "Now accepting Bitcoins." I will accept that they are a valid currency.[/QUOTE]
You're missing the point.
If enough people use the currency for everyday types of trade, and it can be exchanged for another currency, then it damn sure is a valid fucking currency. Just because it doesn't have any physical copy or value doesn't mean it can't be used.
[QUOTE=nikomo;30556450][url]https://en.bitcoin.it/wiki/Trade[/url][/QUOTE]
Notice how all of those are online stores or online systems put in place to buy physical items.
If there's such a thing as fake or virtual currency, it's the USD which is currently being inflated and deflated at will to screw people out of houses and other property.
Sure as hell doesn't help that banks were giving out unsafe loans like there was no tomorrow.
[QUOTE=RidingKeys;30556470]You're missing the point.
If enough people use the currency for everyday types of trade, and it can be exchanged for another currency, then it damn sure is a valid fucking currency. Just because it doesn't have any physical copy or value doesn't mean it can't be used.[/QUOTE]
Unless they increase the limit of Bitcoins, they will fail. There are not enough for people to use as a natural currency in todays society. Smaller groups could use them but an entire nation switching to them would require a huge amount of them or the price would skyrocket to something astronomical like .01 bitcoin = $1000.
[QUOTE=Nohj;30556500]Notice how all of those are online stores or online systems put in place to buy physical items.[/QUOTE]
What the fuck does that matter?
Ok, sure, Bitcoins are terrible for buying and selling on the go since it takes a bazillion years for the transactions to get verified by the network, but it's a currency, it's in use, people are trading with it, get over it.
[QUOTE=Nohj;30556500]Notice how all of those are online stores or online systems put in place to buy physical items.[/QUOTE]
And you're fucking point?
Oh look I can use the USD online to buy physical items so its not a valid currency anymore.
Get your head out of your asshole.
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