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Who gets the default .01 transaction fee when making a transfer? | Sorry if this is a question that's simply answered by RTFM'ing but I couldn't find this info too easily. Any ideas? | afair it goes to the person who has "solved" the block which contains transaction. | Bitcoin |
Pooled mining with a CPU miner? | Is it possible to do pooled mining with a CPU miner? I realize I'll probably get, at *most* optimistic, a few bitmills a day, but that's a few bitmills more than I'd get otherwise. | You are better off buying them. I estimate it cost between 10 to 20 cents to create a bitcoin with a GPU. Your hash rate with a CPU will be about 1/100 the power of a decent GPU. Running a CPU to get BitCoins will be more expensive than if you just buy on the open market.
If you want to mine, your best bet is to research what ATI GPU your computer can support (based on your power supply) and upgrade your video card. Be sure to give 10-20% leeway on power consumption, or your system will shut down at random intervals. Doing this, you should be able to mine enough to pay for your video card in about two months. | Bitcoin |
Anyone else love knowing when you wake up, you've essentially made money while you sleep? | I go to bed at 4AM after investing a nice sum at 1.7USD, wake up and sold it at 2.6USD.
This is just too easy. | Yeah, you're a big time baller now. | Bitcoin |
Rebutting the bubble | null | Well said | Bitcoin |
Bitcoin may be a bubble but it could be far from over | While I agree that bitcoin could be a bubble think about this. If bitcoin REALLY takes off it would only take 5.x million people to buy one bitcoin each and have all bitcoins allocated. We know there aren't going to EVER be more than 21 million too so all it would take is more people in the world buying butcoins than there are bitcoins to buy. Prices for things then would necessarily have to drop to sub-bitcoin levels. And when that happens, the price per bitcoin could easily reach (IMHO) +$100 per BTC.
I'm definitely not an economist but I wonder what the communities thoughts are. | Let me just get my crystal ball. | Bitcoin |
Bitcoin Pride T-shirt 6btc shipped | null | I'd love one with just the logo and the web address | Bitcoin |
Bitcoin is SURGING upwards - what the heck is happening | Two days ago, it was at 1.90$ and now it just checked in > 3.80$
This is more than speculation, we have a huge unstable and otherwise unexplainable bubble going on.
Edit... In recent news:
*Paypal has frozen CoinPal's accounts (damn you, Paypal). http://www.bitcoin.org/smf/index.php?topic=2555.msg101084#msg101084
*MtGox is under a DDOS attack. http://www.bitcoin.org/smf/index.php?topic=6827.0 | It was mentioned on CNN yesterday:
http://globalpublicsquare.blogs.cnn.com/2011/04/29/4-trends-shaping-the-emerging-superfluid-economy/ | Bitcoin |
If I loose my Bitcoin is it gone forever like a dollar dropped on the street? | So I finally have one bitcoin. I consider myself a bit of a student of currency and have spent quite a bit of time studying currency and the various ways its made, used, destroyed, etc. One question has not been answered though with all the Faq's I've read and all the thinking I've done with my limited grey-mater. Currently I have no protections for my one bitcoin. I have no backups of my wallet, no place where it is stored other that in the software in my computer. If I was to format my computer tomorrow and destroy the little piece of information that is my one bitcoin will It be gone forever? If the answer is yes, then is it safe to assume that eventually the number of bitcoins in existence will begin to drop just through accidental destruction like computer problems etc? I love the shit out of the decentralization of bitcoin, but I see this as a long term (50+ years) killer of the system that the Devs should seriously consider. What do you guys think??? | Indeed this is a problem. I'm storing an encrypted copy of my wallet in Dropbox to protect against this, but this relatively simple solution is still a too elaborate for old Aunt Tillie, who doesn't know where her wallet is stored and has never heard of GPG.
Eventually one of the following will probably happen:
1. People will have so much of their wealth in bitcoins that they will actually decide it's worth their while to learn data security. This is already happening to some extent, but given how people choose their online banking passwords right now, I wouldn't hold my breath.
2. People will keep most of their bitcoins in "banks" that make it their business to understand security. Not everyone, of course---some people won't trust banks, but they'll be making a conscious decision to take responsibility for their own security.
3. Improvements to the client software will make strong encryption and offsite backup dead simple. This would be the best solution of all, and it seems quite likely to happen within the year or so. | Bitcoin |
MtGox has been down for an hour. DDoSd? | It had just reached 4 USD / BTC and I was in the middle of transaction. This is horribly frustrating.
Could it be under attack? | It's mentioned on hacker news front page | Bitcoin |
Paypal just shutdown CoinPal | null | No me gusta. Does anyone have an alternative market? | Bitcoin |
I'm new, how long does it take? | I went to that coin fountain site and put in my address, but nothing has showed up in my client. It's been about an hour. Any ideas? | Wait another hour or so-- if you just installed the client, the blocks are probably adding up right now. | Bitcoin |
Well as you all probably know already, BTC's shit is all kinds of fucked up right now. What's your take on the situation? | Personally, I'm not too worried. When I entered this market, I told myself whatever I invest could be lost at any time because it's a new market. I think over the next few days things will be fine. | I'm just enjoying the ride. I invested with the same mindset, that it could be lost. Can't wait to see what happens next, and how it adapts/evolves. To me it feels like an exciting experiment, for science. | Bitcoin |
I just mined by first Bitcoin! | I just wanted to share my excitement. I've been cooperatively mining on deepbit with my GTS 250 and 4 CPU cores for about 4 days now. | I would just get a cheap ATi card; my 5750 I bought a year or two ago for $115 gets me 130mhash/s at stock clocks.
What I really can't wait for is the next version of the ATi Folding@Home client; it's only a year and a bit after it was expected to release, lol. | Bitcoin |
Is there any good mining software for Snow Leopard? | I would really like to participate in a mining pool because my specs aren't great, but I can't seem to find any good programs for Snow Leopard. Is there something I'm missing? | Most miners can be compiled on OSX, but if you don't want to compile anything, I think the Diablo miner is your best bet. http://www.bitcoin.org/smf/index.php?topic=1721.0
That's a GPU miner. For CPU miners, I think you're stuck with the default client, google's client, or compiling jgarzik or puddinpop's miners. | Bitcoin |
The Bitcoin Bubble (a good article with a stupid title!) | null | A good link with a stupid annotation | Bitcoin |
Pool or solo? | I mine with my GPU, an HD 6950, and average 280-290 Mhash/s. I can't mine all the time, though. Pretty much just when I'm sleeping or at work. Would I be more successful mining solo or in a pool? I'm currently in slush's and get 1 BTC every 1-2 days or so. | How do I set a limit on the usage? Cause right now when it's running, everything else on my computer slows down. Even just browsing in Firefox is laggy. | Bitcoin |
BitLotto: May 4th draw Est. 100 BTC jackpot with 1/100 chance of winning. | null | I bought two tickets back when BTC where about a USD. Now at 4 USD/BTC, its kinda a bigger bet but still a good value compared with state run lotteries. | Bitcoin |
Mentioned Bitcoin to spread the word.. | I wrote a quick article on Bitcoin in an effort to try and help spread the word about Bitcoin. I know that "shameless plugs" are discouraged, is there a more appropriate place to put it other than /r/Bitcoin ? I can't think of one. Throwaway account....active Redditor.
http://halfhack.com/main/?p=92
| Why throwaway? Don't you love us? | Bitcoin |
I'm new to this. Where/how would I buy a hundred or so BTC? | I've been wanting to buy some for a while, but it's not the most user friendly currency. Now that it is starting to gain some real value i'm hoping you guys could point me to a simple new user guide just to get some BTC in my account (especially with all of the wacky things going on right now...smells like the gold/silver bubble in the 70s?) | [I like how this one lets you send cash anonymously](https://www.bitcoin4cash.com/). | Bitcoin |
Bitcoin In A Post Scarcity World | null | I am the publisher of Bitcoin Weekly, yes. I am that kiba, the guy who is the #1 poster on the bitcoin forum in term of sheer post quantity. | Bitcoin |
Bitcoin Comic: If Public Keys were Carrots | null | DON'T YOU MEAN WAFFLES?!?!?!? AHAHAHAHAHA | Bitcoin |
What's the best/cheapest way to cash out Bitcoins to USD/CAD? | Originally I thought I would try mtgox, but it seems I can only go BTC -> mtgox USD -> Liberty Reserve. Once I get to Liberty Reserve currency I need to convert yet again with one of the exchangers to get it in my bank. There must be an easier and cheaper way.
I'm aware of #bitcoin-otc but how safe and easy is that? Is there something else I'm missing? | Well, you _could_ get a card writer and write the number onto a blank card. Then get some major WTFs paying in a store when you pass them a white card. | Bitcoin |
Reduced hash rate when using 2 GPUs without Crossfire? | With crossfire I get about 350mhashes a piece on my two cards. Without crossfire I get about 8k to 10k hashes. What's up with that? | > What's up with that?
It looks as if you're using the CPU for the latter numbers. | Bitcoin |
Thread to start A Reddit Mining Team. Im doing 50.5MH/s alone, let discuss further. | null | I've been mining on deepbit for the last few days, and its been good. But have watched how fast the numbers of users there has grown and figured a few other redditors might be GPU mining and might want to start a new pool. I have a server setup and have been playing with a few of the open scripts; but may build my own.
I just want to start a general discussion on the topic. Thanks RR
| Bitcoin |
Worried about heat while mining | So, I recently put together a desktop gaming rig, and started using it for mining. I'm pulling a fairly neat profit, so I decided to expand my operations. I'm currently using a Radeon 6870 (iirc; not at home to check) and I just ordered a Radeon 6990.
A thought occurred to me, though. Right now, having been mining for now 3 days straight, my 6870 is running at a temp of 84C. I see on the mining hardware comparison chart that, my 6870 draws ~150W, while a 6990 draws ~400. Question: Will I have heat issues? If so, how fix them? Will water-cooling be my only option? | Turn your memory clocks down as far as you can as long as it remains stable. | Bitcoin |
Want to Get into Mining. Where to Start | I am looking at getting into bitcoin mining. I have no idea where to start. I am willing to purchase techincal assets for the purpose of mining. Any guidence is appreciated.
| 1: purchase 6xxx series AMD graphics card
2: run miner
3: profit | Bitcoin |
Brand New Miner: Where do the bitcoins show up? | I stumbled upon bitcoin after buying my 5970 off Craigslist for $350. I saw some guy offered to pay for use of a 5870, and investigated until I found bitcion.org. I waterblocked it and overclocked the 5970 for another $120 (parts off ebay).
I got bitcoin and poclbm up and running in solo mode about 2 hours before I left for Africa. I was getting 660Mhash/s. I won't be back home for 3 weeks.
I lucked into this completely. I was planning on buying a GTX 580 for gaming but I couldn't pass up the deal that was a 5970 for $350. I am now very happy with my choice. As I can leave it running for the majority of the time because I work in Africa.
Where do the bitcoins I earn go? Do they just show up in the bitcoin client? how is my hashing tracked? | You got a hell of a deal. | Bitcoin |
The Free Software Foundation is Now Set Up To Accept Bitcoin Donations! | 2 months ago I emailed the FSF asking if they accepted Bitcoin donations, and received a reply in the negative. Well look what I found in my inbox today:
>Hi,
>
>I just wanted to let you know that we are now set up (in a very basic way) to accept Bitcoin donations. We
hope you'll contribute :). Instructions are at https://my.fsf.org/donate/other
>
>-john
>
>--
>John Sullivan
>
>Free Software Foundation
>
>Executive Director
>
>GPG Key: 61A0963B
Spread the word! These people are on the front line of freedom in the software world today. | The link has an extra period at the end. It should be: https://my.fsf.org/donate/other
Just sent 0.3 btc. | Bitcoin |
Can someone sell me 3 bit coins for $10? | I found a poker room. I've got paypal. | Just google bitcoin poker, it's the first one. Theres people there sometime. | Bitcoin |
For how long do you think Bitcoin mining will be profitable? | It would seem that with an exponential increase in difficulty and an exponential increase in computing power (i.e., Moore's law) that it could theoretically be profitable right up until the last Bitcoin is mined. That is, if it weren't for the increase in people mining for Bitcoins.
The more people mining for Bitcoins, the more quickly the difficulty will increase (not to mention the fewer coins to go around). This could lead to the Bitcoin difficulty rate exceeding the computing power growth rate (if it hasn't already).
As a tangent, do you think Bitcoin mining has increased the # of GPU sales, and will this have any impact on the development cycle? | Here's how you make money mining bitcoins (IMO).... Be an early adopter, mine/aquire bitcoins while they are cheap. wait. spend a little here and there to help the economy, Talk it up to your friends. when the market to hits $40+USD, retire.
Between July and December I mined about 1100 on my regular old workstations in my house. They were worth about $.06. Now I'm just trying to get more here and there by selling things I dont need anymore. I plan on keeping the bulk of mine for awhile because I truly believe in the possibilities of this new currency with global reach.
Another way to think about it... it may cost more money to make bitcoins than they are worth now.. but if this medium establishes itself as a globally accepted currency... it could very easily be worth MORE than current gold prices. easily. Especially if there's only going to be 21 million of them in circulation by the end of a couple years. Then how much would those bitcoins you paid $40 in electricity for be worth? | Bitcoin |
What happens when the last bitcoin will have been mined ? Why would people go on hashing blocks ? | and then, isn't this the end of the system ? | The answer is that you will be able to collect fees. So when I go to make a payment, the system places higher priorities on transactions that have paid a higher fee, so it gets processed more quickly. I believe these fees are distributed back into the system. | Bitcoin |
Vote to get bitcoin on Fox's Freedom Watch! (were in 2nd!!) | null | Wow... on the one hand it *is* Fox, but on the other, the insane tea party hoarders putting money in bitcoin is good for all bitcoin users, so... | Bitcoin |
Ok Reddit Mining Server is Running. Register > Create A Worker > Mine. More updates to come! | null | Nice. Using the Yii Framework? I love that thing. | Bitcoin |
Would it make sense to invest in Bitcoin money? I'm thinking about buying Bitcoins for $50 hoping that I can sell them after some months/years for more than $50. | null | Do you mean $50 USD worth of bitcoins? If then, I'd say yes, the value years/months from now is likely to have increased relative to the dollar.
If you mean buy bitcoins AT $50 USD each...only if you buy them from me. | Bitcoin |
Cost Defective Mining with Amazon GPU Clusters | null | How did you expect to come out ahead with this? | Bitcoin |
What's up with slush's pool? | Cluster performance is down to 13 ghashes/s, last block took *16* hours to find, and my client is saying it can't communicate with the server. | No but reddit/r/bitcoin is. | Bitcoin |
Reddit mining @ ~1GH/s | Help name our mining server. | So I got the stats working, It will reflect in the user cp soon enough.
But I don't like the ip / we might need to move server and would like to switch over to dns. So.. what should we name the server?
Also to answer questions. For now / No Fee's / deepbit style Proportional Payout (until we get larger) / JSON Api in works
Thanks | piecesofeight | Bitcoin |
"Although the Bitcoin economy is flourishing, Bitcoin users are anxious about Bitcoin’s legal status. This paper examines a few relevant legal issues, such as the recent conviction of the Liberty Dollar creator, the Stamp Payments Act, and the federal securities acts." | null | The government also tried to prevent file sharing. The governments in the middle east also tried to shut down the entire internet and cell phone networks. These actions just show the masses that the government is scared (censorship is the last refuge of cowards). Government censorship just empowers revolutions even more. | Bitcoin |
Are sites like mybitcoin.com a good idea? | I'm wondering if online sites like mybitcoin.com are safe for storing bitcoins in? | So, what would you guys reccomend for backing up my wallet? | Bitcoin |
“Why bitcoin will fail” — raises some of the concerns I have with BitCoin | null | If you're looking for a serious response here goes, but I don't have the time or energy to get into every nonsensical point this guy makes. The biggest mistake is he is making a false analogy to gold which, while many bitcoin supporters like, is not at all gold in so many ways its scary.
Bitcoin is NOT like gold in alot of ways:
Divisibility, remember bitcoin can go to eight decimal places unlike gold which is not easily divided,
Portability, theres no reason why there couldn't be a credit card, NFD, RFID, or whatever tech you think of that could transfer bitcoins. there is even a guy that has developed QR codes (2d barcodes) that can be printed on paper and used disposably to transfer bitcoin, much like checks.
Statements like "Believing in the gold standard is disbelieving in capitalism" simply are just FUD. It sounds like "MP3's are communism" or "Linux is communism" or whatever crap you hear people saying.
However I would agree that "In order to create currency, you have to do a bunch of pointless busywork". It holds true for dollars or bitcoins, How many peoples jobs really matter? Well, like beauty, 'value' is in the eye of the beholder. For example I don't like mussels, If every mussel fisherman decided to stop, I could care less, does that mean mussels are without value? nope, but as far as I'm concerned they are.
"Value" is derived from some broad summation of peoples wants and people want a currency that is difficult (if not impossible) to trace and regulate outside of some basic rules (eg strict limitations on supply).
Bitcoin isn't going anywhere anytime soon. It won't (i hope) take over as anyones dominant currency but it will serve an important niche. | Bitcoin |
Bitcoin will be capped at 21 million right? | From what I've read 21M is the eventual cap on bitcoins. If this cap is fixed then what will stop the bitcoin from suffering massive deflation? Instead of trading whole bitcoins we will be trading microscopic fractions of bitcoins.
At a 21 million cap the value of a single bitcoin will be insanely high as 21 million is only about 2/3 the population of California. Virtually all transactions will be .001 BTC or less. If the .01 BTC fee is ever imposed it will be the absolute death of the currency. To me, this arbitrary 21 million cap seems really poorly thought out and BTC doomed to fail.
---
Can anyone explain how this system is going to succeed? | Bitcoins will be capped at 21 trillion μBTC, and will allow μBTC to be expressed with 2 decimals still.
*"21 trillion ought to be enough for everybody"* - Gandalf the White
But seriously, compare with the amount of actual USD cash in circulation or the cash amount of any other currency for that matter. It's not that bad.
Also, there's nothing in the protocol dictating a specific fee. Fees will be what the market will bear, ultimately.
+1 for ending with "BTC is doomed to fail" though. That's apparently a staple of every other submission in this subreddit nowadays, and I certainly can't fault you for following the trend. ;)
| Bitcoin |
Bitcoin price deflation. | null | BitCoin is still not mature enough to support a business that is based on goods only. Price fluctuations will be a problem for years to come until people get a feel for what a BTC is worth. However, business that are service based that are not running at full capacity would benefit from the use of BTC, by offering their services below the going rate for BTC. For those businesses, some revenue is better than no revenue. (In fact with the current rate of deflation, they may actually find their profits grow by simply holding the BTC for a while.)
Deflation is not a problem, so long as the deflation is predictable. In fact deflation encourages people to hold BitCoins instead of investing. This is a cool way to slow down the consumerist and wasteful society that has been created. While the current deflation is not predictable eventually it will be.
| Bitcoin |
Remember million dollar homepage? Here's one for Bitcoin. | null | No.
The point of million dollar homepage was that once you buy a pixel you have it forever. It is one-time payment and total amount is exactly 1 million dollars.
'million bitcoin' thing RENTS pixel. So it is just a crappy ad place. (Crappy because it is crowded and low-traffic.)
I'm not a big fan of million-dollar-homepage, but at least it was a novel idea.
But this is just a piece of crap. | Bitcoin |
BitBills: Bitcoins you can hold. | null | This is super exciting. I think I'll keep a supply of 1 BTC cards around to give out as tips and such. | Bitcoin |
[x-post from r/BitMarket] iPhone 4 16gb for sale | EDIT: Not for sale anymore, I'm just going to sell it locally on craigslist. | I'm located in Southern California. Sorry I forgot that Verizon has their iPhone now too. It is ATT, but it is both jailbroken and unlocked. | Bitcoin |
Economics question about Bitcoin | My understanding is that the total number of Bitcoins will max out at 21 million. I also understand that Bitcoins can be broken down to fractions such as .000001
Suppose a hypothetical situation occurred in which Bitcoin became the world's reserve currency. My question is regarding how much value would one Bitcoin be worth at that future point inflation adjusted to the value of this year's dollar.
For example if you owned 1 Bitcoin today and Bitcoins became the world's reserve currency ten years from now would your Bitcoin be worth thousands of dollars in today's purchasing power? If billions of people were using 21,000,000 Bitcoins would that make your one Bitcoin that much more valuable? | Money experiences supply and demand just like anything else. Given a fixed supply, the larger the demand, the higher the price.
So yes, a dozen Bitcoins today could potentially purchase a house in the future. However, it could potentially purchase nothing, or anything in between. How involved you want to get in Bitcoin is merely a matter of risk management. Don't spend more than you would be comfortable completely losing. | Bitcoin |
Reddit Mining Team Found our First Block! | null | Huzzah!!! I shall spend my payout on [ale and whores!!!](http://www.pvponline.com/images/blog/anh.png) | Bitcoin |
Bitcoin difficulty increase! Mining just got about 50% harder. Thoughts? | null | [Here](http://www.bitcoin.org/smf/index.php?topic=7427.0) is one of the posts from the forum talking about the relationship between difficulty and exchange rate. | Bitcoin |
MtGox value hits 4.98USD/BTC! | My god! | Is this just a bubble? How long until it readjusts to a more stable price? I wanted to invest $2000 in it about a month ago when it was at ~$0.6USD but then I read that if people hoard the coins the economy will never take off so I just started making small purchases in BC instead. I wish I'd bought that $2000 worth now. :( | Bitcoin |
Who here is actually purchasing goods or services with bitcoins? | If nobody is buying real stuff with bitcoins, then one could definitely conclude that the bitcoin economy is a total bubble. Upvote your situation below. | I own bitcoins and have never bought anything with them. | Bitcoin |
Does this concern anyone else? What will be the next difficulty increase? | null | Concern? I consider that very good for Bitcoin! | Bitcoin |
Why would you spend your bitcoins to buy things instead of spending your dollars? | Bitcoins appreciate and dollars depreciate. Unless the product/service you want is only for sale in bitcoins, I don't understand why you wouldn't just purchase things in dollars and save your bitcoins. | There's no guarantee that the exchange rate will continue to rise. I think it probably will, but I'm still willing to spend some of the coins I bought at $0.60 when they're valued at $4.00. | Bitcoin |
I am new to this and have a few questions... | If I mine in a pool, how are the Bitcoins awarded? For example, I will be using a fast GPU. Will I get the same payout as people in that pool using just a CPU or will I be compensated based on my contribution to the pool?
Also, once I start earning Bitcoin, what's the best way to convert them into USD without risk of being scammed? | First, some basics. A hash is produced by taking the block header and a nonce, and hashing those values together in a specific way. A winning hash is one that is below the target, a small number starting with a lot of zeroes. The target is inversely proportional to the difficulty. A share is a "winning hash" for the lowest difficulty, one. Pools use shares as mini proofs of work.
There are a few different models of pool payments.
**Pay per share**
You get a fixed payment for each share you generate. This payment is calculated to give the pool operator some profit, from what I've seen in the 5-10% range. This method is the riskiest for pool operators, and least risky for pool users.
**Direct shares**
Once a block is found, your payout is equal to... (your shares / total number of shares * 50) - pool operator fee. The risk pretty fairly balanced between operator and users.
**Score system**
Similar to direct shares, except that newer shares are "worth" more than older shares. This protects the operator and users from attempts of others to gain an advantage by hopping between pools. | Bitcoin |
Q: Given a block's data, is it possible to quickly determine the message digest that generates its hash? | Trying to understand the protocol a bit better...
I don't mind which block is used as an example, but here's one: http://blockexplorer.com/rawblock/000000000000479de7df494b25c838f0e102d696e08ad2bb74066d7a7ae69511
Obviously just the hash itself is not enough, but since validation needs to happen somehow (as the 00000xxxx hash could just be a random string of numbers otherwise), I presume that there's a way to find the original message. | The block header is the data hashed. You can reconstruct the block header from the data on that page. It comes out to:
010000001d8f4ec0443e1f19f305e488c1085c95de7cc3fd25e0d2c5bb5d0000000000009762547903d36881a86751f3f5049e23050113f779735ef82734ebf0b4450081d8c8c84db3936a1a334b035b
Hash that twice with SHA-256 and you'll get the block hash. | Bitcoin |
I'm working on BitCoin futures exchange service.
What features would you like? | [Here's](http://www.bitcoin.org/smf/index.php?topic=5529.0) Bitcoin.org forum discussion.
Problem with trading futures/options is that parties are very likely to default so reserves are required.
For the start I'm implementing a variant with capped profits/losses and full fixed size reserve. It is simple and reliable, but, I think, not quire convenient to traders. (Although there is a possibility to make it better to arbitragers/market makers who engage in multiple contracts at same time.)
So what should I do after that:
1. Immediate settlement (as soon as price goes through a limit contract is settled immediately at limit price)
2. Capped options (one side pays a fixed price, other side pays up to a certain amount which is fully reserved until settlement)
3. Trade among trusted parties with relaxed reservation requirements
4. Something else?
As for user interface, do you expect 'beginner mode'? Fancy graphs (e.g. payoff, order book etc.)?
Is SSL required? Are you ok with password auth? | > Problem with trading futures/options is that parties are very likely to default so reserves are required.
I think this is your biggest problem, at least at the start. I would say a lot of users will be unsure if the system works and will bolt if they see a lot of contracts defaulting.
I think if you can get past this stage, show that the system works, you will have success. This is far more important than graphics etc. SSL is definitely required, what other options do you have other than password auth? | Bitcoin |
About to hit 6.00 USD per BTC... | Just sitting in #bitcoin-watch waiting for it to hit 6.00 on Mt. Gox. Just wow. I wonder what happened today. | This is crazy. | Bitcoin |
MT Reddit just found 2 more blocks / Huge payouts to the few in the pool / And New Sexy Charts | null | How huge are we talking? | Bitcoin |
I sold some BTC on Mt Gox. Now how do I get my money out of Liberty Reserve? | I thought it was like a PayPal thing where I can send it to my bank account, but I don't see anything like that. Help? | You need to use a Liberty Reserve exchanger:
http://www.libertyreserve.com/en/public/exchangers
It would have been easier to just trade the MTGUSD for PayPal on #bitcoin-otc. | Bitcoin |
How do I check my MtRed balance? | Is there a webpage or an API I could use? | +1 for this.
I'm pretty sure the operator is working on it. So far, I have not had a balance since every payout has been bigger than my minimum of 1 btc (only 3 blocks found so far). | Bitcoin |
What's the best way for an Aussie to get Bitcoins? | I've tried to mine on my mac but it only uses CPU and I'd prefer to use GPU. I'd like to mine in a pool but I'm not too sure how to set it up (a lot of this tech speak just goes straight over my head).
Formerly I'd transfered some money into bitcoins via coinpal but they had limits on it of something like 40btc/week so I could never get a substantial chunk on there before spending it.
I'd like to use Mt Gox but the main way uses dwolla but it appears as if you need to be an American resident for this. So if any one could point me in the right direction it'd be much appreciated.
Thanks. | I'm a kiwi, and I managed it with VirWox. I'll PM you the same instructions another Redditor gave to me. | Bitcoin |
Question on how bitcoins work and how they are future proofed | I just found out about Bitcoin, it's very interesting, this alone has the potential to change the world in a big way. but i wonder how useful it really is. I admit I don't fully understand how it all hangs together. So if someone could explain to me how this system can stand up to eventual flaws in it's security that will emerge.
From what I gather, the integrity of the system is dependent on sha256 hashes. Presumably if someone ever invented a computer fast enough (quantum computers around the corner?) or if someone developed a cryptanalysis technique that was able to break it in a computationally feasible time then the whole Bitcoin economy could die overnight.
It is true that banks use the same cryptography algorithms for security, however they are able to change them relatively easily if some flaw is found. Can the same be said for a decentralised network like Bitcoin?
Once a security flaw is found in the system, how would a "fix" be applied?
lets say that we can be sure that sha256 wont last more then 20 years before it's regarded insecure. Does the current Bitcoin system enable ease of use to different methods of encryption?
I'm not attacking Bitcoin, i think it's a great idea, I just want to know if this issue is addressed | >It is true that banks use the same cryptography algorithms for security, however they are able to change them relatively easily if some flaw is found. Can the same be said for a decentralised network like Bitcoin?
Banks could indeed change their cryptographic algorithms, but it would take some effort from their part. Similarely, Bitcoin could change the cryptographic algorithms, but it would take some effort, even a bit more complicated than the banking example because the whole community (or a big majority) would have to agree.
I spect more competing currencies to appear so different solutions to this problem could be implemented and you could choose the one you prefered.
>Once a security flaw is found in the system, how would a "fix" be applied?
Its a decentralized network, therefore the clients that have the most mining power is the protocol that "wins". Therefore if a flaw is found and a new client is released with the flaw fixed, the community would have to start using the new client.
This is actually simpler than it sounds. At the begining there were bugs found and people actualized the client without too much problem for the network.
>lets say that we can be sure that sha256 wont last more then 20 years before it's regarded insecure. Does the current Bitcoin system enable ease of use to different methods of encryption?
Yes, the client can easily change the encrypction method. You can find technical discussions about it in the forum. | Bitcoin |
Suggestion for video card for GPU mining. | Hey I was planning on upgrading to a radeon card anyway since I use multi-monitors and would love Eyefinity. So I was wondering what would be the best bang/buck for GPU mining while I'm at it. I was looking at a 6970 on ebay for ~200-250 but am highly open to suggestions. My current card is a GTX 295 so I'd like to perform game wise at least equal to that card.
My budget is around 350 max. | then another 5970 and an extension cord that leads to your neighbor's outdoor electric socket. | Bitcoin |
What's the best way to get USD out of Mt. Gox? | I have heard that going the Liberty Reserve route will be a giant pain in the ass, and involve something like 5%-10% in fees. Is there an easier way to turn Mt.Gox dollars into in-my-wallet dollars? | you can now withdraw with Dwolla directly.
or, offer your MTGUSD for sale on bitcoin-otc vs. whatever you want. | Bitcoin |
I cannot get connected to MtRed. Any ideas? | 8337 is forwarded. Using "http://MtRed.com" as host. Even have my PC in the DMZ but cannot get rid of the "Problems communicating with bitcoin RPC" error. | Quick learner on port forwarding: a port number is used to connect to a specific service on a remote computer. Your bitcoin miner is trying to connect to mtred.com, port 8337. (Not the other way around.) Why you are forwarding your own port 8337 is beyond me.
That means that you are forwarding your_wan_ip:8337 to some internal host on your subnet. You're not running a server, nobody needs to connect to your internal subnet.
> --host mtred.com -p 8337 --user username --pass password
is all the configuration you're going to need. | Bitcoin |
Gavin Andresen (Bitcoin technical lead) and Amir Taaki on "This Week in Startups" | null | Yeah... I'm not sure who Amir Taaki is or why he was on there, but he didn't really have anything interesting to say. | Bitcoin |
Namecoin, a sister subreddit of Bitcoin -- show your support! | Namecoin is a fork off of the Bitcoin project, which aims to provide a decentralized DNS service using the same basic structure that Bitcoin uses for economics.
Please check out http://reddit.com/r/Namecoin and lets show our support! | This would be useful for people who live in repressed regimes (eg china) where dns is modified for censorship purposes. However I just use googles DNS service to stop Comcast from redirecting me when i mistype an address. | Bitcoin |
Help getting miner working
| I am using this miner, http://www.bitcoin.org/smf/index.php?topic=3878.0, and have a 5670. Whenever I try to start mining, no matter what device I set it to, or if I try to use a pool or solo, it seems to get stuck at starting. It doesn't give any error messages, it simply says starting indefidently. I can cpu mine use the bitcoin client. any helpwould really be appreciated. | Do you have ATI Stream SDK installed? | Bitcoin |
xkcd.com/bitcoin -- what does this mean?/??// | null | Address to donate to? | Bitcoin |
Hi Reddit Bitcoin! Any Artists here willing to work for BTC? | I'm looking to commision some original artwork for a bitcoin service I'm building. If you're interested, PM me and/or post some examples of your work here.
Along the lines I'm looking: Some artwork from the Starcraft 2 universe. Digital art only for now please. | This is my wifes art: http://kyrashangea.deviantart.com/
She is not into the whole BTC thing yet but i figure I will accept BTC on her behalf. Let me know if your interested and I will mention it to her. | Bitcoin |
Bitcoin pyramid scheme | null | [At least we can be straight forward about it, right?](http://fxnet.bitlex.org/?ref=854) | Bitcoin |
I just set up mining on my desktop with a fancy GPU and would like to contribute the power to Mt. Red. How does one go about actually connecting their miner to Mt. Red? | null | http://mtred.com/index.php?r=worker/manage | Bitcoin |
Miners, what are you doing with your bitcoins? Holding? Selling? | I've been mining for about a month and a half and have about $600USD worth of bitcoins at the market rate. The current exchange has me getting a little nervous, as I don't know what to do anymore with them.
Should I sell half of what I make (and have made?). Keep it all? Sell it all? I'm not going to lie, $600 would be nice to pay off some student loans, but if the price is going to keep trending up in the long term should I just hold on? | I'm very new to bitcoin, but am highly intrigued. Sitting here thinking about it, I am also torn. If you want a happy medium you could sell half now and keep the other half, then through mining bring it back up. BTW, are you able to create dozens of virtual machines on a single box and mine that way? I am very new and don't have any bitcoin yet. | Bitcoin |
Using Phoenix 1.46 to connect to MtRed.com, get multiple "Failed to connect, retrying..." | Grabbed Phoenix software from here:
http://www.bitcoin.org/smf/index.php?topic=6458.0
Enter on the command line:
phoenix -u http://USERNAME.WORKERNAME:[email protected]:8337/ -k poclbm DEVICE=0 VECTORS BFI_INT* AGGRESSION=5
Where USERNAME is the username I registered for the pool, WORKERNAME is the name of my first worker and PASSWORD is its password.
Get
"Failed to connect, retrying..."
over and over. What am I doing wrong? | Fixed my problem. To anyone having the same difficulties, I removed the USERNAME and following period, so that it was just the worker name and password. Runnin 2.85 Mh on two crossfired Radeon HD 4770, any way to get better than that? | Bitcoin |
Why do ATI cards mine SO MUCH BETTER than comparable NVIDIA cards? | My GTX460 is shit compared to cheaper ATI cards. | I have a 460 too, nice to meet you. (lets talk flags)
I've heard it has something to do with the number of shaders of ATI cards (specifically that they are much higher than the number of shaders on nvidia cards) | Bitcoin |
$50.00 American Express Giftcard for 11 BTC | Title says it all, I would be willing to accept ClearCoin if you are a reputable member on Bitcoin.org or can prove to me that you are trusted within the BTC community. If you do not have proof, then I can not accept ClearCoin and you will have to send BTC first, then I will send you card details after the BTC have gotten 10 confirmations.
I am also willing to send the card via USPS for 11.5 BTC (total), but BTC must be sent up front in this scenario. | I don't need the money bad enough to take a $10-$13 loss in the process. | Bitcoin |
MtRed: Anyone else getting the occasional 'problem communicating with RPC'? | It goes away pretty quickly, but i get a 'job finished, miner idle' warning in the meantime. I figured they were quick server restarts at first, but I want to rule out a possible problem on my side. Anyone else get this/is the reason known? | If you dont mind me asking where are you geographically? I dont log IP/s but thinking I might need to put a server over in Europe somewhere. | Bitcoin |
Adding MtRed to the GUIMiner server list | For those of you new to mining this is one of the easiest ways to setup your miner after registering on [MtRed](http://mtred.com).
1. Download [GUIMiner](http://www.bitcoin.org/smf/index.php?topic=3878.0). Extract it.
2. Open the file servers.ini
3. Replace the contents of it with [this paste](http://pastebin.com/W3aLGeX7). It adds the MtRed server to the bottom of the server list.
4. Launch GUIMiner and mine away! | Thanks for this :) | Bitcoin |
$4.60 to $6.40 in 48 hours. Wow. | $10 could be possible according to S3052: http://twitter.com/BitcoinAnalyst | It's difficult to say for certain when there's a bubble until *after* it's already popped. A more interesting question, however, isn't when it might pop, but what value it will consolidate toward after a pop? | Bitcoin |
I have no luck getting my GUIMiner to work | I know that you guys don't owe me anything, but I just can't seem to get this to work. I have a connection error getting to Slush, Deepbit, and also my own localhost server. I have port 8332 fully open in Windows Firewall and forwarded on my Router.
Still no connection. Am I alone here? | You have to run diablo and most others from the command line. Run cmd.exe and the go to the directory with the file the .exe in diablo's case. the run it just by typing the exe and adding the switches that you need like -u <username> -p <password> -o <server address> -r <port> -w <worksize based off your card> | Bitcoin |
Stumbled upon an old thread on the bitcoin forums. $40 worth a year ago is worth $60,000... | Thread in question: http://www.bitcoin.org/smf/index.php?topic=137.0
tl;dr: May of last year someone offered 10,000 bitcoins for some pizza. Someone mentions that that's about $41 worth. MtGox hit $6 today.
I'm so mad at myself that I didn't know about this before, bought a handful, forgot about them, then remembered a year later and found myself with tens (hundreds?) of thousands of dollars... Extreme serendipity? | This is a regular phenomenon in economics. It can be in a bubble or it can be that the people who got in early simply made a wise decision. It used to be that you could buy acres and acres of land in Calfornia for dirt cheap. Now some of this land is now worth billions. Of course this appreciation took much longer than Bitcoin's rise but things do seem to move at Internet speed now. | Bitcoin |
Want to buy: 10 bitcoins at $6 dollars each. | Hi,
Mt Gox apparently lost paypal support, so I'm looking for a peer to peer transfer. I'll pay via paypal in small to large increments to make sure I don't get ripped off. PM me if you're interested.
Thanks
edit:
I've already found a seller. | The person accepting paypal is the one who needs to be (more) worried about being ripped off. Paypal payments are reversible, bitcoins are not. Nothing but your honesty to ensure that you won't reverse the payment in a week, once you have your bitcoins. I don't know how much faith I would put in someone whose s/n is "decepto". | Bitcoin |
How do confirmations work? | For example, Ive recently joined the MtRed pool and am waiting for my first payout. I assume that I am just waiting for the confirmations, but sometimes I see a transaction show up in my wallet immediately as unconfirmed and slowly get more and more confirmations. But I haven't even seen that yet.
So do they get confirmed twice or what causes this difference.
Also what is a confirmation in general? A valid check by another node? Are there a max number of confirmations on a single transaction or do they go forever? | The first confirmation is "this transaction is now included in a block." The second (and up) is "this block is now included in another block[(, which is included in another block) × (n-2)]"
Blocks are really hard to fake well, so after 100 blocks of confirmation, the transaction might as well be verified by the resident deity of your local universe. | Bitcoin |
Good news everyone! I've discovered a website that allows you to spend Bitcoins on hardware that lets you generate Bitcoins that you can spend on more hardware to generate more Bitcoins! | null | We need to go deeper! | Bitcoin |
What goods and services would people like to see purchasable with Bitcoins? | I'm interested to know what people want to be able to use their Bitcoins for. Personally, I'd like to be able to:
* Buy food
* Buy music
* Buy movies
* Pay rent
* Buy beer
* Buy T-shirts | Buy things internationally, without paying forex & bank fees to so so. | Bitcoin |
Bitcoin Miner Gone Wild | null | Awesome video. Thanks. | Bitcoin |
Is MyBitcoin a secure alternative to keeping my Bitcoins on my PC? | I'm paranoid that something will happen to my computer and I will lose them. | I know that...but is the MyBitcoin website decent to use? Are there any concerns about it's use? | Bitcoin |
What are the advantages to mtred over other pools | I just started mining and I produce like 750 mhash/s with two 6970s. I signed up for slush's pool and I was wondering why I should switch to mtred. | Advantage: He doesn't take fees.
Other than that, afaik one pool is as good as the next | Bitcoin |
Value of a BTC | When all the BTC's are mined, there will be about 21 million of them. I want to ask a fundamental question, what is a BTC? I tend to view it not so much as a new currency, but as a currency equivalent. Here's what I mean.
Right now, 1BTC is trading for about $7.50. So if Taco Bell accepted both cash and BTC, you could use either and they'd amount to the same thing.
There are only so many dollars in the world, though, just like there are only so many BTC. Looking around online, it appears that if the world used dollars exclusively, there'd be around 40 trillion of them floating around (a number rising all the time). If the world accepted traditional money (dollars, etc...) and BTC, then for every 40 trillion in dollars, there would be 21 million in BTC. So what is the value of 1BTC?
40,000,000,000,000 / 21,000,000 = $1,904,761.90
Let's say only 1 percent of the world, in 5 years, uses BTC and there is no additional money supply in dollars. Now the value of a BTC is 19,047.62.
Not a bad return if you ask me.
Where am I going wrong?
Edit - Also, if anyone can help me get my miner working, I'd be much obliged.
http://www.reddit.com/r/Bitcoin/comments/ha2ud/i_have_no_luck_getting_my_guiminer_to_work/ | The number of potential dollars is infinite, the number of potential bitcoin is less than 21 million (it only approaches that number, also account for lost wallets). Based on this, I conclude that the potential value of bitcoin (priced in dollars) is infinite!
I think a more pertinent question is, if bitcoin becomes as widespread as dollars, how much will a loaf of bread cost? What about a house? Keep in mind that this would be a fundamentally different economy, unable to be manipulated by any central authority. | Bitcoin |
How will the governments of the world attempt to collect taxes on BTC transactions? | We all know that govts don't like to be left out of the loop. What will they try in order to get their greedy fingers into BTC?
Note: [Ron Paul for President 2012](http://www.ronpaul2012.com/) would certainly support BTC as a competitive currency to the USD and would oppose Federal taxes on transactions. | In short, they can't. Converting Bitcoin to other currencies is the weak point; in an economy where BTC could be used "end-to-end", sales tax is no more enforceable for BTC transactions than it is for cash now. | Bitcoin |
Any other Canadians dealing with BTC? | We should start a small trade community of Canadians, since we have access to arguably one of the easiest ways to send money (e-interac).
I've heard that datathe1st (on bitcoin-otc) is starting a Canadian exchange, but from my emails with him, he seems quite busy to effectively trade with...
Also, is anyone selling BTC for CAD via interac? Check my order on bitcoin-otc :P | Nanaimo gold has a ridiculous spread between buying and selling at the moment, and bitcoin4cash seems to be out of credit cards recently. I think we need more people working this market in Canada. | Bitcoin |
Is anyone willing to trade me a Radeon 5970 for an XBox and GTX460? | I am willing to give up my 250GB XBox Slim as well as my GTX460 for the ATI card. | The bitcoin community values Radeon cards artificially high, so you'll be much better looking towards a different community. Look for hardware sections of reddit or craigslist. | Bitcoin |
The market capitalization of the Bitcoin economy now exceeds $50 million U.S. dollars | null | This is problematic. VERY problematic. There are not enough vendors accepting Bitcoins as payment...they're worthless other than as an investment tool. That's the DEFINITION of a bubble. I will mine, but I won't buy them and I suggest no one else make any significant monetary investments, either. | Bitcoin |
Mt Gox and Dwolla | So why does Mt Gox make Dwolla a mandatory site to join to use their site...? It seems really shady and I'm not sure I want to do business with them. What am I missing? Do any of you guys buy/sell BTC here? I would like to buy some BTC, but I don't trust the embryonic exchanges. Anyone have any info on a good stable and safe exchange. | Mtgox uses dwolla because its exactly like paypal in its service, minus the ability to fraud via chargebacks. also paypal has stated that buying selling BTC with paypal is consider ecurrency or currency trading and thus against the tos. Paypal is a crude business man, as dwolla is a simple and more open, however is much slower with transactions.
74 hrs and counting for a deposit from bank account to dwolla account. However transactions between dwolla accounts are nearly instant. | Bitcoin |
BTC activity: Over $3K USD per transaction? Really? | http://i.imgur.com/5HOsX.png
According to this snap from bitcoinwatch, over a quarter of the float, worth about $13M USD, has moved in 24 hrs. The average transaction size is 1742524/4066 = 428btc, and over $3300 USD (using average of high and low prices). Really? Are these numbers reliable? Am I missing something?
Also, from the bitcoinwatch [post](http://www.reddit.com/r/Bitcoin/comments/harld/the_market_capitalization_of_the_bitcoin_economy/) 8 hours ago, it showed total bitcoins sent at only 470K. That indicates many very big transactions since then.
| > The average transaction size is 1742524/4066 = 428btc, and over $3300 USD
Remember, when you send bitcoins to someone. Now only do you send your coins to them. You send the *remainder* of your coins to a new address (for anonymity purposes).
I'm not sure if "Bitcoins sent" includes this or not... | Bitcoin |
1.1Ghash mining @ Mt.Red | null | I just bought my first dedicated miner, 2x5850s adding to my 2x5770s all pointed to Mt. Red ! | Bitcoin |
I get about 95Mhash with a Radeon HD 4890. Is this accurate? | I checked with one source that said it was, but I'm wondering what the normal steps are for improving the mining rate of ATI cards.
Also, my nVidia 8600GT gets about 5Mhash, lol. | Pro Tip: Buy an AMD 5xxx or 6xxx | Bitcoin |
Causes Behind The Bitcoin Price Rally | null | > However, it is extremely unlikely that the market is being manipulated for large scale financial gain. The first reason for this is that it would be uneconomical: looking at the market depth, one sees that there are nearly 15000 bitcoins waiting to be sold, but only 6000 to be bought. Thus, any attempt to "cash out" on the bubble will send prices down far too quickly to recoup the original investment.
Indeed; this is the old problem of 'burying the body'. Maybe you can corner a market or drive it up... but how do you bury the body and get out with your profits? | Bitcoin |
Bitcoin is now real world: medical marijuana for btc | null | That's nothing new… this is just the first BTC cannabis supplier to require a prescription. | Bitcoin |
It's popping.. | Where do you think it will settle? When would be a good time to invest? | In the long term, bitcoin will remain really profitable. | Bitcoin |
Mining hardware comparison chart for planning rigs | null | I did that myself in Google Docs. It's probably too much of a hassle and considering how many models of graphics cards there are per chipset just adds complexity. | Bitcoin |