Bitcoin mining made easy

[varikonniemi]

Politics is what you get when you don't allow direct democracy to work.

Bitcoin 'politics' the way it is designed to work is direct democracy at its finest. All changes must be approved by every user, and those who don't approve will stay with the original version.

One such change is coming very soon, when the database format changes. Those who have not upgraded their version will be left with original bitcoin, and the rest continue with "bitcoin2".

[malric]

Politics is what you get when you don't allow direct democracy to work.

Direct democracy made by stupid people might be worse than indirect democracy where stupid people vote.

Any reference to that change you are talking about? Would be curious to read about it and you seem to know more.

[varikonniemi]

Sure, http://bitcoin.org/may15.html

The only things i see stopping Bitcoin are (in decreasing order of likelihood):

1. A competing digital currency taking over. A fork of Bitcoin started by the FED?
2. Politicians realizing they lost the most powerful manipulation tool ever invented, and decide to start a propaganda campaign and manage to get Bitcoin banned.
3. A critical bug that renders Bitcoin unusable.

If none of these happen, you can mark my words: Bitcoin is here to stay, and it will be just as significant as the internet turned out to be.

[NeonStorm]

The value of a currency as investment is in it's stability.

If the instability exceeds a certain level, it renders the currency even useless for trades or non-investment-storage uses.

If you can manipulate BitCoin's value by flooding packets to a (or multiple) trading webside, send panic-propaganda or something else, the currency is abuse-able.

2. ______

The only thing that should have taxes is the personal GAIN above your basic needs.
And because BitCoin don't allow you to track personal gain, taxes (even if only 1%) will be put on all transactions.

In Germany, we have a tax-free minimum of personal gain e.g:
* (absolute) first 400€ merit free of taxes for students
* (absolute) tax reduction for the taxes of your fuel you need to get to your job
* (absolute) tax free income per family member

And that is where bit coin fails - it allows to bypass taxes which are there for a reason e.g:
* insurances
* highway maintenance
* schools

Bypass: allow companies to sell their products as "customers" and these peoples won't pop up on monitoring because they use an isolated currency.
* Instead of getting income, they can reduce their living costs.


I hope you get my point...
It's nothing against bitcoin, but against unofficial currencies.
That sets the people trading in a common way with each other at some artificial disadvantage.

[PicassoCT]

Good thing, no goverment on this planet implements double standards, allowing company to pass by the tax system anyway..

You know what would be cool:

Admitting that corruption exists, and always will be. That personal bonds and money always will lead to it. And then not howling and yelling, and doing the moral repulsed dance.
Instead building this into the goverment. Okay. They have influence anyway. So i take 25% of the seats of parliament and dedicate them to those willing to transfer there money into power. And then you make a auction, a never ending, anonymous auction, were every man by transfering his "powerthirsty money" can buy a seat, or at least shares of a seat.

Will this create a better world? Certainly not. It just organizes what happens anyway into something that can be publicly visible and thus can be controlled. Also, the violence of the opposition by politicians should make for a nice corrupt-o-metre. After all its money that would be spend on lobbyism and them, that suddenly would find its way into the states pocket.

Wouldnt the companys team up, to avoid bleeding dry? The certainly will try. And there will be one carpenter, on that one important day, on that one important law, and who will but in some pennys more, and this will never happen again (The IKEA_TAX law will see to that). They allready distrust each other, so its unlikely they will form a union.

I guess making statements like this on the intertubes prooves how naive i really m, but at least i just didnt spend my time bitching and moaning.

[varikonniemi]

Holy moly! It seems that the first batch of Butterflylabs ASICs are about to ship! Only 11 months late :)

The first pre-order batch consists of 9 units, so i am not at all worried about an exponential increase in difficulty. Not yet



One of those boxes pack ~5GH/s and drain about 200w. That is about 10:1 efficiency compared to GPU:s in terms of investment cost and power draw.

[smoth]

http://www.youtube.com/watch?v=w2tKg3E53DM

thought considering the thread this would be fun for some of you.. watch the video it is about money etc. esp the discussion about Fiat money.

[KDR_11k]

Bitcoins just strike me as high-tech goldbuggery with a dash of dotcom bubble. Sure, it's popular with money launderers, drug dealers and other forms of organized crime but how long will regular people want to bother with it?

[varikonniemi]

Once it has established itself and shops start to offer 1-2% discount when paying with Bitcoin (what they save compared to credit cards, not to mention paypal) one must be a fool not to use it (or incredibly rich).

Also, how would you go about to do international business in the hundred or so countries that do not offer major credit cards or paypal?

Also if you are underaged or unemployed, how would you do your shopping online? (cannot get a credit card)?

Do not think of it as a currency. Think of it as a revolutionary technology.

[Das Bruce]

Once it has established itself and shops start to offer 1-2% discount when paying with Bitcoin (what they save compared to credit cards, not to mention paypal) one must be a fool not to use it (or incredibly rich).

Is there an exchange commission?

Also, how would you go about to do international business in the hundred or so countries that do not offer major credit cards or paypal?

What countries?

Also if you are underaged or unemployed, how would you do your shopping online? (cannot get a credit card)?

Banks in NZ offer bank cards that act like credit cards for online purchases.

Do not think of it as a currency. Think of it as a revolutionary technology.

No. I'll think of how it's going to be used. As a currency with some twists.

[hoijui]

i skipped the last 5 pages of the thread

about dept:
what if interest would have to be paid in goods (other then money)?
so lest say.. i give you 1000$, and you give me one slice of bread every day, until you paid it back. if you pay back 50%, you only give me a slice of bread every second day.
that would remove both the problem with dept getting bigger then the amount of money available, and it would either make banks impossible, or make them much better, morally speaking.
bankers would literally rightfully earn their bread!

[PicassoCT]

Now all we need to do is kill all those humans, and breed some angels for this paradise we are building.

[NeonStorm]

Some innocent love dangerous people.

If you kill all dangerous, you also kill some part of innocent's hearths.

[Anarchid]

Now all we need to do is kill all those humans, and breed some angels for this paradise we are building.

A better option would be to breed the angels so that they can eventually exterminate or plain outcompete the retrogrades.

The great work has begun.

[varikonniemi]

I am proud to announce that according to my calculations HASHSTATION ONE has made ROI ! ! !

Feel free to join the community of the fair and unmanipulated currency of Bitcoin!

FIAT currency has been the greatest SCAM of our lifetime. Do your research, verify the facts, DO NOT LET BANKERS LEECH OF YOUR WORTH.

[Cheesecan]

Sold any coins yet? ROI could vanish in a minute if BTC/USD rate changes.

[Peet]

I am proud to announce that according to my calculations HASHSTATION ONE has made ROI ! ! !

And now that the price is 20% less?

[klapmongool]

I am proud to announce that according to my calculations HASHSTATION ONE has made ROI ! ! !

Feel free to join the community of the fair and unmanipulated currency of Bitcoin!

FIAT currency has been the greatest SCAM of our lifetime. Do your research, verify the facts, DO NOT LET BANKERS LEECH OF YOUR WORTH.

So you didn't take electricity costs into account?

[varikonniemi]

Yeah, with the latest development in the exchange ratio, no ROI anymore :D

And yes, i did not factor in electricity since the house must be warmed in some way anyhow, so the "wasted" electircity is directly out from the heating bill.

[Cheesecan]

Radiators are more effective for heating houses though.