0x6763

4 ms·

1.
by 0x6763 16y ago
No, I was referring to mining on Amazon's GPU systems.
2.
by 0x6763 16y ago
A single ATI Radeon HD 5970 can do 600 mhash/sec. See https://en.bitcoin.it/wiki/Mining_hardware_comparison#AMD
3.
by 0x6763 16y ago
I updated that forum post with new numbers showing that at the current difficulty it might cost over $700 to generate a single block, and at the estimated difficulty which will happen tomorrow, it will cost over $1000 to generate a single b
4.
by 0x6763 16y ago
You seem to assume the value of BTC is not going to increase despite them becoming increasingly hard to generate. /economics fail Difficulty to generate bitcoins does not cause them to increase in value. Their increase in value drives up
5.
by 0x6763 16y ago
"I used to be fascinated by this type of centralized system and spent a lot of time studying and designing them. Unfortunately, there is pretty much always a way to overthrow/overtake them with lies and large groups as long as there is a ce
6.
by 0x6763 16y ago
It also isn't a currency anymore; This isn't the result of free markets, but a result of the actions of violent institutions. The "durable value" it had in the decoration field is gone. The durability isn't a matter of decoration. The
7.
by 0x6763 16y ago
First, those that get the coins first aren't "distributing" them into larger circulation. If they generate a block and get the reward, they either save the bitcoins or buy goods/services with them. This is not "distributing", but just nor
8.
by 0x6763 16y ago
If bitcoins become so valuable, this by definition means that people are offering and trading MORE goods and services to get bitcoins, not less. Prices will adjust! Trades will continue to be made. That is not what I would call an econom
9.
by 0x6763 16y ago
"Bitcoins are a creation by some who don't understand what a currency is." How ironic that someone would say such a thing, and then immediately post a few paragraphs displaying their own misunderstandings of what a currency is. Do you know
10.
by 0x6763 16y ago
Someone proposed 21 million coins, and others, by voluntarily choosing to run the software, agreed to the 21 million coin limit. That's not a central authority...just an agreement between individuals. In all of your statements you're con
11.
by 0x6763 16y ago
To ensure that all debt can be paid back with interest the money supply must continually grow - FALLACY! See this simple google spreadsheet - http://bit.ly/f2yE4D Intrinsic value - FALLACY! Behold, the Subjective Theory of Value - http
12.
by 0x6763 16y ago
The only part of the economy that's "destroyed" is access to some of the bitcoins. All the goods and services that were there before the wallet is destroyed are still there after the wallet is destroyed. The effects of a destroyed wallet
13.
by 0x6763 16y ago
It has almost all of the same characteristics of gold, though in some ways more convenient. Bitcoins are rare, portable, fungible, divisible, durable, etc. The system is fairly anonymous, completely decentralized, completely free market.
14.
by 0x6763 16y ago
All I did was download the client and run it. It "just worked" for me without doing any special on either Linux or Windows (XP). This was with the current version 0.3.19.
15.
by 0x6763 16y ago
Those are prices that people are buying and selling bitcoins at. Many thousands are traded every day on mtgox.com alone.