Are you saying I cannot pay for your new turbo setup in bitcoins?

You absolutely can not pay for the TSE turbo kit in bitcoins.







Because the TSE turbo kit doesn't exist.

https://www.miataturbo.net/attachmen...ine=1387484473

Why does the y-axis need to be in log?

I LOL'ed at nonexistence of TSE trubo.

It shows that the gold "standard' after teh B-W conference, up to 1971, was a restraint on inflation.

Does it show causality?

If it does, what does it have to do with crypto currencies?


I tend to subscribe to the concept of "moneyness." Gold is money, but has poor "moneyness" in much the way a physical 10-year US Treasury bond does. Try paying your grocery or tax bill with either.

Bitcoin is also low on the scale, because it is accepted at so few places.

The USD has extremely high "moneyness" because it is accepted virtually everywhere in the USA and very widely around the globe.

I am not very knowledge on economic theory but my basic understanding relating to why "theres not enough gold" has not to do with the rise in value, but the literal creation of paper cash as a medium of exchange. For example, China, with tens of millions of people migrating from the countryside where they did not have a major 'impact' on wealth creation, move to the city, get jobs and join the economy, they produce much more money and consume more. This means, more paper money is needed so that more people joining the economy can have cash as a convenient medium of exchange for goods and services.


My point had more to do with speed of growth. Correct me if I am wrong but if we required all of our money to be back by gold, we would either have to get enough gold to represent the amount of credit the government feels the country is worth or needs. The other option is to increase the value of gold in ones country to make more money. If the above is true, they both would be slow and non responsive the needs of a country and the price of gold cannot be fixed in one country unless it regulates it's trade.

Real estate yes in that you will always have a place to live and can possibly grow your food. I guess it depends on why you believe things are becoming more expensive in the US.. Some believe decoupling from the gold standard caused overspending and creation of too much money. I would argue that increased costs have much more to do with the middle class losing its wealth and the .001 percent of the US pollution, the super wealthy, are running away with all of wealth that was created here in the US since Reagan dropped the tax rate on the rich from around 75% to 35%. From what I understand, the problem is not inflation, the problem is that people are not getting money which they should be getting. This leads to low demand because everyone is broke, then businesses have to raise prices and or cut workers, then it goes on and on. That is why, a flexible money system, which can create large amounts of credit and money FAST, is needed to 'kick start' an economy. EDIT: and the loss of tax revenue is related to the loss in reinvestment and deteriation of the social safety nets. Al put together, you end up with a poor, struggling, and uneducated public who can barely get by let alone buy things outside of necessity. That said, buying things of necessity will also boost the economy. Right now, nobody has money because the super rich took all the money so there is no more demand, which means more jobs are cut. Supply&demand leave out need.

I am not sure how that is relevant.


I do not think that there will be a single world currency BUT, I do believe that something like that will come out of Asia, for the sake of efficient trade. BUT, I am very aware of the loss in sovereignty and problems that may arise from loosing your own currency.


In my opinion, it is quite obvious that the US dollar AND Euro will loose value in terms of value on the world market. Simply due to the fact that you have 1/3 of the world's population living China and India, as the two countries develop and the people move toward a high standard of living and join the world consumer economy, the size of their economy will grow simply because there are so many freakin people. Rather than a crash in the US dollar from inflation, I look at it as losing it's piece of the world economy pie.

Number of completed TSE turbo kits = total amount of tangible value in all Bitcoin holdings worldwide

Very interesting interview!

I'd like to hear your explanation of causality.

It was more an explanation of why the final step in abandonment of the gold standard led to more rapid central-bank inflation.

Kanye West Sues -- STOP USING MY FACE ... On Virtual Currency | TMZ.com

https://www.miataturbo.net/attachmen...ine=1389721577

I'm much more hopeful for Dogecoin.

https://www.miataturbo.net/attachmen...ine=1389721955

Despite being a relatively new entrant into the "not Bitcoin" marketspace, its present trading volume exceeds that of all other digital currencies. It's also much more easily accessible, with a current exchange rate of 1 doge = US$0.00034.

http://dogecoin.com/

I mine a lot of minerals in starcraft2, i wonder if I can buy a tesla with those...

NO, you need more minerals.

The primary difference between North Korea and South Korea:

https://www.miataturbo.net/attachmen...ine=1389724587

So just like LeMan Brothers?

Really this is not a story. It's not the first time a bank has closed and people have lost money.

isn't the whole point of bitcoin is that something like this wont happen?

That's why I only trust Dogecoin.

Another Bitcoin Bank Shuts Down after Hacking Theft

Reuters
Mar 5, 2014


Flexcoin, a Canada-based Bitcoin bank, said it was closing down after losing bitcoins worth about $600,000 to a hacker attack enabled by flaws in its software code.

Flexcoin said in a message on its website that all 896 bitcoins stored online were stolen Sunday. Its collapse came after Mt. Gox, once the world’s dominant bitcoin exchange, filed for bankruptcy protection in Japan and said it may have lost some 850,000 bitcoins due to hacking.

“As Flexcoin does not have the resources, assets or otherwise to come back from this loss, we are closing our doors immediately,” Flexcoin said.

It later posted an update on its site saying that the attack exploited a flaw in its code on transfers between users and involved inundating the system with simultaneous requests to move coins between accounts.

“Flexcoin has made every attempt to keep our servers as secure as possible, including regular testing,” it said, adding that it had repelled thousands of attacks over the past few years. “But in the end, this was simply not enough.”


https://www.yahoo.com/tech/another-b...644434064.html

My shitty US dollars are federaly insured...

Yet again this was an attack on the exchange, not on the bit torrent code. It would be the same as I am going to stop using Visa because Target got hacked.

Tell me again how, when Target got hacked, all of the money that you had in your savings account at the bank completely vanished without a trace, leaving you SOL.

I don't know much about bitcoin but why use a bank? Why not store it on an external hard drive that you take offline and store in a safe when you're not using it?

I think you'd use the bank for transfers and such. Or if you wanted to be able to access your coin from all over the world.

So my analogy was a bit off. I was more trying to make the point that it was a third party flaw, not a flow in the actual bitcoin protocol. Say for example you decide to put all your money into paypal and not a normal bank. Paypal is not a "bank" and does not get standard protections in the US. If someone found a flaw in paypals code and was able to funnel out all the money from paypal to some place else and Paypal went bankrupt you would also be SOL.

People keep coins in exchanges when they want to be able to convert the coins to some sort of physical currency. You are a fool if you keep all your coins up on an exchange and not in a private wallet on media you physically control. When using coins as a currency there is no reason to have to use an exchange, You can simply send the coins to the receivers wallet address.

All my personal bitcoins are stored in a private wallet, I simply send them out to whoever I am purchasing things from. I have yet to have a single coin stolen, or lost any coins to hacking. If you are smart about it, and actually cautious with your coins you will be fine.

that's a better way to state it.

Rick (old owner of mt.net) actually is heavily into bitcoin and altcoin mining. Last time I talked to him he was pulling in $450-550 a day with mining. He was actually looking to rent a dedicated warehouse space with additional power so he could go form 10-15 mining machines to something like 50+ mining machines.

I'm going to start mining Doge Coins
http://d.ibtimes.co.uk/en/full/13591...=200&l=50&t=40

If you got a $500 Radeon video card then you are all set to try mine Doge Coins, otherwise you are only loosing money on it.

Nah. Just need to find the keys to the local universities server closet. Sneak a couple ASCI Miners behind a rack and walk away :).

Lol. Current bitcoin mining difficulty 4,250,217,919.87.

Has anyone heard of compromised computers being leveraged for mining?

So calculated, running 6 ASCI miners achieving 1980 mh/s, you will earn 0.00023428 bc per day.

I am actually running an ASCI miner on my server at home. It has paid for itself and it generates about enough each month to pay for my vpn access.

When I last checked there were no ASCI miners out that would mine the alt coins. Most alt coin currencies are designed to made using dedicated ASCI miners harder. So people were building desktop pc's with 4 ATI cards in them to mine with. The break even point was to long and the initial capital expense was to high for me to want to get into alt coin mining.

You mean like using a zombie army to mine rather than DDOS? I dont see why that wouldnt be happening.

Yah, this exactly.

Because desktop pc's and servers are so inefficient at mining now that it is a complete waste. Basically at this point if you do not already have a large ASCI farm you will not make money mining bit coins. I personally got lucky that I bought my ASCI miner before they got extremely popular, so I was able to make back my initial investment. I expect by the end of 2014 it won't even be earning enough to pay for my VPN service monthly, unless the value of BTC goes up a ton.

When I last talked to Rick he had about $25,000 tied into 10 alt coin mining machines. It would take about 2 months to make back your initial investment at current BTC values, and alt coin mining difficulty level.

It's already been done several times.

Here's a report about a botnet mining operation that spread through a piece of malware on the Skype network: Bitcoin-mining malware spreading through Skype | ITProPortal.com

Here's one where the gaming company E-Sports Entertainment deliberately infected their own customer's computers and turned them into a mining net: http://www.geekosystem.com/easa-bitcoin-mining/

Here's one from January, where a piece of malware spread through Yahoo ads by way of a weakness in Java: Yahoo malware transforms thousands of computers in Bitcoin miners | BGR

and did he tell you how much money he put into the operation?

edit:


yes you did. he told me it was a bit more than that.

And in other news.

Doge And Dogecoin Are Actually, Really Headed To NASCAR

From the discussion threead:
:bowrofl:

Its so absurd, but seems to be working.

Just noticed today that Dell Business now accepts Bitcoin.

https://www.miataturbo.net/attachmen...1&d=1405709350

Found this interesting:

Happened across this chart earlier:


https://www.miataturbo.net/attachmen...1&d=1424108902

Was thinking about all those folks who bought in during the hype of 2011-2013. Shame that there's no market in which a person can short Bitcoin.

Tulips were a big thing from1634 until 1637.

Not sure how the investors are doing. I am still mining BTC and getting more and more. I also still use them for purchases online.

I know RickP still has a large amount of them stashed away in case they go back up above some certain point.

Have you compared your mining rate vs your energy cost?

No, the server that has the usb asic miner is on and running 24/7 hosting a ton of other things. So additional power consumption would minimal at best. I am not making a ton from my asic miner any more, but I at least made back more then what it cost me. So I am relatively happy.

Just for kicks, I decided to run an experiment yesterday.

Here at the TV station, one of the small render farms has been sitting unused for about a week since the room it used to service is being relocated. Each of these ten machines contains a quad-core i7 running at 2.7 Ghz:

https://www.miataturbo.net/attachmen...1&d=1424287850

I downloaded some random mining software onto them, created a wallet, and let the machines run for 24 hours. At the end of that time, they had produced exactly 0.00000000 bitcoins.

Anyone in the mining business could have told you that is how much you would produce. Using x86 to mine with has not been profitable in years. I am willing to bet my $70 asic miner is faster then all of those combined and then some.

Edit: Based on your deleted post Joe, I use a cheap single usb asic miner that I picked up off eBay. I mine in a pool, would have to go home and check which pool. I have not honestly touched the setup in any way shape or form in over a year. I check it every couple of weeks to make sure it is still running then leave it be.

That's pretty much what I knew to be true based on a bit of reading, but I hate being the guy who says "no, that's not possible" without having actually tried it myself or otherwise having access to empirical data from a reputable source. This way, I can authoritatively say that it's not possible, having thrown quite a bit more CPU horsepower at the problem than the average household has access to.


You sort-of answered my question (in the response to shuiend) while I was still typing that, so I nuked it.

When I first read your post that you were still actively mining BTC, my reaction was incredulity, as I was, TBH, unaware of the existence of low cost ASIC-miners-on-a-USB-stick at the consumer level. All of the FPGA / ASIC - based mining hardware I'd seen previously was packaged in the form of large clusters:

https://www.miataturbo.net/attachmen...ine=1424291708

https://www.miataturbo.net/attachmen...ine=1424291708

https://www.miataturbo.net/attachmen...ine=1424291708



While I haven't been passionately obsessing over the subject, I still make it a point to peruse the bitcoin-related headlines from time to time, and from what I can tell, reality seems to be aligning itself with the majority-consensus predictions and observations; that bitcoin (and its various imitators) continue mostly to exhibit characteristics consistent with a speculative commodity rather than a store of value or a medium of exchange. The differentiating characteristic being that unlike most commodities which are commonly speculated upon (wheat, oil, Dutch tulip bulbs, etc.), bitcoin has a utility value of approximately zero.

When the value of a new block drops to near zero its going to become really interesting.

From what I understand, the Bitcoin "back-end" economy is supposed to be structured such that as mining new coin becomes less and less profitable, those people who have invested the capital to build large mining farms will instead begin to draw operating revenue from the small transaction fees appended to point-of-sale operations, much as is done with credit-card processing today.

Of course, the profitability of mining has already begun to decline in real terms (decreased yield per block, artificially increased difficulty per hash, and the steadily declining value of BTC against both transactional currencies and store-of-value commodities), and yet large-scale POS transactions have not begun to occur, nor are they likely ever to.

Yeah every 4 years the reward for creating a new block is halved per the model. I think its going to kind of end up being like the economy of a mining bomb town. Everyone rushed in and got them selves some skills as a miner and then the gold ran out. Except now instead of a bunch of disgruntled minors we'll have a bunch of people, many of whom already lived on the fringe of the internet, who have extremely powerful encryption breaking computers.

Shows how little you truly know. The hardware currently used to mine bitcoin is so specialized that it's entirely useless for anything else. Lars is already mining a ghost town if he's using USB anything. Guys like him and I will keep the network going when it's no longer profitable since we already do so now.

Nobody is cracking anything, well, my wall of 25KW of GPU power might have, but it's long gone.