21–30 of 118 posts
http://bitcoincharts.com/charts/mtgoxUSD#rg5ztgSzbgBzm1g10zm...
I wonder what will happen to the difficulty over the next couple days:
Considering the exchange rate remained stable, I expect the difficulty to halve.
Translation to English from Bitcoinese?
Bitcoin works by having "blocks" of data, containing transaction history (every Bitcoin transfer someone has made - it is only actually made when incorporated into a block), "mined" by a network. These blocks are mined by incrementing a value in the block of data computing a hash of it, until it falls within a certain range. The fact the hash must be in this range results in Bitcoin miners having to do millions of ha…
TL;DR: What's the wait like if you're stingy?
Earlier quoted context omitted.
Can you expand on this for a non bitcoin-savvy person?
For the 210,000th block some people voluntarily provided high transactions fees to reward the miner of the block: http://www.reddit.com/r/Bitcoin/comments/13xd05/idea_for_the...
Here is someone who claims to have missed out: https://bitcointalk.org/index.php?topic=128200.msg1363948#ms...
Earlier quoted context omitted.
Transaction fees are a 'gift' from the person doing the transaction to the person that's processing the transaction. Processing transactions is done in blocks, and the process is called 'mining' because for every processed block, the person who processes the block gets 25 BTC (before today that was 50 BTC) plus the transaction fees. Obviously 25 BTC is a lot, which is why it's so hard to mine blocks. Mining is often…
What happens when nearly all of the 21 million Bitcoins are mined[1]? Will transactions not happen anymore? [1] - https://en.bitcoin.it/wiki/Controlled_Currency_Supply#Projec...
What might this do to the acceptance of bitcoin? In an article yesterday, someone mentioned in the comments that it was no longer financially viable to make money from mining, I would assume that this would make it doubly so. If that is the case, will there be required transaction fees for processing transactions, and how will that effect the price of BTC?
But also, miners who can't be profitable anymore will drop out. As they do, the mining difficulty will decrease until mining becomes viable again. On the other hand, the first special purpose mining ASICs are starting to be offered, and people with those will be able to mine more efficiently.
I'm not expecting the bitcoin price to change significantly, since I figure it's determined more by the demand for bitcoins than by production costs. Looking forward to seeing whether that's correct.
The fireworks and sound were extremely annoying. I'm not used to web pages making noise on my iPhone and was unprepared for it.
The fireworks and sound were extremely annoying. I'm not used to web pages making noise on my iPhone and was unprepared for it.