File:BitCoin-USDollar 2011-19 (Bitstamp, Mt. Gox).png ...

Don't you feel like a guinea pig sometimes? My hate and love relationship with mining

When I heard about bitcoin, I fell in love with the idea of mining more than with the idea of bitcoin itself.
Having been a passionate contributor of crowd sourcing efforts such as [email protected] in the past, I felt that mining could have been the new way for everyone to get some money just by giving away computing power and it could have been a way to have a real decentralized cryptocurrency.
I soon realized that the good time was already gone and that you had to invest important amount of money to mine.
I looked around and found many companies selling mining hardware and I considered buying some of this hardware. I understood that these companies were working on cutting edge technology and that people had to preorder and wait to get this new technology. I was willing to accept that and I considered this as a kickstarter campaign.
In the meantime I looked at cloud mining as an alternative solution. Some companies, like PBMining and Cex, seemed to offer interesting services. Profitability was still an issue but the services themselves seemed to work well.
Today I have to confess that I am pretty saddened by the reality of the mining world, in view of the recent allegations from the class action against Butterfly Labs, the recent news update by KNCMiner about the Titan, the claim against HashFast, etc.
It really seems like we are the cash cows and that we are surrounded by companies trying to take advantage of us. I doubt everything now. My feeling is that ASIC companies are already mining with hardware ordered by clients and they will ship this hardware only when it will become less profitable. Cloud mining companies may not even own hardware and maybe they are taking advantage of low profitability of mining, etc.
In addition to this, exchange platforms have continuous issues and I have started distrusting them as well. Is $450 the real value of BTC? Is this value induced or played by these exchanges? How can an exchange big like Mt.Gox just loose so many BTC?
Also, what about all these scams around us, so many companies popping out from nowhere, promising great services (like online wallets, new exchange platforms) and then disappearing with users' BTC with the excuse of "we have been hacked".
And what about the development of the bitcoin core? It is managed by developers paid by an autoelected and autocreated foundation which is being called by governments and authorities as the only representative of the BTC protocol, a foundation which had two board members that are having huge problems with the justice system.
I am sure this is the opposite to what Satoshi Nakamoto wanted to achieve with this project. Decentralized cryptocurrency my ass (cit. Phil Schiller)...this is becoming a very centralized system where mining hardware companies control profitability of mining, exchange platform control exchange rate and the poor users are given some toys to play with, while their money, time and resources are being used by someone else.
I think it's time for brave and strong decisions.
The BTC protocol should adopt a proof of work system which kills ASICS and pools. Mining should be done by single individuals with no way to put together massive amount of hardware. It should be "few coins for many people", not "a lot of coins for few people".
A real non profit foundation should be created, a la Wikimedia Foundation, with public, clear and open fund raising. The foundation should create a system to compensate any coder who contributed to the core.
I love bitcoin and I hope the future will be bright but the present is very dark.
submitted by botolo to BitcoinMining [link] [comments]

Decentralized cryptocurrency my ass...

When I heard about bitcoin, I fell in love with the idea of mining more than with the idea of bitcoin itself.
Having been a passionate contributor of crowd sourcing efforts such as [email protected] in the past, I felt that mining could have been the new way for everyone to get some money just by giving away computing power and it could have been a way to have a real decentralized cryptocurrency.
I soon realized that the good time was already gone and that you had to invest important amount of money to mine. I looked around and found many companies selling mining hardware and I considered buying some of this hardware. I understood that these companies were working on cutting edge technology and that people had to preorder and wait to get this new technology. I was willing to accept that and I considered this as a kickstarter campaign.
In the meantime I looked at cloud mining as an alternative solution. Some companies, like PBMining and Cex, seemed to offer interesting services. Profitability was still an issue but the services themselves seemed to work well.
Today I have to confess that I am pretty saddened by the reality of the mining world, in view of the recent allegations from the class action against Butterfly Labs, the recent news update by KNCMiner about the Titan, the claim against HashFast, etc.
It really seems like we are the cash cows and that we are surrounded by companies trying to take advantage of us. I doubt everything now. My feeling is that ASIC companies are already mining with hardware ordered by clients and they will ship this hardware only when it will become less profitable. Cloud mining companies may not even own hardware and maybe they are taking advantage of low profitability of mining, etc.
In addition to this, exchange platforms have continuous issues and I have started distrusting them as well. Is $450 the real value of BTC? Is this value induced or played by these exchanges? How can an exchange big like Mt.Gox just loose so many BTC?
Also, what about all these scams around us, so many companies popping out from nowhere, promising great services (like online wallets, new exchange platforms) and then disappearing with users' BTC with the excuse of "we have been hacked".
And what about the development of the bitcoin core? It is managed by developers paid by an autoelected and autocreated foundation which is being called by governments and authorities as the only representative of the BTC protocol, a foundation which had two board members that are having huge problems with the justice system.
I am sure this is the opposite to what Satoshi Nakamoto wanted to achieve with this project. Decentralized cryptocurrency my ass (cit. Phil Schiller)...this is becoming a very centralized system where mining hardware companies control profitability of mining, exchange platform control exchange rate and the poor users are given some toys to play with, while their money, time and resources are being used by someone else.
I think it's time for brave and strong decisions.
The BTC protocol should adopt a proof of work system which kills ASICS and pools. Mining should be done by single individuals with no way to put together massive amount of hardware. It should be "few coins for many people", not "a lot of coins for few people".
A real non profit foundation should be created, a la Wikimedia Foundation, with public, clear and open fund raising. The foundation should create a system to compensate any coder who contributed to the core.
I love bitcoin and I hope the future will be bright but the present is very dark.
submitted by botolo to Bitcoin [link] [comments]

The MtGox debacle has clearly shown how dangerous single points of failure are. How about creating a decentralized Bitcoin Wiki using these Distributed Version Control tools?

I think what most people would agree with is that single points of failure are quite dangerous for the Bitcoin network. The MtGox debacle is a prominent example. One aspect which made Bitcoin especially vulnerable during this time were DDoS attacks against MtGox and other sites. The Wiki was extremely important during this time because it allowed to exchange critical information about the software.
Today, the exchanges are less centralized. What is still a single point of failure, however, is the Bitcoin Wiki. It would be good to make that decentralized, too. This would yield protection against DDoS attacks but also against censorship in countries like Russia, for example.
Now the great thing is that corresponding tools already do exist.
Take a look here:
https://github.com/scy/levitation
Levitaion is a tool that can dump a WikiMedia database (the same software which Bitcoin Wiki or Wikipeda uses) into a git repository. Git is a powerful so-called "Distributed Version Control System" (DCVS). Git basically works by storing the whole change history of a software project into a repository which can effortlessly be replicated and modified. And moreover, any change to a modified version can easily merged back into an earlier version, without that any version needs to be kept as a "original" or "root" repository. This is exactly the approach which is used by huge projects like the Linux kernel or Mozilla, or also by the Bitcoin-core project itself.
There is one gotcha with Levitation - MediaWiki dumps are huge data sets and git was not designed for such large sets. Fortunately, there is another project which can create git repositories from such huge datasets more easily, for example for the purpose to back up huge disk images of virtual machines. It is called bup:
https://github.com/bup/bup
I think wiring these two tools together would make it possible to create a decentralized version of MediaWiki databases and the Bitcoin Wiki.
Any thoughts about that?
submitted by DrunkRaven to Bitcoin [link] [comments]

Western PA Linux Users Group (WPLUG) July meeting: Bitcoin and Privacy/Anonymity

Whether you’re disturbed by the NSA surveillance scandal or indifferent because you suppose the government has no interest in you, it should make you think about the security of your personal information. You probably work with online banking, personal correspondence, and other sensitive data that certain people just shouldn’t see.
What can you do to protect it? At WPLUG’s July general user meeting, we’ll be exploring one powerful new way: Bitcoin, the cryptocurrency based on open source code.
-Daniel, founder of the Pittsburgh Bitcoin Users Group, will be giving an introductory presentation about Bitcoin.
Daniel has flown all over the world to meet with movers and shakers in the Bitcoin community, including the people who run Mt. Gox. He’s in the process of filming a documentary with his brother called “the Rise and Rise of Bitcoin.” Check it out at bitcoindoc.com.
-Sage Ross is tentatively scheduled as a second speaker. He's a free software enthusiast who works with the Wikimedia Foundation, the non-profit organization that operates free information resources like Wikipedia, Wiktionary, and Wikiquote.
We’ve invited Sage to talk about the development of Mediawiki, the GPL-licensed wiki platform that all of Wikimedia’s online projects use, as well as his experiences in working with wiki contributors.
The meeting will at 2:00 p.m. at IBM Pittsburgh on Saturday, July 13th. Members from other groups will be there as well, so be sure to attend! This will probably be our biggest event of the year to date.
submitted by 1cewolf to LUGs [link] [comments]

MT Gox finds Bitcoins, Titanfall in 4K w/ Nvidia - Netlinked Daily XRP + Bitcoin Jump, MT Gox Deadline, LTC Upgrade, Ethereum ... History of MTGOX in one minute Mt. Gox Memories Two-Bit Idiot Withdraws -- Mt. Gox Files -- Wikipedia Flirts -- Bitcoin Endures

A Mt. Gox foi à bancarrota em fevereiro deste ano, após ver 850 mil de suas Bitcoins sumirem diante da ação de hackers — sendo 750 mil de clientes e 100 mil da própria empresa. Karpelès acquired the Mt. Gox Bitcoin exchange site from programmer Jed McCaleb in 2011 which was later incorporated in Tokyo, with its original owner receiving 12% shares of the new company. [15] [16] [17] Mt. Gox filed for bankruptcy in Japan on February 28, 2014, and for Chapter 15, Title 11, United States Code bankruptcy in the United ... BitCoin-USDollar 2011-19 (Bitstamp, Mt. Gox).png 1,056 × 319; 7 KB BitcoinEuroFebMarch2013.jpg 1,024 × 566; 101 KB Bitconi-Price-Chart-German.png 1,326 × 771; 68 KB Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin ("BTC") transactions worldwide, as the largest bitcoin intermediary and the world's leading bitcoin exchange.. In February 2014, Mt. Gox suspended trading, closed its website and exchange service, and filed for bankruptcy protection from creditors. Once handling 70 percent of all Bitcoin trading, Mt. Gox was closed down in 2014 as it went bankrupt following financial woes. The problems of the Japanese exchange were initiated in late 2011 after the theft of 850,000 Bitcoin, then worth $450 million.

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MT Gox finds Bitcoins, Titanfall in 4K w/ Nvidia - Netlinked Daily

A quick guide on creating a Mt. Gox trading account. We demonstrate creating the account and give brief explanatoins on the trading interface and how to make... 6 March 2011 (bitcoin price $0.90) 8 June 2011 (bitcoin price $32) 19 June 2011 (bitcoin price $0.01) 19 Oct 2012 (bitcoin price $11.84) June 20, 2013 (bitcoin price=$111) 7 February 2014 (bitcoin ... Support MadBitcoins: 1PtAdf3LbwrPfX87dQ8TMuKEzuMUZtg1z1 March 10, 2014 -- San Diego, California -- Red, White and MadBitcoins -- MadBitcoins Subscriber Index 2985 ... This video was created from extracts from the below videos for the purpose of discussion of centralized bitcoin services such as Mt. Gox and the importance of good Bitcoin Hygiene. How To Create a Mt. Gox Bitcoin Trading Account - Duration: 5:31. Bitcoins Made Easy 2,493 views. 5:31. 12 Year Old Boy Humiliates Simon Cowell - Duration: 5:37. LosGranosTV Recommended for you.

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