Posts made by Kramer1122

Kevlar,
Thanks for that info. I have not read the paper, but if it is not possible to utilise computers to check/work out the time then I guess the time idea would not work, due to the proof of work requirement. Or maybe it would work but require the same amount of computing power, thus giving no “greener” solution.

One of my concerns is the wild fluctuation in price of bitcoin and cryptos in general. People are assuming it will settle down with little fluctuation, but I’m not sure what sound reasoning or facts that is based on. For example, I’m no economist but AFAIK the value of money to remain steady it’s creation must be in proportion to the provision of goods/services, balance of supply/demand etc. I think with BTC/FTC the max number of coins stops after a certain point, thus I don’t see how the price would settle. Of course, I can see it getting more stable, but not as stable as a paper currency might. I know fiat currency over long term is not stable, purchasing power declines, but it is still likely more stable than BTC.
If there is significant adoption of BTC, then I’d expect the price to keep rising steadily, so as an investment perhaps it is good (albeit high risk) but as an everyday trading currency I’m not so sure.

Perhaps others can shed some light on this. Thanks.

Hi all,

I’m not a programmer but I have some thoughts, maybe they will be useful. Specifically with regard to this:

[quote]Maybe generation of coins should not have been based on computational power or something that can be easily automated.[/quote]

One thing I dont like about crypto coins is that they use energy to be produced, energy that is finite and could be better used elsewhere. I know that the main reason for this is that so cryptos are backed by something, i.e. energy, rather than nothing, but isn’t there a better, or more green, solution?

e.g. why not use [b]time[/b]?

For example, let’s say something like a TimeCoin was available wherein every X units of time a certain number of coins were released to the clients online at that time, and this number of time released coins reduced gradually etc.

This seems to be more green, and encourages people onto the TimeCoin network, which is what you want.

I have some other thoughts, but we’ll start with this one. :)

I guess I should ask my Q here. You guys probably get this a lot, so feel free to link me to past thread that has my specifics.

What is the most profitable way of mining
Is there something you can point me to, to buy, that is simple to setup and start mining?

For example, I see some ASIC miner usb block erupter 336MH/s. Can you just insert these into a laptop, set it up, software etc, and start to mine?

When I do the calculations it seems the return on investment is quite quick so I feel like I’m missing something, or probably not doing my calculations right.

Please help, thanks.

I like the concept so I’m here to see how to get involved, mine etc.