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[Official] BitCoin LiteCoin DigitalCoin and all Crypto Currencies Club And General Information Thread - Page 1122

post #11211 of 22896
So for my 780 should I use the miner provided by ultracoin? I'm sorry, like I said before I only started mining in general a few days ago. All of this is new to me.
Quote:
Originally Posted by oomalikoo View Post

Can someone explain to me how this currency is valued? I mean arent other currencies backed by gold or oil? How does this work?

Shout out to a fellow North Carolinian smile.gif

Here is your answer straight from the Bitcoin FAQ (Petty sure it's the same concept for all cyrtpo currency)
Warning: Spoiler! (Click to show)
Where does the value of Bitcoin stem from? What backs up Bitcoin?

Bitcoins have value because they are useful and because they are scarce. As they are accepted by more merchants, their value will stabilize. See the list of Bitcoin-accepting sites.
When we say that a currency is backed up by gold, we mean that there's a promise in place that you can exchange the currency for gold. Bitcoins, like dollars and euros, are not backed up by anything except the variety of merchants that accept them.

It's a common misconception that Bitcoins gain their value from the cost of electricity required to generate them. Cost doesn't equal value – hiring 1,000 men to shovel a big hole in the ground may be costly, but not valuable. Also, even though scarcity is a critical requirement for a useful currency, it alone doesn't make anything valuable. For example, your fingerprints are scarce, but that doesn't mean they have any exchange value.

Alternatively it needs to be added that while the law of supply and demand applies it does not guarantee value of Bitcoins in the future. If confidence in Bitcoins is lost then it will not matter that the supply can no longer be increased, the demand will fall off with all holders trying to get rid of their coins. An example of this can be seen in cases of state currencies, in cases when the state in question dissolves and so no new supply of the currency is available (the central authority managing the supply is gone), however the demand for the currency falls sharply because confidence in its purchasing power disappears. Of-course Bitcoins do not have such central authority managing the supply of the coins, but it does not prevent confidence from eroding due to other situations that are not necessarily predictable.

Edited by Outlawed - 2/1/14 at 10:13am
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post #11212 of 22896
Quote:
Originally Posted by dogbiscuit View Post


Basically the guy is making a display of many things that are wrong with the dollar financial system - the technical failure, the contempt for the public, the unwillingness to compensate, the shifting of blame - blaming the victim. also with others piping up in some sort of social Darwinian chorus singing disdain for people talking about Nike sweatshops. Or something. It wasn't really clear what the point was, but it was an interesting interjection - sounding like the kind of point made by someone who never actually had to do any honest work. Or hates Asian people, or what ? One can only guess.
I'm starting to think that Cryptsy, or this particular representative, is the Goldman Sachs of crypto currencies. Maybe the bosses have a different outlook. If they do they keep it quiet.

My point about Nike was that you need to update your views. Nike had major problems back in the day, then they became a leader in fighting for workers rights. There are still people complaining that Nike uses sweatshops (even though they do not anymore) because they refuse to update their views. Sorry I did not think that I had to hold your hand and walk you through that one... I'm just going to let you know that the 'weeks worth of wages' you lost was due to your own incompetence, you had no idea what you were doing on the exchanges based on your posts on here, you got worked by the market and now every chance you get you complain. Your willingness to participate in something that you do not understand gives you no right to call out a company, I would have told you to eff off as well if I were them. Companies do not have to obligation to bend over backwards when an idiot client cant figure out what they are doing. Sorry breh.

Edit: can you just make your own thread where you complain about this, so we don't have to keep going over it every... single.... day. The outdated crap is getting OLD OLD OLD.
post #11213 of 22896
Quote:
Originally Posted by oomalikoo View Post

Can someone explain to me how this currency is valued? I mean arent other currencies backed by gold or oil? How does this work?

Just a FYI, FIAT currency is not backed by gold/oil/ anything really. The idea of 'backing' a currency with a natural resource no longer really works. Things like world population, availability of the resource, distribution of the resource, etc give the idea a lot of trouble.
post #11214 of 22896
So Cryptsy just put Starcoin back onto it's active list again and I've been trying to do a little mining of it to see if I could grab a few coins at a decent difficulty so I could learn to play the exchange a little bit, but there's a lot of difficulty with that coin right now, it seems there is no dev. for the coin and it's got some wallet problems. In the lower left of my wallet it says, "WARNING: Checkpoint is too old. Wait for blockchain to download, or notify developers." There is a blockchain download with two files in it that I've added to the wallet, but I can't see that its helped anything. Can somebody tell me what exactly it's telling me? I'll post the screenshots and the two .dat files at the top are the added blockchain files.
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post #11215 of 22896



Finally putting my GTX 780's to good use. Who needs 7970's biggrin.gif
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post #11216 of 22896
Quote:
Originally Posted by Roulette Run View Post

So Cryptsy just put Starcoin back onto it's active list again and I've been trying to do a little mining of it to see if I could grab a few coins at a decent difficulty so I could learn to play the exchange a little bit, but there's a lot of difficulty with that coin right now, it seems there is no dev. for the coin and it's got some wallet problems. In the lower left of my wallet it says, "WARNING: Checkpoint is too old. Wait for blockchain to download, or notify developers." There is a blockchain download with two files in it that I've added to the wallet, but I can't see that its helped anything. Can somebody tell me what exactly it's telling me? I'll post the screenshots and the two .dat files at the top are the added blockchain files.

First start off by backing up everything in the folder C:/users/"user name"/appdata/roaming/"coin name"/ .
Then you should be able to delete everything EXCEPT the wallet.dat file in ^ folder, (not the client folder you have shown in your image)
Then restart the client and let it update the blockchain. (will probably take a while)

Again, DO NOT DELETE your wallet.dat file!
post #11217 of 22896
Isn't ultra coined supposed to be started? It seems that it hasn't? https://bitcointalk.org/index.php?topic=413978.0
post #11218 of 22896
Ultracoin is messed up.

All the pool's don't work, and miner doesn't work.

Anybody got ultracoin miner working with nvidia?
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post #11219 of 22896
I feel so selfish and empty just waiting for this coin to start so I can start mining it while the difficulty is low, only to sell it when the difficulty is high and people are buying it. q_q

Edit: This pool seems to be working, I'm getting a hashrate: http://utc.greekpool.eu/
Edited by incog - 2/1/14 at 11:51am
post #11220 of 22896
Quote:
Originally Posted by incog View Post

I feel so selfish and empty just waiting for this coin to start so I can start mining it while the difficulty is low, only to sell it when the difficulty is high and people are buying it. q_q

What coin is this?
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