Nov 23, 2013 6:04 AM

I just heard the bell... sound- is set at 20 bit coins per second or higher. This is very interesting.

In total there are only 21 million bit coins correct? I am going of that assumption for thinking purpose's only. There is a market cap is the point. Is there an estimated date when this cap will be reached? It looks like there are 2 mining operations, at this time, one in Asia, one in the Midwest. As more transactions occur the longer it takes to mine, depending on processing power, mining is the use of hardware to solve the algorithms and keep track of the transaction code in exchange for a Bitcoin.

Those aren't Bitcoins being mined. What you're seeing is all the Bitcoins being traded, happening around the world in real time.

Trades stated in the legend say that they are in red... They are in almost an orangey weird yellow on my monitor... i assumed based on that... My eyes are not what they used to be. Thank you for the correction.

The red letter codes at the bottom represent the country and currency each Bitcoin originates from, the little yellow coins come from their origin country's code and land on the country on the map.

ah... misunderstood, I got the originating country thing.. The intent of the graphic was misplaced in coconut.

It's hypnotic...I can't turn it off! :p

I like the bell... its like the one from Breaking Bad.

What's this yellow dot in Brasil ? :/

HEHE.!!!...nice bell

CAD sucks :(

If bitcoin is a test,what happens when the test is over?

The creators get all the money (Duuuh)! :D

I suspect Aquilae might have something to do with this 'Litecoin'. :D

http://www.coindesk.com/litecoin-spikes-200m-market-capitalization/

Suspect all you want. you can't prove a thing. :P

litecoinscanada.ca dosent work :(

When the test is over,what will be the effects to entities who have converted their fiat currency to bit coin?

Nothing. The question is nonsense.

If you have used Fiat Currency to purchase Bitcoin the test can't be over. It's OVER when PEOPLE STOP USING IT!

It was NEVER meant to be THIS. It was supposed to be a few thousand, testing it out.

Now it's in the wild. All we can do is watch.

What about Litecoins ?

Will this one get lost in the wild as well ? :D

This blockchain download takes forever :/

You know the answer to your own question Pete. Bitcoin has demonstrated, where Litecoin will go.

I am ALL IN :D

US and China mostly... wow!

pete, unless you have some mad video cards to perform the calculations your pc will just overheat and crap out prematurely. if you intend to mine you really need to build a custom rig for handling it and it consumes a lot of elect power but i think you may have that part solved.

Very cool to watch. I do enjoy the 'bell' too...we have USA, Canada, Russia, Australia and China at the moment!

all those bells ... the ringing.

David Johansen, lets join together for Litecoins mining....PIERRE DAOUST the Person, supply ALL the electricity and 200 sqft of space, and you supply the hardware.....ANY TAKERS ???

Hmmmmm. Interesting proposal Pete Daoust. I am starting to think that giving value to any one else's currency doesn't really benefit me in the end. I understand how digital currency can be non-centralized but what I don't understand is how it all of the sudden becomes "worth" such and such amount of USD. What stops the creators of these currencies from simply "selling" it all? I know I simply don't understand enough about these currencies but I can't help but be sceptical. Until I understand more I will keep watching.

Cara Small Atherton Watch the Money as Debt III thing, again. It is a self regulating multi faceted currency, based on sound mathematic principles that has a cap. One of which being, as more is exchanged, the less there are to exchange, the less there are to exchange the more value the exchanges create for the ones that are not mined yet... The ones that are not mined become increasingly more difficult to mine, in that the processing power required to go though all of the code ... the algorithms do some math voo doo that makes me fling poo... it is a safe way of trading currency digitally. it was maent as a test to demonstrate the concept is my understanding so far.

Yes I get that far but does not the creator still control the creation in the end?

Yes, True. Another thing it also demonstrates: the benefit of creating your own currency exchange. It decentralizes the power base. :-)

I find it more interesting that Scott talks of his OWN currency. If we all had our own, we would dictate our own value wouldn't we? Or can we do that simply because it is decentralized?

SO funny as I was typing my reply you posted yours just before I hit enter.

That is a valid question... How does one create value... For me it is by private contract, to function, for now. To audit the skills the corporation has to draw upon to be of service as well as benefit to the shareholder(s)... That is the administrator to a trust at the wishes of the beneficiary, established by private agreements and the resulting contracts. Is as far as I am on this one...

As well as accounting for assets .. to establish and account for value...

That is similar to how I function. Tom has a better contract understanding. I perform mostly on trust. If my trust is breached, I leave. And don't perform for that person again. If I breach their trust they are welcome to give me the same "good-bye". I sign nothing and nor do they.

According to the corporate charter... It is ones own wishes by correct implementation of established procedures including but not limited to so that the wishes of the shareholder and through the administrative process the property held in trust are recognized in a format that can be translated into something that is needed to be legal, yet private... once deposited into the trust, it is essentially what you dictate it to be once it is legal and ratified and perfected. Private... It satisfies obligations and accounts for inventory. If value is determined by appraisal of assets. and a detailed ledger is kept...

Yes, I struggle with the whole "legal" side of the world. Still struggling. It is like I am from a different planet.

A Lien turns off the legal person. A corporation is a legal person. Only persons are recognized in their court. Turn on Lien, Turn off citizens/legal person. Turn off asset in strangers books. Turn on Asset in corporate trustee ledger. Leave alone it is no longer in your care as taken name. it is the accounting departments concern. It gets a little fuzzy here for me...

refer to corporate charter.

Cara Small Atherton, the proposal was for David Johansen, not you, it's not always about you in here :D

Muhahahahaha!!!!! :D

oh, proposal not souposal! so you figured out you cant use a laptop/notebook. i can build you the computer, but if your not tech savvy enough to assemble the hardware you'll get lost in trying to tweek it to run smoothly.

Hey, I supply the electricity, and 200sqft.....nothing else :P

Maybe the pizza....if that can help

I am ready to take 35%, and leave you 65% of the shares :D

you can keep 100%, you have to pay all expenses incurred plus a small stipend for my time.

i wonder what it 'cost' chris to travel up there for the seminar, he isn't far from me.

What's a stipend ? :/

*blinks*

Really?

ABSOLUTLY !! ......200Sqft, Fully electrified, and the pizza.... :P, and of course, the internet plug......

It didn't "cost" ME anything. As a CEO of a corporation which has the need for the executives to have knowledge in law, particularly contract law, the trip was paid for!