Mining BitGold and BitSilver?

[Tuck Fheman]

I haven't yet run it by Gentso and Thom but I am pretty sure what they are doing will make it entirely possible...
I just think it would be an amazing way to get people in who dislike bitcoin for its lack of intrinsic value to be able to mine real Gold and Silver instead.  Would this not be one of the most epic things ever for bitshares?

It's a great idea, if the example I gave is not a concern for the scenario being proposed in this thread.

As a miner, I don't like extra fees, especially when the perceived convenience I'm paying for is outweighed by the dent in my wallet ... and I have an alternative.

However, it does have cool factor 5 and those that can or 'must have' will gladly pay any extra fees.

Disclaimer : I'm not the Devils Advocate, but I play one on teh internets.

[fuzzy]

What I was proposing would be a metals shop (or delegate) accepting bitGLD as a form of payment for physical which wouldn't be expensive to operate.

Sounds good, I'll wait for the website with more details and reevaluate.

I haven't yet run it by Gentso and Thom but I am pretty sure what they are doing will make it entirely possible...
I just think it would be an amazing way to get people in who dislike bitcoin for its lack of intrinsic value to be able to mine real Gold and Silver instead.  Would this not be one of the most epic things ever for bitshares?

[Tuck Fheman]

What I was proposing would be a metals shop (or delegate) accepting bitGLD as a form of payment for physical which wouldn't be expensive to operate.

Sounds good, I'll wait for the website with more details and reevaluate.

[fuzzy]

The delegate name is delegate.verbaltech, as seen in my signature.

Whoops!

[Thom]

The delegate name is delegate.verbaltech, as seen in my signature.

[fuzzy]

Thanks for the plug Fuzz. It's Cryptosmith (.info)

We're not open for business just yet, but we're very very close.

Actually was more a question because I forgot the delegate name :/

[Thom]

Thanks for the plug Fuzz. It's Cryptosmith (.info)

We're not open for business just yet, but we're very very close.

[fuzzy]

Not exactly groundbreaking, but expensive.

Whys that?  Seems that a company could simply offer physical delivery for a premium of X% above spot bitGLD.. wouldn't be very risky or expensive.

https://bitsharestalk.org/index.php?topic=15127.msg195460#msg195460

Thanks for the link but it's apples to oranges.
He's saying that it's an expensive option for their customers because they must go into their physical vaults, melt kilo bars into 100 gram bars (minimum withdraw), apply shipping and taxation, etc. while it'd be cheaper for their customers to just buy gold locally or online using BTC.

What I was proposing would be a metals shop (or delegate) accepting bitGLD as a form of payment for physical which wouldn't be expensive to operate.

Well gentso and Thom are operating a delegate and trying g to get it voted in. They have the cryptosmith site which, if it partnered with mine bitshares could do precisely that.  Paging Thom and gentso. What is your delegate name again?

[yellowecho]

Not exactly groundbreaking, but expensive.

Whys that?  Seems that a company could simply offer physical delivery for a premium of X% above spot bitGLD.. wouldn't be very risky or expensive.

https://bitsharestalk.org/index.php?topic=15127.msg195460#msg195460

Thanks for the link but it's apples to oranges.
He's saying that it's an expensive option for their customers because they must go into their physical vaults, melt kilo bars into 100 gram bars (minimum withdraw), apply shipping and taxation, etc. while it'd be cheaper for their customers to just buy gold locally or online using BTC.

What I was proposing would be a metals shop (or delegate) accepting bitGLD as a form of payment for physical which wouldn't be expensive to operate. 

[Tuck Fheman]

Not exactly groundbreaking, but expensive.

Whys that?  Seems that a company could simply offer physical delivery for a premium of X% above spot bitGLD.. wouldn't be very risky or expensive.

https://bitsharestalk.org/index.php?topic=15127.msg195460#msg195460

[yellowecho]

get physical Gold mailed would be groundbreaking.

Not exactly groundbreaking, but expensive.

Whys that?  Seems that a company could simply offer physical delivery for a premium of X% above spot bitGLD.. wouldn't be very risky or expensive.

[Tuck Fheman]

get physical Gold mailed would be groundbreaking.

Not exactly groundbreaking, but expensive.

[oldman]

This is a great idea and should be leveraged in a carefully planned marketing campaign to raise the visibility of the BTS platform.

Having bitGold and Gold be interchangeable through a slick interface (mine bitGold, exchange, get physical Gold mailed) would be groundbreaking.

Same for silver and other PMs.

Mine real Gold with Bitshares using your home computer!

[fuzzy]

Have I missed something regarding the whole minebitshares pool concept?

I thought this pool was targeted towards people with mining hardware, mostly those who got into it before the bitcoin mega-miners put the little guys with their GPU or 1st gen ASIC hardware out of the practical competition of producing bitcoin through mining. I know the pool is mining the alt coins, allowing them to be effective miners thru the pool in that space.

If that is still the target audience of minebitshares, it seems like a very small audience to me. It is mostly those with above average tech skills who have invested in mining hardware. Or is the utility being proposed here aiming at the low end hash rate hardware like GPU / CPU? Even so, how many non-techies (the ones that care about Taylor Swift for example) have the know how or desire to setup their hardware to mine in this pool?

I just don't get the optimism of this thread for mining every day things like pizza & CDs. As for the benefit to the crypto-currency ecospace, I do see the stimulus for that and the good will it engenders to the altcoin fanboys, just can't make the connection to a broader appeal or the bridge into mining everyday "stuff" if it's predicated on owning mining hardware.

I actually agree with you on your point about Pizza and CD's, but I also have to disagree with you on another point:  Multipools essentially allow you to put sell pressure on the highest value cryptocurrencies at any given time and get paid out in the crypto of your choice.  So MineBitShares actually has three primary purposes:
1) to give miners an incentive to mine bitshares (instead of hating it because it is not something they can use their high-price equipment to mine)
2) taxable income for miners is calculated at the time you mine the coin (so the value at the time you mined it).  Seeing as most altcoins go down in value, mining things that actually track real world assets' value gives miners one heck of a valuable protection mechanism from the tax man.
3) a reason to hold something whose value will be less volatile and will pay interest, which helps bitshares---especially if people decide not to sell.  Or better yet, they decide to trade bitAssets for other bitAssets and BTS.

It also helps add some liquidity to our market.

+5%

[Pheonike]

Have I missed something regarding the whole minebitshares pool concept?

I thought this pool was targeted towards people with mining hardware, mostly those who got into it before the bitcoin mega-miners put the little guys with their GPU or 1st gen ASIC hardware out of the practical competition of producing bitcoin through mining. I know the pool is mining the alt coins, allowing them to be effective miners thru the pool in that space.

If that is still the target audience of minebitshares, it seems like a very small audience to me. It is mostly those with above average tech skills who have invested in mining hardware. Or is the utility being proposed here aiming at the low end hash rate hardware like GPU / CPU? Even so, how many non-techies (the ones that care about Taylor Swift for example) have the know how or desire to setup their hardware to mine in this pool?

I just don't get the optimism of this thread for mining every day things like pizza & CDs. As for the benefit to the crypto-currency ecospace, I do see the stimulus for that and the good will it engenders to the altcoin fanboys, just can't make the connection to a broader appeal or the bridge into mining everyday "stuff" if it's predicated on owning mining hardware.

I actually agree with you on your point about Pizza and CD's, but I also have to disagree with you on another point:  Multipools essentially allow you to put sell pressure on the highest value cryptocurrencies at any given time and get paid out in the crypto of your choice.  So MineBitShares actually has three primary purposes:
1) to give miners an incentive to mine bitshares (instead of hating it because it is not something they can use their high-price equipment to mine)
2) taxable income for miners is calculated at the time you mine the coin (so the value at the time you mined it).  Seeing as most altcoins go down in value, mining things that actually track real world assets' value gives miners one heck of a valuable protection mechanism from the tax man.
3) a reason to hold something whose value will be less volatile and will pay interest, which helps bitshares---especially if people decide not to sell.  Or better yet, they decide to trade bitAssets for other bitAssets and BTS.

It also helps add some liquidity to our market.