Bitcoin Forum

adgadg

1 person @ $800 a month or
800 people @ $1 a month
or 16 people @ $50 a month
or 40 people @ $20 a month

That would put an end to the gpu oligarchy   

Im up for it @ 16 people.... ;D

Oooh, that's a good idea for multiple participants, however, those who have CUDA-based clients/code will probably desire to fund themselves to keep profits to themselves.

I might be in for as much as $100. Do we want to do this if we might have to stop (for lack of funds or whatever)? I don't want blocks to take an hour for the next 5 months...

Also is it even efficient to raise it a bunch and make it that much harder for ourselves at the same cost during the next period? Just thinking aloud here.

Consider it as an investment into the future and the earlier you (or anyone) pursues such an endeavor the better or more quantity/value will be produced.

From a purely self interested standpoint what is the optimal rate at which to increase power to maximize coins earned? Max it and hold it there or ramp it up? Can we purchase any amount that we want or only exactly 128 GPUs?

I'll throw up $50.

I suppose we will pay you this money with bitcoins??? What is the best way to turn a credit card into bitcoins?

What happens with the "profits", how can we monitor the progress, how this all gonna work, etc?

I imagine a bitcoind server would handle automated payments to participating members?Can bitcoin handle subscription payments?
Maybe paypal or cc subscription might be a good way to manage the monthly cost .

so, i think others can just turn off their clients and throw away this winningless game? :-\
i think this monopoly is not the best idea to promote bitcoin

Forgive me for being an ass, but if you guys do this, there will be someone else who will think "I want a cut, but not share it" and do this too, and probably a 3rd one will emerge, and my gut feeling is that there isn't enough to share amongst everyone. We will be generating 50x the notmal amount and, while difficulty updates are capped, it is sure to throw many more coins on the market than we expect. And you guys see the inherent value of bitcoins, but others will not and just sell all they generate on the spot (on the month bill cycle, probably) at whatever price they get. Great for buying, but still...

Having said all this, I'm in for $50 too, and can create an automated manager, but I lack the time right now.

You know, I think it doesn't really work like that... I've been slowly generating with a 1MH/s machine, regardless of difficulty. It helps (a lot) to have the power, but luck is always part of it :)

Or use this for the stability of the network. Let me explain:

1) People donate bitcoins to buy this service.
2) Service starts crunching for a month.
3) Yielded bitcoins are sold in an exchange.
4) Money is used next month to use the service again (aka go back to 1).

Advantages of this system:
1) Even people with powerful computers can't control the network.
2) No hassle to keep track who gets what (if they want the bitcoins they buy
it with the money that saves them the next month, what they would have pledged).
3) If people keep putting money in this, it becomes stronger (enough money to buy
2x service, just do it).
4) Even not rich people can join.

Exactly.

Lets see, 30 days has 43200 minutes.
1 block (50 btc) every 4 minutes = 540000 btc.
540000 * 0.06ct = $32400

Man, that's a nice extra each month ;)

cool...I could definitely promote bitcoin with that lol.

http://bitcointalk.org/index.php?topic=1355.0 (http://bitcointalk.org/index.php?topic=1355.0)

There, fixed it for you :)

It will work for the first month, then you get 3 or four of these US$1k/month machinery going after the same thing, but difficulty needs to creep in and even the playfield. So after the dust settles you will have made a buck, a bunch of them actually, but once we're back to 6 blocks/hour we're in the 220k~250k coins generation per month, which nets you US$15k. Very nice, it you don't sell the coins... and there aren't a bunch of people doing it.

True, that's why you need to keep up with the difficulty.
1st month : 1 machine
2nd month: 4 machines
3rd month: 16 machines  <== would we be able to get a bulk discount on that ;)
etc.

Or will the difficulty catch up to quickly for that?

The difficulty isn't set by time, but by block count, so yeah, it would go sky high within the 2 first months making this pretty much impossible to scale... you would still get the whole of the generation capacity of the network, though, so as long as you can pay for the servers with ~200k coins, you are golden... but if you try to sell the coins to get US$, you'll be loosing value, so it's kind of chicken and egg, I guess.

I just had a chat with them. Basically you can rent them at $1.18/BTC assuming the same performance per Teraflop as ATI cards. That is, if difficulty doesn't increase...

$400 will get you 2x M2050 for two days. The free trials are hard to get as they're very popular.

Next difficulty factor is set to go down - i have it pegged at 1278 - down from 1319 - to be hit in the early morning of 10/13.

I don't want in, and I hope this project goes off. I predict cheap coins at MtGox for a couple weeks until the difficulty jumps to 20,000.

late edit for plug: bitcoinsportsbook is taking wagers on year end difficulty levels. wagers close this friday

You neglect the fact that the difficulty is adjusted every 2016 blocks. You cant really average more than 1 block per 10 min over a long run.

Also you cannot stop other people from getting some blocks no matter how fast or big you are, if they are running they have a chance of finding "winning" hashes. Your participation does not effect that except indirectly when the difficulty changes for everyone.