Bitcoin Forum

Welcome everyone to discussion  in following topic

" being as a Miner for last few days I found myself in front of a question:

 Are you aware of fact that you lending/borrowing power of your processor to someone who you:

1st: don't know personally this person/group who are willing give you "as promise" few BTC within initial period of [AAN]
2nd: don't know what data will be processed on your  asic/fpga/gpu
3rd: how much they will earn giving you finally bill for electricty or hardware (fault event as well)  cost's?

Considering an old social order based on rules (Master and Slave) described quite good by Hegel I'm inviting to discussion.

So what you're saying is, run p2pool yourself, don't use someone else's copy (or software they run) ?

-MarkM-

Latifundial?  That's not even a word. 

Its a fundial used for measuring latitude.

-MarkM-

Erm... maybe?

If I've understood:

1. This is an issue, but by reading the forums you can usually figure out who might be a scammer or not.

2. You can check the code yourself to see what the miner software does - it doesn't do much that's exploitable. Because of the way the pools work (as I understand it...), it's to the pool's advantage to feed the miner valid data.

3. I think this relates to point 1, in that you have to pick carefully and then assume they're as trustworthy as you hope when you estimate your likely profit. As with any time you're trying to turn a profit, your costs (electricity, hardware, repairs, etc.) just have to be included in your calculations.

--Tom

No, MarkM

I meant something else : even if you start mining solo or in pool you meet this questions sooner or later...
If I missed some point in your question, please explain.

(as far I understand running a p2pool by myself means : create your own cryptocoin or trust others)
thanks

and at the end you will always ask question to yourself: I'm Master or Slave?

:)

I just made my "quick cooking of Latyfundia word" with need to Incept this word to English...

Thanks Tom
for your answer

But I mean something else

IE someone is creating new currency where each key will be generated according to his need:
means: each key is a bit of code that should be processed in order to find answer for asked question.

Considering last growth of alter currencies, asking myself question : Is this possible that someone is using our greed in order to use power of our processors for their needs and our satisfaction?

Actually it is more like latifundia or https://en.wikipedia.org/wiki/Latifundium (https://en.wikipedia.org/wiki/Latifundium)

OP makes a interesting argument, but most of us are speculators and will drop an alt coin (at least quit mining it) as soon as we lose profitability. So while interesting, I do not think it is a fair comparison, as most of us are free to go where the wind takes us.

I love how half the discussion here is about Latifundial.

And the problem with this is, the miner is taking all risk of the business considering hardware expenses as well as electricity.

Only before paying off the hardware, and assuming miners are keeping an eye on profitability to ensure they are covering their electric costs as well as making a profit.

Assuming most people start with a machine they already own, their only risk is recovering the initial electrical expenses. Once they have successfully mined their first coin and cashed out and paying off their electric bill, the risk becomes more and more minimal as their profits should act a buffer should a coin's value drop before they can cash out on future payments.

Also, many people here get free electricity, such as University students, etc. so the risk is even less, maybe if you want to count wear and tear on equipment, but still pretty minimal.