But you can't destroy gold, you can hide it, melt it, make stuff out of it but gold is delete key proof. If some old lady didn't backup her hard drive and looses 5 bitcoins in a crash she's screwed. So lets say bitcoin went super huge and millions of people are accepting it world wide. But every day, some where in the world, an old ladies hard drive crashes, a students hard drive got 1 too many bad sectors, someones computer got hacked and there harddrive was formated and in the process, 100 bitcoins are destroyed every day around the world due to pure stupidity. That would mean every year the bitcoin economy shrinks by 36,600 coins. With no way to "reprint" those coins back into the economy, eventually the remaining bitcoins would get hyper inflated and die due to not enough money to go around.
If there is no way to reprint dead bitcoins then it just can't be done. But is there a smart way around it so stupid people don't hurt the bitcoin economy yet prevent inflation past the 21M? I know there are bitbanks, bitbucks, escrows and insurance (coming soon) but all of those are for smart people, not little old ladies who use the recycle bin to store there important documents.
You do realize that using your own math scenario, it would take 287 YEARS to lose half of the total number of bitcoins right? Even taking into account the fact that USD is not a limited resource, do you know how much difference there is between a USD today and 200 years ago? (which is only 2/3 of the time we're talking about). And that is ignoring the idea that we'd be seeing lots of backup/encryption services for peoples wallets (you can infinitely replicate your wallet if you wish) if the service did take off. |
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As usual everyone vastly over estimates needed power. Running a 4x5870 rig and a Kill-a-watt monitor I measured my rig to pull about 900Watts from the wall on a gold standard PSU, which means about 785Watts to the system.
So any quality 800 - 850Watt PSU will do you fine, just make sure you get something with either a single rail, or rails that can handle the amperage you draw for the GPUs.
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ok i think im getting it slowly, so you only get a payout when/if a block is found? but it doesnt seem quite such a good deal unless you have quite a wedge of power going into the pool (im only getting about 270mh/s) and only then if youre lucky enough that a block is found that day, im not a gambling man so the luck aspect doesnt sit so well with me, for example if a block isnt found for a few days youve wasted quite a lot of time, i know its only essentially idle pc time but still, im starting to understand why that could be bad for the operator, having to pay out on shares if a block isnt found that day, but i also see why prop is not so good for me, pps eliminates the luck element if im right, but im guessing with whats mentioned above the days of pps pools are numbered.
so what about solo mining is it more worthwhile or is it even more luck of the draw?
i may well try continuum at some point but i think until i fully understand whats is going on im going to stick to deepbit for now, yes i know it may not be ideal but its the situation im most comfortable with for the moment, its a shame there have to be cheating b*stards out there who ruin it for people though
PPS is the only non-variant option, and it is offered at a steep fee to cover the operator against potential runs of badluck. Everything else comes with some variance. The larger pools have lower levels of variance for the most part but those times of badluck hit them too (and they hurt because you are making a tiny trickle of coins to start with, then that trickle will stop for an extended period of time). Solo mining probably has the largest variance, and for small amounts of hashing power is pretty much a non-option at this point. |
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God no... not more of this stuff. Profitability charts are based on the concept that you can predict the future, which you can't even come close.
@$30/BTC your chart would never have predicted a huge drop to $13/BTC. People would be crying salty tears based on a $30 projection that suddenly halved.
EDIT: Sorry you are only looking at current month and predicted next difficulty. Not so bad. Thumbs up to you then.
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maybe it is just that i dont properly understand prop, so i dont get paid out for a month? ive always used pps so far and been actually able to see my progress even hour by hour in some way, now all i get is the number of shares increasing while the "worker wage" seems to tell me im earning a whole lot less and as theres no sign of progress at all aside from the .5btc i earned while it was still PPS, it just seems wrong to me that ive been mining 12 solid hours and have yet to see any return at all, maybe they need to make it a little clearer that something is actually happening rather than just showing that its connected taking your shares and not doing much else, or maybe i just cant wrap my head around it and im a damn fool
and yes swepool is now prop:
News
Swepool switching to propotional
Due to unstainable losses with pay-per-share we are switching to proportional mode with 0% fee. Hashspeed calculators is out-of-order and will soon be functional again, but there will be no downtime of pool and all your shares is counted towards next block solve.
Block find bonus
Now we have a block find bonus. That means if your miner find a block, you will get a neat bonus of 0.5 btc on top of your pay-per-share. This bonus is payed out automatically to your account on block discovery.
Proportional is very simple to understand. You get paid when a block is found by the pool. What you are paid is relative to the proportion of hashdata you put into the pool (if the pool has 100GHash/sec and you have 1GHash/sec you get 1% of the block reward, if the block reward is 50BTC you get .5BTC). This means if the pool is lucky and finds a block faster than the "average" time should be, you make more BTC yay! If the pool is unlucky and finds blocks slower than the "average" time should be you make less BTC nooo! The variance will even out over longer periods of time statistically, but in a period of a day or 2 days you may see more or less blocks. You can look at http://swepool.net/statistics for a sense of payout times. On sunday they found 3 blocks (lucky!), on Monday they found 1 (sorta average), and so on. Overall swepool thusfar has been somewhat unlucky (or malicious users withheld blocks from the pool, dunno) which is why PPS was not working (the average time to find a block was lower than the average time should have been, so PPS cost the pool operator BTC). If you absolutely can't stand not seeing the tiny trickle of bitcoins come in constantly then mine on deepbit. You lose out on BTC but gain in peace of mind I suppose. But remember bitcoin is not a race it's a marathon. You need to adjust your thinking for longer term. |
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Nice background, very relaxing.
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You might be looking at about 100MHash/sec per card? Not sure. But that's about the equivalent mhash of an old 4850 ($50 AMD)
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Moral of the story, don't run a space heater in the middle of a hot summer?
I just hope rare stories like this don't get picked up and reposted all over as some dire warning of the evil dangers of this wicked bitcoin thingy.
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Is OP asking about use of these cards for mining or for general usage? No one mines on nvidia cards regardless of their specs.
In general however people use the supercomputer GPUs for non-single precision calcs.
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depend price/scale. if new AMD A38x0 APU is cheap enough, maybe using them on small mITX boards w/o discrete GPU, become interesting ? just stack'em all !! like confetti, hundreds, thousands  They'd have to be crazy cheap. The llano chips have 400SP max I believe? That's like 1/4th of a 5870, so it'd have to be about $50-$75 for mobo+cpu+ram+HDD+psu |
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Mining effects will be delayed usually into the next difficulty.
When there was a difficulty increase of 75% the next difficulty increased by 15% (despite a huge jump in bitcoin price).
A huge drop in price will likely cause people to drop out in the next difficulty level (increase in difficulty of ~45% and decrease in price of about 100% = new people selling off their expensive rigs in droves). Though it may decrease or stabilize, hard to tell.
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I think you guys are focusing on the wrong thing. There was 17000 BTC moved in one transaction, and that jackass paid a transaction fee of .29 bitcoins. What a jerk.
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I wish these forums had a screening algorithm like
If Post.count < 5 && Post.Contains("Bubble","Ponzi Scheme","speculation","no real economy")
Then reject.post
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wow back down to 13 last night.
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That's why it's good to test your house outlets and map out the circuits ahead of time  |
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and now people know why Tycho (correctly) did not close registrations for deepbit despite all the people wigging out a couple days ago.
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"Another trade is still in progress, please retry in a few seconds"
Funny how this keeps showing up during the retraces. It only seems to happen when you wish to buy BTC, putting up a sell order still goes through. I've seen that when both buying and selling. Seemed like they were just overloaded. Doesn't MtGox make like $100,000USD a month? Sup with servers being overloaded. |
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Has todays sudden volatile sell-off scared you people newly into bitcoin from building all those fancy expensive new mining farms, or are you still happy @ $20/BTC?
Curious to see how people are reacting to todays drop, biggest in bitcoin history I think (numerically, perhaps not percentage wise), and how it will effect future mining prospects.
EDIT: It is back up to 24 now, but the concept of volatility and potential downward trending of price rather than upward is still a concern for some people I imagine.
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I wish I had had some more money in mtgox, woulda been nice to buy up at 20.
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