Someone could've coded GPU mining in any language.
Really Satoshi should have made encryption harder so it's not 256 bit, but 65535 bits.
What are you talking about? The difficulty adjusts for any improvement in hardware and a hash is not encryption. |
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so wait...what were we talking about again...?  It is official, then. I am a troll. As an attempt at getting cured I will now step away from my keyboard and not touch any of the keys for a couple of hours. I'll come back to some random thread and tell everyone how that felt  You're never gonna get out of that vicious cycle. I'm sorry I got you into this mess. Here's a cookie to help make up for it. |
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Uuuuh. You're living on the edge there. It's probably an arrogant thing to say, but one should always have some buffers of liquidity ready for such cases. If you had that, you could make more money or in a safer way or both, right?
Ahm, I was role playing there, just making my point But thanks for the concern, though, glad to see a positive advice coming from that instead of the more usual immediate bashing and public humiliation approach we see on the forum these days. Cookie points to you Did I just got told nicely that I fell for a troll? *munches his cookie in shame* I am not all that sure why you are calling me a troll, but I hope the cookie was good Well, I wasn't sure, I am a bit naive and inexperienced at troll detection. Didn't mean to call you a troll, that's why I phrased it as a question. No harm done, I hope? I enjoyed the cookie, thanks. |
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saphhire - sounds great but you don't take U.S. players.. (cry) which i don't quite understand yet since bitcoin is non regulated
I know... I know. A purely skill-based game like Monopoly might actually be perfectly legal under US law, too. purely skill-based? Monopoly? I tend to think there's too much luck involved in monopoly, especially when I loose, of course. |
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what are you +1ing? nagle is objectively correct.
nagle said the bubble would burst "all the way". So he's not technically correct, is he? |
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Uuuuh. You're living on the edge there. It's probably an arrogant thing to say, but one should always have some buffers of liquidity ready for such cases. If you had that, you could make more money or in a safer way or both, right?
Ahm, I was role playing there, just making my point But thanks for the concern, though, glad to see a positive advice coming from that instead of the more usual immediate bashing and public humiliation approach we see on the forum these days. Cookie points to you Did I just got told nicely that I fell for a troll? *munches his cookie in shame* |
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Like a major gambling site announcing they are accepting it.
Like a real casino using Casascius Tangible Bitcoins as chips? |
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That logic is flawed. If power cost is higher than the value of the BTC produced, it's simply more profitable to just buy BTC instead of mining them.
I agree with molecular, but that's not the whole picture; I have a two month billing cycle, so I mine now and pay up to 60 days from now. Lots of time to convert to cash at the best rates (when the market isn't plummeting) and even do a little speculation of my own. No new 'out of pocket' money unless I'm mining at really large loss, bitcoins pay for it all, all the time. Of course if I'm mining at a loss then the 60 day buffer with get me and I'll end up with 60 days of used electricity I don't have the bitcoins to pay, because I used the ones produced in the last cycle to pay the previous one... Uuuuh. You're living on the edge there. It's probably an arrogant thing to say, but one should always have some buffers of liquidity ready for such cases. If you had that, you could make more money or in a safer way or both, right? |
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No. The difficulty adjustment will ensure that some miners can make a profit at nearly any price. Lower prices drive miners out, difficulty ramps down, mining becomes profitable for miners remaining, more miners jump in, difficulty rises, mining becomes unprofitable, miners leave. It's a balancing feedback loop that is always in play, it makes no difference what the price is. I have no frigging clue why after a year of this we still have people insisting that the "cost of mining" somehow affects the price of bitcoins.
Yeah it may not be profitable at the moment, but assuming the price rebounds I will have mined during these "off-periods" and will end up with more BTC in my wallet when their value goes back up. "Fair-weather" miners will shut down their systems because BTC is not profitable RIGHT NOW and will have less BTC to show for it. That logic is flawed. If power cost is higher than the value of the BTC produced, it's simply more profitable to just buy BTC instead of mining them. |
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that makes no difference. when it isn't profitable, people leave, difficulty adjusts. when it is profitable, people join, difficulty adjusts. sunk costs, changes in price of electricity, CPU vs GPU vs ASIC vs botnet, etc etc etc all may effect which miners are mining, but difficulty is simply an indicator of price+technology, it does not drive price.
I never understood this logic myself. The only way I can think of how mining cost could influence price is if miners would just refuse to sell below a certain price (their mining cost times x). Or put differently: The supply lessens if price goes lower. While this is probably true, I still don't see how mining cost could drive the price up. If power cost suddenly doubled, bitcoin markets couldn't care less. Miners don't usually buy bitcoins, they mine and sell or mine and hold. |
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While I don't like Krugman, having him mention Bitcoin in the NYT is huge. You'll see new entrants to the market.
... who will be able to buy at competitive prices! does it matter? I didn't mean that in a bad way (envy). I'm not sure wether or not it makes any difference or what kind of difference that would be. |
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where does the day end? Greenich?
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While I don't like Krugman, having him mention Bitcoin in the NYT is huge. You'll see new entrants to the market.
... who will be able to buy at competitive prices! |
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For me, my electricity is free, it is located at a datacenter, power is already paid for, I am using the excess space of my friend's. My problem is how to use my old desktop and equip it with GPUs to start a good mining.
Will people stop bragging about free electricity, please. It makes all emotional. ^^ About your "problem": there's loads of material on the interwebs on how to put a GPU in an older computer or build a pc in general. But actually: when I built my rig, the GPU was about 70% of the price of all components, so why bother with the old stuff. You'll most likely need a new PSU and maybe also motherboard anyway. You can use the case, of course, that's gonna save you 10 bucks or so. |
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Awww man I came up with the idea and you don't even include my quote in the thread!
So true. I credited you in 2nd post, all I can do. About your idea: it might work, but it'd be a lot of work, not just programming. Also note: there's awesome implementations of many board games for iPad (I'm not a fan, but some games on there are just plain "well done"). Well, if just Apple would use Bitcoin, haha (prays they wont roll their own chain) |
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transferring the "card-ideas" from other thread...: - Exchange Coding Error - collect 2^9 - 1 BTC
- Grid Blackout - your mining farm is offline for an hour - pay 10 BTC per mining farm
- Bank Fraud - pay 51% of your cash
- HELLO MY DEAR FRIEND, PLEASE HELP, I NEED TO GET RID OF USD 10,000,000
- You bought a product using Bitocin - roll dice: odd number: you receive goods, even number: you've been frauded, pay 5 BTC
- Rollback - each players last action is annulled
- From sale of socks you get 50 BTC.
EDIT: this idea was born by Blackout in this post: https://bitcointalk.org/index.php?topic=40934.msg515887#msg515887In Monopoly of the future, will there be a:
"Bitcoin error in your favor, collect $4000 dollars"
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I skimmed this post and read that URL as BitcoinBus, which I immediately assumed was just like BangBus, except that they pick people up off the street, stick them in a van, and then spend the next hour giving them a long, dry, overly technical explanation of how Bitcoins work.
man, you just made me laugh tears. awesome! |
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In the end, it will be your decision based on the trust in Bitcoin. You can continue to mine at a loss, stop mining but keeping the rig, or just selling the rig. You could also decide that buying Bitcoins for cash is easier/cheaper than mining.
That's not a decision, it's a calculation. So ask yourself: Do I think Bitcoin will succeed? If no, sell everything, cut your losses. If yes, keep mining if you can afford paying the electricity for a few months. If you can't afford the electricity, stop mining, sell your rig and buy Bitcoins with cash.
+1, that is sane advice. EDIT: seeling his rig might also be an option even if he thinks bitcoin will succeed. It might even be the best option to sell the rig for BTC, assumimg bitcoins success. However you decide, ask yourself the question: How would I feel in a year or two when the decision turns out wrong. E.g: "if I quit now and bitcoin has good success somehow, how would I feel about that?" or the other way around: "If I stay with it and bitcoin continues to slide down into meaninglessness somehow, how would I feel about that?" For some reason the first case (I quit, bitcoin rockets) triggers much worse feelings for me than the second one (I stay, bitcoin declines), so I'm here to stay, not selling either. |
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So far, I am managing to sell quite a few thru PM... generally here is how it's been going:
- you express interest in a PM, just a brief note asking for a bitcoin address
- I will send you a unique bitcoin address and ask you to quote my entire message in your reply, along with your shipping and e-mail address, so it's all in one place
- I send out the coins as soon as I get your reply back and confirm payment. If you sent me an e-mail address, you should get a robo message from the shipping software with the tracking number as well.
What will happen if the shipping address is in europe, though? |
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In Monopoly of the future, will there be a:
"Bitcoin error in your favor, collect $4000 dollars"
because of this? It seems to be more appropriate for such a card to be specified in terms of bitcoins than any region-specific or controlled currency. However, nice idea for bitcoin monopoly. Perhaps someone (or several someones) can take initiative to contact Hasbro and work with them to prepare and establish a 'bitcoin monopoly' board game. Otherwise perhaps a Chinese monopory rook-arike? "Exchange Coding Error - collect 2^9 - 1 BTC" other cards include: - Grid Blackout - your mining farm is offline for an hour - pay 10 BTC per mining farm
- Bank Fraud - pay 51% of your cash
- HELLO MY DEAR FRIEND, PLEASE HELP, I NEED TO GET RID OF USD 10,000,000
- You bought a product using Bitocin - roll dice: odd number: you receive goods, even number: you've been frauded, pay 5 BTC
- Rollback - each players last action is annulled
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