MemoryCoin Division: CTO Bounty Award: 50 MMC GMMCMiner is the command-line mining program for MemoryCoin: http://memorycoin.org/mine-on-one-of-many-pools/It is rather painless to use, but can affect computer performance. I will pay 50 MMC if someone volunteers and/or assists the MemoryCoin CTO Division to develop a front-end to allow simple timing for when the miner will operate. The focus should be on ease of use for people with absolutely no crypto-background or computer skills. For example, only run between 12:00am and 6:00am. A 25 MMC bonus (75 MMC total) shall be awarded if the front-end instead detects and starts/stops when computer user is idle. (May require distinction between when "user is idle" and when "machine enters standby".) The bounty winner is expected to retain ownership and development of the front-end. Bounty winner is expected to request donations from the users for his contribution, and repay the original poster of the bounty at a later date (if possible). Bounty poster understands that no return should be expected. Please reply below to notify others if you accept the bounty / etc to avoid duplicate work. For $10 in coins? And then they are supposed to re-pay you the 50 coins? |
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All these preordered units will be worthless when they actually arrive. Unfortunate for the newbie miners, that ship has sailed.
This is not true. You do not know what the difficulty or exchange rate will be at any given time in the future. You are guessing and presenting your guess as fact. It is true. I was considering buying about 75GH/s for about $900 off ebay. If I received them today and mined with them into May I would only be able to get about .74 BTC if difficulty continued to rise at ~23% each 9-10 days. By May 4th difficulty will be just over 20billion. If price stayed the same, I would earn ~$625 in BTC. This means I would be $275 in the whole and that is not including pool fees exchange fees and most importantly, electricity. But you say what if BTC goes to $10,00 by May? Well I will have accumulated $7400 minus the $900 on equip plus electricity and fees. Thus netting me just over ~$6300. Now let's look at what would happen if I spent that $900 on BTC today. I could buy about 1.15 BTC today for $900. If BTC went up to $10,000, my BTC would be worth $11,500. I spent $900 so I would net over $10500 in profit. Now let say I want to buy a 2TH/s miner from Black Arrow that I won't get until May. The price tag is $5900. At the expected difficulty over 20 billion I would be able to mine .049 BTC per day. It would take 10 days to mine 1/2 a BTC and then the difficulty would adjust against me. I would lose money if the price stayed the same. If it went to $10k, I would make my money back after 2 weeks of mining. But if I bought $5900 in BTC today, ~7.5 BTC and it goes to $10k I would profit $69,000 by May. Mining is not profitable on BTC. Unless you are one of the ASIC mining developer. Then you can stay ahead of the curve by doing the preorder garbage they do. I do believe it is still possible to profit mining new coins. |
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No it isn't. He did the same thing as taking bunch of numbers dividing them by one and saying, "see nothing happened". You guys forget that there is a market for bitcoin beyond only those who mine. Miners control difficulty first and then price and non-miners control price first and then difficulty.
I guess you missed the point. I created the exact situation that is happening in reality. (Also, I don't remember dividing anything by one.) That magical being is called Moore's law, and its current nickname is ASIC. Look what happened in the period when difficulty went from 0.6 million to 2.3 million: price fell from $1200 to $800. Should we conclude that increasing difficulty actually causes the price to fall? Or should we say that the situation that the miners' costs of creating one bitcoin are 10% of one bitcoin, so difficulty should go up? It will go up because new mining hardware will be created and turned on. When the price fell from 1200 to 800, it just means cost went up from 10 to 15%, so, still more hardware can be, and will be, added. I can safely predict that difficulty will continue to rise until the mining cost (running costs) get to 50%, and at that point it can still rise, but not much. So, you say that difficulty causes price. We know that in the next 10 days difficulty will go up, perhaps 30%. Based on this, and your model, where will the price go? Looks like price is going up after the difficulty went up. And I am sure you will say it's just an anomaly. A fluctuation to other factors. Well I bet if you pull a 5 year chart with 10 day bars of price and draw a trend line, and then do the same with difficulty, they will look something like this: / |
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There is a serious issue her nobody is talking about, my understanding is Ether is an open source project just like bitcoin, with added programming language. But being open source what's to stop anyone from creating a clone that sells contracts for less, lets say a wookiedoo-for-less? Obviously the problem of fixed rates was not addressed, and why another group of devs who won't charge 30000 bitcoins two months from now and release an alt client that will do the same thing and give miners more thus have a much better chain with the ability to execute contracts at a much lower price allowing a faster adoption... My point by example.. Apple had an operating system better than windows at the early start, bad management and greed at Apple lead everyone to Microsoft's hands...
So If wookiedoo-for-less comes along what to stop people from deserting leaving Ether investors at a huge loss? and don't tell me the people behind it, we are talking 30000 bitcoins here not 50
Another concern is all the ideas that are mentioned are not completely original, it's been mentioned in bits and pieces here on these forums, actually smart contracts are currently being implemented elsewhere, so you want people to invest for two months on "whitepaper" without a client or a chain. I have seen this whitepaper change three times already within a week, dagger in dagger out, pow or pos, ether or wookiedoo, founders known/unknown, that is not transparency, that looks like a last minute rush to squeeze as much btc out as possible. I seen people post here, and on redit, in favor of Ether, that's wonderful, I like the project too, but after following up on the people posting in favor most are related to this project somehow. Let's take a look at this guy who wrote an open letter to the foundation about having concerns on the IPO, he is a promoter, yes that's his job, actually his website turned out to be a promotion for Ether, although he attempted to look like a concerned outsider, he is obviously not. When his suggestions were answered the next day, he was happy and these wonderful people answered his concerns, so now it's a great time to invest. However, people did not like the price increase, and all the changes were scrapped. So he comes here with his 2 posts account, and still promotes, no mention about concerns anymore. So when people ask for transparency Do not tell them to F#$# off. You have a great project here, but, your promotion is shameless, throwing in the word genius left and right does not make an investor feel any better, and certainly is not enough for people to throw in the money.
I thought the same thing. If I was a developer, I would clone the source and ask for donations afterward or set up a fee structure that pays me. No pre-mine. No crowd funding. Put up my own sweat and cash and then try and get paid. Not vice versa. Yes all the ideas have been thrown around. Bitshares is a prime source of inspiration as the former CEO of the co. creating Bitshares was fired and is now working with this team. |
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Charles Hoskinson → Former CEO of Invictus Innovations and Director of the Bitcoin Education Project
Got booted from one scheme and started another. And of course both are asking for money or BTC to get started. |
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This is a terrible example.
Hashing and difficulty are directly related. Increase hashing means increase in difficulty no matter what. I think it's actually a great example. It's strange how it seems that the majority of bitcoiners either don't understand what difficulty readjustment actually does, or just really, really want it to work in a way that means a huge valuation of the bitcoins they currently have. The supply of bitcoin is constant. The difficulty readjustment keeps it so. It's also interesting how so many people keep talking about stingy miners' practice of "hoarding coins" somehow infers that an indirect change in supply automatically drives the price of bitcoin up. There still has to be a demand for bitcoin, and the buy side of the exchange has to continue to pump in more fresh cash to drive the price up. Sure, when miners are selling like crazy it puts downward pressure on bitcoin - that much is true. But the opposite does not automatically drive the price up. No it isn't. He did the same thing as taking bunch of numbers dividing them by one and saying, "see nothing happened". You guys forget that there is a market for bitcoin beyond only those who mine. Miners control difficulty first and then price and non-miners control price first and then difficulty. What would happen if Bill Gates wanted to invest in BTC with $12 billion dollars. He will drive the price up which will in turn bring in new and more miners resulting in mor hashing power. What if he decides to sell BTC short $12billion worth? Price will drop and miners will stop mining because it would be cheaper to buy the BTC thus creating less hashing power and then a lower difficulty. On the flip side at some point the costs of one BTC has to equal power, time, equip., Internet, trans fees, conversion fees plus the time value that money to mine just 1 BTC. Who knows? This is like debating TA vs. fundamentals for stocks. Very interesting. I am not even sure I remember what I was arguing for or against because it seems it could be both. |
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If everything is built and mapped out, why are you asking for funding? Prove and let your ideas work and then ask for money.
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Difficulty is more than just a number, it's a part of the very mechanism that allows bitcoins any value at all. How can you suggest difficulty may not affect price when the existence of price or value at all is dependent upon the mining process which is governed, in part, by the difficulty algorithm?
I can give you a direct example of how difficulty does not cause price. People mine with GPUs and price of Bitcoin is $30. Suddenly a magical being switches everyone GPU that was used for mining into an ASIC card, that has the same power usage, just 100 times more hashing power. This magical being also switches the difficulty to be 100 times bigger on the exact last block where difficulty usually adjusts, so no 2016 block adjustment period is observed. Miners who were not paying attention for the next couple of months would not see any difference, their costs are still the same, their share, and thus the number of Bitcoins is still the same. Nothing changed for them. Exchanges would not see any difference, still the same number of coins is being produced each two weeks, so supply from miners would be the same. People who trade Bitcoins and did not pay attention (and did not look at the difficulty numbers) would also see nothing has changed. So, we would see the difficulty increase 100 times, yet no 100 tomes increase or decrease in price. Tell me again why should difficulty changes cause changes in the price? OK, some people may think, like you, that increase in difficulty should increase the price, and if enough people think that, the price will indeed rise with the difficulty. But this is all in the perceptions, and hard to model. The price will rise, even if enough people think that it will rise, no need to involve difficulty at all. As for it being a part of Bitcoin that gives it value: every part of Bitcoin works together, you can't take out anything and still have it work. Difficulty is definitely not *the key* part that gives it value, I would say the key part is how it all works without central authority, all all parts together enable that property. I have a feeling that you are actually thinking of hashing when you say that it is the key part. But, again, even hashing is just a way to get unchangeable history, and sure this is a key part of Bitcoin, but, again, all other parts work together, you can't just name one part and say that it is the part that gives bitcoin value. This is a terrible example. Hashing and difficulty are directly related. Increase hashing means increase in difficulty no matter what. |
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Are people really still suggesting that price affects difficulty but not vice versa?
The argument that price causes difficulty is a simple one: Look, price went up, mining is profitable now, let's mine. I don't know of such a simple argument for the other direction, that is also not an argument for "price increase causes more price increases". It's pretty absurd -- difficulty affects our perceptions about how rare or valuable a coin is. All it takes is one case of somebody saying something like "difficulty is skyrocketing, I better hold onto my coins" to demonstrate that difficulty affects price (in this case, by increasing demand).
(Your example actually shows decreasing supply, but that's close enough.) Also, this argument can also be used in the case of "price is skyrocketing, I better hold onto my coins", which becomes self referential argument, and is the main reason why bubbles form, and also why investment scams and ponzi schemes exist. So I can't really say that this backward looking (difficulty causes price), or self-referential logic (price causes price) doesn't work. It works for some time, until it stops working. Okay, let's set BTC difficulty = 1 and see what happens to the price. If someone makes the argument that difficulty doesn't (or hardly) affect price, then we should be able to set the difficulty to whatever we want and it won't make much of any difference whatsoever. Here's a knockdown, simple argument for difficulty affects price -- get rid of the difficulty adjustment algorithm altogether and watch what happens to the price. If price isn't affected by difficulty, then it should be able to sustain itself in the total absence of difficulty adjustments. If difficulty were 1, it would mean something like 7.143 MH/s are mining bitcoins. I would assume this would mean price would fall since only one person would be mining at that point. I don't think you can separate difficulty from the picture for any thought experiment. Difficulty to me is used as a field leveling mechanism. It's so no one person can monopolize. They would have to keep adding more equipment, power cost, time, and labor to get the same amount of BTC as before. I think it is safe to say difficulty determines price and price determines difficulty. I think the argument is whether or when are they leading indicators or lagging indicators. What do I know though? |
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I mine....and I have grown to the point that I can't believe this is happening. Its quite profitable.
People always say this but never provide the numbers to back it up. Please show me how profitable it really is. How much did you pay for your equipment (in bitcoins)? What is your hash rate? How much have you mined so far? I spent $65,000 (65 BTC) for a 60 GH/s single upgrade. Technically back in September I only spent $700 based on the exchange rate, but you see the problem here right? Mining is definitely not profitable. Ok, why did you not buy the miner for $700 and mine a whole bunch of bitcoins which would be worth quite a bit today? At the end of the day, I think and I hope BTC will continue to rise in value. I guess I should clarify this. I pre-ordered from BFL and we all remember that debacle. Unless a unit is -IN STOCK, ASSEMBLED, READY TO SHIP TODAY- then it probably isn't worth it from a breakeven BTC standpoint. I spent 65 BTC on miners that would never mine 65 BTC. We can postulate that if they were in stock at the time that -maybe- they would have made close to 65BTC, but the nature of mining is diminishing returns at its finest. Every difficulty change yields less and less. If you have any question about this just fire up the genesis block; insert some conservative figures for shits and giggles and you'll still never see a positive BTC return. With all the new mining manufacturers and die shrinking we are probably facing another 1000x difficulty increase very soon. I will absolutely -never- pre-order a miner ever again, and if I happen to have spare cash I will just buy BTC instead from now on. YMMV but that's just my two satoshis. The problem is you spent BTC to buy the mining equipment. If you would have spent $700, you would have made a profit. Now, is BTC all they would accept? I don't know. I was not involved. It's kind of but not really like saying you sold 1000 shares of AAPL at $70 each in 2006 to buy a new BMW when you only have to sell 127 shares today at $550 each to buy a new BMW. Should you have held on to those share? Yes, you could by 7.8 BMW's with your thousand shares today. In your case you sold stock to buy stock. This will always lose as long as prices continue to rise. If price went down, you would be right. Although with BTC you have difficulty increasing causing people to spend more $ to get the same amount of BTC. This is why I think the price will continue to rise. With more and more business' accepting BTC, it's not going away soon and most people will only be able to buy bits of the coin than boat loads of money on mining equip. up front. |
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Maybe I am using an old version? I am running 3.2.1
Is this right for the antman u1?
3.10.0 is the one you need. Fixed and working! That was the problem. Thank you! |
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I don't know what those other folks are telling you to do, but this is what I have for my command line to get my Antminer U1 running at 2GH: bfgminer.exe -S all --set-device antminer:freq=0A81The other suggestions are bollocks.  antminer:freq was the old settings for nwooll's fork of BFGMiner 3.9.0 antminer:clock is the official setting for the mainline BFGMiner 3.10.0 nwooll updated his instructions on his blog and in this thread about the change in settings... Well, that can't be right, because I'm running 3.10.0 on my BBB, and that's the command line I'm running (I just added the .exe for the benefit of Windows users). Maybe I am using an old version? I am running 3.2.1 Is this right for the antman u1? |
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Looking for help with Antminer u1 settings for BFGminer When I run BFGminer it wont run past .45GH/s and it is supposed to be 1.6. I followed BTCguild instructions but if I remove the --icarus-options and/or add -S antminer:all --set-device antminer:clock=x0781 instead of -S all, the miner wont even open. It runs with the way BTCguild explains setup but at the .45GH and I would like to get it up to its normal 1.6GH/s at the very least. https://www.btcguild.com/index.php?page=support§ion=blockerupter --Here are the instruction at BTCguild I followed. Iam using Windows 7 if that helps. If you're using block erupters too then there will be an issue. Run the block erupters on a separate instance of bfgminer. I wasn't aware of it, but the two different little USB miners don't like each other. Run it like this in your batch file if you're only running the antminer u1's: bfgminer.exe -S antminer:all --set-device antminer:clock=x0981 -o stratum+tcp://poolinfo:port -u user -p password Make sure you download http://www.silabs.com/products/mcu/Pages/USBtoUARTBridgeVCPDrivers.aspx this and install it. DON'T run zadig! Also, if you want to check out different OC options look at http://freepdfhosting.com/f08921e50a.pdf for other options... Now it is saying: ] bfgminer.exe: --set-device: unrecognized option |
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Looking for help with Antminer u1 settings for BFGminer When I run BFGminer it wont run past .45GH/s and it is supposed to be 1.6. I followed BTCguild instructions but if I remove the --icarus-options and/or add -S antminer:all --set-device antminer:clock=x0781 instead of -S all, the miner wont even open. It runs with the way BTCguild explains setup but at the .45GH and I would like to get it up to its normal 1.6GH/s at the very least. https://www.btcguild.com/index.php?page=support§ion=blockerupter --Here are the instruction at BTCguild I followed. Iam using Windows 7 if that helps. |
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Why should we expect price to go up if difficulty increases? Isn't it the other way around?
Price goes up when difficulty increases because as they become harder to get from mining, people buy. Difficulty increases when price goes up because higher prices offset the increase in difficulty, making mining attractive again. The question here is which is the leading indicator and which is the lagging. I know this is old, but very well said. I had been coming to this conclusion for awhile now. I have been debating on buying into a rig but kept seeing posts from people saying its cheaper to buy and you will never recoup the cost of equipment. If GH/s and difficulty are directly related then when difficulty surges from more mining rigs, price hikes usually follow because for those without he mining equipment it is cheaper to buy a coin than mine. After looking back to October 2013 through January 2014, difficulty increased a total of ~850% while price increased ~550%. Although at times during this period, difficulty rose ~350% and price rose ~650%. What I have seen is that as difficulty and hash rates rise price tends to follow or even lead. Does this guarantee profits? Absolutely not. Markets are still controlled by outside factors which are irrational to the system but rational to those who control the moves. |
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Anyhow....we will be making good use of the premine as you will see and we will also not stop developing products....the future is always bright.
Let see it's been almost 9 hours and the people have mined 2389 blocks of 172 coins per block for a total of 513,076 coins and the OP sits on his premine of 3% which is 9,000,000 coins. The premine was not announced until 30 minutes AFTER launch. 5XJk3NBpvqEj3h8uXn16ayxJbpX8FSBSsb You have coins thanks 5bXyZyHfLPbBR7teckpKA1jVqKVPUZW5hw hopefully bitminter will give us some coins otherwise 8 hours of mining wasted... Everybody keeps say bitminter. It is blockminter.com! See his post below. Hello i am the owner of BlockMinter.com and would like to be a pool at launch. Can you give any details on if you will release the clients ahead of schedule to pool operators?
We will offer a 0% fee during launch if you want to partner with us on this launch. I can go ahead and setup the pool for pre-registration now so everyone is able to start mining right at 9.
Thanks
Not sure why I came back to check this turd? |
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Finally we have the coin that has been LONG overdue!3% premine will be used for promotion and developing tools and services You are a piece of crap. You leave this out until 30 minutes in? And earlier you said you weren't sure if you were going to pre-mine. You spineless piece of trash. You knew the whole time you were going to pre-mine a huge genesis block and were just trying to placate the masses as if you were waffling the idea. F#ck you. It was not held out for 30 minutes it went in right with the rest of the announcements....dont have to explain the last 24 hours to you....you know where the door is You announced yesterday and this wasn't there. And you damn well knew you were going to do this then. Yes, I see the door and you can kiss my ass on the way out. |
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Finally we have the coin that has been LONG overdue!3% premine will be used for promotion and developing tools and services You are a piece of crap. You leave this out until 30 minutes in? And earlier you said you weren't sure if you were going to pre-mine. You spineless piece of trash. You knew the whole time you were going to pre-mine a huge genesis block and were just trying to placate the masses as if you were waffling the idea. F#ck you. |
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205 Blocks Found. = 35260 TES
MOST Profitable able. !!!
So you are in with the Dev? |
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