This whole thread is based upon a false premise: there is a global storage cost for old transactions. This is untrue.
The cost is requiring that the block chain continue to grow to stay ahead of attackers. Otherwise eventually an attacker can reverse the entire chain, including the old transactions. |
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Most of the decent PSUs people should be using for mining have 99% PF |
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grndzero, I can throw 3 5870's on that? Sorry I'm total hardware noob, I just get my friend to build everything, but he's not into the bitcoin thing so I have to do the research myself.
Yes, the blue slots on the board are the slot type you want for those video cards. They are evenly spaced so that each video card that take 2 slots each will use the slot of the slot with the white connector. Also, make sure case has enough slots to use all the (blue) slots on the motherboard. |
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grndzero, I can throw 3 5870's on that? Sorry I'm total hardware noob, I just get my friend to build everything, but he's not into the bitcoin thing so I have to do the research myself.
Yes, also make sure your power supply is big enough. |
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I see absolutely no reason to want to do this. It's only 360W and the efficiency is poor.
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Unfortunately 2 of the 5850's are on backorder..
At this point backorder means you probably aren't going to get them. We're at the very end of supply of those. |
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Is the AES encryption that's built into the latest Sandy Bridge chips similar enough to the SHA-256 that our miners are performing, that someone could write a miner specifically for the new intel chips?
No, but there is a shift left double instruction that is supposed to be good for SHA. (CPU mining is still going to be terrible.) |
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Also, a 1kw power supply is overkill.
Yes and no. Power supplies are most efficient (and coolest) at about half load. They also probably last longer. You do have to make a tradeoff between that and purchase price. |
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Why are you measuring hashes/s in FLOPS?
I assume it's because bitcoinwatch shows TeraFLOP/s (as well as Gigahashs/s). What does that even mean? There is no floating point in hashing. |
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You impose that on me and ima make myself some nice and tidy stacks of 100 BTC per private key and just trade the keys directly while I fill in the smaller amounts with coins from a spending account which are freshly traded...
This doesn't work because: a) it requires the recipient to trust you not to double spend, and b) the future transaction fee on those 100 BTC will devalue the private key you are trading. Even with trust, no one would accept an "old" BTC key that's going to pay a transaction fee to circulate at face value (unless they wanted to pay a premium to keep the transaction completely hidden from the world -- that's a different issue). |
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How do you determine the amount of margin required for writing options and what happens if it turns out to be insufficient?
It seems that 100% margin is required. At the beginning at least, that seems the only way to go about it- Oh I get it. You can't write naked options at all? That works. |
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Miners are free to charge more to process older coins. Yes, that was part of the suggestion. Besides, that "premise" is actually an assertion, and a vague one at that. Yes, that's what "premise" means. (Does "social optimum" have a concrete definition, or is it just a rhetorical device?) Yes, it does. It is the allocation of resources where the sum is of individual returns is maximized. Tragedy of the commons is well known (simple) example where the equilibrium is a not a social optimum. In this particular case, imagine that all transactions are priced equally, but the volume of current transactions slows for whatever reason (say BTC2 replaces BTC in active usage). Holders of BTC would like to see mining continue so the chain can stay ahead of attackers, and they would pay miners to do it, but there needs to be some mechanism by which they collectively compensate miners, otherwise it won't happen. |
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This entire idea is based on the premise that the market can't price transaction fees "properly" for some reason. What is that reason?
The premise is that unless static holders pay something for the service they are receiving from the growing block chain, the resources allocated to maintaining the system will be less than the social optimum. It's a good idea. |
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How do you determine the amount of margin required for writing options and what happens if it turns out to be insufficient?
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As I said, if it allowed me to eventually get a pair of new video cards, then I'd more than likely be happy.
Play with the profitability calculator and do your own homework, but most likely with reasonable assumptions (even with difficulty going up) you can pay for video cards in a few months. If you have ideas for how to start a business to use bitcoins that's great too (and probably a better way to make "real money"), but there is nothing wrong with mining as a way to pay for video cards you want anyway. Miners support the network. |
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It doesn't reset
Yes, right. I should have said adjusts. But the point being that it's not guaranteed to go up. As with everything else past performance is no guarantee... |
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Check out the mining rig comparisons on the wiki and use those numbers to estimate how much money you could make. Don't forget to account for the fact that mining difficulty increases every week or two.
Technically mining difficulty just resets every couple of weeks but it doesn't necessarily increase. In the past it has increased, especially the recent past. But there is no guarantee that will continue to be the case. |
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You can make enough to pay for one or two nice video cards easily enough, or at least cover most of their cost. If that's what you're trying to do, go for it. As far as making "real money" at it no one really knows. Do your own homework and decide for yourself.
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Get rid of your card and get a 5870. Everything else should be fine. If you want to run multiple cards you will have to either replace your motherboard or get a x16 card to work in a x1 slot (using an adapter and/or modifying the hardware) and then you may also have to upgrade your power supply, so the cost goes up quite a bit. Just getting one good GPU is your best ROI here.
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