Basically my post above says exactly what nwbitcoin's post says. The whole thing should not be decentralized, just the "orderbook".

Hi Guys

Just saw this thread. Please see my post here:

https://bitcointalk.org/index.php?topic=174464.msg1817649#msg1817649

Basically Exchangers become what Verisign is to a browser. My post explains it better

Well sure there were external factors (ie MtGox), but every massive market drop had an external factor. So yes, it is (unfortunately) normal.

Guys before we shoot this down, let's continue with this train of thought.

So it has been established:

1. We will always need commercial companies to do the exchange between real world currency and BTC.

2. The "centralization" problem lies around the fact that one IP address of a big exchange (with of course load balanced server behind it) can be attacked. It is more of a web problem than what it is a "brick and morar" problem.

Here's my suggestion

1. We have a program exactly like bitcoin. It connects to 6 peers by default.

2. Instead of sending BTC, it sends out a BUY or SELL orders to the network. In other words, the program will maintain a global p2p orderbook. The price of BTC will always be exactly the same worldwide.

3. The problem also maintains a list of exchanges. Think of what Verisign  is to IE/Firefox/Chrome. Inside any browser they maintain a list of "trusted ssl providers". The same thing applies here. Since this is open source, the community can decide which exchanges are trusted and there can be a formal application process.

So your P2P Market App will show you a interface similar to this


So if you select CanadaExchange (just an example) that will be sent to the entire network. Canada Exchange will then pick that up and do their 6 confirmations (the exact same way we receive bitcoins) and will then check their bank account for your reference.

References:
=========

You could have a "preferences" menu item in the app. From there you configure your exchanges. For example

Configure Exchange:



Additional details will be sent with every outgoing buy order. MTGox will be able to pick up your reference number for you buy order from your transaction.

That's just a quick rough idea of implementation. Of course there are holes in the idea. The bottom line is, something like this is possible, we just have to figure out the details.

The most important aspect of this whole thing is - One Global Peer 2 Peer Order book that cannot be attacked - lets work out the details around that.

In case you missed it, user venikk posted this on reddit this morning.

It is the price of silver in 2004, 2006, 2008 and 2012. Seems familiar?

http://imgur.com/a/zn3ry

The great thing about bitcoin is that it teaches a whole lot of people about markets, buying, selling, bull runs, bubbles. Stuff most people never heard of before.

I think that's great.

So relax, get your tools in place, because the next big run is coming around again... and again.

I thinking of coding something that will give me an early warning when things go haywire. Let me know if you might be interested in something like that.

Just found this on the shoutbox on BTC-E.com

http://pastebin.com/ZSqRN3RK


To see the examples - click the link above. I'm not reposting other people's email addresses.

Of course it could be a hoax, but the time is really suspicious.

Are you setting the thread concurrency?

@mihapiha

Don't listen to these guys. They don't even seem to know that bitcoin uses SHA256 encryption and that litecoin uses SCrypt.

SHA256 works great on GPU's and ASICs
SCRYPT works great on CPUS. You've got FORTY-EIGHT of them.

Litecoin was designed to get around the massive GPU and ASIC power. There are no known ASICs that can compute SCRYPT fast. CPU's can.

Just go for it. Otherwise that awesome machine is just going to sit there. Don't be the dumb-ass I was. I knew about litecoin for 8 months and I did nothing.

As for the guys saying 700W of power isn't worth it - we all draw around 700W with our rigs.

Can't wait to see how many Khash your rig is going to pull (In litecoin Kilo Hash is good).

The way I understand it.

The network gives the whole pool 1 block to mine. Imagine that like being a piece of land. The pool then divides that land and tell everyone in the pool "You, mine that piece of land", "You, mine that other piece of land"

As we all frantically dig, one of us finds the piece of gold (the answer to the very difficult cryptographic puzzle). The pool then tries to tell everyone as fast as possible "Guys, we found it, stop mining!".

Problem is if pools get a bit slow or there are connection problems you never get the "Stop Mining" message. Your PC happily keeps mining the piece of land that the whole pool by now know does not contain gold. You PC then runs back to the pool, the good little puppy it is, and then says "I dug here and I found nothing. We can skip that land and you can give me a new piece to mine". The pool then says "Dude... we found gold ages ago, the rest of us are already mining on a new piece of land, WhereTF have you been!?".

And that... is a reject.

LXubGFfTZRGfvQRdoTwKizLDuNz2f8bpAS

I prefer to lock the card in its specs as set by the manufacturer. For the asus card I use these extra options for cgminer


The ASUS is clocked a bit slower (800Mhz) than the saffire, but I get a decent 425Mhp/s at intensity 9 without the card breaking a sweat. That and I can still sell the card on the very active second hand market 6 months down the line without feeling bad.

Quick question. What happens if you run just 2 cards with the extenders?

https://coinotron.com/

Used to be over at http://ltc.kattare.com/ but the got a lot of rejects all of a sudden. Their stats page also showed pool efficiency of about 70%. Could be better now but I moved to https://coinotron.com/ because their servers support statum. It seems to help and I now only get about 3% rejects.

Definitely go for Litecoin! I've causally mined Litecoin for a month on an i7 and got 15 Litecoins. Litecoin is geared toward CPU mining.

I'd say, get your mining software sorted out, do some cpu mining and see what hash rate you get. I'd say it's pretty much worth it for anything above 300KH.

I love the heatsinks on the ASUS one.

http://cdn4.wccftech.com/wp-content/uploads/2012/07/ASUS-HD-7950DC-II-Revision.jpg

Just look at the blades on that puppy.

With a target temp of 62 in cgminer, the fan is always at 0% (about 1700 rpm). Make a big differnce if you rig is in your office where you have to work and game too (I work from home).

Thank you guys

I also did some searches myself and also could not find any people saying it's a bad thing. One guy even said he's been doing it for years because he prefers his fan spinning after his PC shuts down. He ran all his DVD drives and extra HD's off it as well. He did this with very cheap 300W powersupplies laying around and said he never had any power spike problems or anything else.

But now the million dollar question - it's one thing to run a few HD's and fans like this, quite another to run your 2 power hungry GPU's off it.

Try to telnet to your pool from your mining and see if telnet connects

Command
telnet domain port

Example
telnet pool.com 8332

If telnet immediately gives an error that port on that domain is dead. If you see something like

"Connected
Escape character is ^["

Press enter a few times and type random characters on your keyboard. If you get an error here is it fine. It means that you didn't "speak" the right pool language and that the pool is alive and well.

Also make 100% sure that you mining machine can see the outside world. Try

ping www.google.com

Thank you Danny, that does put my mind at ease and is great advice in terms of investment. I've been putting all my resources into Litecoin and your post helped me realize.... exchanging 1 LTC for 0.02 bitcoin is actually a lot. 0.02 bitcoin seems so little, but in microBitoins (which we'll all have to adopt very soon if prices keeps shooting through the roof) 0.02 bitcoin is actually A LOT!

Guess it comes down to that we have to re-adjust our thinking and stop looking at bitcoin in terms of the 2 decimal system.

I enjoyed this conversation, gave me a lot to think about!

@Jace - saw your post after I made the post above. Thank you for the link. It does clear things up!

Well, it is good in a way that it creates scarcity. So if you own bitcoins right now, those posts on how bitcoin is undervalued bitcoin is are spot on correct.

Bad because 15 mil isn't a lot. Bitcoin wants to be a global currency, and if people really get into the swing of things (ie, bitcoin ATMS - already been done, bitcoin at every online merchant) then there just isn't enough. If just 1 billion of the 6 billion people on the planet start using bitcion, 15 mil for the next few years is nothing. And how many of those coins are under a "digital mattress", stashed away for a rainy day?

Sure I get it, we will all work with 0.00001 bitcoins to buy hosting and tip each other on reddit with 0.00000001 bitcoin - you counted my zero's didn't you

And that's the problem. It becomes unmanageable and can you imagine the amount of typos people will make. 7 zeros... no wait 6 zeros.  Aaah damn I just paid 10 times more than what I was supposed to.

Dont' stone me but my bets are on Litecoin. 84 mil still isn't enough, but it is at least a bit better.

Hi Guys

I've been reading and looking at other miner setups, and I never noticed anyone using 2 lower-end powersupplies. They always use one 1200W power supply to drive 3 cards. In my country these PSU's seem to come at a premium (they know that they can push the price for anyone wanting that much power).

I could get 1200W from two 600W bronze 80+ rated PSU's for half the price of one 1200W bronze 80+ PSU.

Is this recommended? Can I run the motherboard off one PSU and then run the graphics cards off the other PSU? Would it even turn on without it getting a "power on" signal from the motherboard?

OK, so it is basically an upside down bell curve.

But guys... that is VERY bad. It technically speaking means that in our lifetime we'll only see around 15 mil (very wild guestimate) in our lifetimes. The last 5 million coins wil take FOREVER to mine.