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well, that was an interesting day...
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Has any one mentioned that GPU mining will probably become obsolete and therefore an eventually reduction in the total hashing power as GPU mines are re-purposed?
frequently. i've seen estimations of the difficulty rise from asic tasking this into account. i belive it was in my thread, "difficulty post asic?" where there was some very detailed math done. should be just a bit down below in this section. |
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Would you buy a Jalepeno if it made $0.67 per day?
Yes to help decentralize and protect the network. I would imagine a lot of people would. I won't however pay for one and wait x months till BFL gets around to actually delivering so I will be waiting probably until 2013. exactly this. .67 USD a day is about 20 a month, which, being an ASIC, should beat the electric cost just fine. and as long as that's the case, so be it. but like D&T says, i'm not a fan of the whole preorder-for-full-price thing. if i buy anything from BFL, there will have to be a MUCH more reliable and concsistent shipping timeframe. |
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pity. that's quite a downer. i suppose we could just use multiple cards, if we needed more then 3500 a year.
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i'm currently regreting my weekend purchases of a couple steam games at 7.45...
Don't feel bad, brah. You helped prove that BTC is worth at least 7.45 and has room for more value. We can't let these changes in price halt the actual BTC economy. very good point. though spending makes saving for bigger (mining hardware!) purchases harder...  |
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who needs banks? |
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i'm currently regreting my weekend purchases of a couple steam games at 7.45...
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id happily admin/run such a service, but i don't have the tech know how to build it. dang it! don't suppose i could mix stuff manually, eh? |
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oh yea. i don't expect BFL to really meet their promised preformance, at least not even close to october... i'm just trying to figure out how drastic the change will be when full custom ASIC's do arrive. right now i'm squeezing about 330 mhash out of my setup (i know, it's sad...) but over time i could buy, for example, a modminer backplane and 1 chip for $350 usd, then slowly expand and such. if difficulty were relatively stable (as it has been, more or less) then eventually i could live off the mining profits, even at the current exchange rate. but that's all pointless if ASIC's or other dramatic difficulty increasing hardware is arriving and wiping out the value of the hardware i had. i really need to persue a bitcoin business instead... shame i can't think of anything. |
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Never. Even if I knew the entire system was about to fail, I'd still keep 1 BTC.
Let me guess because it keeps you warm at night? like scrooge mcduck and his #1 dime. |
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been dying for some max payne 3... here goes! (this will be one of the first things i've actualyl spent btc on that wasn't satoshi dice or mining related... ) |
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anyone ever had an auto payout fail on them? the transaction link says no such transactions, and i never got the BTC. 
should have been 0.16834366 btc going to 17org1nf9JJNfEQQuBir8VSNL16cfudo8t
http://blockexplorer.com/tx/628c701c209d5d540b9f8d566563ecf6994451a342dc2053d1cdea76e6b5f395
yes, i emailed MtRed about this. wondering if anyone has any idea what happened while i wait for their reply.
...yes, i know .16 btc isn't alot, but still! and of course the payment just showed up. |
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garr is saying that a five figure sum of bitcoins passed in the same manner as this thread wouldn't make it past ten transactions before being stolen, and he's betting 20 btc on it.
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There is a potential problem: Today many miners are using gaming GPUs to do mining, they do this easily without any other investment. But if ASIC comes out and GPUs are not capable of generate meaningful coin anymore, they might just quit mining and forget about BTC, this will in turn dramatically reduce the popularity and the support of BTC, unless ASIC devices can be purchased everywhere like GPU today. FPGA's performance are on par with GPUs, so they never made any threat to GPUs, but ASICs are different
i think that's exactly what BFL is attempting to solve with the jalepeno product - $150 is cheap even for a video card. i could easily sell my ati 6870 i use for mining and get a jalepeno at almost no cost, giving me more then a 10x increase in hashrate (assuming they actual deliver on price/preformance) if the difficult increased by a factor of ten, i'd more or less be right where i am now, profit wise. maybe even better since the electricity costs would be lower. thus any interested GPU miners could sell their hardware they aren't otherwise using, get a jalepeno and carry on like nothing happened. course if it's a 50x difficulty increase it would be a different story, and myself and i believe others don't want to buy ado business with BFL with their way of doing business... man we need competition in the ASIC realm... |
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well that allays that worry. thanks guys.
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got it and sending on to dooglus. sorry it took so long, was sleepin.
transaction id: ddab1ce5f10c7019062c83fc73edb7e2fecf78658531c5945348097d7aa55231
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i keep getting stuck when i try to think about where the "mining industry" as it were is all going to wind up after ASIC hardware actually arrives (bfl or otherwise). i just can't wrap my brain around it. so, here's a thread.  even with the very low cost of running asic's, the number of people willing to do so at a loss is, i think we can safely agree, minimal compared to those interested in making money from mining. it seems to me the whole idea of block rewards and transactions fees going to miners is specifically geared toward a profitable venture to ensure people are there mining to provide network security and to actually, you know, confirm the transactions. but if it's not profitable to mine, people will turn off their rigs- asic or not. in doing so, transaction confirm times will climb until the difficulty drops at the next retarget. at that time, the difficulty will drop making it profitable to mine again, and thus they'll switch them back on confirm times will decrease until the next retarget and so on, ad nauseam. how would this sort of cyclic variance effect network security and general faith in bitcoin? one week a transaction confirms in the expected ten minute, then next in five, the next in twenty or thirty minutes as the total network hashrate fluctuates wildly. there's plenty more headache inducing confusion on my end from this ASIC stuff... but i can't seem to actually form coherent thoughts from it, so let's just go with this for now. so, have i wildly misinterpreted things? will everyone just leave their asics on, regardless of profit or loss? was mining never meant to be profitable? will i survive the rest of the year without my brain exploding and leaking out my ears? |
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i wonder if we'll see the weekend dip again this week. seems to have been skipped last week.
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i stand by my comment! 3.14159265... pi, full circle. pun. puny. moving on.
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