ASIC's will kill the casual miner. That's my opinion. It might take a year to pay off equipment, then each $150 basic asic might take another year to make $125. It wont be worth it without hundreds of thousands of dollars tied into it over years at a time. This is part of btc goin mainstream.
Ahahahah, this is bullshit. |
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1BTC
1€
1$
I give you one dollar
I give you one bitcoin
not
I give you dollar one
or
I give you euro one
or
I give you bitcoin one
So, 1BTC
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Seems kind of strange that Deepbit can still charge 10% PPS fee. Do they give some kind of benefits over the other pools?
Nah But people still go with them so why not charge high fee? Why not milk the noobs? |
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Botting kills games because it violates the design of the game and breaks the economy. Wow has an "economy"?  I played it some time ago and saying that it has an economy is a bit exagerated  |
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Usury (the practice of charging interest on lending money) was illegal almost everywhere and morally frowned upon until the middle ages (see a play by a little known English author "William Shakespere!" called The Merchant of Venice) . I would argue that the fundamentals of our current economic malaise rest in it being legalised and bought into general use. Whilst not suggesting it be banned again-wishing to avoid legal and contractual problems at least in relation to bitcoin (a new economic approach) should it not be discouraged and considered morally reprehensable again? discuss. reg.
Because, well known fact, middle age morals and ethics are absolutely something we want to take inspiration from. +1 and Usury let us exit from middle ages? Well then it isn't so bad! Also on wiki i read money lending exist since the Roman Empire Banking during Roman times was different from modern banking. During the Principate, most banking activities were conducted by private individuals, not by such large banking firms as exist today; almost all moneylenders in the Empire were private individuals because anybody that had any additional capital and wished to lend it out could easily do so.[6]
The rate of interest on loans varied in the range of 4–12 percent; but when the interest rate was higher, it typically was not 15–16 percent but either 24 percent or 48 percent. The apparent absence of intermediary rates suggests that the Romans may have had difficulty calculating the interest due on anything other than mathematically convenient rates. They quoted them on a monthly basis, as in the loan described here, and the most common rates were multiples of twelve. Monthly rates tended to range from simple fractions to 3–4 percent, perhaps because lenders used Roman numerals. |
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Everything is better than "deepbit"
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About Rome i don't know, maybe there are some bitcoin Roman, but expect a bit of... hot and sun And enjoy the art  |
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I'm European and as far as i know current USA health system is fail, if you can pay and you have an insurance then you are fine but if you are poor and without insurance then you can happily die that more or less no one care about you.
My mother-in-law needed a heart bypass a few years ago, and since she has been disabled since birth (blind) and not yet 55, she is not eligble for medicare or medicaid. She's covered under a SSI (Social Security Income, it's a seperate program) but they don't cover life threatening issues like that. Don't ask me why a government funded program for the health of disabled people wouldn't cover life threatening issues, but it didn't. She got the bypass, paid for by a charity that the heart surgen belonged to. The heart surgen did it for free, while the charity paid for everything else in the surgery room. The only thing that she has to pay for is her follow up visits, because the SSI won't even cover that. My wife & I paid for those ourselves. So even under federally funded social health care, the poor could happily die and the government not care about it; but a private charity ran by actual doctors will make up the slack for government fail. I have no faith that Obamacare will be better, or cheaper. Well here she would go to the hospital and they would just get everything she need. Heart bypass and whatelse, without she having to pay for that. We already pay taxes after all. I'm sorry that in USA the system sucks so much, i don't know if the "obamacare" would be better or not, but it can hardly be worse than the current system |
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Making a Litecoin ASIC is possible, you just need to make it, go at a foundry, pay for the masks and everything (millions $$$) and then start making chip.
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How would this affect namecoin adoption ?
Nothing would happen, namecoin work with a different system. The browser will just need an option to choose wich .bit use, if the namecoin one or if the ICANN one. Or try both. Or whatelse you prefer. |
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I'm European and as far as i know current USA health system is fail, if you can pay and you have an insurance then you are fine but if you are poor and without insurance then you can happily die that more or less no one care about you.
So if the new system improve the public health system then it is a good thing.
Here in Europe the public system is very good and works.
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If you already have GPU mining rigs, I assume you (and most people) will switch to Litecoin. In the past few days it's actually been a bit more profitable to mine LTC and sell for BTC then to mine BTC directly. And there are also a lot more Litecoins that can be mined. We just have to keep the interest of people like you a bit longer so that more services can be developed.
Just curious, how difficult is it to modify a ASIC rig to mine LTC? I suppose there's always the possibility of a new xyzCoin based on different hashing algorithm(s), which will screw the ASIC? It is impossible to mine LTC with that ASIC You need to make a new ASIC, make the project, invest some millions $ to start making the chip and then you can mine LTC with your new ASIC. It was supposed to be impossible to mine it on a GPU, look how that turned out they are hashing away right now.. Congratulation, you fail at logic! Comparing GPU with ASIC is retarded. So, since it was supposed to be impossible THEN everything else must be true. Look, a flying donkey. What? It is impossible? Well, it was supposed to be impossible to mine it on a GPU, look how that turned out they are hashing away right now so i expect donkey able to fly!  |
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This means a single core today can probably, with tuning and the block chain held in RAM but no special hardware beyond that, verify and accept about 80 transactions/sec (note the current rate is 4 transactions/min). This means a network node capable of keeping up with VISA would need roughly 50 cores + whatever is used for mining (done by separate machines/GPUs). Whilst building a single machine with 50 cores would be kind of a pain load balancing inbound "tx" messages over multiple machines would be very easy. Certainly a single machine could easily load balance all of VISAs transactions to a small group of verification machines which would then send the verified tx hash to the miners for incorporation into the merkle tree.
For receiving and handling all the "tx" messages, you therefore could build a rack of 12 4-core machines that would keep up. We are lucky, Intel is making Xeon Phi 50 cores, tons of computing power, it seems perfect for this! Unless of course the GPU can be used for that with a similar speed. |
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If you already have GPU mining rigs, I assume you (and most people) will switch to Litecoin. In the past few days it's actually been a bit more profitable to mine LTC and sell for BTC then to mine BTC directly. And there are also a lot more Litecoins that can be mined. We just have to keep the interest of people like you a bit longer so that more services can be developed.
Just curious, how difficult is it to modify a ASIC rig to mine LTC? I suppose there's always the possibility of a new xyzCoin based on different hashing algorithm(s), which will screw the ASIC? It is impossible to mine LTC with that ASIC You need to make a new ASIC, make the project, invest some millions $ to start making the chip and then you can mine LTC with your new ASIC. |
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OK.. so I have kind of a different take on where difficulty post-asic will wind up....
I have no idea in hard numbers / actual terms... but in relative terms, it will wind up wherever it needs to be for the break-even running costs point to be around 10 cents per Kw/hr.. (this will of course vary based upon the USD/BTC exchange rate)
So.. if your electric costs more than 10 cents, don't even bother getting on the waiting list.. you'll never get your money back.
If you pay between 5 and 10 cents.. your break even (initial purchase + running costs) will be 1 to several years... Up to your individual confidince in bitcoin if you wanna play.....
If you pay less than 5 cents.. Time to beg/borrow/mortgage-the-farm and buy as many ASICs as you can. You will be in the select few who will still be able to mint money mining.
If you happen to live in the arctic circle, and heat with electric.. well then you might wanna consider robbing a few banks.... Just buy the company outright.
And one last thought... just like the gold rush, ultimately the ones who make the most money will be those that provide the picks & shovels (errr ASICs).. not the miners.
Sigg
like some others have said, people will simply lose interest in bitcoins. so a couple dozen people spend lots of $$ on ASICs, it's not worth mining for anyone else. now why do we care about bitcoins? so hobbyists can try to recoup their investments? myself + a handful of friends became interested initially because we could generate a quarter of a bitcoin a day or w/e. we could have some actual involvement. nobody i know spends bitcoins to buy drugs. i'm not particularly concerned with using USD on anything I buy. it just won't matter anymore Protip: mining is not a get rich quick scheme and no, bitcoin won't disappear because you are unable to become rich via mining. |
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If the Singles can be reprogrammed and used for any BOINC projects out there, that will be great.
Oh you just have to write a bitstream for a BOINC project. Dunno how many months does it take. Or years? And if the version change, tons of changes in the bitstream |
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