Bitcoin Forum
May 30, 2024, 12:51:18 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 [17] 18 19 20 21 »
321  Bitcoin / Bitcoin Discussion / Re: Goxed - 15:30 open on: June 26, 2011, 05:40:32 PM
*** ChanServ changed the channel topic to 'Mt.Gox Channel - Most issues fixed, perf OK, now have to decide a time for opening of trading'

Wait, so what was that time on the site representing?  When he would wake up and begin testing?
322  Bitcoin / Pools / Re: Multipool - the pool mining pool on: June 26, 2011, 04:10:14 PM
I had the same concern, but as it turns out everything is ok. Just expect a 1 or 2 days delay on multipool.

Jesus, thats a hell of a delay.  Is it worth it?
323  Economy / Economics / Re: How to cause a crash..?? on: June 26, 2011, 03:48:35 PM
Lets say you have 10 bitcoins and the market is VERY shallow.  You cause a panic by selling 5 of them. 

1 for 9
1 for 8
1 for 7
1 for 6
1 for 5

filling up a bunch of people's buy orders.  You now have 9+8+7+6+5=35 USD and the market is sitting at 5.  You now have funds to purchase 7 bitcoins back at the current market price 35/5=7.  You have gained 2 BTC for doing nothing.

This is a GROSS simplification, but you get the idea.
324  Bitcoin / Pools / Re: Multipool - the pool mining pool on: June 26, 2011, 03:31:29 PM
It means that for 7594 shares multipool has submitted to a pool on your behalf, it is not clear yet how much they earned you. Maybe the pool where they have been sent has not found a block yet. Most of the time it's because the block where they participated in has not matured yet (less than 120 confirmations). As soon as those blocks reach 120 confirmations, the shares will no longer be pending and your "Earned" will go up. Later the "Collected" will go up, as Multipool gets payouts from pools. Then you get paid out. It's 12-24 hours usually from "Pending" to "Paid".

The shares that go to "solo" however take really long to pay out, because multipool has not found a block yet. Wink

I hope so, because its very disconcerting sending nearly 10,000 shares to a pool and seeing my reward as one and a half bitcents.   
325  Bitcoin / Pools / Re: Multipool - the pool mining pool on: June 26, 2011, 01:24:52 PM
Ok, switched over to you last night.  Been running for 14 hours and earned a total of .014 when I would have had at least .25 at a different pool.  

Shares   384
Shares (w/ pending)   7594
Utility   390.253
Earned   0.01419268
Efficiency   1.020
Collected   0.00348139

Why do I have so many pending shares?  What do pending shares even mean?  If pending means that multipool just doesn't know what the reward is, why does it take so long? 

It says 1.020 efficiency, but its more like .0567 efficiency for me, as I have earned basically nothing in 14 hours.  Am I to expect a massive payout starting soon or should I switch to another pool?
326  Bitcoin / Pools / Re: [~530Gh/s] Bitcoins.lc - No invalid blocks, Instant payout, EU, IPv6, 0% fee, LP on: June 25, 2011, 09:45:37 PM
Aside from the odd connection issue:

Difficulty has doubled (almost i think) so any growth in the pool would have to take that into consideration... Further, as pool hashing increases in magnitude, unless your hashing personally has increased to match, you represent a smaller part of the solution then what you once did. This combined with the increased difficulty means that your contribution in shares is less as a proportion of the total shares req'd for solution; therefore lower payouts.

So long story short, if the pool doubles in power, and difficulty also doubles, then you will get less payout then what you did before on average. Welcome to the difficulty conundrum, and why so many are getting out of mining period. The difficulty is not likely to ever get easier from here till the end.





I understand fully that I should be getting paid less when the pool increases in size, but we should also be discovering blocks faster.  If you look at the stats and add everything up, we solved the same number of blocks on the first full day of the last difficulty as the last full day even though the pool grew from 350ghash to over 500ghash.   There was variance inbetween of course, but not the growth in found blocks one would expect to see from a 43% gain in hashing power.  Idk maybe I am wrong.
327  Bitcoin / Pools / Re: [~530Gh/s] Bitcoins.lc - No invalid blocks, Instant payout, EU, IPv6, 0% fee, LP on: June 25, 2011, 06:10:08 PM
13.5 hour block.  I am done with this pool.  It started off amazing and I couldn't stop singing praises.  Now their are connection issues and blocks are taking 5-13 hours to solve even though the total hash rate has more than doubled since I joined.  For some reason the more people that join the pool, the slower we find blocks and the lower the payouts.
328  Bitcoin / Mining / Re: Mining investment on: June 24, 2011, 02:35:57 AM
Its fairly obvious to see where bitcoin is going.  Those that spent tens of thousands of dollars will be able to mine for the longest while remaining profitable.  The smaller you are the quicker you stop mining and sell off your hardware.  This summer will see a majority of people stop mining because its unprofitable.  Difficulty will not go down with these people leaving, to think that is a pipe dream.  Mining will be concentrated among those who spent the most.  The price of a bitcoin will rise and fall and will remain extremely volatile.  And this is with no catastrophic events occurring.  This is the optimists view of bitcoin.

I understand what you are getting at, but I disagree. Just because you have a larger operation doesn't mean you will mine for longer. Given the equivalent hardware, once BTC earned from mining becomes equal to the electricity costs of mining, the guy with 10x more machines just loses 10x more money as the guy with 1x machine. The people who will last the longest are those with the lowest electricity costs. Efficiency of hardware will play a small factor (but not that large since there isn't a lot of variance in power efficiency). The bigger factor will the $/kwh paid for electricity. Basically one's geographic location will for the most part determine how long he/she can continue mining and still make a profit.

There will be a few people who get "free" electricity because they run their systems at work, in a dorm or whatever, but I think they will be outweighed by the tons of people who drop out of mining because their electricity costs make it unprofitable. Europeans I think will be the first to drop off, then big city dwellers in the US. Difficulty may dip for a while but it will eventually start growing again, at a slower rate, as some people jump back in, and those with cheaper electricity scale out with the new-found breathing room.


No, I am not talking down to the point where we are dealing with electricity costs.  No one is going to run their machines for a week to earn a single bitcoin, or at least smart people won't.  Running the computers full bore for a week to earn 15-20 USD is stupid, but it would easily pay for the electricity costs.  By mid july, my 655Mhash/s will be earning me about 1.5BTC a week.  Why would I keep them running for that?  At the same time, mid july, a guy with 10Ghash/s will still be earning 23.5 bitcoins a week.  He obviously will keep them running for 350-470 USD a week.  Its a matter of when it just becomes stupid to continue mining.  If the price of bitcoins rises considerably, then it will delay when it becomes stupid for me to quit mining, but it will also delay even longer the time that people with thousands and thousands invested will mine for.  They will always stay in the mining game longer than small fish like me because their payout will always me much more massive than me. 
329  Bitcoin / Mining / Re: Anti solo mining myths debunked on: June 24, 2011, 02:23:36 AM
bcpokey: In other words, reduced variance is the only advantage of pooled mining.

No.  Its quite possible for someone to never mine a block solo mining.  Unless I am mistaken, its purely chance and there is nothing that guarantees that if you mine for a certain period of time you are GOING to get a block.  A person with 655Mhash/s like myself could mine a block within the first 10 minutes of solo mining (luck), or it could more likely take a year(or never).  Its much better to just use a pool, get 20 bitcoins in 2 weeks and be done with it.  

Within a few weeks the difficulty is going to be absolutely massive (3million at least by mid july) and I seriously don't think that is going to help anyone in my situation with mining solo.
330  Bitcoin / Pools / Re: [~500Gh/s] Bitcoins.lc - No invalid blocks, Instant payout, EU, IPv6, 0% fee, LP on: June 24, 2011, 12:46:21 AM
It seems like the higher the hash rate goes, the less and less I am getting per 24 hours.  Pretty bad luck.
331  Bitcoin / Mining / Re: Mining investment on: June 23, 2011, 11:28:04 PM
Its fairly obvious to see where bitcoin is going.  Those that spent tens of thousands of dollars will be able to mine for the longest while remaining profitable.  The smaller you are the quicker you stop mining and sell off your hardware.  This summer will see a majority of people stop mining because its unprofitable.  Difficulty will not go down with these people leaving, to think that is a pipe dream.  Mining will be concentrated among those who spent the most.  The price of a bitcoin will rise and fall and will remain extremely volatile.  And this is with no catastrophic events occurring.  This is the optimists view of bitcoin.
332  Bitcoin / Mining / Re: Mining to hold or sell? on: June 23, 2011, 10:19:37 PM
Can the guys who are selling it all please comment and let me know what your motivations are?

Since the market is so volatile, my motivation for selling is for the market to then crash and to buy them back up.  Rinse, repeat.
333  Bitcoin / Mining / Re: are people actually still buying new rigs? on: June 23, 2011, 10:18:46 PM
If you are just now buying hardware, then you are going to have to run it for months at bare minimum just to break even, at which point you will be making shit per week.  If you jumped in a couple weeks ago you could pay off hardware in a week or two max.  I know because I did it.
334  Bitcoin / Bitcoin Discussion / Re: my linux box was hacked today and almost 400 BTC were stolen! on: June 23, 2011, 10:12:08 PM
Anyone who uses bitcoins as currency right now is an idiot.  This is scammer's paradise right here.  Hell, we can't even trust the pools or exchanges at this point, who the hell is trusting some ass from a forum who is basically completely anonymous?  Hard to feel any sympathy at all for people who so easily fall prey to scam artists.
335  Economy / Economics / Re: Is Bitcoin placebo-money? on: June 23, 2011, 01:15:44 AM
its only worth what someone's willing to pay for it Wink

Which is what concerns me.  Who the hell is buying bitcoins for 30 dollars when in an hour they could be selling for 15 dollars?  That is, I would like to buy low and sell high, but who the hell is buying high?

Someone that thinks that it will be higher later?

Then wouldn't they be buying at 15? to maximize their profits? 
336  Economy / Economics / Re: Is Bitcoin placebo-money? on: June 23, 2011, 12:54:46 AM
its only worth what someone's willing to pay for it Wink

Which is what concerns me.  Who the hell is buying bitcoins for 30 dollars when in an hour they could be selling for 15 dollars?  That is, I would like to buy low and sell high, but who the hell is buying high?
337  Economy / Economics / Re: When do you expect and when do you want BTC to go over 30 bucks again? on: June 22, 2011, 09:59:52 PM
I want the market to tank over the next couple weeks and then I don't really care how long it takes to pass 30.
338  Economy / Economics / Re: MtGox claim site online on: June 21, 2011, 11:13:54 PM
Giving me the error:


The password for this account is invalid, or this account is not currently under claim process.
339  Bitcoin / Pools / Re: [~450Gh/s] Bitcoins.lc - No invalid blocks, Instant payout, EU, IPv6, 0% fee, LP on: June 21, 2011, 10:42:37 PM
Also having connection issues, today especially. 
340  Economy / Economics / Re: seriously... on: June 19, 2011, 05:55:13 PM
I have no idea, but it seems someone is crashing the market.
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 [17] 18 19 20 21 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!