Just think about it.. after december 2012, never again, ever, will 50 new bitcoins be minted at one time.. ever... Actually it's possible to mine 50 BTC at once after december 2012. OK, I'll retract the "ever" part... I wasn't adding in fees.. It does bring up a good question though.. can mined fees be traced back to the spending transaction? Fees aren't really newly minted virgin coins are they? They are just pieces and parts of transactions included in that block.. right? I'll also give you the technicality that it is possible the change to 25 btc rewards may not happen till 1/2013 or possibly later... nevertheless, I think my point still holds on the 50 BTC block reward rarity standpoint, as it will be easily verifiable from the blockchain if these coins are, in fact, virgin never used coins, and also, their original mint date. Think of it as a Mint Proof Set: http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=16220&langId=-1&parent_category_rn=10211Sigg
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Credit bureaus are a major industry. Not just lenders, employers and dating services use them. Building credit establishes your identity and value in Western society by how responsible we are with money. If we make Bitcoin like cash, how will we establish a solid reputation? How will you know who you can trust?
I've been wondering this myself.. simple solution.. we need a bitcoin rating agency.. based not on social security number / address / name /whatever the current CBR's use.. but instead we need to be rated on public addresses. Imagine, you could build up an absolutely stellar credit rating, and still remain mostly anonymous. Sigg
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why not? its the only usage i could imagine... i dont see any other reason (except for 51%attack, but i dont believe they are big enough yet)
Awww.. come on.. I already gave 2 perfectly good uses a couple pages back... here's a third: Why in hades would someone pay 1.7 MILLION US DOLLARS for a PENNY !!!! http://lunaticg.blogspot.com/2010/10/worlds-most-expensive-penny-lincoln.html Think ahead 10-20-50 years... what is going to be the holy grail for coin collectors? Answer: a wallet with 50 "mint condition" _never_used_ bitcoins... Just think about it.. after december 2012, never again, ever, will 50 new bitcoins be minted at one time.. ever... Sooo... pay 115% now, for bitcoins that will continue to appreciate with the economy AND get a 500% premium down the road.. For anyone thats hoarding bitcoins, this should be a no brainer. Don't hoard bitcoins, collect wallets containing newly minted coins.... Of course, the risk comes in that bitcoin flops, and those precious 50-coin wallets become worthless… Also, this takes the very long term view.. no instant gratifacation here Sigg
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Sure it's not for merge mining, What's that extra 15% for ? 1) buyer is an ultra-geek that enjoys being able to throw around 50+ GHash. doesn't matter that he's losing money doing it... ITS FUN !!!!!! 2) buyer is running his own server, and is gambling that he'll beat the odds and find a 50 BTC block before he actually spends 50 BTC in rented hash power. 3) buyer is using rented hash power to hop pools. (profitable at 115%, not profitable at the GPUMAX premiums) 4) answering a question with a question: Why in hades would someone pay 1.7 MILLION US DOLLARS for a PENNY !!!! http://lunaticg.blogspot.com/2010/10/worlds-most-expensive-penny-lincoln.html Sigg
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apologies for resurecting an old thread..
is this still being updated / mantained? Is there a better mining proxy out there? I've now got 6 rigs I'm managing, and soon to be expanding further... having one central location to view stats & manage pools would be a godsend...
thanks, Sigg
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You might be a serious miner if you installed a 30AMP 240V circuit to a NEMA L6-30R outlet to power your rigs. You might be a serious miner if that made sense.
ouch.. I just got done putting in a 60 amp sub-panel in the utility room data center ... does that count? double ouch is that actually made sense Siggy
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ok.. assuming you are running 4 7970's on a single motherboard.. did you add in the extra costs?
175 - 1000W power supply 60 - motherboard 35 - sempron processor 10 - memory
total 280 .. divided by 4, that adds an additional $70 to each 7970 unit... So your final price would be ~630 each... exactly on par with BFL.
the BFL's, I believe, could be added to yer existing rigs just hanging off usb ports.
Sigg
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As someone else who works in IT I can say that I wouldn't have my job very long if I was on a conference call and said "Something has gone wrong, we are working on it" , and then proceeded to sit there on the conference call and answer questions about what was wrong, why it went wrong, etc. I am expected to answer those questions after it is fixed, not give a long winded account of whats happening while the issue still exists.
Wow, can I have your business users? Mine expect updates every couple minutes when we have an outage. Then you have the always helpfull suggestions of "just reboot it" .. well, umm.. you CAN'T just "reboot" an entire mainframe LPAR. *sighs* .. sorry for the off-topic tangent.... Pirate, please let us know when you get the goat-pool issue worked out... Maybe it would help to reboot it?
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Update;
Something has gone wrong. We are working on it.
As I work in IT production support, I lost it when I saw the above. I would just love to get on a conference call and say "Update: Something has gone wrong, We are working on it." and then just drop without giving any more details.. Somehow I don't think I'd have my job much longer after that Just had to get that out of my system .... OK, everyone back to trying to figure out nefarious purposes to buying hash power Sigg
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Now, neither of these address the "we make lots of money buying shares" secret... I won't spoil that for everyone...
At some point, the "we have a secret technique" people are going to begin to sound like the people who create a book that spills the beans on how to get rich quick that in the end, explain the secret is to merely write a book wherein a secret is promised and the author promises it will sell like hotcakes. Kind of an infinite loop. Umm.. seriously.. I think we passed that point about 4 pages ago Sigg
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Is it that simple though? How often are you paid $10 per hour by person X so that you may work a job and deposit $8 an hour into his bank account? Because that's what *appears* to be happening here...
It really depends on what person X is getting out of it... Does he have some type of fetish where he gets his jollies watching you do his job? Is he addicted to gambling, and finds that he can't scratch off enough lotto tickets by himself? So he goes out and hires you to help, even though odds say long term he's gonna lose money? Hey, he just might get lucky and you find that 50k winner ticket for him..... In both the above cases, I can see it making perfect sense for someone to pay you $10/hour to do $8/hr of work... Now, neither of these address the "we make lots of money buying shares" secret... I won't spoil that for everyone... I just wanted to point out that if you get creative, there are all kinds of reasons why one might do something that seems illogical at the surface. Sigg
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Pirate40,
I am wondering when are you planing to implement the transaction history and manual payout? It seems my account is not processed every day and i can't really follow what payment arrived from your site or from an other site.
double-plus-one on the transaction history for payouts... this currently tops my wish list by an order of magnitude. Sigg
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I am resurrecting this old post because I would like to understand this. It isn't the first time a question similar to @chungenhung's was brought up, but each time (as in @pirateat40's response above) the 'answer' was vague at best. I have read this entire thread, twice, and it still hasn't clicked with me. Perhaps I am naive; perhaps my mindset is in the wrong place.
My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?
Obviously this is popular with the miners because they get paid more; I understand that. But how does it profit the buyers?
Would someone care to explain this with some concrete examples of what most people actually do with the purchased shares? Something more informative than 'I won't go into detail', or 'if you do not get it do not use the service'. Thanks in advance.
As a miner.. I've been wondering this myself. I had pretty much come to the conclusion that I was gonna pull my miners on moral grounds that "they gotta be hopping" .. Luckily just around that time, Pirate made the anti-hop post. I was back to "Hrrmmmm.... what the heck" About an hour ago, I just had an epiphany that it really IS possible there is a 1) completely legal, 2) completely moral, 3) non-hopping (for those of you who don't have a moral issue with hopping) reason for one to purchase hashing power at above market rate. I'm not going to spill the beans on my idea just yet. Suffice it to say that very soon, I'll be going from a net-seller to a net-buyer of hashies. My apologies for this being the complete oposite of "concrete example" .. I just wanted to get out there that there is at least one person who has thought of a non-hopping reason to buy shares. Sigg
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As soon as you ask for a payout I get an email. If I am not sleeping it will normally be about 5 mins. If I am sleeping it could take 6 hours, maybe more.
Any idea when you will have this automated? an automated once daily payout would be really spiffy Sigg
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If you pay me in bitcoins I will redirect my processing power anywhere you want, but I need at least 1% more than what I get from mining bitcoins.
As a miner, I have always thought that someone who patched into the bitcoin mining capacity could easily destroy the current GPU-cloud services that are out there. Create a client that runs as a miner till a more profitable job comes along, then switches to the custom job request till complete, then goes back to default bitcion mining. Just pay me (and most miners) 110% of what we'd make mining bitcoins, and we'll rent you thousands of GPUs you can use on an on-demand basis. (We'll just mine bitcoins when you don't need us.) "the company" would have to build out the front end, and they could make avaliable peteflops to their customers, without having to actually invest in a single GPU. I have neither the business sense, contacts, nor technical expertise to do this, unfortunately.. But somewhere out there is someone who could..... Sigg
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got what I hope is a simple request... when displaying the workers, could you put in an "order by worker name" so that they always display in the same top down order? thanks, Sigg p.s. awsome work... p.p.s. I still haven't quite figured out the "why" of buying hashes above 100% pps payout price.. but as long as you guys wanna keep buying them, I'll keep selling them
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Just got my invite .. YEAH !!!
a question: when viewing miners that are active, there is a little graph thingy for each miner that keeps updating... do those bars actually mean anything, or are they just eye candy?
thanks, Sigg
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And on a completely unrelated note... I see that my invalids have shot up to almost 5% since yesterday.. Any idea what is up with that?
Sigg
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hey.. thanks for posting this... I had/have the same issue with those very same Ben's Outlet cards....
just to clarify one point... the exact drivers you are using are 11.11c ?
thanks, Sigg
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Next question:
What is currently the best combination of SDK version and drivers to be running? (windows XP, 5850's)
I've gathered from reading that its best to have the .bin file generated from the 2.5 SDK.. but am a bit confused as to if you should install the 2.6 SDK after generating the .bin?
then: Is the driver version independant of the SDK version?
Does "best environment" depend on card series? I.E. 5xxx cards should be run on different driver versions than 6xxx ?
Thanks again, Sigg
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