Yaay! Nice little block! bring your friends little block!



I want *you* to come to p2pool!

I like watching things go up and down. Like bitcoin, it goes up and down nicely...

Of course I verified that's her wallet :-) Looks like a lot of the transactions are in the $1-2 range. Still she's doing well, I'll slip her something tomorrow for promoting bitcoin so nicely.

Person: Get out of bed tomorrow and keep riding that bike.

Drat. I really liked him a lot.

Yup. Normal variance. Luck is luck.

But it is nice. :-) Edit: We found another one? Oh yeah, this is good times. Remember it when we go a few days with no blocks, the manna will return.

I remember saying something about luck doesn't exist. But maybe it came out HURRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

Can't see why one would bail: Luck is luck, if the pool has some time without blocks there will be time with blocks. This is the same for Slush, Eclipse, Eligius, BTC50, and whatever other pool you decide to use. It's basic statistics, you will not get a better deal anywhere else because there *is* no better deal.

There are however worse deals :-)

P2Pool is distributed, with no central place that a govt can choke. That's why I like it and why I'll stick with it as is.

Mine on!

I remember this happening before, is this really a problem?

P2pool will come back, and we'll find blocks back to back or something. Luck is luck.

Eh true. Sorry bout that.

Keeping the trash burning requires injecting oil and stuff into the burner. And it's a weird mess. And you make a lot of smoke on the output. And the neighbors will just *love* you.

Just find an abandoned dam and build a hydro system there, power your miners and a cell phone to the internet, then go :-)

Possibly forever. Technically hash pumping (and pumping and dumping) appear to be optimal strategies to increase one's personal gain at the expense of others who do not do this.

Fascinating. Of course when everyone follows this strategy the coin collapses (like catcoin and other coins). If that is the case, then this might begin to explain why we have rules and laws around things like financial systems.

Hm. Bitcoin is an amazing little system. I need to think and watch for awhile to see the ramifications of this.

After watching the "Shake Shack" IPO I keep remembering Krispy Kreme and it's "stock". Yes, most people are just plain stupid.

I was thinking this morning: We might be seeing what happened to catcoin happening to Bitcoin. More specifically we've reached a difficulty point where it will go up 8%, everyone will stop mining and wait for the difficulty to go down, then pile in again. It's another form of taking advantage of others, which seems to be the hallmark for everything bitcoin but it does make sense from an individual point of view.

Time will tell.

The currency would be generated at the same rate regardless of number of miners (>1 of course). 25 bitcoins drop every 10 minutes.

Securing the network is another story, while it's true that the higher power miners make the network harder to crack, consolidation of the pools allows someone to control a significant portion of that network making it easier to crack.

Well.... Yeah.

This is the other problem I have with mining these days, it started out where anyone could fire up a CPU and crank on the network. Then we all took rocket ships to the moon with video cards (crazy but cool) then FPGAs and ASICs. Now we've stalled out, and the people who built the chips now have the right design (28-20nm chips) so why should they sell them for anything less than what they can mine?

Couple that with the low prices and I don't see anyone investing in a better chip design. We may be stuck here for awhile. Summary: Bye bye distributed network, hello centralized money system.

That's kind of a problem.

That is within their right.

Right now, today, a 1th miner pulling 500 watts at the meter getting electricity at 5c/kw at the bitcoin price as of 5 minutes ago starting right now and with a difficulty increase level of 5% would make a total return by Dec31 of 342.40. So if you're paying one penny above 342.40 and are optimistic that difficulty will not rise more than 5% on average and are running a system out in a desert with no building, no internet cost, no staff cost, and 5 cents a kilowatt hour electricity you can't pay more than 342.40 to make a profit of $0.00

It's that simple. Now given that most people are not paying 5 cents total per KwHR (that has to include all taxes and such of course) if you have 10 cent electricity it's $159.20.

That's that. Running 10,000 miners simply means you have more desert area to cover, a bigger power pipe, and you will still need to meet the above numbers in order to come out the same as sitting on your ass. Hire people to watch it, internet to service it, and a building to house it and the prices for the miners *have* to go down.

Oh we didn't include the cost of cooling electricity in there, did we. Double the electricity costs unless your magical mining site is in a desert in Antarctica.

That is why mining companies are not "buying new equipment". It is patently stupid. Likewise if a super breakthrough comes out (.2w/gh equipment) it will merely drive up the difficulty and the problem will be the same.

It's that simple. It has always been that simple. People who do not get this are living in a fantasy world or deluding themselves.

1) People are not rational.
2) People like coins that are freshly minted with no history
3) People prefer mining coins to buying them
4) People are alturistic, and want to ensure that the blockchain is secure.

No.

You would make more money selling the power back to the grid, or offsetting your other electricity usage (fridge?). If you got the panels and the inverter for free including install and could not grid-tie then maybe.

That's just Dumpelstiltskin again.

C

Maybe someone should modify chartbuddy into "dumpbuddy". With a nice little "PUMP" icon and a "DUMP" icon when it's time to pump and dump....