Wouldn't it be possible to generate coins randomly.  So someone can 'mine' with their PC or the Latest Asic and still only be able to generate a certain number of coins per hour which takes away the advantage of producing and using Asics.
But how do we do it.
Erm...I don't really know , over to you  Satoshi.

for me, any option is fine, but the thing that decides it is... what would be easiest for Grandma to understand.

You point out some interesting contradictions.

http://prism-break.org

Dark wallet.

Save Bitcoin addresses, use mine instead 

saw an interview with Max Keiser and a dark wallet dev, they were saying that it would only cost a Govt a few hundred million to launch a 51% attack on Bitcoin.

Checked these links and they failed is this project abandoned now?

edit, found this on reddit, maybe still active, looks like a good system.

http://www.reddit.com/r/BAMT/search?q=bamt

Just ask yourself if you would hire him to take care of your children
[/quote]

Mob rule it is then.

That wouldn't happen, anyone who has millions in the BTC bank is going to want to spend some of it, better holidays, a better car or house, even if they are extremely frugal, they will spend some of it so I think this brings us back to the idea that a deflationary currency like Bitcoin doesn't encourage extreme hoarding but frugality.

Just ordered 1 share of the Titan 1MH @$29
 

One of the limiting factors in profitability and keeping miners running is energy costs, when miners are switched off because they can't earn more in coins than they cost in power then they must (presumably) be switched off.
Wouldn't it be possible to factor in a monthly buy in of some alternative energy system.
Solar Cells, Used Veg oil running in Diesel generators etc.
I imagine it might mean investors take a 5% cut to pay for it, but if it means the rigs stay mining for longer they will get their money back because the rigs will remain on for longer.
So gradually on a monthly basis bring in more and more Off Grid power, within two - 5 yrs yrs, you might be off Grid altogether.
Imagine if one day, you had zero energy costs, (aside from maintenance)

Forgive me for asking but that's not just a heatsink with a fan bolted to it is it   

I should point point out that I've used Leaserig for about 4 days now and the rigs runs fine, fairly easy to set up, even for a noob like me. Prices are reasonable, about 0.0025BTC/MH/Day.
Which is really about £1 per day or less, I cant really complain about borrowing someone's Rig for £1 per day.
But the numbers are not profitable, that's not their fault, they are only leasing out rigs.
Many pools seem to advertise their profit at greater than that figure but I'm slowly running our of funds so
either the figures re inflated, or hand picked or, very possibly I've not chosen the right Pool but anyway,  anyone wanting to experiment with mining could try leaser rig,  (Just don't mention the Bilderberg group )

My thinking is that, OK, so I now know how to hire a rig and I now know how to set up pools, but that's obviously not all there is to making money in cryptos, after you've mined the coins, you need the extra step, trading them profitably to recoup you leasing fees,
that's obviously the tricky bit.

I'm still toying with the idea that I should buy my own equipment, but it really is a dilemma because using Leaserig or other, I don't have to leave my PC on, have to worry about maintenance.
on the other hand, if I buy the equipment, I make $300/yr/Mh  BUT I need a machine on 24/7.
There's not much in it either way really.

Been looking at these guys, they have a nice little 1.3 MH unit for about $100 and I hear they will host it free, only problem is,  it's pre order at the time of writing   ( 13th Jun 2014 which is Alex's Birthday, Happy Birthday M8).   
Tempting though.
Anybody dealt with this company or bought one of these units.

http://www.zighash.com/

I understand that Devs don't like Brainwallets because they know people are going to resort to the same sort of easy to remember  passwords that they already use.
What's needed is a way of hardening private keys generated by Brainwallets from attack from Rainbow table generation.

I understand that the way brainwallets are created now is   Sha256(Pswd)

Wouldn't a simple way to slow down the creation of rainbow tables be to use Sha256(Bcrypt(Pswd))

It would never protect a truly bad password like 'password123' but would help harden moderately good passwords. from attack.

Why doesn't the Community set up a free pool and throw in the miners fees too, which gives me another idea,
set up 10 pools which regulates their fees according to the amount of the NW they own.
If they own little, the fees are lower and more of the miner fees are given to the miners.
As the pool grows, the amount of distributed miners fees is throttled back to make it slightly less attractive..

Or something like that.

I think the formula would go something like this.

You need to know the current NW hash rate   (eg 500GH)
you need your pool hash rate                          (eg 50GH)
you need to know your personal hash rate     (Eg 1 GH)
you need to know the block time                   (Eg 60 seconds)
and the block reward                                        (eg 50 coins)

For Solo mining, imagine the NW hash rate is 500GH and you are running at 1GH then it means you
have a 1 in 500 chance of solving a block.
when that happens you will get 50 Coins.
but it's only going to happen on average 1 out of 500 times. so every 500 minutes.   
So you will get 50 coins every 500 minutes

In a pool, its a little different, though long term you earn the same amount,
except you earn a  little and often rather than 50 blocks every 500 minutes.

 Let's say you are in a pool, the Pool's hash rate is 50GH, you are running 1 of those GH which is a 1 50th.
So when anyone in your pool solves a block, you all share the block of 50 coins and so you will get 1 of those coins every time someone in your pool solves a block.

Every minute, someone solves a block,. but your pool is only 1 tenth f the total Hashrate. so yur pool will only solve a block every ten minutes.

So every ten minutes (on average) you get 1 coin.
1 coin every ten minutes is 500 coins every 50 X ten minutes IE every 500 minutes.
You get the same no in a pool (minus pool fees)  or mining solo, its just that mining solo, you wait ages and ages, then solve a block, whereas in a pool, you get much smaller amount, over smaller intervals of time. 


So the formula would really be    ( Your GH / NW GH)  X Block reward / Block time

In our example above it would be 1/500  * 50 / 1m          = 0.1 coins every minute      (1m  1 minute)

You could modify that to calculate earnings per hour, per day etc
 

But doesn't that method solve the problem, I'm no cryptographer, but as I understand it, Bcrypt is thousands of times slower that Sha256.

Thinking about  Brainwallet org   or   Bitaddress org
So adding in a Bcrypt step   Sha256(Bcrypt(Pswd)))   makes the resultant public private key pair many orders of magnitude resistant to rainbow and  dictionary attacks.
Though it makes no difference to social engineering attacks, if they know you always use LetMeInNow then....

Bcrypt is also adjustable in that you can decide how many iterations it goes through, that creates a potential problem in  that one site might choose 500 iterations, and another differently so ideally, the user should set the  the number of iterations.
Eg Albert's-BTC-Addr-#3  12101963   (a memorable  birthdate determines the number of iterations)
So the iteration becomes a bit like salting.

Its easily remembered. but many orders of magnitude safer  than  Sha256(Albert's-BTC-Addr-#3)

Which is really a bad Pass wd because there are many many Alberts in the world and I would imagine many many people will have used or will use something like BTC-Addr in their Passphrase.

I don't know how the get rid of the 51% threat but Isn't one way to lure people away from these Pools threatening a 51% attack  for the community to set up another pool(s) with cheaper fees.

So if we all send half of our Bitcoins to that Nigerian Bitcoin address to be destroyed, then that will make our remaining Bitcoins worth more due to deflation,  that's cool man, thanks for sharing that address

Been mining at Leaserig for a week, just experimentally, and had good results, no problems, everything fine but then I made the mistake of talking on the Chat, see transcript below so Be warned.
Anyway, after a week and some calculations I came to the conclusion that it's possibly better to own the rigs than rent them...But then of course there's the cost of buying the rigs or at least the GPUs, so its swings and round abouts.      Not sure if this guy is going to interfere with my ongoing mining, I'll let you know, but anyway, I'm looking into trying to find alternative mining rigs for hire.
Leaserig seem to be about 0.0024BTC per MHash Scrypt.......Which Is maybe $1 per day, which for experimental purposes is quite reasonable but it's $360 Dollars per year and I could maybe buy a GPU for my PC and Mine myself maybe get 2 - 5 years worth of mining out of it.
My rough calculations suggest that if there was somewhere out there selling cheaper Hashes it still might be OK to hire rigs online with a contract.   Are there any other places that Hire rigs online, like Leaserig for the same or maybe even better. So I can hopefully make mining even More efficient.
I seem to recall seeing a 1yr contract somewhere for $130 cant remember where I saw the ad. 
Anyway, here's the Conversation I had with Leaserig on their Chat thingy....
I sort of worked out that mining the coins is only the first step, there are other steps to profitability like Arbitrage, mine and Hold as a possible investment etc.   

== royalecraig [95feba8e@gateway/web/cgi-irc/kiwiirc.com/ip.149.254.186.142] has joined
== Topic for #leaserig is: For account changes please open a ticket leaserig.freshdesk.com | Providers are Voiced and can assist with most questions | LeaseRig.net has partnered with  https://coinking.io #coinking Multi-Pool
Topic set by miaviator!sid33046@gateway/web/irccloud.com/x-jfdaawulwgcnfstc at Tuesday, June 10, 2014, 16:37:21
royalecraig
evening all
hutnik
evening
royalecraig
or morning depending on where you are
royalecraig
Im in the UK
hutnik
I'm slightly east from UK
royalecraig
Oh, I'm slightly to the West of there.
miaviator
I'
miaviator
I'm slightly a pond away from there?
hutnik
so you're in UK and also west of there?
miaviator
A small pond
miaviator
with frogs
hutnik
how's that possible
miaviator
IDK
miaviator
could be an ocean
royalecraig
Yea,  I'm schizophrenic, you have to be a bit like that to mine numbers for a hobby or living
miaviator
?
* miaviator slowly backs away
royalecraig
anyway, now we've all pinpointed exactly where we live...
miaviator
?
miaviator
You both live somewhere on the big island over there
miaviator
that's not very specific
miaviator
What's your Lat/Long?  I'll pull up a satellite view
miaviator
and put a virtual pin in it
royalecraig
I was trying to come up with  a formula how many coins I should earn while mining and come to the conclusion that
royalecraig
the people selling the pickaxes are the ones making the money
miaviator
LOL
royalecraig
So mining altcoins is only the first step towards millionaire status
miaviator
Don't forget about the people making the pickaxes
miaviator
Mining is like any war.
royalecraig
Oh yea, I forgot about them.
miaviator
Nicholas cage makes all the money?
miaviator
....
royalecraig
I heard the Bilderberg group make the money then lend it to us at full face value plus interest
miaviator
us or US or the royal us or ?
miaviator
What are we talking about here?
hutnik
based on my experience, the people who rent pickaxes makes the money
royalecraig
When I came on here a week or so ago I could hire machines for a week or so, now a lot of them seem to be for 1 hr
royalecraig
I means us as in Humanity
miaviator
I've heard about a study which showed that it's possible to "beam" images and certain ideas which change the brains dopamine and other neurotransmitter levels from a satellite.
miaviator
Hence the invention of the tinfoil hat
miaviator
Those 1 hour machines proly say they are for New customers and for LeaseRig platform testing.
royalecraig
I didn't see any BBC camera crews wearing tinfoil hats when they reported on the Bilderberg group meeting in Watford last year.
miaviator
I should require new providers to join IRC
miaviator
Hey man, just because you are only willing to reach so far into worldwide conspiracies doesn't make you correct!
miaviator
Don't be afraid to dig deeper.
miaviator
The mind control, the idea of bringing worldwide feudalism back
miaviator
The methods used to ensure a population is ready to accept full martial law
* miaviator gets the popcorn
royalecraig
Ah so you've heard of oathkeepers too,
miaviator
Don't forget the illuminati
miaviator
The bones
miaviator
The four alien races working with and against the US and world at area 51 for the last 60+ years
royalecraig
I already mentioned them, the Bilderberg group
miaviator
What is it
miaviator
the Greys, the Greens, the reptilians, and the beings of light
miaviator
?
miaviator
Wait you are mixing the Bilderberg with the Alien conspiracy?
miaviator
That's bold man.... That's bold
* miaviator looks for an aircraft aluminum hat for royalecraig
royalecraig
No Bilderberg are real, Aliens and the other stuff are to distract the mindlesss masses...
miaviator
Ohhhhhhhhhhhhhhhhhhhhhh
miaviator
Ok
miaviator
And religions?
royalecraig
Its a neat trick they play,  because Aliens and Planet X are not real, then people willl think the Bilderberg group can't be real either
royalecraig
The problems we face are Bad guys.
miaviator
Here
miaviator
Here's another neat trick
== You have been kicked by miaviator (Conspiracy Theorist.)
royalecraig
Anyway, am I correct in thinking that
royalecraig
the first step to improving profitability in this game is to own the rig, not rent it
royalecraig
Hey, You actually,  really kicked someone off for talking about the Bilderberg group. a group that is known to exist, are you for real....Well, yea, obviously you are...