One unit stuck again, latest firmware, so the issue is not solved, it happens rarely, but it still happens.
Having a way to reset the control board without phisically switching off/on the unit would be a plus.
spiccioli
My unit stuck for the first time today, after upgraded to the latest firmware for just 5 days, although now there is no cgminer restart, the unit totally stopped working. I'm thinking of roll back to the 0225 firmware and try again, but maybe this has something to do with temperature, now outside temp rised above 23c degree |
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It's 100% true that a national economy's Medium of Labour Exchange "currency" is solely backed by what it's own people see as the Labour Value that it pays for. So a janitor makes $1200 an auto worker or brick layer $3,000 a doctor $8,000 and a banker's hard work is rewarded with $20-75,000 a week, and what those amounts buy makes the janitor the poor dude. the amount of money that the private Federal Reserve Gold-Pharaoh's printing company counterfeits to pass out to themselves to fix markets with and rent out to the governments that they own for the taxes they can extort is largely irrelevant until they start inflating everything with interest rates again.
Before 1971, bankers are no different than other business, they have to operate and manage the risk (some of the loaned money will not be recoverable), they have to acquire the gold with real valued assets so that they can expand the money supply. So the income difference you described are related to the different level of komplexity of the skillset, that is fair. If the bankers becomes too profitable, there will be more private banks to compete But after 1971, it becomes a scam, new money do not need to be backed by gold. The banking business suddenly become super profitable due to endless new money from the lender of the last resort, thus they started many bubbles with their printed money. And these bubbles greatly changed the definition of a good job: A well paid job is no longer related to the amount of effort and skill required, it is related to how close you are to the central bank and its easy money. Some of the entrepreneurs even told me that it is not important to make a profit but important to expand the sale scale so that you can get more loans from the banks Again, all these are based on people's consensus of how much a dollar worth, not based on supply and demand |
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People will accept small incremental inflationary increases over time but not a huge one at a single bite. Markets will accept price "bargains" without a blink, but will completely stall or erupt in boycotts of hostility over any sort of a "X" "crisis".
True, I noticed that normal people's tolerance for a price change is around a couple of percent, and that's also the reason most of the services charge a couple of percent But sometimes foreign exchange rate can change as much as 20-50% in a year, so it's normal for bitcoin to flucturate even more I think currently the consensus is that bitcoin is still in the price discovery mode, unless it reach the adoption for majority of IT interested people and provide enough liquidity at a much higher exchange price, the price will remain unstable, and there are many early adopters still think this is a bubble and they want to cash out to fiat when they see a fast exchange price rise If one bitcoin worth 1 million dollar, then all the daily transactions will not shake the exchange rate too much, even those early adopters want to buy some island, they will just dump a couple of coins And I do think 1 million dollar bitcoin could be possible because that is just a consensus needs to be reached among people, not necessary to have some real value behind it. Just like USD, no one will believe that 85 billion dollar worth nothing, but they are really created out of nothing every month |
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Bob can also destroy Alice's risk fund, so after that transaction is recorded in the blockchain, Alice's risk fund should be released automatically
BTC users can always initialize the transaction and get the risk fund back, since the transaction is in the blockchain. Seems the first sent medium will always be BTC
doesn't this require the exchange (nashx) to know bob's btc address, I thought the whole point was that this would be anonymous same with risking usd, it's only possible with litecoin or bitcoin or nashx would need to know your bank account or somehow receive cash deposits and refund That's the point of using blockchain because all the transactions are visible to anyone. NashX does not have any idea of Alice or Bob's identification, it only record the announced transction account and check the balance of each corresponding account to see if funds have arrived, all these can be done by program, and each time Alice and Bob can use different address But there is no good way to prove that Bob has sent the USD to Alice, so there is still a risk of either Bod do not send or Alice do not acknowledge Comparing with an escrow service, the Bob first send USD to escrow and after Alice saw the USD at escrow, she sent the BTC, and escrow will check the blockchain and confirm the transaction, then release the USD to Alice. So anyway fund should arrive at a public trusted location, either blockchain, escrow or exchange, when it comes to USD, you must have a USD account at escrow, then it is almost the same as exchange And since NashX is an unregulated exchange, it will not be welcomed by the government |
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Guy on the website looks nowhere near average Bitcoin miner. My usual response upon meeting people looking like him is "No, thanks, bye!"  Exactly, once I sent a coin to a girl who looks like that woman on their website, and guess what? She lost her mywallet password  |
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I suppose that you could fix this by yourself, it is very easy to get such components at electronic shops. Or you sell the chips and make BTC right away |
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I'm considering to take all the modules out and use an external blow fan to evenly cool all of them when summer arrives
Adding exhaust fan will improve the situation a bit, but that still don't change the fact that the sub modules are not cooled evenly, those close to the exhaust get worst cooling, because the hot air is blowed from the other 7 submodules
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Is the fired module located near the exhaust or the intake?
intake, near the fan, is a No.2 module in the middle slot. Ok, bad coponents then. I thought that was caused by the uneven cooling, but that will fire the components close to exhaust first |
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Is the fired module located near the exhaust or the intake?
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Alice and Bob reached an agreement of exchange Alice's 1 BTC for Bob's $120
Alice deposite risk fund of 2 BTC at NashX, and Bob deposite risk fund of $240 at NashX
Once they reached agreement, their risk fund will be at the other party's control, but they can only destroy it
Alice sent 1 BTC to Bob, and Bob received the BTC and did a bank transfer of $120 to Alice, then release Alice's risk fund. When Alice recieved the wire transferred USD, she also release Bob's risk fund
But, if Alice sent 1 BTC to Bob, and Bob do not want to send Alice the USD, then Alice will destroy Bob's risk fund, so Bob eventually received 1 BTC but lost $240
Bob can also destroy Alice's risk fund, so after that transaction is recorded in the blockchain, Alice's risk fund should be released automatically
BTC users can always initialize the transaction and get the risk fund back, since the transaction is in the blockchain. Seems the first sent medium will always be BTC
Notice that Alice is still be able to destroy Bob's risk fund even after receiving the USD from Bob's bank, this is the weakness of the system, since there is no way to easily prove that Alice did receive the USD from Bob. Of course Bob can provide a bank transfer record, but that is still not any form of machine readable code
And, NashX itself is also a centralized exchange organization, but does not provide some useful function of an exchange, for example automatically match buyers and sellers by the order size so that you don't need to care about your order size being too big
Anyway I like the idea of having some kind of network based trade insurance system, if a system can guarantee that two users can initiate the transaction without worrying about the other's default, then it is a great system
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I would also highly suggest that you read about the Subjective Marginal Theory of Value. You seem to be missing some key points in regards to valuations, and this reading will go a long ways to help you come to a better understanding about the whole of economic thought in general.
I would particularly suggest Economics in One Lesson by Henry Hazlitt. That is a fantastic starting point for all economic thought.
Good luck to you in these endeavors, johnyj.
I just brought up some simple facts and common sense that everybody knows, of course there are lots of different theories and explainations, but I believe the truth is in common sense Values are all subjective, that's the reason people need to find an anchor, that anchor is money I read most of the economy books in the school many years ago and I even had a degree in economics, but I don't believe all those books when it comes to money. When you can issue money without doing anything, you can sponsor (with your printed money) what ever economy theory you can find to support your money creation, that's the reason keynesian economics are selected by central banks the latest several decades Just like in bitcoin community, when people can mine the coin by themselves, they will find what ever economy theory that support a deflative monetary system, and even create such a theory if needed |
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Fiat money has been inflated by a 400% since 2008, that is the inflation, but why the price of everything did not rise at least 200%? This just proved that inflative money will not necessary cause price rise, when majority of people are in panic mode, the money supply can increase by 10 fold without causing any significant price appreciation on goods and services, since everyone is saving
The price level is typically decided by consensus
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Hope this pool will regain the hashrate with ASIC miner support, this is my favorite pool!
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There are many chinese government officials have billions of private bribe money they want to move to oversea, this seems the best method for them
That will create a situation of rising BTC/CNY exchange price and falling BTC/USD exchange price, means the CNY/USD ratio should fall, but the chinese government fixed exchange rate of CNY/USD, so anyone want to exchange USD to CNY will go the bitcoin way since it is much cheaper than going through chinese commercial banks
BTC's problem as a world currency if some of the country do not have a flowing currency exchange rate
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I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually Maybe these corrupt officials finally find a way to move their bribe money out of china  You sure that they only listen to what government agency says? I'm pretty certain that the average Chinese national doesn't believe or take value from what their government says - trust in their government is probably at an all time low. Even if the government disapprove of Bitcoins, people there will still take interest in it, much like anything else. That is the mindset of people in US, not in china. I lived in China for some years and I know if you disagree with the government, you risk of being classified as "politic criminals" and put into prison, there are several major constitutions that classify anti-communist party activities to be criminal activities |
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I'm surprised that the tone is very positive in this report, since CCTV is a government owned media, this indicate that some higher level government officials admitted their support. Typically chinese people only listen to what government agency says, so this is a green light for bitcoin in china actually Maybe these corrupt officials finally find a way to move their bribe money out of china |
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That guy must have an avalon, 0.85 BTC in a couple of hours There are many corrupt chinese officials can through this way exchange their bribe money into USD, so BTC/CNY price will rise while BTC/USD price will drop BTW I found that BTCCHINA is down |
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now 31 |
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Except that your chart is nonsense.
In your view, the stuff that is not used as money is money, while the stuff that is used as money is not money. If we agreed to accept your contorted view, you would be right, but then there would be no point in the discussion, because no one gives a fuck about not-money.
Your chart also suffers from the flaw that you are reading it from the top to the bottom, when reality happens from the bottom up. Lending happens first. Reserves are found later, usually by borrowing against the new note.
Money creation is not a secret, just there are two different types. I'm more interested in the central bank money, but other people might be interested in checkbook money, check http://en.wikipedia.org/wiki/Money_creationFRB is the practice of creating checkbook money, but if FRB is not allowed, then there will be no checkbook money, but there will still be central bank money. and if central bank money is not available, the checkbook money can not increase if commercial banks already loaned out to maximum FED is buying 85 billion USD bonds and MBS monthly, that money is not generated by FRB, and that is the money might create 850 billion of checkbook money if loaned out by commercial banks later |
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This video is a good presentation, but its description of money creation is incorrect: Commercial banks do not have any right to create money, they can only sell assets to central bank in exchange for money, they can not loan out money more than they already have
The money creation only happened at central Bank, and there is no FRB at central bank
Yes they can and do. It is called double entry book keeping and it expands the money supply the fed only creates a small amount of the money supply the vast majority of money is created when banks lend money into existence, Do not be distracted by accounting tricks, they add the same money at different time/location together and says that they created money  Check this post: https://bitcointalk.org/index.php?topic=129423.0 For each 16 dollar central bank created, only 9 loaned out eventually. The "Broad money" concept is the money creation at commercial bank level, but it is just a repeated count for the same money at different location/time |
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