No - there is definitely something wrong here. I'm not being paid for any blocks anymore
17774 2013-04-30 20:25:35 2:03:23 14233698 132 0.00000000
17775 2013-04-30 23:59:52 3:34:17 24772020 145 0.00000000
17776 2013-05-01 02:25:35 2:25:43 16453036 13 0.00000000
I have moved over to another pool, and I'm not having problems there with zero returns per block, even if my share counts are low.
41 DGM 0 PPS 0.00108057
136 DGM 0 PPS 0.00110942
464 DGM 0 PPS 0.00132832
6 DGM 0 PPS 0.00068256
I also discovered some very low payout on long blocks, and I moved over to other pool |
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The only reason you want to manipulate the money supply is that you want the price level to stay relatively stable. Other than this goal, all the other money supply scheme, be it constant or limited, are the same: You have unstable price level
No one has tried a limited supply, so it is worth trying. Even set the transaction fee to be 0.005, the transaction fee in each block might bypass block reward after 4 years
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The core question is: Who give them the right to print fiat money without anything valuable backing it?
That's a matter of opinion. Do you say that when any person does any work of any value that is not represented by what he is payed? When you get paid your valuable efforts alone are all that is needed to "back the value" of the Medium of Labour Exchange token that you receive for it. Everyone else who works for those same tokens will recognize your work that your "money" represents, by virtue of it being in your possession to use. That is the misconception I was talking about, it is the other way round It is true that "my valuable efforts are all that is needed to back the value of the Medium of Labour Exchange token", but that is when I issue that token, not receive the token Can you see the difference? When I issue money, I own both money and my product. When I receive money, I own money but lose my product A money issued by me should be no different than the money issued by any other workers, they all backed by valueable efforts, just like gold always value the same no matter who mined it But if I receive a government issued money which is backed by nothing, then it becomes a "find the next fool" game, I hope the next guy that I pay using this money will believe that paper holds value (indeed most of them believe). So the exchange value of fiat money is purely backed by belief and consensus Under a gold standard, this belief have some fundamental support: you can always exchange gold with paper money at central bank. But now, if people lose the belief of it, it worth nothing. So wise people try to spend it as fast as they can, they even take a loan to keep the cash balance negative |
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It's fun to look at the mining animation  their description of the first BFL FPGA miner is wrong, it is not faster, just more power efficient |
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Avalon final testing before shipping
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Nice move, speculation is a waste of time. The only thing I think valuable in speculation is risk management
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The FPGA would break even if KNC asked ORSoC to create an FPGA with DDR3 memory and have it mine Litecoin scrypt.
Good suggestion, currently there is no existing product in this area |
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Every time I see Inaba fighting someone here, I feel that there might be some trouble at BFL Is there some problem with the new PCB board production? Or not enough electronic components in stock ready for purchase? |
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After I switched to a corsair GS800, cgminer never restarted  It seems that the original power supply (Antec Earthwatt 650) is a bit inadequate |
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I think a hosting service close to KC will be perfect for these kind of purchase, also the maintainace will be much easier
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True, the mining device industry is almost a suicide business, the more you deliver, the less attractive your product will become, due to higher difficulty caused by your own delivery
Given the endless trail of I-ordered-a-Jalapeno-in-April-2013-when-will-I-be-rich noobs/fools it's not a suicide business for BFL, but a suicide business for those newbie miners. Yes, maybe that is the right move, just like Avalon, raise the price and reduce the delivery speed, delay the difficulty rise and make their life better. I think they could form an alliance like OPEC |
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The core question is: Who give them the right to print fiat money without anything valuable backing it?
If one party have a promise of always print money with some real value backing, that party will surely win lots of votes. But unfortunately the money printing is central bank's monopol, and they have invented so many misconceptions that are enough to confuse even the smartest people from economy schools
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What would be great is if they started selling the bare chip and the tech specs.
They might not be able to put together a machine in record time, but if they made the chip available... I bet the response would be extremely positive. I think everyone agrees that their chip is the most advanced one that is "available" right now (I am leaving AsicMiner out if this discussion).
All that being said, in the bitcoin mining arms race, technical elegance takes a back seat to deployability... and right now avalon's technology (while technically inferior) is by far sitting up front. BFL's customers are looking at a tidal wave of Avalon generated difficulty which will just get worse on a month to month basis through the rest of the year kicking into high gear when their chip sales get turned into DIY hashing machines.
True, the mining device industry is almost a suicide business, the more you deliver, the less attractive your product will become, due to higher difficulty caused by your own delivery |
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The original design is 8 chips for 60GH, so each chip is designed to be run at 8GH. Now in Jalapeno there are 2 chips, but only made it 5GH, I suppose that some of the low quality chips went into Jalapeno
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An interesting phenomenon: The total amount of mining electricity is higher when more people are mining, thus bitcoin price will also be higher. But if some of the miners are using high efficient mining devices, they will actually squeeze the low efficient miners out and reduce the total amount of electricity used, and that will in turn reduce the bitcoin price
Of course high efficient mining devices typically require a higher initial investment, so it is kind of difficult to evaluate the total cost of the network hashing power
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Just like gold, a medium of exchange is need to be produced by labor, and the value of it should be based on demand
This means, when goods/services are abundant, the gold become expensive, make the gold mining profitable, so that lot's of people will mine gold; when lot's of people are mining gold, the goods/services will become expensive, people will move from gold production into goods/services production
In this way you will always have 100% employment
So, in a modern society where higher and higher productivity is reached through automation and AI, more and more people will only need to mine bitcoin to make a living. But if too many people are going for bitcoin mining, then the labor force reduced and the other goods/services will become scarce, bitcoin price will fall
But this does not solve the problem of higher productivity people also mine the coin when they work. To be fair, coin mining should be a full time job which need constant time input, this is currently a drawback of bitcoin
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So the short story is, in my eyes, as well as in the eyes of others....BFL fell apart, raised their prices, and will probably be impossible to buy their high end devices...let alone the lower end ones.
This is the type of story where you have a rolling turd that just keeps getting bigger and bigger down hill. At each step BFL has always been one issue after another. To examine that for the last 9 months and not come to a conclusion that it is a bad buy in more ways than one....
It would be a great products to buy (well not really anymore) if it actually worked, and they actually delivered...but it just doesn't materialize en masse.
Thanks for the story, a potential MiniRig purchase  Hope Josh could read this Avalon has all the R&D people and manufacturer contacts in one place, BFL contracted out some part of their operation, an integrated solution is always slower than a whole solution But I really think it's good that they don't have MiniRig offering now, this product will kick the difficulty to moon and hurt almost everyone's profit, very bad  |
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Gold is superior in holding value simply because it is a product of labour, just like bitcoin, you must pay some effort to produce it, either exchange it with your labour, or you mine it with your labour
Before 1971, fiat is a debt note backed by the amount of gold that central banks hold, you can always use fiat to exchange gold at central bank. But after 1971, the gold standard ended, the back of the fiat was removed, so essentially all the fiat is backed by nothing, its value purely decided by supply and demand
From labour based value theory to supply and demand based value theory, that is the trend in mainstream economics
But this change brought a foundamental change: Now the central bank can create money as they will without having any asset backing. Before, under a gold standard, the central banks are not any different than anyone else, they should also work/exchange to get the gold and then they can issue the notes backed by their gold
Because their money is not generated by work, they will tends to abuse it. No matter how many beautiful and complex theories they can find to disguise their action, people will sooner or later find out this biggest problem since 1971
It's been 42 years and most of this scheme still holds tight, it clearly showed how a money without any real value can have constant exchange value purely based on consensus
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If u look at whats happening to the Euro it is evidence that the concept cannot work. is it possible to have diverse separate sovereign entities with a unified currency. Paying 2 cents or 20 cents per kilowatt hours to get x amount of bitcoins is not level playing field. Aren't the northern, southern Euro issues which kill it, amplified if u spread it worldwide ?
In this view how's a one world currency going to work?
The problem with Euro is that the member countries can not print their own money, and they have different culture and financial incentive, one policy which is good for germans (take loan and expand export) might be a disaster for spanish people But for bitcoin, all the member countries will be able to mine the coins, and none of them is allowed to take a loan, that will ensure much less investment risk |
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I still recall Inaba throwing crap at Avalon customers for the size of our units. Except we got them early (enough) and they have been hashing for a little over a month. They are on spec, they work (99% of the time) and they did what was promised.
Now the story with BFL is entirely different....
Products disappeared overnight, and all prices for new customers doubled:
The Jalapeno disappeared and now has evolved into a two chip monster. Don't ask him about the number of chips shortages to come and how that will affect people down the line. The Mini-Rig also disappeared.
Now Inaba is virtually silent on the power and "being green" issue. He probably does not want to tell his customers that each BFL product is an electric hog compared to the original specs. What he was always adamant would never happen to his products. Their profitability over the long term is now closer to that of an Avalon (or much less) with two key differences.
A) The Avalons came out ~on time~ so each customer has plenty of Cash or Bitcoins. The BFL ASIC customers in contrast have lost all that time as "unrecoverable funds" from each delay after delay in the face of increasing difficulty. Their customers are late to the game.
B) The Avalons are actually upgradeable. The Avalons are 66~74GH/s while the BFL's are stuck in nuetral at 60GH/s....we hope....
BFL's 65nm chips perform nearly as bad as 110nm chips.
Inaba is also silent on the fact that their product has grown larger in it's footprint by the day. The compact nature and selling point is all but gone.
Inaba is silent on "competitive GigaHash performance" upgrades owed to their customers. (BFL hampsters are getting 60Gh/s units while Avalon customers got nearly 70GH/s+) Which means BFL customers now have the inferior product.
I could go on, but you'd pretty much get the idea...
Why take it so personal? Because Josh honored you by your not ordering at BFL?  |
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