A comment on "trying to enforce any kind of regulation will be hopeless". Bitcoin already enforces regulation which does not seem hopeless. The rules are there for a purpose.
Bitcoin does not enforce anything else than tx out collection. For the rest it's auto-adjusting. So more than 21 million coins can be mined? Not unless the rest of the network was willing to change their clients to permit it, and that isn't likely. Consensus is hard even when it's actually a good idea.
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I fully understand that one solution is to buy and add more hardware, as I said in my original post, all the time. The (potentially) billions of dollars eventually spent on hardware doesn't add any value to the Bitcoin community beyond a certain strength level. There comes a point when the network is strong enough to offer good security. What we are doing is like continuously adding additional firewalls to protect a PC from intrusion. The first layers add good security, but the additional security diminishes with each new layer.
It's not like that at all. It's not a condition of diminishing returns, it's a condition of the highest level of security that the collective users are willing to pay for. If the security is too costly, then the miners will start losing money and some will drop out; thus lowering the difficulty. The result would be a cheaper network, but a weaker one as well. New tech just permits new miners to operate more cost effectively. If the new tech is efficient, but too costly, the mass of GPU miners with paid for "sunk" costs still have an advantage. GPU mining isn't going to go away for the gamer who does part time mining while not gaming. FPGA's may take over professional mining, but professional mining companies have to be able to undercut the amatuers with paid for GPU's in addition to pay for their electric and facilities costs and turn a profit. I consider the idea that professional miners will take over the network to be rediculous, because there is no possibility that a mining company can be more cost effective than the gamer who mines when not at his computer and has to heat his tiny flat with baseboard electric anyway. No possible way. If 5% of the world's gamers turned their GPU's to this end while at work or asleep, the difficulty would be much higher than it is today even if every professional mining pool were to stop immediately. Co-generation (the act of mining for profit while also utilizing the heat to contribute to space heating needs) will likely be a major part of the baseload mining into the foreseeable future. Professional mining is still very profitable because the growth curve of Bitcoin economy is still so steep, so the exchange price stays well ahead of the difficulty. When Bitcoin's market matures, this growth rate will slacken significantly, resulting in a much tighter profit margin that will permit only new miners with alternative sources of income (such as a professional miner with service contracts with major retail chains or banks) or individuals that do not need strict profitability (said gamer in an electricly heated flat) will be able to compete with those miners that have already paid for capital costs.
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well bitcoin is actually the worlds most powerfull supercomputer right? so how strong does it need to be. It needs to continue to be the worlds most powerful supercomputer. New tech moves the bar a little higher. Bitcoin must keep up with that tech.
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Right, this is all rather intriguing but I'm rather perplexed by the lack of a username/password login thingy when I launch the client, seems all I get is a "main" bitcoin address and a receiving address, which seem to be identical. I just don't get how people can't just use my address to not just send money to it but also pretend to be me? I just don't understand it how the whole thing works.
Read the FAQ or the Wiki. If you still have specific questions, come back.
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I remember people complaining about how closed source GPU miners are so unfair to those mining with CPUs. Now everyone mines with a GPU we end up with a much stronger network.
You can still have a stronger network with proprietary and open source FPGAs even if there was a limit. But if there is a limit, then you can never know if it's the strongest. Logicly speaking, any limit on the choice of tech will effectively result in a network somewhat less secure than otherwise.
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Does anyone here think the original creator(s) of BitCoin ever forsaw this happening? If not, how do you think they feel about it?
I, for one, welcome our new miner overlords. This is the beginning of the end for bitcoins. Those who control the mining control the coins. They don't control mine. They control the transactions that you might want to make with your bitcoins. Now for a picture to help you feel better: Seriously though, we need to get this tech into the hands of the rest of the community ASAP. Did you really intend to hotlink a hotlinking notice? And no miners do not control my transactions, because all that they can do is refuse to process them, and there are thousands of others who will not.
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I remember people complaining about how closed source GPU miners are so unfair to those mining with CPUs. Now everyone mines with a GPU we end up with a much stronger network.
So true, i guess the problem is, 1 i don't have enough cash to buy a decent fpga, 2 i would struggle to set it up, but your right perhaps someone will be kind enough to produce a step by step guide on how to build one. Wait long enough, and someone will be selling plug&play PCI expansion cards and you won't have to understand anything about the tech at all.
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I remember people complaining about how closed source GPU miners are so unfair to those mining with CPUs. Now everyone mines with a GPU we end up with a much stronger network.
Yeah. It's the "these new advancements in technology are going to destroy the weavers!" issue all over again.
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I'm not a programmer, so I don't know what I'm talking about here, but could such a linux binary permit graphics hardware too old to use the current miners to contribute at a respectable hash/watt rate even if they such at the hash/second rate?
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You could easily accept it as a payment option without advertising.
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I'm really not convinced that "many" people will be able to do this, it will be cost prohibitive. I think a better solution would do be deny MAC address of the "few" FPGA clusters.
Who's to decide what level of processing power deserves denial? What if I buy a bunch of GPUs? Should I be denied? Even if we could actually deterimine this, we shouldn't limit mining based on tech. The goal is to make the blockchain as secure from brute force attack as is possible. If we limit ourselves to certain tech, then there will be tech out there that is fundamentally faster at the task, and an attacker isnt' going to be so inclined to limit themselves to follow our rules. Beyond that, a fpga card in a computer is a very useful thing. If bitcoin mining encourages the wide adoption of fpga's into desktops then other programs are going to start making use of those same cards.
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Does anyone here think the original creator(s) of BitCoin ever forsaw this happening? If not, how do you think they feel about it?
I, for one, welcome our new miner overlords. This is the beginning of the end for bitcoins. Those who control the mining control the coins. They don't control mine.
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I wonder if game consoles would make a good mining platform.
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I'm really not convinced that "many" people will be able to do this, it will be cost prohibitive. I think a better solution would do be deny MAC address of the "few" FPGA clusters.
The network doesn't track mac addresses. Even if it did, pretty much every one of the concerns with IP based distribution applies equally to mac addresses.
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IP rationing was considered early on, and rejected for other reasons. There is no way to limit the miners based on their choice of tech, and even the FPGA's will be undercut by the first ASIC based PCI mining card to be released. And if Bitcoin is even moderately successful, we will see such a card being sold publicly within three years.
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because stealing is wrong
private property is an illusion Seems pretty real to me when I walk on it, eat it or drive with it. Still, Bitcoins are not physical, so when you call the cops about being scammed in an online bitcoin trade ask yourself, "would the cops do anything if I had been scammed out of cash on the street?" and if the answer is "probably not" then the next question then becomes "should I invite the cops into my life if there is little chance of recovering my losses?" Some people think of the cops with admiration, but they are not there to "serve and protect" the individual citizen. They "serve and protect" the state. If you really believe that would include yourself; are you happy when you see police lights in your rear view mirror because they are enforcing the law, or do you tense up and check your speed?
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Maybe he is stoned and cannot reply at this moment.
Or he could be in jail.
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And there is a particular thread for putting the names of scammers, although I forget the name of it.
Are you thinking of Beware of Scammers? That's the one.
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I ordered the ebook for .3 BTC, but the download didn't work for me. I just ended up with a screen full of garbage data that I couldn't save to disk.
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@instantBTC
It doesn't matter if he's making a profit off of this project or he isn't. The only thing that matters is, can he get good quality printing done for less than you can?
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