Oh, I think that's the easy part; you just change the main client, as has already happened a few times. People routinely suggest that it won't be difficult to change the protocol if, say, SHA256 were compromised. Essentially, it's some combination of open deliberation and then a decisive change to the main client by its developers, hoping that it will be adopted by users of the network. There's theoretically competition, though little in practice (as is ordinarily true in many markets).
I suggest you offer a bounty in the Project Development forum. |
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In my personal opinion, the potential benefits that bitcoin can provide society far outweigh any potential concern over the amount of energy required to secure the network.
Also, in time, only the most efficient miners will be able to continue mining at a profit.
Hell, it may cause more people to become conscious of energy use in other aspect of their life. I know that once I started mining, energy use became a primary concern of mine.
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Bitcoins are only really worth anything through their ability to buy something with BTC. Anything else is pure speculation, and again, I have no facts or empirical observations to back this up but purely as an outside observer it seems like there's a lot more speculation than actual trade going on.
* Time preference theory supposedly states that people won't do this, but is anyone able to do some research into what percentage of Bitcoin transactions are for goods/services as opposed to trades for currency?
What if the people trading bitcoins for other currency are doing so due to the lack of faith in the other currency. So, bitcoins become a store of value, similar to gold. These days it's quite impractical to buy anything with gold. I doubt I would have much success buying anything at the grocery store with a few gold pieces. I would either have to purchase enough goods to equal the smallest piece of gold, lose value in the exchange, or accept other currencies as change. Yet, gold is doing quite well regardless of the ability to easily purchase goods with it. Do you see the same problems for gold that you see for bitcoins? Rather, does the outside observer see these problems with gold as well? As long as there are people who exchange other currencies for bitcoins, bitcoin doesn't really need to be able to make purchases. One could also argue that anything is speculation. If I hold on to my federal reserve notes today, will they be worth as much tomorrow? Does it matter that I can purchase goods with them or not when the price of goods can change as quickly as, well, the price of gas! |
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Inflation is theft from anyone holding the money being inflated (unless everyone holding the money receives the proper percentage of the new money created at the time of creation).
Bitcoins are limited. We know how many will exist. The method of distribution was designed to reward those keeping the network secure.
You are going to need a stronger reason to justify theft than, "It gives me a perceived incentive to continue working."
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My GPU ATI Radeon Xpress is clocked at 399 MHz .Can you suggest which GPU is best for mining ?
If I'm not mistaken, that is a laptop video card? I suggest Radeon HD5870, Radeon HD5970. |
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In my opinion bitcoin has more potential to improve society than the rest of the distributed computing programs combined.
Miners profit from Satoshi's creation. I'm sure this was intended. There are enough people that place value on bitcoins to make mining profitable. Let's not fool ourselves, how powerful would the network be if everyone was working at a loss?
If someone designs a way to make more profit with the energy these miners are using, I'm certain that most would switch. Mining is extremely competitive, and my guess is that it will continue to become more competitive as bitcoin grows. Miners are not philanthropists, they are businessmen. Profit motivates.
I am simply amazed at Satoshi's work. It seems odd that someone combines the talents required to create bitcoin. Knowledge of many different fields are involved. And so far, it's working.
So again, find a more profitable use of the energy, and people will come on their own. As with bitcoin, they won't even need to understand it completely, because they will understand their bottom line.
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Decriminalize victimless crime. Eliminate positions of power without production. Drug raid cash.  |
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I have amd turion 1.6 GHz dual core cpu with ATI Radeon 1150 Xpress.Is there no point in mining bitcoins for me .Currently I am getting 1.4 Mhash/s.Could this increase ?
No point if you pay for electricity and expect profit. |
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4 Mhash/s GAIN
Win7 64
5870s
cat 11.4
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So there is is an inefficiency then in that the difficulty is self-adjusted to restrain the rate of block generation? I can understand that proof of work and proof of time is necessary for the whole btc network to work but it seems that making the tasks of proof of work and time more difficult than the ought to be introduces a lot of potentially unnecessarily wasted energy.
If more and more people start mining and btc generation is to be kept constant then say the few dozen mega watts used presently to generate the bitcoins could multiply very rapidly. What I find hard to accept is that this is all self-imposed. Unlike gold mining where extracting ore is necessarily difficult, the generation of BTC is just contingently difficult.
You and BitcoinBonus have eloquently explained why btc network requires proof of work and time but I'm not sure if the way things are set up at the moment is the most efficient method of ensuring a consistent generation of bitcoins and fulfilling the role that mining has.
Perhaps you could create the next bitcoin and make it less energy intensive in the process? I'm sure if you have a better design, people would flock to it! I await your offering. |
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I only do things for 8 pleases. 7 pleases is far too few. |
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Electricity is free.
If you are determined, download one of the CPU miners (search this sub-forum) and join a pool. Run the miner on each machine. Use the pools website to register a worker for each miner. |
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Are you concerned about making money? Is your electricity free?
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I think deflation will promote savings and wise investments. I think inflation will promote the opposite. I think people will adapt.
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doesn't matter, they can't find out you were overclocking unless you do something obviously stupid to show them you were.
Of course if you try to return a card that you damaged by overclocking, and this is not covered by the warranty, you would be committing fraud. |
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Which SDK version are you using? Many people (including me) have had this scaling problem with newer SDKs, and 2.1 is the only one that works well.
You've lost half your hashing power per card due to adding cards and a newer sdk? |
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Cheapest 5870 you can find. Reference boards are good if you like to change gpu voltage.
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The CPU isn't a bottleneck. Something else is wrong.
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I recently found 2 5970s for $375 each. Good deal? Would it be wise to spend money now on hardware? I've already got a 6990 doing ~620mhps and presumably 2 5970s would bring my total hash rate to ~1800mhps. The real worry is that I don't know if my house can handle all that heat.
I would buy them. In fact if you don't, send the deal my way!  |
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