seeing as how the last few jumps were on the order of 40-50%, this is a welcome change. It also tells us that expected mining profitability is quite low, but still positive as people are bringing some added capacity.
Well, at current bitcoin prices, mining profitability is quite high. So if what you say is true either people are betting on big price drops (in which case they're also betting on bitcoin failing) or this is a retraction as people feel the sting of their gold-rush calculations biting them in the butt after the drop from $32 to $14. Those aren't really well thought out analyses though. I'm guessing people are just adding more cautiously now, instead of sinking $10,000 - $40,000 at a time, as fast as possible, as recklessly as possible, expecting to have money rain down on you, people are looking for efficient building and taking it slow so as not to lose their families if things turn sour. This is prudent. Yep, people are just taking it slowly because hardware doesn't pay for itself in 3 weeks at current price levels anymore. And I think the reason a lot of people are mining instead of buying bitcoins directly anyway is to hedge their risk - if bitcoin takes a dump, they still have computer hardware they can sell to recover some of the initial investment. So, theoretically, it could be said that miners are generally risk-averse. When the profit margin for mining slims down, and high volatility still exists in the market, to where a miner might not even be turning a profit mining by the end of the week, and being that a miner is risk-averse in the first place, they're probably just in a holding pattern to see what will happen next. Theoretically, you could buy hardware and still have it pay for itself in a few months, which is still an extremely good ROI, but you can't count on those future profits anymore, unless you're a risk-taker. |
|
|
|
It seems there was a bug: keys were not removed from disk, so re-adding them failed. This should be fixed now - could you test again?
Ah, now it seems to work. Great!  Well, removing addresses from accounts is just not supported yet. It may cause inccorrect account balances, but not invalid total balances
Even getbalance for the account shows 0 after the keys are removed, even though getaccountaddress still knows it. Are you planning on adding that? (Not that I find it important, just curious what to expect  ) Another question: is there a way to check the 'balance' of a single address/key? Blockexplorer is probably the best way to check an address balance. |
|
|
|
I understand that everyone can implement a website (or client) with your rules. But another website can decide on their own rules on how to "transfer" an address. Since your rules won't be as simple as FirstBits, it will be hard for people to just accept it. As a user, I will just use payb.tc instead of paying someone for an address that only makes sense by your rules. Know what I mean?
I think that is why he proposes it be added in to the "official" site early on, so it becomes part of the standard of rules that everyone uses. But FreeMoney speaks the truth - it would take away from ALWAYS being able to identify the proper firstbits, no matter the site. If transfers were allowed/implemented into the official site, but another clone site implemented only the basic firstbits technique, without adding in the algorithm for checking whether an address has been transferred, then the firstbits would be confused and owned by the wrong person on that clone site. Sure, it would be the fault of the clone site for not implementing the full algorithm, but it would still return a valid-looking address, and it would devalue the purpose of having a firstbits address in the first place if no one can trust that they are getting the right address out of it. |
|
|
|
Aside from someone randomly bringing a TH/s or two online right in the middle of it, I'd say difficulty is definitely stabilizing.  |
|
|
|
The fact is, that running your computer 24/7 actually makes it last longer than turning it off and on. The reason being is that heating and cooling of materials degrades them over time (just like bridges, roads, etc up here in Canada) ... if your rig simply stays at 80 degrees celcius forever it will hardly even know it was turned on. The high speed of the fan could eventually wear down the ball bearings and stop spinning. Therefore it may be beneficial to run your fan at a lower speed and simply accept the higher temps. Sorry but the video comment is misleading. While it's quite true that maintaining the chips at some constant temperature is likely to make it last longer than daily on/off cycles (due to expension/contraction cycles as well as inrush stress), the qualifier here is thermal damage at the temperature does not exceed the damage of the on/off cycles. Rule of thumb is every 10C halves the life of a component so at some point, the GPU despite being at a constant temperature, will die really fast. So it's always about finding a good balance point and if necessary, sacrifice some of the cheaper component's life in favour of the more expensive item. Of course, if they do keep up improvements to the GPU, then all this simply may not matter. You just to keep it alive long enough to be profitable to replace it with a better unit  I would love to see proof of said "rule of thumb" actually being true in real life. IMO, heat is way overblown. GPU's are safe up to 90c EASILY, and I've only ever heard of a GPU dying from heat over 110c. Keep it below that, and in all likelyhood your card will be absolutely fine. |
|
|
|
|
Ah, sorry, I thought you were on linux. I'm even more unfamiliar with a Mac.
A switch, at least on Windows, is where you add "-server" after the target path in the shortcut properties. I have no idea what the equivalent is on a mac, or how to use it. Someone else will have to jump in here...
|
|
|
|
Got a pretty basic website at www.harddrivedatabase.com. It doesn't get many hits... at all. Like, one hit a day. I just don't know how to optimize it, but I think it's a great idea, and fully fleshed out by someone better at SEO/marketing than myself, could be very successful. Anyway, I figured I'd see if anyone wants to buy it from me. The website, database, and the domain. Not expecting much, basically the highest offer (if any) wins. |
|
|
|
I was on the order page, and quickly decided against purchasing when I saw the shipping charges. I'm sorry, but $3.50 (.25 BTC) for shipping is insane for something that fits inside an envelope. Take the .25 BTC shipping + .15 BTC Fee for the 1 BTC card, and it just fundamentally does not make sense unless you go up to the larger amounts like 20 BTC card. This is after slashing your fees in half?
Outside of that, it is a good idea, and one I would like to own. However, you are acting just like the ebay sellers and infomercial producers, who inflate shipping prices in hopes that people won't notice.
He's got a 3 month backorder... I doubt he's concerned about overpricing them at this point. Besides, shipping always includes handling time and shipping materials, both of which cost time and money. If you just charge actual shipping, you will lose money on the shipping part of things. A company will ALWAYS inflate shipping beyond what it actually costs for the postage. |
|
|
|
|
If you were on windows, I could tell you exactly what to do... but I'll try to explain what needs to be done on linux.
You need to run the GUI client with the -server switch OR run bitcoind. They both do the same thing. I liked to run the GUI while I was developing, because I could easily see the transactions I was making in realtime.
If you want to run bitcoind from the terminal, instead of the GUI client with the -server switch, then you'll have to navigate to the directory where bitcoind is stored. It should be /yourbitcoindirectory/bin/32, if I remember correctly.
|
|
|
|
Still having problems right for the starts. I have the bitcoin application running. Then I go to terminal and input ./bitcoind No such file or directory If you already have it running, why are you trying to start it again? |
|
|
|
|
He's gonna have one heck of a phone bill...
|
|
|
|
|
This can't possibly be legitimate. 8 BTC = $109 USD, which is just over half the going rate for these cards...
|
|
|
|
|
Nice! Good to hear of the progress on using video cards for the search... definitely a vast improvement over using the CPU. Maybe I'll finally find 1SgtSpike!
|
|
|
|
I use cables, keeps things way cooler and you don't even need to mess with fan speeds.
wat? cables? :facepalm: Of course, cables! I should have thought of that for my cooling methods as well! |
|
|
|
|
Private keys always start with 5 though, right?
|
|
|
|
Got this anonymously. It's pretty funny. Somebody sent me two calls, one which went to voicemail and one which went to him. http://www.mediafire.com/?ossttvmnec9lp4pOn the plus side, this means he's hasn't given up on his phone yet, so we can continue the harassment! (I'm looking at you OgNasty ) I haven't had any success with calling... But his number was signed up for 3 different scam horoscope companies that charge $9.99/month. Roooooofl |
|
|
|
Question is, what is the "mean" that we will return to?
 I dont think its gonna go down to 7. I think there are way to many eyes on bitcoin. I dont like to speculate but hey its fun. Plus I have some rigs too so I'm kinda in your boat. There are still a lot of people with a lot of coins that were acquired when the price was well under a dollar. If things continue, I'm sure many of them will be happy to cash out at even $5 (potentially profiting thousands of dollars in from a small initial investment in less than a year). I think everybody should be prepared for things to get real ugly. Honestly, I'm not even confident this project will survive a year as anything more than a tiny hobby with a market cap of a few million. It looks to me like this ship is sinking, and I have a hard time imagining any well-funded investors foolish enough to jump on board at this point. Well thankfully alot of people do believe in this project and want it to succeed. Well funded investors are investing into other parts of bitcoin too. Its not all about pumping the money into buying them so the price goes up. I think you're missing the point of bitcoin. This is the only reason that I don't believe bitcoin will ever cease to exist. There are many highly motivated people who will continue to use it no matter what the rest of the world thinks. |
|
|
|
This is just depressing.  Getting closer to turning off my mining rigs. $7/BTC and they're going off, at the current difficulty level. the three stages of mining: 1.) git 'er dun: put every dime you've got into hardware. source locally so you can get it quick - the only goal is to put out the Mh/sec as soon as possible. get everything stable and cool so you can stop screwing with it every ten minutes. pay off the hardware. 2.) software efficiency: start squeezing every Mh/s you can, out of what you've got. optimize drivers, try out all the available mining software, check out different pools, etc. now me, i just ended stage two, and i'm starting in on... 3.) hardware efficiency: focused mainly on electrical power usage. hopefully, during stage one you were thinking ahead, and bought hardware that would still be usable in this stage. for example, cases with 8 or 9 slots, instead of the standard seven... in stage one i was putting up miners with two PCIe slots on the motherboard - because it was fast and cheap. now i'm looking at four and five PCIe slot motherboards, so i can consolidate my GPUs and PSUs - and i don't have to pay the power-penalty of running a whole computer for every two GPUs. i'll be getting rid of those cheap hard drives, in favor of running the OS off of thumbdrives. i should be able to pay off my only cash output - upgrading the motherboards and some PCIe extenders - by using all my leftover parts to build a couple of computers that i can sell to people i know who need them. right now, with my hardware paid off, i need a BTC exchange rate of about $4.00 to break even. i figure i can get that down to somewhere around $2.50-3.00 without too much trouble. if that happens, maybe i'll need to think about turning off most of my miners - although i'll always keep one on; running solo with the client (who knows? i could get lucky...) just to support the network. Haha, good call. The main reason my current setup is so inefficient is the high A/C costs... basically doubles my electrical output. And it's less than $7, but I think $7 would be close enough that I'd probably stop mining at that point. |
|
|
|
|
Question is, what is the "mean" that we will return to?
|
|
|
|
This is just depressing. Getting closer to turning off my mining rigs. $7/BTC and they're going off, at the current difficulty level. |
|
|
|
|
Show Posts
