Let me just tell everyone, if I invented a device that mines really fast, fuck y'all, I'm mining with it. So anything short of that is quite a bit better lol. I mean have like a room full at least. What company doesn't use their own product? Ford, McDonalds, Dyson, everyone! Even investment bankers invest in their own funds. If it works, use it.
+1 At MSFT, we used to call it "eating our own dog food," and had an internal alpha/beta site called "dogfood" for the purpose of distributing software from different teams. We hired a new SVP of sales at my new company and he said he prefers "drinking your own champagne." I agree, break even with the prototypes and first runs and then start selling well-tested units. Yeah, it sucks for people while there is a hashing power singularity, but it also makes a hardware company more viable. It also creates a viable 51% attack possibility. *womp womp womp* |
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Let me just tell everyone, if I invented a device that mines really fast, fuck y'all, I'm mining with it. So anything short of that is quite a bit better lol. I mean have like a room full at least. What company doesn't use their own product? Ford, McDonalds, Dyson, everyone! Even investment bankers invest in their own funds. If it works, use it.
+1 |
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Maybe BFL already have explaind this somewhere and I read over it. But can BFL maybe explain what exactly has caused the delay of a month?
Thanks.
They are mining BTC with the gear you've invested in before they ship it. Doh! |
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I still fail to understand your idea of a bail out. What exactly happens in a bailout? Is the mining "corporation" given money? Are they given miners to rebuilt their hash rate? I don't understand what a bailout is or how it would work in the Bitcoin context.
Okay, let's say there is a mining operation in China (I do not know the demographics of mining activity so bear with me its a hypothetical example). This operation generates 25% of global BTC HR. (Fact: BFL and ASICMINER are based in China) The Red Party (or whoever is in charge at the time) says you have to shut this down per "blah-blah-blah". The owner of the operation has few alternatives here. Either he moves all of his gear or complies/goes to jail. Meanwhile, the Party has a setup ready to go to take over the network. Assume, this '25%' has been the barrier to the entry for whatever factors at play. The reason they initiated the shutdown of that mining operation in the first place is their need to lower it. Of course they can take it over, etc but for the sake of illustration, we are going to say they can't. The owner is smart enough to destroy it if that happens. Now with the bail-out, the owner of the operation can issue a plea to the community and say "I need resources to move all my gear". There are many assumptions I am making and details I am omitting here though. Does this now make sense? |
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All right, I am having a difficulty illustrating this.
I see the bail-out applicable in a scenario where a mining corporation that does lets say 25% of all BTC HR drops of the map because of connectivity issues.
Bail-out comes in where this mining corporation needs to move all of its resources to get the total BTS HR up to where it was.
Without it the attacker has a much lower entry barrier.
I've also edited the last post prior to you posing, sorry...
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You mean if Bitcoin activity in general was blocked?
Not the entire network's activity, no... Just the node's... You knock down a node, drop the total network HR and set up the system to take over. That's where I see potential emergency bail-out fit in. |
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So? The miners can still move to a different mining pool that is unaffected. And many of the larger pools have quite the DDOS protection, due to attackers DDOSing them and asking for money in exchange.
Okay, that is covered. However, I was thinking about ISP policies and perhaps all the way down to the fiber itself. I am satisfied with your answer to the main question though.  Thanks! |
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All the stories about making the network more secure are either naive or dishonest.
Maybe, but without a resilient and secure network, bitcoins are pointless. |
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On top of that, as soon as members of the pool knew it was compromised, they'd simply switch to a different pool, leaving the attacker without the hashing power he needs to continue carrying out the attack.
Okay, consider the compromise affects the internet connection of the mining enterprise. |
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Huh ?
It's just a greedy race for money.
If I had a 60GH asic today; I would earn 30 BTC a day i.e. $10,000 a month.
Now wonder why everyone wants one.
Well, if you think it is then consider what I am highlighting is an undesirable side effect. Not sure if it needs to be addressed though. (Basically need help thinking it through) |
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Thanks for your answers... So, are we as a community then responsible for bailing out failing MINER enterprises?
What? This made no sense. I think you should read a bit more. Yes, it made sense. It just feels like and attacker an community have different objectives (No, doh!) BUt consider this scenario... The attacker has enough resources to build a network of the BTC size. To get it this 1% to take over, it compromises a "legit" mining operation. The owners of the operation do not have enough money to address the issue. It seems like bail out is needed, or some sort of insurance... |
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Thanks for your answers... So, are we as a community then responsible for bailing out failing MINER enterprises?
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Hey, all,
I've been reading peoples' thoughts around the forum quite a lot lately.
I still don't quite understand why investing into ASIC is important for BTC future.
If it's lack of my understanding how Bitcoin network operates then please point it out.
Here is what is clear to me, Bitcoin difficulty scales proportionally to the amount of hashing power there is.
So it seems like the whole point of investing into ASIC is to raise difficulty so there is no competition.
I do not feel that's really the case.
Will someone share what they think is going on here...
Thanks!
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But scammers who didn't get caught are filthy rich.
And how exactly do you know that? |
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I almost feel bad about having principles and not taking advantage of all these idiots. This guy is playing the Ponzi scam book line by line. This is so easy it's insane.
Are you suggesting stop trying to get justice? |
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It also seems like he doesn't even have a case.
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