and for those that think start ups should move to arkansas to pay people at $6.25 or move to africa for $2 a day.. then that act alone proves that greed of companies will always outweigh any attempt to improve world equality.
When businesses move operations from high-wage regions to low-wage regions, that: - increases the supply of free potential workers in the high-wage region - increases demand for workers in the low wage region leading to supply/demand rebalancing resulting in: - increased wage rate in the low-wage region - decreased wage rate in the high-wage region thereby trending toward greater absolute wage equality. This brings up an interesting question: how would you pay a global team, say a distributed software development team where the members came from countries with vastly different local wages? I was once part of a software team where I made over 3x of what the team manager did because he came from a country with lower prevailing wages. Of course I didn't complain but at the same time it didn't seem fair. |
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Nice generic 4U cases. I wonder why they sourced different cases for the SHA256 and the Scrypt miner? Pity we can't really see what is inside, except that the hardware to hold the drive trays are still in place and we get a glimpse of the heat sinks with the fins going side to side against airflow.
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I am running 2 SP20's at 600W each at the wall and getting approximately 1.120 TH/s. That is equal to 0.53 J/Gh. I am using Corsair AX760i PSUs - one per SP20.
I intended to run these underclocked to use up "spare Amps". I have flat-rate power circuits with individual alarms which trigger once a certain amount of Amps are exceeded, and the fine grain control of the SP20 helps me fine tune my power consumption to be just under the limit.
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I simply wonder wether the ability and sincerity of Vitalik outweighs his naiveté ?
You need to be young and naive to attempt these pie-in-the-sky projects. With a little luck on your side you might just succeed. I'd be very impressed if a 20 year old can pull this off. |
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As a thought experiment what would happen if world of war-craft gold was chosen to be the global currency? Would human labor be a better backing for money than sha256?
What would happen? I think mining would move from places with 2 cent electricity to countries where people earn $2 a day on average. And to answer the OP's question, as a whole mining is not economically retarded as long as it is still profitable for some people (which may not include the average Joe). |
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Using Martingale is like playing Russian Roulette. Each time you pull the trigger and the gun doesn't go off you win a little bit. At the very least you want to use some statistical analysis or Monte Carlo simulations to figure how long you can go before the next play gives you N% chance of you wiping out your account. The smaller your starting bet and the bigger your account, the more empty chambers the the revolver has.
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As far as I can see only two posts in this entire thread remotely address that point. The rest are all just people throwing their toys out of the pram because they don't really understand what he's talking about and accusing him of "fud" as you are above.
I think that most people who responded are not receptive to the idea of gaining mass adoption at the expense of depressing the value of the underlying and having the profits going to some derivatives holder. I certainly am not. |
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Governments or any DOS army can attack a pool, but 2 more will take its place. There are many small pools ready, willing, and able to scale.
Government won't attack directly, they will blackmail a couple and then attack Bitcoin. As the Ghash incident showed, miners are slow to react and don't care about the health of the network, otherwise by now they would've diversified. The last fork was reacted upon very quickly. Pools operate on greed. How do you blackmail thousands of miners? This type of unspecified FUD is the silliest of all. Please be specific about how exactly a person of any authority can do this. There no thousands of miners. There are only a dozen miners, which is the problem with Bitcoin which is supposed to be decentralized. Only a dozen? List their IPs from the block rewards. The only ones having the ability to sign a block are the miners. They are the ones with the ability to accept or reject any transaction. There are not thousands of them, around a dozen. There are way more than a dozen p2pool mining nodes, each with the ability to accept or reject any transaction. Sure the p2pool hash rate is miniscule, but any large home miner willing to run a computer 24/7 can set up a node if they get pissed off with the larger pools. |
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My power has been abit erratic lately with quick bursts of outages. My concern that as winter continues to roll in more quick flickers of outages will occur. The s2 doesn't always reboot properly - I think its more a function of the power supply that BitMain used than anything. In order to keep the s2 alive I would like to install a UPS on it.
Any recommendations on the specific model from say APC ?
If you have reboot problems due to a marginal power supply check to see if your S2 already has the capacitor modification - https://www.bitmaintech.com/files/download/Guideline%20of%20Soldering%20Capacitor%20to%20S2.pdf. These mods are supposed to fix chip disabling problems but it also seems to fix reboot problems, at least for me. |
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Could save some electricity charge if the power supply fancy LED lights are kept off.
All those LED lights spend less than a 1% of electricity involved, in fact real number is probably even < 0.1%. Next to nothing would be gained by turning them off. I prefer LED turned off as each LED is about 1 watt and the total farm would take 20-30 watts which is still a burden when it come to ROI... 1 watt LEDs are what goes into flashlights, the really bright ones. Those colored LEDs are under 100mW. |
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I think this is where Bitcoin shines. It's nearly feeless when it comes to huge transactions, but for small ones, you do pay high TX fees.
Support the rich and rob the poor. Not one of the finest moments for Bitcoin. What's your problem? Mailing a $5 billion check costs the same in postage as mailing a $5 check. |
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Well you guys do have a point, but there is also chance that thousands of these shenedigans probably might not notice anything as demonstrated by this coincreator dot net. Thing is one does not need to be a master coder but probably just the basic of programming will be enough to get through. Why not we ask ourselves....Statistic wise how many of these thousands of altcoin have the blend of the word "innovation" in it?  Well, you also need to consider that there are non-C++ implementations of Bitcoin clients, for example, those Java-based SPV clients. Although the languages bear some similarities, you can't just copy-paste C++ code into a Java file when you port over logic. You first need to understand what the original code does and then translate that to the new language. |
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I think there is a problem with these kinds of collectibles - the more you transfer them the further away they are from the historical transaction and the lesser their collectible value. Kind of like the concept of tainted coins eventually cleansing themselves, but with the opposite effect in value.
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Anyway most of you might say the codes are at github. But question is have we really audited and understand every single line? Plenty of people have modified the code and compiled their own custom versions of the client. I am sure that most of the bigger pools use their own custom nodes, as would payment processors, exchanges and sites like blockchain.info. I doubt something like this can be hidden for this long. |
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OK, but doesn't that confirm my point that mining is a useless waste of time and effort for the rest of us?
Yes, but that does not mean that there will be nobody maintaining the network. Mining is supposed to be marginally profitable as a whole. The difficulty will adjust dynamically such that in the long run it will always be profitable for somebody somewhere to mine. |
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Just curious, if you had unlimited processing power, would it be easier to use it for mining or (after having found a nice public key) trying to work out the private key? Presumably you could spam transactions with an infinite number of private keys and one of them would eventually work. Is there any safeguards against this? If you had unlimited processing power, you could hack the entire internet, bitcoin would not be number one target imho. Hopefully someday Bitcoin would be the number one target, but right now if I had that kind of power I would clean out people's online accounts at JPMC, Citi and BofA. |
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OK but doesn't that mean that mining is out of reach of the normal folks? I mean, I don't mine because the little (if any) profit that can be made mining today isn't worth the time and effort, and I guess most Bitcoin users would agree.
I am sure people who live in areas with 2 cent electricity would still find it profitable to mine with the current versions of ASICs available to the public. It is starting to depend a lot on where you are located. |
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The centralization of pools is a problem until it is solved, apparently p2pool is not the solution, and this sort of hand-waving and saying "it'll be ok, we'll figure this out" strikes me as naive, and fundamentally unwise.
The centralization of farms is a bigger problem than the centralization of pools. |
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wow, someone has a million dollar swap offer on the books at .75%, but for only 2 days.... I guess thats one method....  Strange strategy... if someone wanted to pay me 0.75%/day on $1M, I think I'd let them keep doing that for just about as long as they wanted. Could be somebody who has temporary control of other people's money for a short period of time. |
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