I think you are right, the current modell will not work. Bitcoins are perfect for hoarding, but at the same time it is expected that only those using it for consumption will pay the price for keeping the network secure. It seems very unlikely that this will be enough to me. However, it is only the miners who get to vote on how this is solved, so my guess is that eventually there will be some kind of tax. Either from the existing bitcoins or through inflation.
|
|
|
Seriously, it's merchants who decide what to accept as payment. I'd buy steaks with my dirty socks if I could.
If Bitcoin gets big merchants who are not politically driven will accept both their local currency and Bitcoin, assuming the cost is low enough. There will probably also be companies doing automatic conversion, just like VISA and MasterCard does for practically any fiat today.
|
|
|
If the current exchange rate is so low, why aren't people buying them to make the price go up?
They are, but currently they are being outvoted.
|
|
|
A divisible and fungible asset like a currency can never be "too valuable to spend", since by definition you get the value of the amount you spend. Of course it can. Lots of people here would not sell bitcoins at the current exchange rate because they think it's too low, so why would they spend them for something using the exchange price as reference? Unless they have no fiat currency it would be irrational, because converting fiat to bitcoins has a fee. It's more economical to use the fiat.
|
|
|
Right now something like 95% of miners mine on pools, and none of the pools payout from tx fees. Unless this changes, there is no pressure for fees to do anything. They will have to start sharing them eventually. If they don't there will be no point in mining, and which means nobody will use their pool.
|
|
|
It may be more beneficial to run it even when the sale of coins doesn't pay for electricity and upkeep, just to keep the hardware generating. No, it won't, and you'd better stay away from business if you think so.
|
|
|
Your number is for instantaneous profitability. That may apply if you are selling all mined coins immediately and saving in other currency. However, if you expect in the longer run bitcoin may appreciate, then it can be worth it to accumulate as many as you can now in anticipation for that day, even if you have to pay by operating at an instantaneous loss in the mean time. We've been over this many times. If you keep them it's speculation, and the potential gain should be attributed to this, not the mining. Also, if you are operating at a loss you should stop mining and buy coins instead. But at each of these discontinuities in block bounty, the supply/demand situation changes. A lot. When there are half as many per unit time being created, that will create pressure for appreciation.
It will also create pressure for significantly higher fees. If people aren't willing to pay them a lot of miners will stop mining, and the network will get much less secure.
|
|
|
EDIT: I have a workable solution. I was able to successfully submit work with the proxy to MultiPool. I will discuss the fix further with cdhowie in the morning and see how he wants to go about implementing it.
Did you get anywhere with this?
|
|
|
Try adding #!/bin/bash cd /home/user/poclbm
to the beginning of the script. If it still doesn't work, add -L to the screen command to log the output.
|
|
|
Secondly, IMO theres no investment or payment required to enter the pool.
Great! Where do I sign up to get the free miner hardware and electricity?
|
|
|
I'm completely baffled at how badly they screwed up, and even more surprised at how many people go right back to them. Something doesn't add up here...
They're the only alternative to almost everybody who don't live in the US, which makes them the only alternative to everybody who wants to trade a somewhat large volume.
|
|
|
It obviously didn't work, there is no way those numbers can be correct.
|
|
|
A random selection of some of the more secure looking passwords:
60x8760b6k328vc3v24kw8y1 Y!m4g6s3j* Ev3rL@NRDX11090821 b1Ackb0x3!1 8W3G7Pds9712++ c65b5DF488 mgq$jc)kw3 w@chtw00rdLanimret! acy7zkprddv2k3iFd& VeryStrongPassword
There are probably some kind of pattern in all the difficult looking passwords that the cracker happens to find through cleaver combinations of dictionary attacks, leet speek decoding, common combinations and brute forcing. For instance Ev3rL@NRDX11090821 = Everland (a place) RDX (an explosive) and a number. w@chtw00rdLanimret! = Watch word Lanimret! I would also have thought some of these were safe, though.
|
|
|
I get a very stable 390 MHash at 950/300 MHz under Linux with the newest poclbm. 79C at 64% fan speed, default (1.088v) voltage.
|
|
|
The best thing you can do to secure your SSH server is probably to not run it on port 22. If there is a security hole or somebody wants to try to guess your password there's more than 99.9% chance they're only going to check port 22.
|
|
|
It's mainly luck. I can push my best card to 950 MHz on stock voltage, and the worst only to 850.
|
|
|
Try removing Section "ServerFlags" Option "Xinerama" "on" EndSection
and if that doesn't work, try removing or renaming /etc/X11/xorg.conf and run aticonfig --initial --adapter=all --force
Also, what does echo $DISPLAY say?
|
|
|
|