So, I know that a lot of people are concerned about the centralization of bitcoin hasing into pools. And I can understand that, but from an individuals perspective, let me just say I'm glad that they're there.

I started mining about end of April, and continually expanded my hashing power from the single 6870 I had to the point where I reached the electrical limit of my house (not that impressive actually as this house is wired ridiculously stupidly. There is a 20A breaker connected to NOTHING and every other outlet is on 2 other breakers, except the kitchen which has ~100AMPs sigh).

As of the difficulty change today I have completely paid off everything, all the cases, psus, gpus, mbs, ram hds, electricity, everything. All this without finding a single block.

That's right, somehow in almost 2 months I've found zero blocks. Had solo mining been the only option and network growth had been similar, I would have had to commit seppuku or basically given up on bitcoin, despite liking the project very much. So I say again, thank goodness for pools! I'll continue happily mining away and if I find blocks for the pool great, if not, well at least I'm still contributing sorta.

So many things wrong with this:

1) The amount you put in does not effect the length of time to repay (excepting that you can make more efficient mining rigs with more money, by maxxing GPUs / other components).

2) 50% increases would mean 7-9 days between difficulty changeovers, not 14 days.

3) 50% Increases without any change in coin value are completely illogical to assume. Why would you keep piling on more miners onto an ever decreasing profitability system? You will probably see a 15-25% difficulty increase round max (as price has DROPPED > $10/BTC since people started last wave of building, and stagnated there for days) with respect to the latest VERY LARGE difficulty change.

4) No one knows the future, $20 could shoot to $40 or it could drop to $1. A reasonable expectation is to never see any of your money ever again. That's how investing works, you have to be able to live without your investment for a risk to be reasonable.

OOS

Uhm, no you didn't lose jack except for potential USD. So yeah, if I had had money in mtgox and managed to buy when the price dipped to $10 and then sold again when the price was at $24 I would have made $14xhowever much I potentially would have had in the market, so I lost 14 x ?? amount of dollars, that sucks!

On the other side of things, you GAINED $100 for the cost of perhaps $10, so your actual loss was negative $90. Probably even bigger now that its back to $20.

This topic doesn't make any sense. ASIC miners have horrible short term cost-efficiency.

If someone wanted to commit multi-millions of dollars to destroy bitcoin they would simply buy up a bunch of AMD video cards, build a data center, and bring those online. Not only would it be more cost effective, it would be simpler, and there'd be nothing you could do about it via "changing hashing algorithm".

But bitcoin is really not an attractive target at the moment for such a thing. It's profitable enough that someone might want to join in, but not so powerful as to threaten anyone. So, flying under the radar is its biggest strength at the moment.

LOL, yeah flying into space was really a rational motive. What exactly did we gain from going to the moon again? Some cool rocks? Aside from showing the world we were better than those evil ass communists and their little satellite, there was really very little point to our space program. I'm not saying there is no point to space travel, but let's be real, that crap happened cuz we didn't like Karl Marx. (Hating someone is not rational).

Satoshi is trying to bring bitcoin back to its original concept of lots of individuals doin lots of individual stuff by DDoSing the concentrated points (pools).

I think I've discovered the reason why Phoenix Rising has started to put out such low hashrates compared to before. Checking the PR.log file the default argument is now missing the VECTOR flag.

Manually adding VECTOR into the "other flag" field brought hashrate back up to its original levels. If you could have it automatically add that flag in the next version that'd be great. Or a check box?

Wow $6, good deal. Sorta makes me wish I hadn't balanced my PSUs so perfectly with my rigs. Ah well c'est la vie.

EDIT: Seems to be blocked in america anyway?

I see a lot of angry ranting, and not a lot of constructive criticism. THis thread makes me think more and more that this system was a pretty good idea.

http://bitcoin.sipa.be

Good graphs of many varieties. Bookmark it.

Good suggestion, will get people reading guides too so theyt can start mining to start posting heh.

And if you don't wanna pay you can still do it the old fashioned way. Thumbs up.

50 posts might be a bit excessive, but for the regulars it was becoming a huge turn off to the forums seeing the same crap posted over and over

N00b - Post Count 1: "Here is why bitcoin is flawed and definitely going to fail!"

N0oB - Post Count 1: "Omg help me build a mining rig to make magical moniez!"

No08 - Post Count 1: "Bitcoin is a ponzi scheme bubble you are all suckers if you buy in!!!"

|\|oob - Post Count 1: "I want to mine with my CPU, how much moniez will my CPU make me?"

etc. etc.

People who like to repeat the same thing over and over can still come here and chat with you guys. And really, why do you NEED to be posting in every forum within the first hour? The whole problem with people and bitcoin is that everyone wants everything NOW NOW NOW. Bitcoin is sort of a long-haul game, so this might be good to cultivate an attitude of patience. Still plenty of noob questions you guys can repeat over and over before you graduate, get it all out of your system.

EDIT: Also for noobs, they're probably less inclined to believe stuff posted in the Newbie Section, so "Bitcoins will be $7 by Monday" will have less power in the newbie section than the official economics sectin.

You might look into setting up an exchange as an alternative to mtgox. There is already tradehill.com but competition never hurts. And it's profitable in just about all climates, as the current model takes off the top of every trade for both buying and selling (you could potentially set up an exchange that only skims one way and I'm sure lots of people would be excited).

For a sense of why I say this is profitable, $19.6mil USD flowed through mtgox last month. His fee is .00635 x2 (both sides pay). Sounds like yhou have a good team to set one up as well, Forex guy, coder guy, hardware guy. Pretty much everything you'd want right there. If you could set it up in a way that it could handle large volumes of trade, automate withdrawal/deposit from accounts, and all with fast reaction times, I imagine you could snipe a lot of business.

Bleh. People who need to ask for advice on a forum shouldn't be playing with 6 figure amounts of money.

80% difficulty aint happening just FYI. We're seeing most of the $30 / BTC rigs coming online right now (giving shipping time and whatnot), all the tail end of the 5850s and 5830s that were selling out. But remember those all sold out. Now the $/BTC bubble popped and 58xx cards that are easy to acquire are gone, the growth rate will definitely definitely slow way way way down. After this 45% increase we will probably see a 15% increase next round.

If the prices do shoot way way way back up on monday which is possible then we could potentially see network power increase but still nothing near 80%. Regardless, mining is still worth bling. Good times.

I like this thead. It's amusing.

But on the other end of things, $15 / BTC is still profitable, quite profitable in fact. About $650 / day for the next 3 days. Then about $450 / day for the next 10 or 11 days.

Assuming you've already been mining for a while you must have a bunch of coins. So, that's $7000 in the next 2 weeks, + however many coins you would already have, boom, already almost paid off. $15 / BTC is awesome. It could go up to $30 / BTC, it could go down to $1. Ride the wave boys, where's it gonna go!

Honestly I still wish I had bought 90 5830s. If I had the power capacity I definitely would have. Would be swimmin in bitcoins and hoes right now.

Honestly looking at all the new "help me build my new rig" threads that are still popping up, looks like most sheep aren't even really aware of the happenings. Whether that's good or bad, who knows.

If the users of bitcoin are getting their financial advices from somethingawful and some guy named Lulzsec, and that's why bitcoin dies, then it deserved to die. No one person is to blame unless they are putting a gun to peoples heads. Sheep are to blame for sheep behavior.

Did you really need to register a new account and post your first and only post in the wrong forum something which has been brought up more than enough times today alone?