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1  Alternate cryptocurrencies / Mining (Altcoins) / Will Scrypt ASIC Miners be a bust? on: March 25, 2014, 01:03:36 AM
It seems that many coins could just change the algorithm being used faster than ASIC miners will be able to keep up.   That might require hard forks of the block chains, still possibly less painful than letting ASICs rule the world.  On the other hand, ASIC miners will be less power hungry so probably some coins will stay the coarse, like perhaps LTC.  Already so much power pointed at it that it will take the ASIC miners some time to make a dent.   

So are we headed for a world where some scrypt coins are ASIC minable and most aren't?   If so it seems it would greatly reduce the value of a scrypt ASIC miner.   Seems like we are already seeing that with the hash rates being stepped up on the unreleased ASIC miners.   
2  Economy / Scam Accusations / WARNING gox1234567 is likely a scammer on: March 03, 2014, 08:27:00 AM
Possible Scam Report: gox1234567 is likely trying to scam people out of BTC

What happened:: 
Made a suggestion for how gox1234567 could sell his MtGox BTC and he deleted it referring to me as a troll.  Below is what was deleted.   gox1234567 is trying to sell his MtGox account with 1000+ BTC .

Quote from: Bitcoin Forum
A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

The highest bid price for my mtgox account is 1,5 btc yet. Thank you guys. If you have a serious offer pm me.

Just curious who would be foolish enough to give you 1.5BTC for nothing in return.
nothing? 1000+ btc!!! But its on mtgox, thats true.

Actually there isn't anyway to verify your offer.   You can give an incorrect password or there is a multitude of other ways you could scam someone here.    For example your account could be verified and payment might go out in fiat.   A screenshot doesn't prove anything.   Unless MtGox comes back up you really don't have any proof.   If MtGox comes back up then you could sell through something like the BitcoinBuilder site and get far more for your BTC than 1%.   Actually they are still buying and selling and it looks like you could get a lot more than 1%.  Probably about 4% total.   

Scammers Profile Link:;u=261073

Reference Link:
3  Economy / Economics / Bitcoin Mining Consumption of World’s Resources on: January 28, 2014, 11:34:55 AM
2013 was a year where the network hash rate grew over 40,000%.   As I write this the network hash rate is 16,371 TH/s.     If you assume 600W per 1 THs which is probably conservative, it works out to about 10 MWh (Mega watts hours) being spent on bitcoin mining.    This is still a tiny fraction of the world’s total electrical power production which is currently around 22,500 TWh.  (Terra watts hours)   Source:

So far no concerns but look what happens if the growth continues at the same torrid rate:

World's Electrical Power Production in 2012 ~ 22500 TWH
Current power consumption of bitcoin hashing ~ 600J/TH/s * 16371 TH/s = 9,822,600W

(Going with BurtW correction here)
To get units of ENERGY so you can compare it to an annual ENERGY production of 22,500 TWh you need the number of hours in a year:

   24 hours/day * 365.25 days/year = 8765.76 hours per year.

Annual ENERGY consumption of the Bitcoin hashing would be:

   9,762,600 Watts * 8765.76 hours per year = 85,576,608,576 Wh = 85.6 GWh

Assuming same torrid growth rate of network growth and constant power production
NOW     : 85.6 GWh        -  0.00038 % of World's electical power production
Year +1 : 34.2 TWh        - 0.00152 %
Year +2 : 13696 TWh     - .6 %
Year +3 : 5478400 TWh  -  243.48 % of the World's electircal power production

So it seems likely that soon the network growth is going to start hitting serious limits.   Keep in mind I’m only looking at electrical power here.   There are many more potential limits like just running out places to house the mining and producing smaller faster ASICs will become very hard.


Edit note - Many corrections made ... thanks!  
4  Other / Beginners & Help / Why I'm mining at on: January 16, 2014, 06:43:53 AM
There is a lot of fear about being too big.  For some reason many seem to assume that the pool owners are evil and will do a 51% attack when they get the chance.  I think most don't even understand what it really means.   A known pool will never succeed in such an attack for very long, nor is likely that double spending and blocking other pools for a short while will destroy bitcoin, although it would probably cause some sort term turmoil.  Enough on that ...

So why am I mining there?   One simple reason, I'm making bitcoin.   Many are shouting out that you can't make money there, but they aren't there and haven't tried it.  This is one place where the theory doesn't match reality.  

1) Most every calculator I've tried is just plain wrong.  I can easily see how many blocks I get paid for and what the awards are.  It is pretty easy to see I made this made in a day, but what is hard to getting a calculator to even come close to correct.   For the record I've been averaging .00001167 BTC per GHS since the last difficulty change.

2) has a trading API that lets me do what I want with my BTC & GHS.   It is bigger part of why I'm gaining.   I have been writing some simple bots that on some days make a lot more than mining.   The worst case is my bot fails and I end up just all mining or all BTC.   What other pool can I do that with?

3) There is a sort of free market there.   It is limited but it is growing.   The price of GHS doesn't just fall, it goes up and down.   If I wanted I can also trade between BTC and LTC, NMC and a couple of worthless coins.   The fact that I'm getting some NMC form the merged mining is just a bonus.  

4) It is very easy to mine, just buy some GHS and you are mining.

5) Where I live the cost of power is very high, too high even for ASIC mining, so cloud mining is pretty much my only choice for BTC

Okay it isn't all great ...
  * Performance of the website is poor
  * There are a lot of trolls there
  * The price of GHS is very high at around $40 USD

About the money, I wished I kept better records before I broke even, but here is a current week.  

Jan-10    Base        .0465 BTC/GHS
Jan-11    2.10%     .0486 BTC/GHS  <=== Most of the gain was from the price change
Jan-12    0.60%     .0490 BTC/GHS
Jan-13  -1.51%      .0454 BTC/GHS
Jan-14     .52%      .0459 BTC/GHS
Jan-15     .16%      .0458 BTC/GHS   <=== Only gained from mining
Jan-16    1.01%     .0460 BTC/GHS

Of coarse if I took my readings at a different time of day the results would look different because the price of GHS varies.  Still I would be up, in raw terms I gained 4.61% more bitcoin over that period.  

I don't know if I'll be having the same results a month from now.   But I'm pretty sure this currently the only place I could do what I'm doing.      
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