Bitcoin Forum
July 20, 2024, 09:51:15 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Bitcoin / Press / [2014-02-26] Sen. Manchin demands complete US ban on Bitcoin on: February 26, 2014, 08:56:32 PM
"Sen. Joe Manchin, who has not exactly been a booster of the cryptocurrency, is asking federal regulators to "ban" Bitcoin because it's "highly unstable and disruptive." "

Source: http://news.cnet.com/8301-13578_3-57619592-38/sen-manchin-demands-complete-us-ban-on-bitcoin/

A US senator is asking the federal government to take this remarkable step: completely ban Bitcoin.
Joe Manchin, a Democratic senator representing West Virginia, sent a letter Thursday to the Treasury Department, the Federal Reserve, and other regulators characterizing the virtual currency as encouraging "illicit activity" as well as being "highly unstable and disruptive to our economy."
Manchin, who is a member of the Senate banking committee, suggested in the letter -- titled "Manchin Demands Federal Regulators Ban Bitcoin" -- that a complete prohibition was appropriate because Thailand, China, and South Korea have already enacted severe restrictions or bans of their own.
It's unlikely that the Federal Reserve and the executive branch possess the statutory authority to prohibit Bitcoin without a new law enacted by Congress and signed by the president -- making Manchin's letter something of a publicity stunt. On the other hand, regulators likely do have the authority to levy more rules and restrictions on Bitcoin-related companies that would increase costs, decrease interest among investors, and, at the margin, put some startups out of business.
Manchin and fellow Senate Democrat, Charles Schumer of New York, have targeted Bitcoin-related enterprises before. In a June 2011 letter to the Justice Department and DEA, the senators demanded a crackdown on the online marketplace Silk Road, saying: "The only method of payment for these illegal purchases is an untraceable peer-to-peer currency known as Bitcoins."
The letter may not have been accurate -- Bitcoin is more traceable than many people realize -- but it had the desired effect. Last fall the FBI indicted a San Francisco man for allegedly operating Silk Road, and additional charges were levied this month.
I've asked Manchin's press office to elaborate on what existing federal laws could be used to ban or outlaw Bitcoin, or whether new laws would be needed. I'll update the story if they respond.
The text of the letter is below.

Dear Secretary Lew, Chairwoman Yellen, Commissioner Curry, Acting Chairman Wetjen, Chairman Gruenberg, Chairwoman White:
I write today to express my concerns about Bitcoin. This virtual currency is currently unregulated and has allowed users to participate in illicit activity, while also being highly unstable and disruptive to our economy. For the reasons outlined below, I urge regulators to take appropriate action to limit the abilities of this highly unstable currency.
By way of background, Bitcoin is a crypto-currency that has gained notoriety in recent months due to its rising exchange value and relation to illegal transactions. Each Bitcoin is defined by a public address and a private key, thus Bitcoin is not only a token of value but also a method for transferring that value. It also means that Bitcoin provides a unique digital fingerprint, which allows for anonymous and irreversible transactions.
The very features that make Bitcoin attractive to some also attract criminals who are able to disguise their actions from law enforcement. Due to Bitcoin's anonymity, the virtual market has been extremely susceptible to hackers and scam artists stealing millions from Bitcoins users. Anonymity combined with Bitcoin's ability to finalize transactions quickly, makes it very difficult, if not impossible, to reverse fraudulent transactions.
Bitcoin has also become a haven for individuals to buy black market items. Individuals are able to anonymously purchase items such as drugs and weapons illegally. I have already written to regulators once on the now-closed Silkroad, which operated for years in supplying drugs and other black market items to criminals, thanks in large part to the creation of Bitcoin.
That is why more than a handful of countries, and their banking systems, have cautioned against the use of Bitcoin. Indeed, it has been banned in two different countries--Thailand and China--and South Korea stated that it will not recognize Bitcoin as a legitimate currency. Several other countries, including the European Union, have issued warnings to Bitcoin users as their respective governments consider options for regulating or banning its use entirely. While it is disappointing that the world leader and epicenter of the banking industry will only follow suit instead of making policy, it is high time that the United States heed our allies' warnings. I am most concerned that as Bitcoin is inevitably banned in other countries, Americans will be left holding the bag on a valueless currency.
Our foreign counterparts have already understood the wide range of problems even with Bitcoin's legitimate uses - from its significant price fluctuations to its deflationary nature. Just last week, Bitcoin prices plunged after the currency's major exchange, Mt. Gox, experienced technical issues. Two days ago, this exchange took its website down and is no longer even accessible. This was not a unique event; news of plummeting or skyrocketing Bitcoin prices is almost a weekly occurrence. In addition, its deflationary trends ensure that only speculators, such as so-called "Bitcoin miners," will benefit from possessing the virtual currency. There is no doubt average American consumers stand to lose by transacting in Bitcoin. As of December 2013, the Consumer Price Index (CPI) shows 1.3% inflation, while a recent media report indicated Bitcoin CPI has 98% deflation. In other words, spending Bitcoin now will cost you many orders of wealth in the future. This flaw makes Bitcoin's value to the U.S. economy suspect, if not outright detrimental.
The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me weary of its use. The Senate Homeland Security and Governmental Affairs Committee issued a report just this month stating, "There is widespread concern about the Bitcoin system's possible impact on national currencies, its potential for criminal misuse, and the implications of its use for taxation." Before the U.S. gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans.
Sincerely,
U.S. Joe Manchin III
United States Senator
2  Alternate cryptocurrencies / Altcoin Discussion / failed to adl_overdrive5_fanspeedinfo_get on: September 05, 2013, 10:11:43 PM
I'm having some troubles with my 3x5970 rig.

I'm starting by small problems to maybe fix the bigger ones.
I was on linux before, all cards were running fine and then one day it shut down, restarted it and every time I would start the miner it would shut down with a brief flash of red light from the 3 cards. Since then, switched to windows, same problem, can mine with 2 cards though. (PSU: http://www.newegg.ca/Product/Product.aspx?Item=N82E16817182063)

I found out one of the cards had a PCIe riser that had a pad pin that wasn't connecting properly and changed the riser.
Another of the riser had difficulties plugging in correctly with the molex (but didn't cause any problems), I removed the white plastic to plug the cable directly into the molex just to make sure.

When mining I'm normally (meaning the cards working correctly) getting 350Kh/s per core. This one card is mining [scrypt] at ~230Kh/s on Core 0 and 350Kh/s on Core 1

I'm suspecting the error to have something with it. I had installed 11.12 at first and didn't have these errors, however I had read somewhere people with crashing cards should upgrade so I did, am now on 13.1 and SDK 2.8.1.

So what exactly is this error? I mean cgminer sees the temps and fan speed(s) of the card.

Any points or help is appreciated. Thank you.

update: both cores at 350Kh/s for some reason, still asking about the error though

update2: Both cores are now sick
3  Alternate cryptocurrencies / Altcoin Discussion / [Scrypt] Extremely low hashrate on Sapphire 7970 Vapor-X Ghz edition on: July 31, 2013, 03:52:26 AM
Hi everyone, I'm trying to mine litecoins with 2 of these cards. Problem is I get extremely low hashrate. I keep seeing threads with people deceived about their 7970 only doing 600 Kh/s. Well hear me out I only get 280 Kh/s per card...

What did I try?
-Flashed the BIOS to a "certified" 700 Kh/s+ BIOS (https://forum.litecoin.net/index.php/topic,2963.0.html)
-Have used many different cgminer configs
Here's my current one:
Code:
#!/bin/sh
export DISPLAY=:0
export GPU_USE_SYNC_OBJECTS=1
export GPU_MAX_ALLOC_PERCENT=100
./cgminer --scrypt -o http://coinotron.com:3337 -u *** -p *** -w 256 -g 2 -I 13 --lookup-gap 2  --thread-concurrency 8192 --shaders 2048 --gpu-fan 100 --gpu-engine 1080 --gpu-memclock 1500

Using this instead doesn't work either:
Code:
#!/bin/sh
export DISPLAY=:0
export GPU_USE_SYNC_OBJECTS=1
export GPU_MAX_ALLOC_PERCENT=100
./cgminer --scrypt -o http://coinotron.com:3337 -u *** -p *** -w 256 -g 2 -I 13 --lookup-gap 2  --thread-concurrency 8192 --shaders 2048 --gpu-fan 100

I'm running out of ideas and can't seem to find much about the problem. It's probably something in my set up but what?

Hardware:
-Rosewill Lightning 1300W
-Gigabyte F2A85X-UP4
-Some processor
-Corsair Vengeance Blue 8Gb
-Patriot Rage XT 16Gb as hard drive
-2x Sapphire Radeon 7970 Vapor-X Ghz Edition

I'm running Lubuntu. I have a similar rig with the only thing changed being instead of 2x7970 it has 3x5970 that hash at about 350Kh/s per core so each card is 700Kh/s

Any suggestion/advice/solution to this problem will be taken into consideration
4  Bitcoin / Bitcoin Discussion / Bitcoin now accepted by the HumbleBundle! on: May 09, 2013, 08:54:49 PM
http://blog.humblebundle.com/post/50032402607/humble-double-fine-bundle-now-with-bitcoin

I think that's pretty awesome, paying games with bitcoins and supporting charity.

They are working with coinbase, I think that is also pretty good news.
5  Other / CPU/GPU Bitcoin mining hardware / Get an XFX Radeon HD 7850 graphics card and three games for $144.59 on: May 06, 2013, 02:44:50 PM
"For a limited time, Newegg has the XFX Double D FX-785A-ZDF4 Radeon HD 7850 video card for $159.59 shipped when you apply coupon code EMCYTZT3405 at checkout. Even better, you can get an additional $15 off via a mail-in rebate (PDF), for a grand total of $144.59."

http://www.newegg.com/Product/Product.aspx?Item=N82E16814150656

Source: http://news.cnet.com/8301-13845_3-57582981-58/get-an-xfx-radeon-hd-7850-graphics-card-and-three-games-for-$144.59/
6  Economy / Economics / Can Bitcoins and Litecoins (or other alt currencies) co-exist? on: May 06, 2013, 01:28:43 PM
At the moment I think we could say that Bitcoin is to Litecoin what Gold is to Silver. Is it safe to assume they can co-exist? If not, why?
Pages: [1]
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!