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1  Bitcoin / Pools / Re: [12000 GH/s] Slush's Pool (mining.bitcoin.cz); TX FEES + UserDiff; ASIC tested on: July 27, 2013, 03:58:56 AM
Hello, I'm newbie here. I just tried this pool yesterday and already produced about 13-15 shares (I don't remember exactly) and then I turn off my miner and go to bed. This morning I saw my estimated reward become zero and nothing at my unconfirmed/confirmed, so what I've mined yesterday is totally useless?

Thanks.

This pool doesnt use Pay Per Share as a reward system, it uses a different system which is a bit difficult to explain as I dont completely understand it, but your reward will quickly drop to zero if you quit mining... This is to combat pool hopping. Leave your miner on through the end of round until a block is found, and you will be paid your reward for that block. Other pools have PPS as options, but the fee is always higher because of pool hoppers... Happy Mining!
2  Economy / Economics / Re: Bitcoin Spending and Improving the Bitcoin Economy on: July 25, 2013, 03:05:31 PM
Good idea...
3  Bitcoin / Mining / Re: Butterflylabs has the worst customer service in the world. on: July 25, 2013, 02:51:30 PM
Well actually they are bad but not the worst.
However your article is incorrect, specifically this "There answer: go F*ck yourself! "
I do not see this reply in any of your supposedly quoted communication with them.

Perhaps you should forget BFL and use the money towards  some English grammar lessons or maybe  a 'Ghost' hunter, to identify why your Internet is ordering items on your behalf..
Hmm.... Just how were those packets randomly generated.....


This is awful. They are the Worst. They did, effectively tell him to go F%&K himself... He was using what we in the English language call a "Metaphor"... Strange that a grammar expert wouldn't know that, but here let me help you: http://en.wikipedia.org/wiki/Metaphor

Have you never experienced computer malfunctions? He isn't saying his internet just randomly started ordering things... Lighten up dude.

And in response to the Original Poster, they are an awful crooked company and thats just part of the risk of dealing with them.
4  Bitcoin / Pools / Re: [12000 GH/s] Slush's Pool (mining.bitcoin.cz); TX FEES + UserDiff; ASIC tested on: July 25, 2013, 02:45:43 PM
25000 GH/s!
5  Bitcoin / Mining speculation / Re: Paying to Reduce Mining Diffuclty? on: July 24, 2013, 02:57:41 PM

There would be 'two' difficulty levels, one exactly half of the other.   The highest difficulty level would adjust until the block generation rate was every 10 minutes regardless of the mining reward.

If you accepted half of award, you would be able to submit a block at the 50% difficulty level.   If everyone moved to half the block reward then you would still get 1 block every 10 minutes at what ever difficultly level exists based upon competition of miners for 12.5 vs 25.


There is no point in doing that, everything would be exactly the same - miners would make as much money and the same amount of hashing would be done.

The rate of block production would be the same, every 10 minutes, but some percent of the miners are working for 'half pay'  and thus there would be less mined.   These miners work for half pay because they make more money via reduced devaluation of their current holdings due to inflation.   This is 'intangible' but still real.   Everything else being 'equal' the total hash power would be the same and all you would do is change the distribution of wealth... except... the miners working for half-fees are undermining the profits of those working at higher fees because the lower-fee miners have an alternative means of making money indirectly (reduced inflation) that is not available to the higher fee miners.   In fact, if you own enough Bitcoin and have a small enough hashing power, you would make more money by mining for 'free' than mining in a pool or solo.   

Lets work this math out:   Lets assume I own $1 Million in BTC and the money supply is $1 Billion in BTC growing at 10% per year.   This means that in one year (all else being equal), I have lost $100,000 in inflation paid to miners.  If I want to prevent this loss I would have to invest in 0.1% of the hashing power of the network so that my earnings from mining offset my losses due to inflation.   

Now if I had the option of only investing 0.05% of the hashing power to earn enough BTC to offset inflation, then I am still maintaining my position and have profited in the process by having to purchase less hashing power!    The network would also have a slightly lower hash rate even thought he  BTC/difficulty yield would be unchanged.

Conclusion:  those who own more BTC than hashing power can 'vote' on the level of hash security they want by specifying the mining reward they want relative to the difficulty.   At some point, those who hold a large number of BTC would be self-motivated to mine for 0 reward and still secure the network.   The alternative is to debase all of their holdings to pay for unnecessary security. 






Mining doesn't work this way.
6  Bitcoin / Mining / Re: Donation to help ButterflyLabs to ship faster on: July 24, 2013, 02:44:45 PM
Do we have any reason to think that Butterfly and Avalon are NOT doing this exact thing?

They said they wouldn't and aren't!   I take them for their word, and if they are lying, then they should face accountability... a rare word to use around here.

lol ok dude.

I'm not saying they are not mining with the equipment... I personally feel like they are burning-in the units on the live network, BFL may be doing worse than that... I'm just saying, Yes, we do have a 'reason' to think that BFL and Avalon are not doing it... the reason is because they said they weren't.  Do we have doubts and maybe even some evidence?  Yes.


We have no "reason" to think that BFL is not mining with our equipment... You think that just because they say some thing, we should give them the benefit of the doubt? After what they have been doing? If everything Butterfly Labs said was truth, they would have been shipping many more units, a long long time ago.
7  Bitcoin / Pools / Re: [12000 GH/s] Slush's Pool (mining.bitcoin.cz); TX FEES + UserDiff; ASIC tested on: July 23, 2013, 04:34:43 PM
I think slush gotta add another server or two to keep up with 23+ Thash for the pool and increasing competition on the network.

This may very well be the issue... We're pushing up 24TH/s, and it happened fairly quickly.
8  Bitcoin / Pools / Re: [12000 GH/s] Slush's Pool (mining.bitcoin.cz); TX FEES + UserDiff; ASIC tested on: July 23, 2013, 04:20:10 PM
We have been having a lot of problems with the servers over the past few days... If this is the new norm, I'm gonna have to point my miners elsewhere permanently   Cry
9  Economy / Goods / Re: Potbelly Sandwiches for BTC in Fairfax on: July 23, 2013, 03:26:36 PM
For sure!... I'm not sure what the company would think of this, but as long as they are being paid it should be just fine.
10  Economy / Speculation / Re: POLL: when will we see $100/BTC again? on: July 23, 2013, 02:51:56 PM
Heading up, 96.41 at the moment... I still doubt it hits 100 before 2014.
11  Bitcoin / Mining / Re: Donation to help ButterflyLabs to ship faster on: July 23, 2013, 02:46:51 PM
They're slowly leaking 5G miners out, so as not to skyrocket the difficulty all at once... They are in all likely hood mining themselves with the lower difficulty. If they did release everything at once, it would drive the network hash rate up close to 350TH/s meaning the 5G miners would only be making ~.05 coins a day. This seems kind of obvious...
12  Bitcoin / Pools / Re: [12000 GH/s] Slush's Pool (mining.bitcoin.cz); TX FEES + UserDiff; ASIC tested on: July 23, 2013, 02:34:19 PM
164%!! This is (mostly) making up for our terrible luck last week.
13  Bitcoin / Bitcoin Discussion / Re: Bitcoin's Big Problem... on: July 22, 2013, 06:47:27 PM
Yes paper currency will be around for 20+ years, probably more. However the US government DOES want a decline of the dollar, though not a death. Its enormous debts are denominated in dollars so it is in the interests of the US government to see a decline in the dollar because this means a decline of the real value of its debts. The pound lost 25% of its value in 2008 and this was praised by many in "The City". Paper currencies are in a "race to the bottom".

Ahh this makes sense... I guess the question is what will big Government turn to after they devalue the dollar? How will they collect taxes, and in what form will the average man be paid? I don't like the idea of the government collecting taxes from my bitcoins, but I also recognize the need for a tax paying society in order to function.
14  Bitcoin / Bitcoin Discussion / Re: Bitcoin's Big Problem... on: July 22, 2013, 06:43:28 PM
Ack, I stopped reading at "most people in the developing world have no access to computers". If you aren't aware of the degree of penetration of smartphones in the third world you've been living under a rock.

Can you point me to your information? Even with smart phone adoption, currently the worlds internet penetration sits at just 34.3%... There are only ~1.10 Billion smart phones in the world vs 7.1 Billion people alive... See the first link below, even the predicted future penetration for African, Middle East, South/Central Americas and Asian Pacific countries sits below 50%.

http://printinthemix.com/Fastfacts/Show/727

and these:
http://www.internetworldstats.com/stats.htm
http://www.gfmag.com/tools/global-database/ne-data/11942-internet-users.html#axzz2ZniYNN2W
http://www.go-gulf.com/blog/smartphone/
15  Bitcoin / Bitcoin Discussion / Re: Bitcoin's Big Problem... on: July 22, 2013, 06:31:10 PM
You are assuming that the dollar and the euro will be rock solid currencies. With that assumption, you're conclusions are correct.

Is it very probable that USD and EUR will lose value and people will be looking for alternative money. When people see the financial collapse happening, they will be willing to learn how to use bitcoin.

Gold is pretty much useless, only makes sense as a hedge against fiat currency collapse. Yet the value of all the gold in the world is ~7 trillion USD. Bitcoin is ~1 billion. It's a gamble, sure, but I'd rather bet on bitcoin than on gold.

I'm assuming that the USD and EUR will be relatively stable for the next 10-15 years, yes... But if they did loose their value, why would people go straight to BTC? Most people are completely unaware of Bitcoin, and I feel that precious metals and physical valuables will be the obvious go to investment for most of the population.... That said, I am holding out for your aforementioned scenario!
There's no chance that these paper currencies can hold stability for that amount of time. There's already indicators that Bernanke may back off on stimulus even tho he hasn't expressly stated. There's a portion of his board that want to back off and this will affect the phony stock market that is propping up this facade of stability. I'd venture to say that being stable longer than 5 years is pushing it optimistically. When those in the market get their clocks cleaned, watch out in bitcoinland - the ship is leaving the port.

Lot's of great responses here guys! I have to disagree with this though, there is simply no way the US would let the dollar die... especially so quickly. Without tax money, we would have complete infrastructure collapse and then you can forget about your internet connection to virtual currency. Paper currency is on its way out, but its going to be around for the next twenty years or more, I guarantee you.
16  Bitcoin / Pools / Re: [12000 GH/s] Slush's Pool (mining.bitcoin.cz); TX FEES + UserDiff; ASIC tested on: July 22, 2013, 05:38:46 PM
Hi all. I`m new at slush. NMC pay now or not?

Hello! Welcome to slush! shared NMC mining ended when slush ended getwork support a little over a week ago.
17  Economy / Goods / Re: BLACK LACQUER HAND DRUMS W/INLAY ON STAND (PRICE CHANGE) on: July 22, 2013, 03:25:10 PM
These are really cool drums man, and I appreciate that they are hand-made, but 30BTC is way too high for a couple of hand drums... You can get a really high quality hand-made djembe for ~4.4 BTC elsewhere.
18  Bitcoin / Bitcoin Discussion / Re: Bitcoin is boring on: July 22, 2013, 03:17:02 PM
How many BTC for your daughter?
19  Economy / Goods / Potbelly Sandwiches for BTC in Fairfax on: July 22, 2013, 02:50:05 PM
HELLO BITCOINERS! Feeling Hungry??

     I manage a Potbelly Sandwich Works in Fairfax VA, and as my effort to help develop Bitcoin I have decided to start accepting them. There are very few food vendors accepting BTC at the moment, so if you are a fan of our sandwiches go ahead and shoot me a message! We will have to set it up ahead of time, as I am not always at the store and will have to do the transaction personally. I will accept your BTC for your order, and then pay for your food with my own USD!  Grin
20  Bitcoin / Mining / Re: Why do my miners keep on closing? on: July 22, 2013, 10:09:20 AM
Gonna need more info friend... Open up the console in GUIminer and tell us what type of errors you're getting.
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