As I understand it, you can download the source code, run it locally on a webserver thats disconnected from the internet to generate your PDF bills. Thats not a scam, thats a great idea. If you are too lazy to set up your own webserver, and you dont trust the OPs hosted solution, then dont use it. Its fine to point out potential security risks, its not fine to call this a scam IMO. |
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Can anyone pull out a formula to calculate the "proper" value of 1 Mhs PPS according the difficulty?
1 MH/s = ~1000000 / 2^32 shares per second 1 share = 50 / difficulty bitcoins (soon 25) so 1MH/s = 1000000 * 50 / (2^32 * D) btc per second. or 0.000000005314 btc per second or 0.013773062 btc per month. |
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A lot of gpu's will be turned off because of reward drop. The difficulty should drop a decent amount unless ASIC's get delivered.
So you are betting that difficulty will actually go down over the next 12 months? Good luck with that. Not only is it a crazy bet, the rewards are almost non existent should you somehow be right. |
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Any plans to support amazon UK in the future? Spendbitcoins stopped doing it, so many are looking for an alternative.
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Why would returns drop in half? When the block rewards drops to 25, are you expecting not a single person is going to stop mining with their gpu's?
Oh, Im expecting a few gpu's to be turned off, but only because of minirigs and asics being turned on. And no, I dont expect a single FPGA or Asic to be turned off, for the simple reason that electricity cost is only marginal compared to the investment. Even if some of those FPGAs will have no more hope to earn back their investment, keeping them running will at least reduce the loss for quite some time. Difficulty is rising because payouts are increasing. Difficulty has not been keeping up with the price increases. All the more reason to expect further increases in difficulty. If you think difficulty will be lower in January than it is now, I will gladly take a bet. |
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On the other hand, lower prices are increasing the yield: at current price YABMC is paying >3% weekly.
3% per week for a few more months. Then its 1.5% even we would assume asics dont materialize and somehow difficulty would stop skyrocketing. Even with zero growth and no asics, it would take a year for the bond to pay back its investment. Anyone buying equipment or bonds that takes a year to pay for itself at current difficulty, is.. well, gonna lose money over that year. A lot of it. Even as it is, difficulty is going up faster than 3% per week, and you aint seen nothing yet. |
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I also wonder about the legal implications of this. Like, is it legal for him to accept foreign donations?
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Would also be interested in buying amazon.co.uk vouchers for btc. I loved spendbitcoins for that.
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Something going on? no blocks found in a long time
LOL. Pool really must be growing. Its only been 10 hours since the last block. I used to start worrying when it took a week  |
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Wellcome to BitMinter. To be fair, there is nothing wrong with a small fee. Graet invested a lot of time and money in his pool. I donate 2.5% BTC and all my NMC to DrHaribo. It's nice when something is free but someone has always to pay the bill to keep it running.
+1 And lol, its exactly the same settings as me. Doc must be on his way to become a namecoin millionaire |
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This is possible but would be very difficult in practice. There are lots of server side checks to ensure the the correct js is being served, if there are any unexpected file changes I get notified immediately. As hazek mentioned there is also https://www.blockchain.info/wallet/verifier which is a simple browser extensions that checks that the js being served is identical to the js at https://github.com/blockchain/My-Wallet. I installed it; is there any way to know its actually working? Does it check before or after entering my password? |
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I have to say, I absolutely love the blockchain.info wallet service. It allows me to monitor paper wallets, draws pretty charts, it works like a dream on my android, the features are fan-tas-tic.
I do have one obvious concern Id like some feedback on: security.
How hard would it be to write some malware or a browser expoit that would target blockchain.info wallets, duping the user in to entering his password and then stealing the coins?
Also, I understand blockchain itself doesnt have the private keys, but if someone manages to hack the server, it would still allow him to obtain the key from the user when he enters it, or not?
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Downside: it would take twice as long to get paid for work you did (10 hours instead of 5 hours at the current pool hash rate). A bit annoying for everyone perhaps.
Perhaps you should clarify that a bit; if you mine non stop, your payout isnt actually delayed, this only affects you when you just joined, hop, or throw a gpumax purchase at it. A non stop miner would still get paid immediately after each block, or after 120 confirmations, same as now. Anyway, Im for lowering variability, but since Im not your typical nonstop miner, not sure my vote counts . |
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I haven't heard any voice, but he posted this. I was going to offer my services as a guitar instructor of 10+ years...but I assumed he was just trolling. Troll level=godlike. He'll need your services from what I've heard from that audio file. Get him started on the basics first please. I downloaded it (against my better judgement), opened it in a music player, didnt hear anything, so I turned up my volume and wow, I heard some really good music! Then I realized it was my internet radio that I had muted. . |
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I was hoping for a few good final months before ASICs arrived, because I expected people to ditch their GPU farms while they still can get a decent price for them. I mean, good luck selling your GPUs in november or whenever these asics hit.
Unfortunately, the sharp BTC price increase has pretty much killed that hope, and everyone seems to be doing what Im doing: mining on their gpu's till the bitter end, even if it means selling the gpu's later at far lower prices.
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Black Market Drug Site 'Silk Road' Booming: $22 Million In Annual Sales
His findings: the site’s number of sellers, who offer everything from cocaine to ecstasy, has jumped from around 300 in February to more than 550. Its total sales now add up to around $1.9 million a month. And its operators generate more than $6,000 a day in commissions for themselves, compared with around $2,500 in February. http://www.forbes.com/sites/andygreenberg/2012/08/06/black-market-drug-site-silk-road-booming-22-million-in-annual-mostly-illegal-sales/I think this puts the argument that Pirate's business is somehow related to laundering coins for silk road to rest. Pirate's interest payments completely dwarf Silk Roads operator profit and almost rivals the combined revenue of all silk road sellers combined.
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Why do you trust Nefario? Why do you trust GLBSE security?
GLBSE is probably starting to generate some decent cash flow. Thus, Nefario has a financial interest in appropriately operating the exchange because he will make mo money! Im inclined to agree with this, although I applied the same reasoning to bitcoinica. As mentioned above however, there are other risks besides Nefario trying to run off with the money. Considering the amount of money being transferred at GLSBE, I have to say the website still looks frighteningly amateurish. Looks can deceive of course, lets hope they do.. |
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Keep in mind that
a) pirate won't cash out when he defaults, unless he has shills inside mtgox (oh well considering craziness of recent events that even might be a possibility)
Yeah, if its a scam, he'd need something to clean his coins first; perhaps something allowing him to trade his tainted coins for freshly minted ones on a dozen or so pools. If only there was a large operation allowing just that. Oh wait  . b) the hypothetical cash out values aren't that different if done at once because of slippage.
So 240K would give 1.67 mil USD and 400K just 1.91 mil USD.
Why would he be in any rush to sell it all at once? |
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So basically gigavps devalues your existing bonds by 4 times if you take the "free upgrade" and if you pay .25 BTC extra (additional 25% from IPO price), you get a upgrade, you actually must for free in the first place. Yes, for free! Because equipment is paid by bitcoins from IPO - your money, bondholders.
If this is correct, then this must be the worst upgrade path ever proposed by any mining contract out there.
No, giga gives a free upgrade path, which he is under absolutely zero obligation to do. Most other bond issuers dont and wont. If anything, I think Giga is being quite generous. Not that it will fundamentally change the fact that these bonds, even the upgraded ones will most likely turn out to be terrible investments. But you bought mining bonds not shares. You dont own the fpgas, you have no claim to the upgrade. Giga owns it and only owes you coupon payments that are function of difficulty, no more, no less. Those payments will become worthless as mining revenue per GH is about to vaporize, but thats not giga's fault and its not up to him to compensate anyone for their stupidity. BTW, the fact giga will trade 5MH bonds for 20MH bonds for free, just shows you how incredibly overpriced these things are. |
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