... And when iron rusts... It turns to iron oxide.

So there's that. Hair splitting, we're both doing it.

Ohhhh... I'm sorry.  I guess I shouldn't share any ideas because they're worthless unless I can enact them all for myself.

The Magna Carta was BS rag because it took many hands to make.

The great wall of china is a hoax, since the guy(s) that came up with it didn't make it happen for themselves.

[edit for posterity]

The point being... that one does not have to contain within himself every piece of knowledge or every tool in order to aide/create great things.  One merely has to press himself to the desired outcome and to work to that end.  Whether I code it all myself, or help in the design, or I donate to another that volunteers to make the changes... I am still a participant.

The surest sign of intelligence.  Trolling.

May I humbly submit myself before you, lord.

https://bitcointalk.org/index.php?topic=48136.msg577080#msg577080

Nerp.

Uhm... I am a liberal libertarian that believes firmly in peer to peer floated currencies as a response to regulated financial markets and unchecked fiat currencies.

I'm a pretty solid geek with practical (working) knowledge of electronics and absurd (obsessive) knowledge about components and peripherals.

I have posted the link above as an example of the amount of time and energy I've put into bitcoin before becoming involved.  Long time lurker (months at least), cryptocurrencies have become a pretty big part of my long term hedge strategy against inflation with the USD.

I'm also a small business owner (printing and marketing) and I generally know a bit as a result of completely obsessive research and study on anything that catches my interest.  For example, I know an inordinate amount about steel manufacturing due to a wild hair.

:edit: oops, 4 hours huh?  I guess lurking time doesn't add in?  t-minus 3 hours of spewing dribble into the newbie forum.

So... I was thinking about the problem with theft with bitcoins and its effect on price.

It's bad.

So... as a solution, I was thinking it would be cool if a RSA client key could be implemented with bitcoins as a new option moving forward.

How it would work:

When you create a bitcoin account or with a current one... probably through the current wallet software... create an option for an RSA client key.  You would submit something like a RSA 4096 client key that would be processed against some random number and associated with your address.  For a transaction to be verified, the key would have to be submitted with the transaction.

You would then have a couple options.  Creating a key file which could then be stored elsewhere, in the cloud or on a flash drive.  That way in order to transact a theft, the thief would then have to obtain both an unrelated key file AND access to the bitcoin wallet data OR would have to crack an RSA4096 key which would require the use of every computer in the world for thousands of years.

This would require that the initial key would be randomized for best security (making the loss of such a key tantamount to the loss of all BTC at that address) or could be an interpretive key that would be more prone to brute force cracking.

Regardless you'd virtually eliminate unauthorized transactions from the bitcoin universe thus making the currency FAR more attractive to hold, use or trade.

Thoughts?

Pulling 365khashs per core with a mild oc.  Don't want to burn out my power supply (even though its rated for 1000w)

Was even thinking of pulling power off the other rails using molex -> pcix 6 pin adapters to reduce load on the individual rails.  Ohms law is such a whore.

Oh... another thing.

If we can get namecoin domain (.bit) resolution into chrome and firefox, expect that currency to appreciate many thousands of times.

http://bitcoincharts.com/charts/mtgoxUSD#rg180zvztgSzm1g10zm2g25

If you look there you'll see the sell offs happened all at once.  I bet if you did some digging, it would be a minority of transactions representing the total sell off.   So it probably isn't typical trading.  It's large sell offs over and over again by people trying to pull cash out of bitcoin rather than using it as a long term hedge.

My theory - having few bitcoins, but having read extensively on the subject and still decided to get in after the first bubble - is that the price fall of bitcoins has two separate and very much related aspects to it.

The first is that speculation works REALLY well only when supply is short.  Speculation helped fix the supply problem by creating a massive incentive for early adopters to cash out (which if they did in the 20's, they were smart because btc did not have anywhere near enough trade to support such pricing).  Speculation by people with either money to invest or money to lose vested heavily based upon short term gains seen this year.  The price trends over the few years prior is probably a better indicator or the raw cash value of the currency.

While BTC's used on silk road certainly would have a stimulative effect on trading price, I doubt it was responsible for roughly 130million in total valuation that was represented at the height of the bubble.  So... bubble!  Bubble inflates people jump on board adding to the number of people interacting with the currency.  The net number of people trading in the currency will naturally cause it to appreciate because there is demand for the currency.  (Look at gold)  As idiots and investors realized that they were speculating on something that really isn't NECESSARILY worth anything (neither is gold), they sold.  Fewer interacting with currency = lower prices.  More sellers = lower prices.

Second... there was a massive BTC heist that took place earlier this year which both stalled the speculation AND served to bring to market many many btc that had to be liquidated and also likely led many early adopters to begin a sell off.

So... you have early adopters with many BTC... you have speculation... you have investors betting and losing... you have a recession. 

Recessions are bad for people that want to sell and great for people that want to buy.

At the 12terrahash area of the spectrum we're at now... lets assume that 100 mhash production costs roughly $85USD today to build.  That puts the cash value of hard assets used currently in production at 9.96 million.  That figure has deprecated rapidly, bare in mind.  Presuming a fairly natural cost to profit curve in hashing rate, we'll just multiply that value times the value E and come up with ~27million spent on mining equipment that is used today (this presumes a natural constant of depreciation, I really don't have the math background to factor in moores law into this estimate).

IE you have 27,000,000 REAL dollars invested by different individuals that are QUITE interested in maintaining their investments.  That's a really rough guess, but low side equalibrium for bitcoins, presuming confidence is maintained by those invested in it (they don't get out), should be near market value of the investments depreciated over time plus the cost of production (power).

IE 27,000,000 + the cost of electricity to produce the coins in existence should approximately be the value of the currency presuming the miners refuse to sell at a loss.  Presuming the average hash:watt is around 2:1, you're looking at somewhere around 5.5megawatts being spent on bitcoin mining right now.  That's 132 megawatt hours per day or about $15,000USD per day being spent on just MAINTAINING FUNCTION.

That's 5.5million per year in electrical costs.

So, obviously this figure has ramped up a bit this year, but presuming that the curve associated with increased production has an inverse curve related to efficiency (having to do with the advent of gpu mining), we could again presume that costs extend back in a way as to provide a degree of accurate analysis.   I'm just going to use the 5.5 million projected energy cost in the future as an example because I never got past calc one and didn't learn how to compute this stuff. 

That puts the aggregrate cash value of bitcoins in pure dollar investment (no time, no commitment, no political ideals, no other element effecting the community's commitment) at about 32.5 million USD.

7.47 million BTC... trading at $4 per have a cash value of about 30million dollars. (which I believe to be just below equilibrium, I expect prices to rise in the next month or two to around 4.75/btc where they will stay until adoption begins to occur, keep in mind, when that happens it will again be accelerated and exaggerated by speculation)

I wouldn't expect it to go too much lower and would expect to find equilibrium a little higher than we are right now.  I estimated the value of BTC to be near $5USD a piece not including speculation and early adopters flooding the market trying to collect a short term reward.  I still expect to see the graphs to trend in such a way as to indicate things to be as such.

This is what I think the base price will be.  That is before adoption takes place on a larger scale.  Once more businesses start accepting BTC and more people start using it (because it saves massive amounts of money on bank transactions), the value will go up.  It will probably go up a whole hell of a lot.

Since I am see more and more adoption instead of less and less, I do not think the currency will collapse.  I've only invested about 1400USD into a mining operation, but I did so after months and months of research and while watching a precipitous drop in the value of the currency.

If I am right about my predictions, my getting in now should equate to something like a 1.75:1 return on my investments in a year without the full value of BTC realized.  If adoption occurs how I think it might, we might be looking at more like 20-30:1 in the next 5 years and 100-10000:1 in 10 years.

You could do shading for a major motion picture firm.  If you look really in depth into OpenCL, it's being used for more and more.  Not the least of which being virus obfuscation :X.  GPU's can run circles around CPU's for encrypting files and hiding them from view so a new era of highly advanced encrypted viruses is around the corner.

So... you could get viruses even better.

The OTHER implication is that as OpenCL is more widely used, it can do some pretty sweet shit. 

One possibility is SQL select statements.  If you have applications running high volumes of them you can get a 20-1000% increase in productivity under load for database applications that are heavily referenced.

Yeah I just got my crossfired second 5790 running.  Have everything running smooth right now getting 1320 ghashs on my 5790 quadfire.  Not horrible, but I'd like to push it up to 1500 from the pair.

Anyone else had problems ocing the AMD HD 5790 (reference boards)?

My other cards are all sapphire and powercolor and they all oc very nicely.

Derp.

Ghashs.

My bad.  Just got my second 5970 today... so I've got 2x 5970, a 5870, a 6850 and a 5750 mining right now...

Once I get everything going, configured I should be right about 2.2 ghashs.

Gotta start working on my rep

Joined a while ago and can't post in the threads I've been watching.

I'm currently running at ~1.6mh per second (would be more if my new power supply didn't start spiking when I oc my 5790 a TINY bit), going to be stepping up to 2.2mh pretty soon.

Like the community.  Dig the purpose of everything.  Maybe a little addicted even.

Currently mining with slush after mining with deepbit for the last few weeks.