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Author Topic: Deepbit offline...  (Read 17812 times)
pwnyboy
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May 30, 2011, 04:16:30 AM
 #81

does anyone think this outage will drive the price of btc up.

It damn well ought to.  From a business perspective, anyone mining with one of the affected pools (regardless of their reasoning) had their cost of doing business go up severely (akin to breakage/spillage/etc. from a manufacturer's perspective).  Those outages, from my vantage point, have affected operations for a quarter to half of a day.  Said another way, a quarter to a half of a day's production has been lost by people using those pools.  Furthermore, difficulty is such that it is statistically unfeasible for those miners to have switched their hardware over to solo mining, as you can't make up the difference in half a day assuming an average mining setup (average in my mind is 1 or 2 GH/sec).  Even if you had (what I consider to be) an "above average" setup with 15 Ghash/sec or so, your average block generation time running solo is still a day or more.  So yes it should drive the price up.

Although your question was not should it, but will it.  The problem is miners are essentially kids.  Note that I didn't say minors, I said kids.  As in, someone with the mentality of a child.  That's the only way to explain the kind of irrational exuberance that you see with people dumping gobs of money into mining.  It looks like the kiddies will continue to sell their bitcoins at the severely undervalued price of $8.30ish.  I say severely undervalued because I believe bitcoins will go to $1000 in 2 or 3 years, and the kiddies will realize they could've been millionaires by holding on to what they minted with spare video cards and free electricity in mom's basement.  I can't help but think of the story of Easu, the guy who sold his birthright for a bowl of soup.  But I digress..
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SgtSpike
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May 30, 2011, 04:31:30 AM
 #82

Lol @ Esau.


You can definitely tell that deepbit went offline by looking at the difficulty charts.  Wink


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May 30, 2011, 05:14:34 AM
 #83

Quote
It damn well ought to.
Yup, keep trying to drive up the price of Bitcoins.  You'll have to sling a lot of propaganda to make them worth $1000 though.

"Cost of doing business" was minimally impacted with Deepbit and slush's pool offline.  Miners simply switched to a new, unaffected pool, even if temporarily.  Nobody in their right mind would try solo mining when they can easily join a new pool for a consistent pay out.

An easier way to drive up the value of Bitcoin is to educate new users about it and offer compelling products/services for sale, creating a market where Bitcoins can have actual value.  Or set up a money laundering operation.  That'll get your $1000 valuation, guaranteed.

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Transisto
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May 30, 2011, 06:33:35 AM
 #84

Nobody in their right mind would try solo mining when they can easily join a new pool for a consistent pay out.
/meaningless/

Note : Payout was not so consistent in the last hours for those in a pool.
purpleeggguy
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May 30, 2011, 06:42:24 AM
 #85

Getting a lot of "Problems communicating with bitcoin RPC", even though the site seems to be up and everyone else says it's working.
I'm also seeing a much lower hashrate on the site than I should be.

Is it just me or is the site still fritzing?

Edit:
Doesn't seem to be happening with any other pools so I'll just assume it's a problem on their end.
Elios
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May 30, 2011, 06:53:40 AM
 #86

Getting a lot of "Problems communicating with bitcoin RPC", even though the site seems to be up and everyone else says it's working.
I'm also seeing a much lower hashrate on the site than I should be.

Is it just me or is the site still fritzing?

Edit:
Doesn't seem to be happening with any other pools so I'll just assume it's a problem on their end.

getting it too and i think its killing my hash rate im 1/2 the avg i was be for this mess
matthewgao
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May 30, 2011, 07:47:23 AM
 #87

why I always have the “Problems communicating with bitcoin RPC”  problem? Huh

what‘s the bitcoin RPC used for?

is it only used for computing the average speed in last 10 minutes?

Dobrodav
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May 30, 2011, 08:20:49 AM
 #88

Well, RPC connection problem refers to problem communication with your pool. It loss of data occured when your miner send result of his work, there is a chance, that work is wasted. I am not sure wich miners engines failsave in that situation.

We will  meet in not-so-distant future.
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wareen
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May 30, 2011, 08:56:34 AM
 #89

You can definitely tell that deepbit went offline by looking at the difficulty charts.  Wink
Yes and IMHO this is a good sign - it shows that non-professional miners still make up for a large part of the hashing power. It seems mining is not yet as monopolized as I had thought.

I hope it will stay that way because that's very good for the bitcoin ecosystem.
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May 30, 2011, 06:06:26 PM
 #90

Deepbit's hashing power is now 1251 GH/s.  I think it was around 1600GH/s before the downtime.  So about 22% of people moved on to other pools?
kiwiasian
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May 30, 2011, 06:21:15 PM
 #91

0% proportional fee for a few days, I like!!!!!


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rezin777
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May 30, 2011, 06:25:24 PM
 #92

0% proportional fee for a few days, I like!!!!!



Gee, how many pools have had this for ages now? 
slush
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May 30, 2011, 07:14:13 PM
 #93

Oh, I completely missed this thread. Yes, my pool was DDoSed - around 100Mbit/s of incomming traffic between 2am - 4am UTC. Then it went back to normal operation.

Btw Bitcoincharts.com is using hashrate from pools websites to draw chart. So when website is down/DDoSed and Bitcoincharts show zero % of some pool, that does not necessary mean that all pool hashpower is gone...

kiwiasian
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May 31, 2011, 04:03:05 AM
 #94

0% proportional fee for a few days, I like!!!!!



Gee, how many pools have had this for ages now? 

Ya, but their payout is not as high

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Nythain
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May 31, 2011, 04:13:01 AM
 #95

Btw Bitcoincharts.com is using hashrate from pools websites to draw chart. So when website is down/DDoSed and Bitcoincharts show zero % of some pool, that does not necessary mean that all pool hashpower is gone...
Wish more people would understand that  Wink

rezin777
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May 31, 2011, 04:18:58 AM
 #96

0% proportional fee for a few days, I like!!!!!



Gee, how many pools have had this for ages now? 

Ya, but their payout is not as high

Are you on drugs?
SlaveInDebt
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May 31, 2011, 04:19:54 AM
 #97

DDOS again.

"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
kiwiasian
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May 31, 2011, 04:24:15 AM
 #98

0% proportional fee for a few days, I like!!!!!



Gee, how many pools have had this for ages now? 

Ya, but their payout is not as high

Are you on drugs?

Are you?

Mining on BTCMine (0% fee) for 24 hours = 1.17 BTC
Mining on Deepbit for 24 hours, during the 0% fee period = 1.55 BTC

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EpicBacon
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May 31, 2011, 05:08:09 AM
 #99

0% proportional fee for a few days, I like!!!!!



Gee, how many pools have had this for ages now?  

Ya, but their payout is not as high

Are you on drugs?

Are you?

Mining on BTCMine (0% fee) for 24 hours = 1.17 BTC
Mining on Deepbit for 24 hours, during the 0% fee period = 1.55 BTC

So one pool had better luck than the other pool? ok
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May 31, 2011, 06:08:44 AM
 #100

24 hours is not enough time to determine whether one pool is "better" than another. You need at least 72 hours. Maybe a week if it's a newer pool (presuming the new pool is stable).

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