Bitcoin Forum
October 17, 2018, 12:14:59 AM *
News: Make sure you are not using versions of Bitcoin Core other than 0.17.0 [Torrent], 0.16.3, 0.15.2, or 0.14.3. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 4 »  All
  Print  
Author Topic: Miners should Start a Union  (Read 5543 times)
Sakarias-Corporation
Hero Member
*****
Offline Offline

Activity: 574
Merit: 500


Call me Alice. just Alice.


View Profile WWW
June 09, 2015, 05:58:32 PM
 #1

We demand higher price. We no sell coins !

seriously its worth thinking of haha Smiley imagine if the TOP 5 mining farms (or maybe 10-30?) would demand to sell coins for 10-20% higher then todays value.

1539735299
Hero Member
*
Offline Offline

Posts: 1539735299

View Profile Personal Message (Offline)

Ignore
1539735299
Reply with quote  #2

1539735299
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1539735299
Hero Member
*
Offline Offline

Posts: 1539735299

View Profile Personal Message (Offline)

Ignore
1539735299
Reply with quote  #2

1539735299
Report to moderator
1539735299
Hero Member
*
Offline Offline

Posts: 1539735299

View Profile Personal Message (Offline)

Ignore
1539735299
Reply with quote  #2

1539735299
Report to moderator
muhrohmat
Sr. Member
****
Offline Offline

Activity: 252
Merit: 250


View Profile
June 09, 2015, 06:06:50 PM
 #2

well i cant take to seriose but union its a good idea im free to say what we need its work into that porject for like a sindicate  that cares for miners porfit

p3yot33at3r
Sr. Member
****
Offline Offline

Activity: 266
Merit: 250



View Profile
June 09, 2015, 07:11:01 PM
 #3

A Union...... Cheesy Roll Eyes

You gonna go on strike?  Cheesy
Xialla
Legendary
*
Offline Offline

Activity: 1036
Merit: 1000


/dev/null


View Profile
June 09, 2015, 07:25:53 PM
 #4

ah, so if there will be union of bakers, tomorrow will cost one baguette twice more? please wake up...
Sakarias-Corporation
Hero Member
*****
Offline Offline

Activity: 574
Merit: 500


Call me Alice. just Alice.


View Profile WWW
June 09, 2015, 07:28:43 PM
 #5

ah, so if there will be union of bakers, tomorrow will cost one baguette twice more? please wake up...

if every baker would unite and sell baguette for 2 Euro instead of 1. then yes it would.

chalkboard17
Sr. Member
****
Offline Offline

Activity: 485
Merit: 250



View Profile
June 09, 2015, 08:25:24 PM
 #6

This makes no sense at all I am sorry. It's so flawed I don't even know where to begin at.
What could work, but extremely unlikely, would be if two pools control over 60% of the hashrate and agree on refusing transactions with low fee. Then they would be working together to only mine transactions with high fee per kb. This could backfire into rendering bitcoin useless and their mined btc rendered to 0$ but most likely they would stop and realize the mistake before that happens.

                ▄▄  ▄▄                
            ██  ▀▀  ▀▀   ██           
        ██                   ██
       
                ██  ██  ▄▄            
     ██    ██           ▀▀  ▄▄        
                  ███       ▀▀        
   ██    ██   ███      ███     ██     
                          ███         
  ██   ██   ██    ███ ███    ▄▄   ██  
               ███           ▀▀       
  ██   ██  ███           ███  ██   ██ 
                     ███              
    ▄▄  ██    ███ ███     ▄▄  ██   ██ 
    ▀▀    ▄▄              ▀▀          
      ▄▄  ▀▀          ███    ██   ██  
      ▀▀      ██  ███                 
         ██              ███    ███   
             ██  ██  ███              
       ██                    ██       
           ███  ▄▄▄  ▄▄  ███          
                ▀▀▀  ▀▀               
 
STREAMITY
 

 

  Twitter
Facebook
Instagram
  Telegram
LinkedIn
Medium
johnyj
Legendary
*
Offline Offline

Activity: 1848
Merit: 1000


Beyond Imagination


View Profile
June 09, 2015, 08:33:22 PM
 #7

This has been discussed many times, large miners forming an OPEC-like organization, control the coin supply and set the market price

However, bitcoin is not like petroleum, it can not be consumed, thus the market supply mostly come from existing holders. Even if miners control majority of the daily new coin generation, that's still a small amount comparing with the daily coin cash out from previous owners. And after the next reward halving, their influence will be even less

MCHouston
Hero Member
*****
Offline Offline

Activity: 826
Merit: 500


Where am I?


View Profile
June 09, 2015, 09:19:23 PM
 #8

In the USA this is known as price fixing and violating Anti-Trust.  So that would be a no from me.

BTC 13WWomzkAoUsXtxANN9f1zRzKusgFWpngJ
LTC LKXYdqRzRC8WciNDtiRwCeb8tZtioZA2Ks
DOGE DMsTJidwkkv2nL7KwwkBbVPfjt3MhS4TZ9
achow101
Staff
Legendary
*
Offline Offline

Activity: 1554
Merit: 1701


3F1Y9yquzvY6RWvKbw2n2zeo9V5mvBhADU


View Profile WWW
June 09, 2015, 10:45:41 PM
 #9

If they refused to mine because they want the price to increase, then the network hash rate would go down. This would cause a difficulty drop and other miners and pools would just pick up the slack once the difficulty drops. Or, the network will be just as safe and secure without them after the difficulty drops and those miners are ignored.

Amph
Legendary
*
Offline Offline

Activity: 2002
Merit: 1001



View Profile
June 10, 2015, 07:10:58 AM
 #10

they could do it easily, because they have already roi'd, and adding new equipments wil roi in a second, so they don't have that problem of returning their investment, also they pay a very cheap electricty, they could agree to set their sell order on a +1% every day at the very least
Bicknellski
Hero Member
*****
Offline Offline

Activity: 924
Merit: 1000



View Profile
June 10, 2015, 07:12:51 AM
 #11

Your union sounds like a federal reserve system not a union.

Chomsky on Federal Reserve

We already have significant amounts of hashing power in a few hands and any 'union' would act in their own selfish interests and if they could adjust the price of BTC they would.

They 'un'-fortunately do not have the resources just to HOLD back bitcoin as they have significant investment in the equipment and space in which they operate.

If they could manipulate the price they would, ala Mt. GOX, without having to form a 'union' there are greater powers at work who moderate the price of bitcoin.

Careful what you wish for there is already a club for those who have the majority of the bitcoins... http://blogs.wsj.com/moneybeat/2015/06/02/bitbeat-grand-plans-for-bitcoin-from-necker-island/


Code:
One half of BitBeat spent last week moderating discussions at the inaugural
Blockchain Summit on Richard Branson’s Caribbean island, Necker Island.

It was perhaps inevitable that an exclusive event in a tropical idyll, where
businessmen hobnob in the presence of one of the world’s richest men, would
elicit allegations of elitism from some of quarters of the bitcoin community
(as well as the occasional conspiracy theory.) But as the summit progressed,
it became clear that the attendees had grander and, arguably, more altruistic
aspirations than their critics imagined.

The group, which the summit web site described as comprising
“the greatest minds in digital innovation,” explored multiple projects
that would use the blockchain – the core ledger technology underlying
bitcoin – to change the lives of billions of people. Whether these succeed
remains to be seen, but the scope of the goals discussed was striking.

The same people who control fiat are discussing things with the people who have majority control over bitcoins on the planet. You tell me if that is a good thing. Front and center at the table is Bitfury... so much for your union.

Dogie trust abuse, spam, bullying, conspiracy posts & insults to forum members. Ask the mods or admins to move Dogie's spam or off topic stalking posts to the link above.
iglasses
Legendary
*
Offline Offline

Activity: 1148
Merit: 1000


View Profile
June 10, 2015, 07:40:41 PM
 #12

Decentralized supporters unite!!

ohh wai....

I only have a signature because I'm allowed.
makcik
Full Member
***
Offline Offline

Activity: 140
Merit: 100


View Profile
November 17, 2015, 05:07:22 PM
 #13

Bitcoins have been popular for mining. And also mining has been proved as the best method of getting bitcoins for yourself. Bitcoins mining is done in almost every country. So, we can easily estimate that there are millions of miners all over the world.
There's a proverb that there is strength in unity. And, that can do wonders if done in mining.
According to me, miners should start a union for mining. In which they will work together. This will increase profits as there will be involvement of many people. As it will be a union, it will be recognized under one team and it will be more famous too. Overall its a good idea. But, it depends upon the way people work and their mutual understanding.
Anyways, I'm in favour for it.
Betwrong
Legendary
*
Offline Offline

Activity: 1260
Merit: 1028



View Profile
November 17, 2015, 06:14:25 PM
 #14

Decentralized supporters unite!!

ohh wai....

Haha, yeah! Trying to centralize something which is decentralized by it's nature is an interesting concept... But will it work? No, of course it won't.

.FORTUNE.JACK.
      ▄▄███████▄▄
   ▄████▀▀ ▄ ██████▄
  ████ ▄▄███ ████████
 █████▌▐███▌ ▀▄ ▀█████
███████▄██▀▀▀▀▄████████
█████▀▄▄▄▄█████████████
████▄▄▄▄ █████████████
 ██████▌ ███▀████████
  ███████▄▀▄████████
   ▀█████▀▀███████▀
      ▀▀██████▀▀
         
         █
...FortuneJack.com                                             
...THE BIGGEST BITCOIN GAMBLING SITE
       ▄▄█████████▄▄
    ▄█████████████████▄
  ▄█████████████████████▄
 ▄██
█████████▀███████████▄
██████████▀   ▀██████████
█████████▀       ▀█████████
████████           ████████
████████▄   ▄ ▄   ▄████████
██████████▀   ▀██████████
 ▀██
█████████████████████▀
  ▀██
███████████████████▀
    ▀█████████████████▀
       ▀▀█████████▀▀
#JACKMATE
WIN 1 BTC
▄█████████████████████████▄
███████████████████████████
███████████████████████████
██████████▀█████▀██████████
███████▀░░▀░░░░░▀░░▀███████
██████▌░░░░░░░░░░░░░▐██████
██████░░░░██░░░██░░░░██████
█████▌░░░░▀▀░░░▀▀░░░░▐█████
██████▄░░▄▄▄░░░▄▄▄░░▄██████
████████▄▄███████▄▄████████

███████████████████████████
███████████████████████████
▀█████████████████████████▀
Dalkore
Legendary
*
Offline Offline

Activity: 1316
Merit: 1012


Mining since 2010 & Hosting since 2012


View Profile WWW
November 17, 2015, 07:57:05 PM
 #15

That may of worked when miners owned more of the Bitcoins.   Now that is not the case and the miners are not determining the price.  Miners for the most part need to sell their coins immediately to cover their expenses.   What they have left they are saving but that is not enough restriction of supply to affect the price in any major way.  What will happen is that if the difficulty goes too high or the price too low, you will see the network adjust to a level that at least allows break-even for a majority of the network.   



Hosting: Low as $60.00 per KW - Link
Transaction List: jayson3 +5 - ColdHardMetal +3 - Nolo +2 - CoinHoarder +1 - Elxiliath +1 - tymm0 +1 - Johnniewalker +1 - Oscer +1 - Davidj411 +1 - BitCoiner2012 +1 - dstruct2k +1 - Philj +1 - camolist +1 - exahash +1 - Littleshop +1 - Severian +1 - DebitMe +1 - lepenguin +1 - StringTheory +1 - amagimetals +1 - jcoin200 +1 - serp +1 - klintay +1 - -droid- +1 - FlutterPie +1
Tmdz
Hero Member
*****
Offline Offline

Activity: 840
Merit: 1000


View Profile
November 18, 2015, 03:58:04 PM
 #16

The ones who need the union the most are small time miners eg the ones who pay midlevel rates electric or own 100 pieces of hardware or less.  The big time miners have the super cheap electricity and they keep adding big hash not giving a shit how it makes difficulty rise.  So that union would have to be able to do something against the big guys or secure contracts to lockin new efficient asic hardware to be released to us first then after some time released to the big players.  The other way would be to hack their network, get inside and start shutting machines down or reconfigure them to mine for us.  Until they agree to give in to our demands and reduce their hash rate or at least stay steady.

So the question is...who's gonna start hacking the mega farms?
tiggytomb
Legendary
*
Offline Offline

Activity: 1764
Merit: 1000


View Profile
November 18, 2015, 04:04:42 PM
 #17

Yeah this doesn't make too much sense really, for example if the large miners part of a union decided to not mine then the smaller miners would have struck gold and will be hitting blocks which is good for them but in reality I can't see this working.  Nice thinking though.

.CYBR.██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
..• ᠆᠆᠆᠆᠆᠆  Cyber Security Solution for Blockchain  ᠆᠆᠆᠆᠆᠆ •..
- BitcointalkWebsiteWhitepaperTwitterFacebookTelegramReddit -
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██████
██
██
██
██
██
██
██
██
██
██
██
██
██
██████
..TGE Starts
..15 OCT 2018..
██████
        ██
        ██
        ██
        ██
        ██
        ██
        ██
        ██
        ██
        ██
        ██
        ██
        ██
██████
notlist3d
Legendary
*
Offline Offline

Activity: 1470
Merit: 1000



View Profile
November 18, 2015, 05:11:51 PM
 #18

Yeah this doesn't make too much sense really, for example if the large miners part of a union decided to not mine then the smaller miners would have struck gold and will be hitting blocks which is good for them but in reality I can't see this working.  Nice thinking though.

It won't happen as we really need to keep a miner running, if you shutdown as a strike would do you really would lose money.  And there is not like a boss everyone would go to... its a open market so cant really do a bargning with all the BTC buyers of the world they spend what they see BTC worth.

And actually btc has went up from 230 for a long time to around a hundred above that.   So that is quite a good sign to see.  I agree we all always want more, but a union would do us no good as it would just be a few people most likely and would not effect overall BTC price.
Dalkore
Legendary
*
Offline Offline

Activity: 1316
Merit: 1012


Mining since 2010 & Hosting since 2012


View Profile WWW
November 18, 2015, 05:21:24 PM
 #19

This is a knee-jerk reaction at best.  If you are serious then you would pool a bunch of miners resources and get enough funds to have a little clout to get hardware when it comes out.   You would also need to partner or build a efficient hosting location to do the people's business.  I warned of this before ASIC were even out.  

Bitcoin is secured by human greed so in that scenario, people don't seem to care about network centralization for all intensive purposes.  In the end you will likely have 10-15 large players that make up the bulk of the mining.  This will be because they made smart hosting choices, got their hands on efficient hardware and waited all the other miners out.  The only way smaller miners get a seat at that table is making something that scales as well.   If anyone is serious about this and has access to funding, PM and we can have an offline discussion.

P.S. Don't try and hack large farms, those are federal crimes and you don't look good in orange.

-Dalkore

Hosting: Low as $60.00 per KW - Link
Transaction List: jayson3 +5 - ColdHardMetal +3 - Nolo +2 - CoinHoarder +1 - Elxiliath +1 - tymm0 +1 - Johnniewalker +1 - Oscer +1 - Davidj411 +1 - BitCoiner2012 +1 - dstruct2k +1 - Philj +1 - camolist +1 - exahash +1 - Littleshop +1 - Severian +1 - DebitMe +1 - lepenguin +1 - StringTheory +1 - amagimetals +1 - jcoin200 +1 - serp +1 - klintay +1 - -droid- +1 - FlutterPie +1
knightkon
Hero Member
*****
Offline Offline

Activity: 546
Merit: 500



View Profile
November 18, 2015, 05:45:44 PM
 #20

I have to entertain this and ask how you would want to work this.  Cryptocurrencys have not made a large enough dent into the market to get a country to consider it a currency.  In the USA, BTC and other cryptocurrencies are considered property and that is all, they will not recognize it as a currency.  With that being said, why would you want to unionize something that is working its way to the top to be known?  I just do not see the beneficent at this time.
Pages: [1] 2 3 4 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!