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ag
October 03, 2010, 10:17:44 PM
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adgadg
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Anonymous
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October 04, 2010, 03:08:30 AM
 #2

1 person @ $800 a month or
800 people @ $1 a month
or 16 people @ $50 a month
or 40 people @ $20 a month

That would put an end to the gpu oligarchy   

Im up for it @ 16 people.... Grin

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October 04, 2010, 04:06:01 AM
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Oooh, that's a good idea for multiple participants, however, those who have CUDA-based clients/code will probably desire to fund themselves to keep profits to themselves.
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October 04, 2010, 04:36:36 AM
 #4

I might be in for as much as $100. Do we want to do this if we might have to stop (for lack of funds or whatever)? I don't want blocks to take an hour for the next 5 months...

Also is it even efficient to raise it a bunch and make it that much harder for ourselves at the same cost during the next period? Just thinking aloud here.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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October 04, 2010, 07:27:58 AM
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Consider it as an investment into the future and the earlier you (or anyone) pursues such an endeavor the better or more quantity/value will be produced.
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October 04, 2010, 07:43:27 AM
 #6

From a purely self interested standpoint what is the optimal rate at which to increase power to maximize coins earned? Max it and hold it there or ramp it up? Can we purchase any amount that we want or only exactly 128 GPUs?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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October 04, 2010, 09:51:13 AM
 #7

I'll throw up $50.

I suppose we will pay you this money with bitcoins??? What is the best way to turn a credit card into bitcoins?

What happens with the "profits", how can we monitor the progress, how this all gonna work, etc?
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October 04, 2010, 09:56:15 AM
 #8

I'll throw up $50.

I suppose we will pay you this money with bitcoins??? What is the best way to turn a credit card into bitcoins?

What happens with the "profits", how can we monitor the progress, how this all gonna work, etc?

I imagine a bitcoind server would handle automated payments to participating members?Can bitcoin handle subscription payments?
Maybe paypal or cc subscription might be a good way to manage the monthly cost .
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October 04, 2010, 10:05:01 AM
 #9

so, i think others can just turn off their clients and throw away this winningless game? Undecided
i think this monopoly is not the best idea to promote bitcoin

used to be a miner
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October 04, 2010, 10:08:09 AM
 #10

I'll throw up $50.

I suppose we will pay you this money with bitcoins??? What is the best way to turn a credit card into bitcoins?

What happens with the "profits", how can we monitor the progress, how this all gonna work, etc?

I imagine a bitcoind server would handle automated payments to participating members?Can bitcoin handle subscription payments?
Maybe paypal or cc subscription might be a good way to manage the monthly cost .

Forgive me for being an ass, but if you guys do this, there will be someone else who will think "I want a cut, but not share it" and do this too, and probably a 3rd one will emerge, and my gut feeling is that there isn't enough to share amongst everyone. We will be generating 50x the notmal amount and, while difficulty updates are capped, it is sure to throw many more coins on the market than we expect. And you guys see the inherent value of bitcoins, but others will not and just sell all they generate on the spot (on the month bill cycle, probably) at whatever price they get. Great for buying, but still...

Having said all this, I'm in for $50 too, and can create an automated manager, but I lack the time right now.
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October 04, 2010, 10:09:26 AM
 #11

so, i think others can just turn off their clients and throw away this winningless game? Undecided
i think this monopoly is not the best idea to promote bitcoin

You know, I think it doesn't really work like that... I've been slowly generating with a 1MH/s machine, regardless of difficulty. It helps (a lot) to have the power, but luck is always part of it Smiley
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October 04, 2010, 10:10:58 AM
 #12

Or use this for the stability of the network. Let me explain:

1) People donate bitcoins to buy this service.
2) Service starts crunching for a month.
3) Yielded bitcoins are sold in an exchange.
4) Money is used next month to use the service again (aka go back to 1).

Advantages of this system:
1) Even people with powerful computers can't control the network.
2) No hassle to keep track who gets what (if they want the bitcoins they buy
it with the money that saves them the next month, what they would have pledged).
3) If people keep putting money in this, it becomes stronger (enough money to buy
2x service, just do it).
4) Even not rich people can join.
Anonymous
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October 04, 2010, 10:14:55 AM
 #13

Or use this for the stability of the network. Let me explain:

1) People donate bitcoins to buy this service.
2) Service starts crunching for a month.
3) Yielded bitcoins are sold in an exchange.
4) Money is used next month to use the service again (aka go back to 1).

Advantages of this system:
1) Even people with powerful computers can't control the network.
2) No hassle to keep track who gets what (if they want the bitcoins they buy
it with the money that saves them the next month, what they would have pledged).
3) If people keep putting money in this, it becomes stronger (enough money to buy
2x service, just do it).
4) Even not rich people can join.

Exactly.
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October 04, 2010, 10:25:58 AM
 #14

Lets see, 30 days has 43200 minutes.
1 block (50 btc) every 4 minutes = 540000 btc.
540000 * 0.06ct = $32400

Man, that's a nice extra each month Wink
Anonymous
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October 04, 2010, 10:29:39 AM
 #15

Lets see, 30 days has 43200 minutes.
1 block (50 btc) every 4 minutes = 540000 btc.
540000 * 0.06ct = $32400

Man, that's a nice extra each month Wink

cool...I could definitely promote bitcoin with that lol.

http://bitcointalk.org/index.php?topic=1355.0
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October 04, 2010, 10:36:50 AM
 #16

Lets see, 30 days has 43200 minutes.
1 block (50 btc) every 4 minutes = 540000 btc.
540000 * 0.06ct = $32400

Man, that's a nice extra the first month Wink

There, fixed it for you Smiley

It will work for the first month, then you get 3 or four of these US$1k/month machinery going after the same thing, but difficulty needs to creep in and even the playfield. So after the dust settles you will have made a buck, a bunch of them actually, but once we're back to 6 blocks/hour we're in the 220k~250k coins generation per month, which nets you US$15k. Very nice, it you don't sell the coins... and there aren't a bunch of people doing it.
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October 04, 2010, 10:52:14 AM
 #17

True, that's why you need to keep up with the difficulty.
1st month : 1 machine
2nd month: 4 machines
3rd month: 16 machines  <== would we be able to get a bulk discount on that Wink
etc.

Or will the difficulty catch up to quickly for that?
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October 04, 2010, 10:58:51 AM
 #18

True, that's why you need to keep up with the difficulty.
1st month : 1 machine
2nd month: 4 machines
3rd month: 16 machines  <== would we be able to get a bulk discount on that Wink
etc.

Or will the difficulty catch up to quickly for that?

The difficulty isn't set by time, but by block count, so yeah, it would go sky high within the 2 first months making this pretty much impossible to scale... you would still get the whole of the generation capacity of the network, though, so as long as you can pay for the servers with ~200k coins, you are golden... but if you try to sell the coins to get US$, you'll be loosing value, so it's kind of chicken and egg, I guess.
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October 04, 2010, 11:17:45 AM
 #19

I just had a chat with them. Basically you can rent them at $1.18/BTC assuming the same performance per Teraflop as ATI cards. That is, if difficulty doesn't increase...
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October 04, 2010, 11:36:07 AM
 #20

$400 will get you 2x M2050 for two days. The free trials are hard to get as they're very popular.
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