Swedish ASIC miner company kncminer.com

[Searing]

So we small miners might be mining bitcoins looking like toy sales in the small neighborhood candy store while a Toy-R-Us and a Walmart are under construction on the same block.

This is what myself and a handful of others have been saying for quite awhile now. Are you just now seeing the writing on the wall?

There is a limit to the amount of hardware households can sustain. Neptune in theory is currently the ceiling until another full step down in process node to sub 14nm, as it's power consumption may limit one device per household mains. Then of course you have the amount of hashing power to remain competitive to contend with. It inevitably will have to be housed in a datacentre.

that's my question in usa you have 30amp circuits 220v for stoves and clothes dryers etc

you also have 220 volt circuits which are essentially 2 20 amp circuits (wire) on a 20 amp breaker

so which kind of 220v we talking about here ...30amp wire or 20amp wire?

I have a 100amp service...(no central air or furnace or heat ...just boiler heat only ie small pump)

so I could easy put in 3 220v 20amp breaker circuits in for 2 Neptunes and 1 220v for a kick as window air unit to cool them....

if you are talking 220v 30 amp the kind of stuff you use for stove or clothes dryer that could be a streach (although who needs as stove or clean clothes?)

anyway others who have looked into this from the USA end...which of these is the more likely scenario?

Searing

If it was me, I'd upgrade the service. Your meter is almost certainly a 200 amp, as most of them are, and a 200 amp main service is cheap. Wire in the new breakers exactly the same as the old ones, and you're set.

And yes, 220/240v nominal for dryers and stoves and such is the same. Different plugs, sometimes, but that's a simple receptacle. Just get the one you need for your device. All of this is available at Lowes, Home depot and such. At a minimum, I'd go up to 150 just for the larger panel space. The wiring is simple, and there are a number of good books on the subject that take a complete newbie through the basics of house wiring. Depending on your jurisdiction, you'll need to get it inspected once the panel change is finished. For any 20 amp circuits, I'd say a minimum of 12ga wire, bigger is better for safety, but not cost. Overkill on capacity is not a bad thing when you're running a high draw device.

well my jurisdiction....the util company will cut off power but will not turn on power again unless all panel work is done by licensed electrican and inspected also before power is resumed..so you have to have the electrician do it..and the inspector there later in the day..or you get no power back..also to go from 100amp to 200amp it is 2.5k for both the util to do this the inspector and the electrican to swap the panel etc ..this is in Minnesota...so no easy out for me (also in town may have had better luck if just dealing out in the county)

so sucks

oh and this does not count if the util has to run a bigger feed 100' from the util pole to the house (ie replace that wire) that is extra and my cost as well

so screwed

but again 100amp new panel etc....no house wide a/c or house wide forced air furnace..so I likely COULD  run 2 Neptunes and a 220w a/c unit upstairs in the window ...if they are all standard 220v 20 amp circuits...BUT if they are 220amp 30 amp needed like for stove  and dryer I'm screwed....the lack of forced air furnace and  with house wide a/c  (gas boiler with small pump for heat) I should probably be ok with what I have ..but a 100amp house with a standard forced air furnace and a/c ...........well that would be a stretch

anyway these prices are from 2yrs ago when I just had a panel replaced from 12 circuit to 28circuit (that cost me 500 bucks just to swap the panel same deal as above)

anyway just for those in usa with minimal use 100amp like myself.....that is how I figure it so far .if I did have to get a new service beyond 100amp would probably go whole hog and get like 300amp or some such rather then simply 200amp (of course that could be also way out even more in price don't know) but just saying

Searing
 

[1714253857]

1714253857

[1714253857]

1714253857

[1714253857]

1714253857

[lenny_]

Does anyone notice that their miners generally runs better until the first flushwork?

I get around 1% HW errors, and after a flushwork occurs, it shoots up to 3-4%. The HW ticker goes from 1-7 a jump to upwards of 50 a jump.

Longpool/work restart signal (that's what causing flushwork to be done) rate is varying from 30s on p2pool to couple of minutes on other pools. Miners are designed to work 24/7 without restarting. You looked at stats from minute or two, which means absolutely nothing and can't tell overall device performance.

[Soros Shorts]

well my jurisdiction....the util company will cut off power but will not turn on power again unless all panel work is done by licensed electrican and inspected also before power is resumed..so you have to have the electrician do it..and the inspector there later in the day..or you get no power back..also to go from 100amp to 200amp it is 2.5k for both the util to do this the inspector and the electrican to swap the panel etc ..this is in Minnesota...so no easy out for me (also in town may have had better luck if just dealing out in the county)

In my jurisdiction 2.5k is probably what you'd need to slip under the table to the inspector to get him to show up on the same day. It was much easier for me to lease a small warehouse that happened to be pre-wired with 600 Amp service.

[Nemo1024]

I asked KnC in mid-December about hosting of Neptunes and its power consumption, and they replied:

1) There is currently no option for hosting for the Neptune model. It might become available closer to the production start Q1/Q2. Please check our website for updates regarding this.
2) We dont have any details about hosting Neptune yet.
3) We dont have more details about how much power Neptune gone need. We will post all those details into our webpage close to the shipping date. Thanks!

Med vänlig hälsning |  Best regards

Lucy Edvardsson
Kncminer

I really hope that they will provide hosting (or I'll have to find a hosting company). I can run 1 Neptune at home, but I'd rather  not.

[soy]

So we small miners might be mining bitcoins looking like toy sales in the small neighborhood candy store while a Toy-R-Us and a Walmart are under construction on the same block.

This is what myself and a handful of others have been saying for quite awhile now. Are you just now seeing the writing on the wall?

There is a limit to the amount of hardware households can sustain. Neptune in theory is currently the ceiling until another full step down in process node to sub 14nm, as it's power consumption may limit one device per household mains. Then of course you have the amount of hashing power to remain competitive to contend with. It inevitably will have to be housed in a datacentre.

that's my question in usa you have 30amp circuits 220v for stoves and clothes dryers etc

you also have 220 volt circuits which are essentially 2 20 amp circuits (wire) on a 20 amp breaker

so which kind of 220v we talking about here ...30amp wire or 20amp wire?

I have a 100amp service...(no central air or furnace or heat ...just boiler heat only ie small pump)

so I could easy put in 3 220v 20amp breaker circuits in for 2 Neptunes and 1 220v for a kick as window air unit to cool them....

if you are talking 220v 30 amp the kind of stuff you use for stove or clothes dryer that could be a streach (although who needs as stove or clean clothes?)

anyway others who have looked into this from the USA end...which of these is the more likely scenario?

Searing

If it was me, I'd upgrade the service. Your meter is almost certainly a 200 amp, as most of them are, and a 200 amp main service is cheap. Wire in the new breakers exactly the same as the old ones, and you're set.

And yes, 220/240v nominal for dryers and stoves and such is the same. Different plugs, sometimes, but that's a simple receptacle. Just get the one you need for your device. All of this is available at Lowes, Home depot and such. At a minimum, I'd go up to 150 just for the larger panel space. The wiring is simple, and there are a number of good books on the subject that take a complete newbie through the basics of house wiring. Depending on your jurisdiction, you'll need to get it inspected once the panel change is finished. For any 20 amp circuits, I'd say a minimum of 12ga wire, bigger is better for safety, but not cost. Overkill on capacity is not a bad thing when you're running a high draw device.

well my jurisdiction....the util company will cut off power but will not turn on power again unless all panel work is done by licensed electrican and inspected also before power is resumed..so you have to have the electrician do it..and the inspector there later in the day..or you get no power back..also to go from 100amp to 200amp it is 2.5k for both the util to do this the inspector and the electrican to swap the panel etc ..this is in Minnesota...so no easy out for me (also in town may have had better luck if just dealing out in the county)

so sucks

oh and this does not count if the util has to run a bigger feed 100' from the util pole to the house (ie replace that wire) that is extra and my cost as well

so screwed

but again 100amp new panel etc....no house wide a/c or house wide forced air furnace..so I likely COULD  run 2 Neptunes and a 220w a/c unit upstairs in the window ...if they are all standard 220v 20 amp circuits...BUT if they are 220amp 30 amp needed like for stove  and dryer I'm screwed....the lack of forced air furnace and  with house wide a/c  (gas boiler with small pump for heat) I should probably be ok with what I have ..but a 100amp house with a standard forced air furnace and a/c ...........well that would be a stretch

anyway these prices are from 2yrs ago when I just had a panel replaced from 12 circuit to 28circuit (that cost me 500 bucks just to swap the panel same deal as above)

anyway just for those in usa with minimal use 100amp like myself.....that is how I figure it so far .if I did have to get a new service beyond 100amp would probably go whole hog and get like 300amp or some such rather then simply 200amp (of course that could be also way out even more in price don't know) but just saying

Searing
 

Down here in the rural south whoever wired the local mobile homes likely was selling driveway rejuvination with black paint instead of tar when not wiring.  Lots of mobile homes put in about the same time all have shallow wells as the choice to accept municipal water only came about a decade or so ago.  To keep the wells from tripping the 100 amp service they put in a multiple breaker box next to the main 100 amp breaker box on the pole but wired it to the main input rather than the output so the well box goes directly to the power meter as it were - that way the 100amp main won't trip from the well.  Looking inside you see slots for 10 or more breakers and only the one double for the well occupied but if you go to add a breaker for a shed you find you can't kill the power to the box without the power company pulling the meter and shutting down the home completely.

And to get it fixed you don't bribe the inspector you have whoever is doing the electrical repair describe in detail to the inspector where in their family trees they are related.

[soy]

Here's a blatant divergence from the thread.  What the author describes should be good for Bitcoin however.  He get annoyed at Happy New Years wishes and decries disasters that might befall the world and the US in the coming year.  When he gets to the US economy he postulates:

"  But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).

 

And don’t think the FDIC  will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement  by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now  on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase,  Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy. "

[RickJamesBTC]

Here's a blatant divergence from the thread.  What the author describes should be good for Bitcoin however.  He get annoyed at Happy New Years wishes and decries disasters that might befall the world and the US in the coming year.  When he gets to the US economy he postulates:

"  But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).

 

And don’t think the FDIC  will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement  by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now  on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase,  Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy. "

Yeah, crazy people silly nonsense...

[Phoenix1969]

Where can I sign up for new newsletters?

I got the original upgrade modules email, never got Neptune even for existing customers,  never got this supposed new one.

Still furious about their disregard for pre existing customers. And now I can't even get damn updates.

What disregard now?? Geez.

Subscribe here: at bottom of "Common info: tab

[Phoenix1969]

Does anyone notice that their miners generally runs better until the first flushwork?

I get around 1% HW errors, and after a flushwork occurs, it shoots up to 3-4%. The HW ticker goes from 1-7 a jump to upwards of 50 a jump.

YES, I noticed that all along...   I think the flush-work....still needs work!
****
It seems to "Flush" with every single block detected, and not for just the pool you are on, which causes the errror rate to be higher than it has to be...drastically.
IMHO...that's the biggest tweak needed atm

[Phoenix1969]

Here's a blatant divergence from the thread.  What the author describes should be good for Bitcoin however.  He get annoyed at Happy New Years wishes and decries disasters that might befall the world and the US in the coming year.  When he gets to the US economy he postulates:

"  But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).

 

And don’t think the FDIC  will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement  by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now  on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase,  Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy. "

Yeah, crazy people silly nonsense...

I agree... sometime soon, you may want to have btc only, and no usa fiat for that reason....
hopefully by then btc will be wider accepted...  will be interesting to see who gets the base currency.
The problem is much bigger than most realize....
Our country is so far in debt now, there's no chance for a recovery under the current system.
They just keep printing more, with nothing to back it, and banks issuing loans to create even more,
with nothing ventured from their own stash...  like the housing bubble.  Raised everyone's interest rates
until nobody could afford to keep up the pmts, and literally re-possessed America.... THEN got compensated by the Gov't with a bailout.....
THEN Auctioned & still selling homes it has re-possessed at premium rates. Bam, we have your home you almost paid off, got a bailout from Uncle Sam for it, and now wer'e re- selling it for way more than you owed....  and remember, the money they loaned out for the home was created by the bank itself... because the FDIC & FED don't require the actual funds "loaned out" to be held by the lending institution, it's just a promissory note on both ends... Yet the bank literally owns your home at that point. NO bank reserves are even touched in a home loan. "Free money everywhere... it's like literally getting paid 3 times for a home that was never actually paid for by the lending bank, and they still own it. The pyramid goes all the way to the top... The FED(Federal Reserve), which is NOT owned by the government, it's a PRIVATE institution, held by the "Builderburgs"  supposadly formed to "Maximize employment, stable prices, and moderate long-term interest rates."   US Banks caused the entire housing crash this way...on purpose IMHO    With Ben Bernanke heading up the effort.
USA is nearly done raping it's people... wonder how long it will take is all.
The real Q is: How long can we continue to print $ backed with nothing other than a consumer's dream of home ownership?

[soy]

Here's a blatant divergence from the thread.  What the author describes should be good for Bitcoin however.  He get annoyed at Happy New Years wishes and decries disasters that might befall the world and the US in the coming year.  When he gets to the US economy he postulates:

"  But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).

 

And don’t think the FDIC  will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement  by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now  on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase,  Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy. "

Yeah, crazy people silly nonsense...

I agree... sometime soon, you may want to have btc only, and no usa fiat for that reason....
hopefully by then btc will be wider accepted...  will be interesting to see who gets the base currency.
The problem is much bigger than most realize....
Our country is so far in debt now, there's no chance for a recovery under the current system.
They just keep printing more, with nothing to back it, and banks issuing loans to create even more,
with nothing ventured from their own stash...  like the housing bubble.  Raised everyone's interest rates
until nobody could afford to keep up the pmts, and literally re-possessed America.... THEN got compensated by the Gov't with a bailout.....
THEN Auctioned & still selling homes it has re-possessed at premium rates. Bam, we have your home you almost paid off, got a bailout from Uncle Sam for it, and now wer'e re- selling it for way more than you owed....  and remember, the money they loaned out for the home was created by the bank itself... because the FDIC & FED don't require the actual funds "loaned out" to be held by the lending institution, it's just a promissory note on both ends... Yet the bank literally owns your home at that point. NO bank reserves are even touched in a home loan. "Free money everywhere... it's like literally getting paid 3 times for a home that was never actually paid for by the lending bank, and they still own it. The pyramid goes all the way to the top... The FED(Federal Reserve), which is NOT owned by the government, it's a PRIVATE institution, held by the "Builderburgs"  supposadly formed to "Maximize employment, stable prices, and moderate long-term interest rates."   US Banks caused the entire housing crash this way...on purpose IMHO    With Ben Bernanke heading up the effort.
USA is nearly done raping it's people... wonder how long it will take is all.
The real Q is: How long can we continue to print $ backed with nothing other than a consumer's dream of home ownership?

I agree.  My father was a staunch conservative, a senior account agent with a national insurance company.  Insurance companies are little more than banks that gamble but their gambles are backed by studies that qualify and quantify everything and when they bet it's like having Vegas house odds or better.  He use to say 'don't worry about the national debt, after all we only owe it to ourselves' but of course in the 21st Century that is no longer the case.  Post WWI when Germany had vast reparations to shell out they drastically devalued their currency and so major US financial entities used the devalued German money to buy up German industry.   So, maybe the Chinese will buy Century21 Inc and buy up American homes.  Who knows, maybe one day a good portion of Americans will be renting from the Chinese.  Heck, I do believe organized crime finds apartment buildings and rental homes excellent investments so why not overseas American debt holders doing the same thing.

You might have a small matza ball soup shop, a few tables and bar and popular.  You get approached and told you will launder money.  From then on every year you're saving $50k.  You start buying up real estate in the town.  By the time you retire you own a good part of the town.

[igorr]

Happy new difficulty 1.41 bilion, next difficulty comnig soon, (for next 10-11 days),
in 2014 year netwotk hash rate  will be 1 yotta Hash and difficulty 1000000000 bilion  

View Screen Capture


View Screen Capture

[Tigggger]

I agree... sometime soon, you may want to have btc only, and no usa fiat for that reason....
hopefully by then btc will be wider accepted...  will be interesting to see who gets the base currency.
The problem is much bigger than most realize....
Our country is so far in debt now, there's no chance for a recovery under the current system
They just keep printing more, with nothing to back it, and banks issuing loans to create even more,
with nothing ventured from their own stash...  like the housing bubble.  Raised everyone's interest rates
.....

Veering off-topic but this is an interesting video that explains it all

https://www.youtube.com/watch?v=iFDe5kUUyT0

[Phoenix1969]

Well KNC is a huge force in BTC, so it's very relevant... we are re-shaping global commerce right now!
Totally all the more reason BTC is sweeping the globe by force, Banks will simply have to get with the program, or die. Your cold stored BTC-QT wallet is about a thousand times safer than a bank account, let's face it. You will never get an overdraft charge from Bitcoin, or get your account tapped by Child Support, etc....  and the fed aren't creating BTC.... KNC machines are! Hope you own one!

[Biomech]

Here's a blatant divergence from the thread.  What the author describes should be good for Bitcoin however.  He get annoyed at Happy New Years wishes and decries disasters that might befall the world and the US in the coming year.  When he gets to the US economy he postulates:

"  But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).

 

And don’t think the FDIC  will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement  by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now  on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase,  Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy. "

Yeah, crazy people silly nonsense...

Yep. And more than half the country voted for them.


Soy, link please?

[faetos]

wow, this thread got OTed into next week. BTW, Happy New Year!!!

[Unacceptable]

Here's a blatant divergence from the thread.  What the author describes should be good for Bitcoin however.  He get annoyed at Happy New Years wishes and decries disasters that might befall the world and the US in the coming year.  When he gets to the US economy he postulates:

"  But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).

 

And don’t think the FDIC  will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement  by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now  on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase,  Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy. "

Yeah, crazy people silly nonsense...

I agree... sometime soon, you may want to have btc only, and no usa fiat for that reason....
hopefully by then btc will be wider accepted...  will be interesting to see who gets the base currency.
The problem is much bigger than most realize....
Our country is so far in debt now, there's no chance for a recovery under the current system.
They just keep printing more, with nothing to back it, and banks issuing loans to create even more,
with nothing ventured from their own stash...  like the housing bubble.  Raised everyone's interest rates
until nobody could afford to keep up the pmts, and literally re-possessed America.... THEN got compensated by the Gov't with a bailout.....
THEN Auctioned & still selling homes it has re-possessed at premium rates. Bam, we have your home you almost paid off, got a bailout from Uncle Sam for it, and now wer'e re- selling it for way more than you owed....  and remember, the money they loaned out for the home was created by the bank itself... because the FDIC & FED don't require the actual funds "loaned out" to be held by the lending institution, it's just a promissory note on both ends... Yet the bank literally owns your home at that point. NO bank reserves are even touched in a home loan. "Free money everywhere... it's like literally getting paid 3 times for a home that was never actually paid for by the lending bank, and they still own it. The pyramid goes all the way to the top... The FED(Federal Reserve), which is NOT owned by the government, it's a PRIVATE institution, held by the "Builderburgs"  supposadly formed to "Maximize employment, stable prices, and moderate long-term interest rates."   US Banks caused the entire housing crash this way...on purpose IMHO    With Ben Bernanke heading up the effort.
USA is nearly done raping it's people... wonder how long it will take is all.
The real Q is: How long can we continue to print $ backed with nothing other than a consumer's dream of home ownership?

Holy shit!!!!!!!!!!!!!!  Some who knows the truth!!!!!!!!!!! Thanks for sharing your thoughts 

Check out Heist:Who Stole the American Dream......for even more good stuff 

[rolling]

Does anyone notice that their miners generally runs better until the first flushwork?

I get around 1% HW errors, and after a flushwork occurs, it shoots up to 3-4%. The HW ticker goes from 1-7 a jump to upwards of 50 a jump.

YES, I noticed that all along...   I think the flush-work....still needs work!
****
It seems to "Flush" with every single block detected, and not for just the pool you are on, which causes the errror rate to be higher than it has to be...drastically.
IMHO...that's the biggest tweak needed atm

You are way off on this one...

Flushwork has to run with every block detected on the network. Blocks are built on top of each other network wide, not just on your pool.

[Phoenix1969]

Does anyone notice that their miners generally runs better until the first flushwork?

I get around 1% HW errors, and after a flushwork occurs, it shoots up to 3-4%. The HW ticker goes from 1-7 a jump to upwards of 50 a jump.

YES, I noticed that all along...   I think the flush-work....still needs work!
****
It seems to "Flush" with every single block detected, and not for just the pool you are on, which causes the errror rate to be higher than it has to be...drastically.
IMHO...that's the biggest tweak needed atm

You are way off on this one...

Flushwork has to run with every block detected on the network. Blocks are built on top of each other network wide, not just on your pool.

Hmm, I still respectfully disagree. Here's why...
I never had that problem mining with GPU's... and it never flushed anything other than our own "Stale" shares.

In pool mining...We don't solve blocks for other pools, we work on our own blocks, and by running flush-work every time a block is detected, you literally loose every workshare you are currently solving, even though your pool hasn't found it's block yet.

[soy]

Here's a blatant divergence from the thread.  What the author describes should be good for Bitcoin however.  He get annoyed at Happy New Years wishes and decries disasters that might befall the world and the US in the coming year.  When he gets to the US economy he postulates:

"  But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).

 

And don’t think the FDIC  will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement  by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now  on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase,  Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy. "

Yeah, crazy people silly nonsense...

Yep. And more than half the country voted for them.


Soy, link please?

It was an email so I don't have an online link.  Here it is in its entirety.


Dear WBAI Supporter –

 

I am not ungrateful, but my first reaction to someone wishing me a Happy New is, “Jeez ... Snap out of it! Who could possibly entertain the faintest hope of a Happy New Year after listening to the ongoing litany of doomsday scenarios presented every day on the airwaves of WBAI?

 

n  Rising sea levels caused by global warming will soon flood the subways and electrical sub-structures of New York (and most other port cities such as London, Tokyo, Shanghai, Hong Kong, Rotterdam, Buenos Aires, etc.), shutting off electricity to homes, businesses, hospitals, factories, schools, banks, stores; also access to fresh water (it is pumped by electricity); and gasoline (ditto); and food supplies (delivered trucks that can’t cross inoperable toll bridges and tunnels or navigate streets impossibly grid-locked by lack of traffic lights); not to mention no elevator service, no heating or air conditioning  in residential and commercial buildings; inability to access your checking or savings account, get cash or make credit card purchases to buy food, water, medicine, clothing or other necessities; or access your computer or the internet; or switch on the radio or TV to find out what’s going on; or call anyone on your home phone or cell phone in case of emergency.

 

n  According to privately circulated estimates among city administrative officials and police and fire department personnel, the result of such an event would be citywide panic and the breakdown of law and order, precipitating widespread rioting by armed gangs of looters, thieves, rapists, and ravishers from the Hamptons to Glen Cove, and from Battery Park to the Upper West Side.

 

n  And while they are looting and thieving and raping and ravishing, we might want to consider Fukishima. Another moderate earthquake and/or typhoon (a frequent occurrence) could precipitate the world’s largest nuclear meltdown, and the world’s largest single-event death toll in history. At the moment, however (thank Heaven for small favors), the Fukishima facility is “only” pouring millions of gallons a day of radioactive waste water into the Pacifica Ocean, resulting in massive and irreversible poisoning of air, water, and fish, which has already produced a notable spike in cancers, birth defects and general health debilitation – not only in Japan – but also in America’s Pacifica Northwest, soon to be repeated in Los Angeles and elsewhere across the U.S.

 

n  But why look to Japan for nuclear nastiness? Much closer to home we have the frighteningly imminent possibility of nuclear meltdown at the Indian Point Nuclear Plant, only 28 miles from New York City. Operating way past its certified end-of-life, tottering along like an arthritis-afflicted ancient, badly maintained, recipient of numerous non-compliance citations from nuclear regulatory agencies, subject to frequent malfunctions, and criminally vulnerable even to “mild” earthquakes (or inept sabotage), an Indian Point meltdown could kill 40 million people in 40 minutes, and doom untold millions more to excruciating slow deaths in the months to come, while making the entire New York Metropolitan area an uninhabitable radioactive wasteland for thousands of years.

 

n  But even sooner than a nuclear disaster, we may be facing an even more critical economic disaster -- the catastrophic loss of the dollar’s unique position as the international reserve currency. This is imminent, according to leading economic and political analysts, and would trigger a total collapse of the U.S. banking system, generating explosive financial panic as we are subjected – not only to massive inflation – but also the immediate seizure by failing banks of all our deposits: checking accounts, savings accounts, Certificates of Deposit (CDs), money market funds, pensions, and any other liquid assets. Can failing banks really seize our money “just like that”? Yep, just like that. It is perfectly legal; the enabling “bail-in” laws have already been put on the books in the U.S. and Europe (did you sleep through that?).

 

And don’t think the FDIC  will protect your deposits up to the $250,000 limit promised by this agency. For when the failing banks seize your deposits, they will convert your money into stock in their failed institutions, rendering you “legally compensated” for your loss, and therefore not entitled to reimbursement  by the FDIC. Not that it will matter because, by that time, the FDIC will be bankrupt, since it has reserves of only $25 billion, whereas the seized deposits requiring compensation would likely exceed $25 trillion. And even if the FDIC could lay its hands on $25 trillion (fat chance, since this is nearly twice the entire Gross Domestic Product of the United States), another statute now  on the books, namely the Bankruptcy Reform Act of 2005, which was arm-twisted into law by Citigroup, JP Morgan, Chase,  Wells Fargo and the rest of the usual suspects (bet you slept through that, too), compels the FDIC to give preference to derivatives counter-parties over mere depositors like yourself, whose claims for reimbursement could exceed $600 trillion – or more than the GDP of the entire world economy.

 

n  But that’s not all. About a minute before the above-described financial collapse, the Government will suddenly announce the immediate devaluation of the U.S. dollar. (Of course, former Treasury Secretary Timothy Geithner officially denied that the Treasury would ever do this. But on the other hand, as British journalist Claude Cockburn, once warned, “Never believe anything until it is officially denied.”) This devaluation would wipe out (if anything was left) the last vestige of the savings and buying power of virtually everyone in the country, except the 1% who own it.

 

n  Simultaneously, the Government would also issue a proclamation officially seizing -- and harshly criminalizing the holding of -- gold and/or silver by private citizens, so that those who had been trying to hedge against collapse of the dollar by hoarding gold and silver, could not benefit. Few analysts mention this scenario, but it is inevitable. In fact, it has already been done in America -- with “fines of $10,000, or imprisonment, or both” for violators. See FDR’s Executive Order 6102, which I have attached in all its ominous glory. [The same text in more readable form is at http://www.presidency.ucsb.edu/ws/index.php?pid=14611&st=&st1=]

 

n  At the same time, restrictive international monetary laws will be in force (many countries have already enacted them) forbidding citizens, non-citizens, or foreigners to transfer more than a token value of assets (cash, precious metals, jewelry, ownership of real property) from one country another, on pain of imprisonment and fine; so that those who sought to shield their assets by stashing them overseas may still own them, but will never get to enjoy them – sort of like being the proud owner of a magnificent swimming pool ... on the Moon.

 

n  But hey, what’s money? Food is more important. Unfortunately, a large portion -- perhaps even most -- of the crops now being grown in the U.S. are either already Genetically Modified or on the way to being “infected” and “mingled” with GM seeds. (No one really knows for sure the actual extent, and those able to find out, don’t want to know). Every day, Monsanto’s vigilant army of “crop detectives” discovers allegedly “stolen” GMO seeds on another non-GMO farmer’s land (blown by wind or dropped by birds), which gives Monsanto grounds to sue for “seed theft,” as it has successfully been doing for the last 10 years, winning huge settlements that bankrupt non-GMO farmers, and accelerate the ultimate takeover of our entire U.S. food supply by GM agriculture, dairy production, meat, and fish.

 

n  But why bother to pay attention to what’s going on around you? The Government will pay attention for you, the same way it is already paying attention to you. Unlimited NSA surveillance now allows the Government to track you wherever you are, in case they want to arrest you; or to discover and blackmail you about private and potentially embarrassing events or issues, if they merely want to ruin your life. Either way, if you pose a threat, they can crush you.

 

n  Can you resist that kind of Government pressure? Sure, if you want a broken arm or a rubber bullet in your head. That’s because the growing militarization (and brutalization) of local state and city police forces -- along with the shredding of posse comitatus – is the Government’s way of preparing for the “pacification” and detainment of large numbers of citizens by using overwhelming armed force, when (not “if”) the loss of their savings, jobs, income, food, water, and homes precipitates the anger, rioting, looting, and clamor for revolution that will follow the playing out of the various scenarios described above.

 

n  As a minor distraction, given present technology, there is also the real possibility (Dick Cheney is just waiting to say I told you so) of small nuclear devices being brought into this country piecemeal (and therefore undetectably), then assembled and sited in various locations, to be detonated randomly and terrifying by those who have nothing to lose because they believe (no doubt correctly) that they have already lost everything as a result of military, economic, or cultural predation by the U.S. or one of its proxies.

 

n  By the way, did you notice that fracking is on the rise everywhere? So huge are the profits to be derived from its ability to access and recover hitherto unusable energy deposits, that the practice will be almost impossible to restrict, let alone stop. Therefore, expect even more earthquakes and contamination of water supplies in the future, not only throughout New York State (if Governor Cuomo caves on the issue, as he expected to do) but in virtually every state of the union. But it’s not all bad – hopefully, sometime in the future, fracking will enable you to save 3 to 4 cents a gallon when you gas up (if you can still afford to own a car).

 

n  Are you ready for the solar flares? NASA predicts them to hit in force within the next 10-14 months, though with as yet unknown severity. But according to some knowledgeable analysts, they may hit with enough force to knock out electricity, transportation, and computer capability on a global basis, dragging the world back to the 15th century. That might not be so bad, if at least humanity survived. But it may not, because the international energy grid transformers, which supply the world’s electrical power, were never hardened against solar flares. So they could all be fried. Which means -- if worldwide electric power ceases even for only 48-72 hours (and some predict it could cease for months or even years) -- the 435 or so nuclear reactors around the globe will (after their 48-72 hours of backup generator fuel is expended) be unable to circulate cold water over their nuclear cores, and melt down.

 

So even if you have bought or built a looter-proof home, surrounded by barbed wire, on arable farmland, with years of canned food stored in an underground bunker, and your own private spring-fed well – all located hundreds of miles away from the nearest nuclear reactor (say, in Florida or Texas) – what good will it do? When the world’s 435 nuclear reactors all melt down at once, and start spewing radioactive fallout into every global wind current and waterway in the world, will there truly be any place to hide for anyone -- except perhaps those who are willing and able to live underground for the next 25,000 years?

 

There are (sigh) many other very probable disaster scenarios I could list,  but my fingers are getting tired. And listing more would be overkill – like trying to frighten you by threatening to slit your throat after I have already shot you through the heart. So I will stop, and thank all my friends for their Happy New Year’s wishes, some of which could – who knows? -- actually come true. 

 

But I won’t hold my breath – although, given the increasing levels of pollution, holding one’s breath might be one of the few positive actions available in the months ahead.

 

Sweet dreams, all.

 



Stephen M Brown

sbrown13@nyc.rr.com

news.lists.stevebrownonboard.org