jnada (OP)
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May 07, 2013, 12:32:59 AM |
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Welcome everyone to discussion in following topic
" being as a Miner for last few days I found myself in front of a question:
Are you aware of fact that you lending/borrowing power of your processor to someone who you:
1st: don't know personally this person/group who are willing give you "as promise" few BTC within initial period of [AAN] 2nd: don't know what data will be processed on your asic/fpga/gpu 3rd: how much they will earn giving you finally bill for electricty or hardware (fault event as well) cost's?
Considering an old social order based on rules (Master and Slave) described quite good by Hegel I'm inviting to discussion.
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markm
Legendary
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Activity: 2940
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May 07, 2013, 12:36:07 AM |
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So what you're saying is, run p2pool yourself, don't use someone else's copy (or software they run) ?
-MarkM-
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MrWizard
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May 07, 2013, 12:38:54 AM |
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Latifundial? That's not even a word.
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"I walked into the room dripping in Bitcoins. Yea dripping in Bitcoins." (BTC) 168DCCeGmDy3xTWRimLVhvKtK3yEWbpsSg (LTC) LbYS8VFqFSU7B9bfaHD11seQMtrtYEKpLe (BBQ) bNVZErvwLzpEG7H3kt1fycWspzRQB1MJzL
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markm
Legendary
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May 07, 2013, 12:39:40 AM |
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Its a fundial used for measuring latitude.
-MarkM-
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to3m
Newbie
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May 07, 2013, 12:40:08 AM |
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Erm... maybe?
If I've understood:
1. This is an issue, but by reading the forums you can usually figure out who might be a scammer or not.
2. You can check the code yourself to see what the miner software does - it doesn't do much that's exploitable. Because of the way the pools work (as I understand it...), it's to the pool's advantage to feed the miner valid data.
3. I think this relates to point 1, in that you have to pick carefully and then assume they're as trustworthy as you hope when you estimate your likely profit. As with any time you're trying to turn a profit, your costs (electricity, hardware, repairs, etc.) just have to be included in your calculations.
--Tom
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jnada (OP)
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May 07, 2013, 12:42:26 AM |
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So what you're saying is, run p2pool yourself, don't use someone else's copy (or software they run) ?
-MarkM-
No, MarkM I meant something else : even if you start mining solo or in pool you meet this questions sooner or later... If I missed some point in your question, please explain. (as far I understand running a p2pool by myself means : create your own cryptocoin or trust others) thanks and at the end you will always ask question to yourself: I'm Master or Slave?
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jnada (OP)
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May 07, 2013, 12:46:21 AM |
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Its a fundial used for measuring latitude.
-MarkM-
I just made my "quick cooking of Latyfundia word" with need to Incept this word to English...
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NEM NEM NEM launch on 22nd November 2014 ! TAQDPC-BT35MC-YAWTKQ-OFEZOS-CMBKHM-F5Q3L6-YEYL
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jnada (OP)
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May 07, 2013, 12:56:59 AM |
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Erm... maybe?
If I've understood:
1. This is an issue, but by reading the forums you can usually figure out who might be a scammer or not.
2. You can check the code yourself to see what the miner software does - it doesn't do much that's exploitable. Because of the way the pools work (as I understand it...), it's to the pool's advantage to feed the miner valid data.
3. I think this relates to point 1, in that you have to pick carefully and then assume they're as trustworthy as you hope when you estimate your likely profit. As with any time you're trying to turn a profit, your costs (electricity, hardware, repairs, etc.) just have to be included in your calculations.
--Tom
Thanks Tom for your answer But I mean something else IE someone is creating new currency where each key will be generated according to his need: means: each key is a bit of code that should be processed in order to find answer for asked question. Considering last growth of alter currencies, asking myself question : Is this possible that someone is using our greed in order to use power of our processors for their needs and our satisfaction?
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NEM NEM NEM launch on 22nd November 2014 ! TAQDPC-BT35MC-YAWTKQ-OFEZOS-CMBKHM-F5Q3L6-YEYL
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Number6
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May 07, 2013, 01:14:05 AM |
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Latifundial? That's not even a word.
Its a fundial used for measuring latitude. -MarkM-
Actually it is more like latifundia or https://en.wikipedia.org/wiki/LatifundiumOP makes a interesting argument, but most of us are speculators and will drop an alt coin (at least quit mining it) as soon as we lose profitability. So while interesting, I do not think it is a fair comparison, as most of us are free to go where the wind takes us.
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Evolekam
Newbie
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May 07, 2013, 02:07:19 AM |
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I love how half the discussion here is about Latifundial.
And the problem with this is, the miner is taking all risk of the business considering hardware expenses as well as electricity.
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Number6
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May 07, 2013, 02:19:08 AM |
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I love how half the discussion here is about Latifundial.
And the problem with this is, the miner is taking all risk of the business considering hardware expenses as well as electricity.
Only before paying off the hardware, and assuming miners are keeping an eye on profitability to ensure they are covering their electric costs as well as making a profit. Assuming most people start with a machine they already own, their only risk is recovering the initial electrical expenses. Once they have successfully mined their first coin and cashed out and paying off their electric bill, the risk becomes more and more minimal as their profits should act a buffer should a coin's value drop before they can cash out on future payments. Also, many people here get free electricity, such as University students, etc. so the risk is even less, maybe if you want to count wear and tear on equipment, but still pretty minimal.
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