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Author Topic: [40+ PH] SlushPool (slushpool.com); World's First Mining Pool  (Read 3858018 times)
necro_nemesis
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March 30, 2014, 11:53:34 PM
 #16121

frankly

at this point in time

the chumps that bought it to that monstrosity are holding the bag




I don't think it's that simple. Imagine your able to mine as inexpensively as anyone in the world through producing your own rigs at cost on other peoples money. Now also imagine you produce enough bitcoin to be able to control the price of BTC by selling it on the market. You not only can mine for less than anyone else but you can also drive the price down to where no one else wants to compete and tweak that price as you see fit to achieve your aim by selling or stockpiling BTC.
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Searing
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March 31, 2014, 12:07:56 AM
 #16122

frankly

at this point in time

the chumps that bought it to that monstrosity are holding the bag




I don't think it's that simple. Imagine your able to mine as inexpensively as anyone in the world through producing your own rigs at cost on other peoples money. Now also imagine you produce enough bitcoin to be able to control the price of BTC by selling it on the market. You not only can mine for less than anyone else but you can also drive the price down to where no one else wants to compete and tweak that price as you see fit to achieve your aim by selling or stockpiling BTC.

not to mention cooling is not an option there in the facebook data center area of the ice bank of Greenland or whatever...and you are getting thermal energy converted to elec at like 1 cent per kwh or some such..and as stated above you control all the mnfg from say KNC in units into your GH Hosting farm and thus get all equip at what it cost to make...(at least in KNC's case)

ie this is why i dumped my Neptune....hard to see how i could get more $$$ on mining with Neptune (by the time i got it)  then just buying coin looking at the fact my main competition was probably the guy that sold me the unit!!!!!...KNC likely was told imho from their chip guys that no way 20mm could they get it out fast enough with difficulty rise to make a product and get it to the customer ..they could however make 28mm stuff for themselves and get a farm ..a very large farm...and mine themselves...seems to be working I heard they we're making like ....well can't remember but it was obscene amount of coin per day..

now that small miner physical miners are likely dead....we now will move on to "virtual miners' ............................me don't think that is gonna work to good.....duh

but yeah they can run coin way way down and still make a tidy sum imho (not to mention most of these farms were 'started' when coin was 1K usd or so....they will at least
complete whatever is in the pipeline out their in private GH farm stuff imho.this is all vendors of this type not just knc.....that will take like couple months..then if btc price is still low...you will see a big drop off of equip in my view...the big miners will slow or halt expansion (in knc's case they wanted to put up 3 giant farms..they likely will stall on last 2 if above correct) and the GPU guys or people running 60g singles from BFL or whatever will drop off the other end

of course no equip will be available to us....but hey....

at this point the miracle of "virtual mining" will be released .....i shudder in anticipation

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necro_nemesis
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March 31, 2014, 12:38:25 AM
 #16123

I think mining will come down to a leap of faith with these giants having their fill. The mining equipment you have will eventually barely cover it's weight in hydro but people may continue hoping to see a rise in BTC once dumping new coin ceases. Hardware will drop to minimal margins and likely amount to large clusters of the handful of cost efficient ASICs. We'll probably see some cloning or reverse engineering of those ASICs as well making R&D investment questionable and further leveling the ASIC market. There's no honor amongst thieves. The size of rigs will likely be a function of how many amps can be drawn from a household circuit more than any other factor. If there's any interest left in selling hardware the dumping will be limited to ensure BTC covers average hydro and leaves minimal incentive to mine over buy BTC.

It's kind of depressing that this all comes on the backs of people supporting the future of the currency and holding it's value up. In some ways I'd like to see it tank enough to shatter these guys and bring some caution into mining at large scale. Then little guys will have a chance with cheap hardware floating around at bringing BTC back up sensibly.
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March 31, 2014, 12:59:25 AM
 #16124

Welcome to the Arms Race of Mining Smiley   chips will draw less power and be more powerful.  I dont understand why people today still buy ant miners.  Too much power consumption for the return. 

Anyway..   Too many long blocks......
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March 31, 2014, 01:10:07 AM
 #16125

Low BTC price is going to slow development and we've all been well schooled on the pitfalls of pre-sales to fund advancement sold as being for our benefit. With physics coming into play now that ASIC designers are not discounting efficiency in the latest round of designs, I'm not so certain technical leaps and bounds are going to be the next solution. Economics of mining will take on a different perspective IMHO and these large operations have a greater effect than a new ASIC. It would have to be profoundly better than all these makers are independently achieving.
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March 31, 2014, 01:11:46 AM
 #16126

Hi guys just wondering if someone can advise me, i withdrew part of a bitcoin to my wallet for the first time, a few days ago,
and its up to 133 confirmed, its showing a balance, but no balance in the unconfirmed as 0.000btc, and in transactions the logo is grayed out,
am i doing something wrong to need so many confirmations.......thanks
1) back up your wallet.dat to a thumb drive and name it something simple and obvious like ' BTCWallet.dat.encripted '
2) close and restart your wallet
3) you didn't say what OS or version of Bitcoin wallet you are using, download the latest version AFTER killing the current one you have ( but not the wallet.dat or block chain info ) and try that.

Always looking for donations even as low as 1uBTC
14XfpYPdtYiGoEiDcKrSzuvBM3ukhwANUh - BTC
LS7FEfu9ajp3NQcDjui9TSKscwQesj9i8k - LTC
LHe9g5ixMyfdtqAEHU5vErG1eQrDshBFRW -Luckycoin
BoogieMan82
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March 31, 2014, 01:47:48 AM
 #16127

I'm personally fine with the dip.  Bitcoins are a currency and/or a long term investment. When Microtraders with huge stacks of Bitcoins finally get out, things will stabilize.

Now... to deal with the luck we have been having... lol!

getfreebitcoins.us || boogiewu on #bitcoin-otc
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March 31, 2014, 02:31:34 AM
 #16128

I'm personally fine with the dip.  Bitcoins are a currency and/or a long term investment. When Microtraders with huge stacks of Bitcoins finally get out, things will stabilize.

Now... to deal with the luck we have been having... lol!

+10000000000000   on the luck...  need to get back on a roll,   just when we start its like we hit a 20 hr block.   ugggggg
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March 31, 2014, 04:53:19 AM
 #16129

Slushs pool holds too small a market share of hashing. Slushs is only 2% of the hash power... its only going to get worse as the two or three largest hashing pools get even bigger. Ghash, BTC Guild, and Discus... Heck even Eligius are way to big. Its unfortunate that they could not have worked some more even distribution limits into the BTC math to keep it more evenly distributed. Those big ones should burn to the ground... seriously... They should all burn...
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March 31, 2014, 05:14:25 AM
 #16130

Slushs pool holds too small a market share of hashing. Slushs is only 2% of the hash power... its only going to get worse as the two or three largest hashing pools get even bigger. Ghash, BTC Guild, and Discus... Heck even Eligius are way to big. Its unfortunate that they could not have worked some more even distribution limits into the BTC math to keep it more evenly distributed. Those big ones should burn to the ground... seriously... They should all burn...

While I agree more decentralisation is ideal, there is no way to stop people from pointing their hashes wherever they want, and market forces dictate this more than any logical reason.

Primary developer/maintainer for cgminer and ckpool/ckproxy.
Pooled mine at kano.is, solo mine at solo.ckpool.org
-ck
bspurloc
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March 31, 2014, 05:37:24 AM
 #16131

We are due for an ORPHAN...

so we are also due for 5 people declaring something is wrong and they are moving their miners.

and go...
Searing
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March 31, 2014, 01:44:31 PM
 #16132

Who is selling such large volumes of BTC and forcing the price so low?

It is yet another "China will ban bitcoin" rumor.   China is responsible for a significant part of the speculation market in bitcoin.

I myself am holding ..but i think it is 80/20 that China will ban bitcoin businesses etc from dealing with banks in the mainland directly.......won't effect current 'advocates" but would certainly
stop the growth/rush to BTC the ordinary guy starting now would have

the interesting question is will this effect miners? ie you can't even build miners in china anymore?
...ie if so..that would ..not sure what that would do....but the combo
or IRS claims in USA a china ban on bank xfers (hong kong they would move but still) and all the china exchanges have to go
at least to hong kong or out of China mainland... and all the asic mnfg would have to move shop out of China...well that would be quite the drop kick in the....well I can't say makes my tummy hurt and my gonads shrink....
...well you know...guess all our prayers have been answered for 'cheap coin" damn..

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necro_nemesis
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March 31, 2014, 02:14:38 PM
 #16133

Why couldn't ASIC manufacturing remain China? Will the ban extend to buiding IC's that can hash sha256 that are purchased in fiat? There's nothing in that which says your dealing in bitcoin. Could be viewed as good for the economy if it promotes business done in fiat. China remains the makers and supplies the world's miners. Might be the boost the little guys need since they won't be so readily mining thier inventory.
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March 31, 2014, 03:37:06 PM
 #16134

Why couldn't ASIC manufacturing remain China? Will the ban extend to buiding IC's that can hash sha256 that are purchased in fiat? There's nothing in that which says your dealing in bitcoin. Could be viewed as good for the economy if it promotes business done in fiat. China remains the makers and supplies the world's miners. Might be the boost the little guys need since they won't be so readily mining thier inventory.

The company I deal with only accepts BTC.. it could get complicated if they could not accept BTC.  Using the USD is just way to expensive...  It would be bad news if they could not accept BTC.   We need a french revolution.. but the people have been stripped of their ability to do antying.. every where.
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March 31, 2014, 05:58:42 PM
 #16135

Well given the option between fiat or a load of post holes followed closely thereby tumble weeds rolling through the floors of your offices; I'm sure where there's a will there's a way.
bebooba11
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March 31, 2014, 10:48:10 PM
 #16136

Who is this major 'Unknown' taking this massive chunk of BTC?!

http://bitcoincharts.com/bitcoin/
Trongersoll
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March 31, 2014, 10:52:50 PM
 #16137

Who is this major 'Unknown' taking this massive chunk of BTC?!

http://bitcoincharts.com/bitcoin/

Really? If anyone knew who it was, would it be unknown? Actually, it isn't one, but many. It is a grouping of all unidentified miners.

*insert appropriate begging line here* 
BTC: 1CS6AV7VnjcPLxaTFoUhTjXK4mQCTzfSxE
Doge: DB22tiynvXKg7SyPpnH9jyfitKLTZb6ejc
organofcorti
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March 31, 2014, 11:45:02 PM
 #16138

Who is this major 'Unknown' taking this massive chunk of BTC?!

http://bitcoincharts.com/bitcoin/

Really? If anyone knew who it was, would it be unknown? Actually, it isn't one, but many. It is a grouping of all unidentified miners.

Well, some of us have better estimates of "unknown". The total for the past week is about 11%, and I'm working on getting that down too:



Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
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April 01, 2014, 12:31:23 AM
 #16139

Who knows who "Unknown" really is.  It's probably KNC mining with their customers' money.  That is an illegal activity know as "conversion."  But we're all messed if the U.S. government decides to use that massive NSA datacenter in Utah to mine Bitcoin.  I might could envision a collective rock-throwing raid on KNC in Sweden, but disrupting that monster in Utah would be more problematic.
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April 01, 2014, 12:54:58 AM
 #16140

Who knows who "Unknown" really is.  It's probably KNC mining with their customers' money.  That is an illegal activity know as "conversion."  But we're all messed if the U.S. government decides to use that massive NSA datacenter in Utah to mine Bitcoin.  I might could envision a collective rock-throwing raid on KNC in Sweden, but disrupting that monster in Utah would be more problematic.

I just increased the size of the chart so you can see KNC's segment clearly shown.

Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
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