Do you think people pulling out of mining is good for Bitcoin?

[illpoet]

yeah when asicminer slashes their prices down to .1 btc per eruptor like next month im gonna buy a bunch and give them out to random citizens

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[Damnsammit]

ITT: people who are mad because their GPU mining rigs are being marginalized by ASICs. Also, http://dustcoin.com/.

or http://www.coinchoose.com/
and enjoy mining at 5x profitability of BTC 

What's sad is that you can point people in that direction and still get a response of "I don't want to mine alt-coins" and every day there is a new thread about how GPU mining is dead.

Oh well, you can lead the horse to the water, but you can't force them to drink.

[po1992one]

yeah when asicminer slashes their prices down to .1 btc per eruptor like next month im gonna buy a bunch and give them out to random citizens

No, next month these wont go .1 btc per eruptor because the chips were bought pretty expensive. But in 6 months it may be the case

[Hondaguy]

I would think it would be bad but I am not an expert.

[Lauda]

ITT: people who are mad because their GPU mining rigs are being marginalized by ASICs. Also, http://dustcoin.com/.

or http://www.coinchoose.com/
and enjoy mining at 5x profitability of BTC 

What's sad is that you can point people in that direction and still get a response of "I don't want to mine alt-coins" and every day there is a new thread about how GPU mining is dead.

Oh well, you can lead the horse to the water, but you can't force them to drink.

Exactly, mining with only 2MH/s on these altcoins can give out a lot of $, quick ROI and enables further investment. People are just too damn ignorant.

[hathmill]

Asic protects Bitcoin against gov attacks etc. AltCoin protects against Bitcoin hegemony.

[pisces1999]

The working class are all the vendors and developers that actually do something with BTC.

Miners are more like the bouncers of BTC.

[alp]

Do you think people pulling out of mining is good for Bitcoin, as the ASIC manufacturers dump their hashrate and bleed GPU miners out of profitability?

I give zero fucks about GPU miners.

[Damnsammit]

Do you think people pulling out of mining is good for Bitcoin, as the ASIC manufacturers dump their hashrate and bleed GPU miners out of profitability?

I give zero fucks about GPU miners.

Tough guy is tough.

[alp]

I've been thinking about buying this:

http://www.amazon.com/computers-accessories/dp/B007ZWFKX8

and then buying one ASIC a month. Not to profit, just because I can and it would help distribute the mining. Hell maybe even set up bitcoin foundation as recipient.

GPU mining is something I can't do. My air conditioner in summer doesn't keep up, the extra heat from a box full of GPUs and the power supply to feed them I just can't do.

ASIC mining is something I can do.

GPU mining took the ability for many common people to mine away, ASIC is giving it back.
I don't need a power consuming tower and cards to do ASIC mining.

In the long run the power consumption and generated heat will be as much as with GPU mining, as everybody will be stacking up chips.

Maybe, maybe not.  Depends on so many variables it's hard to tell for sure.  But you get more Th/Watt, which is a good thing.

[alp]

Do you think people pulling out of mining is good for Bitcoin, as the ASIC manufacturers dump their hashrate and bleed GPU miners out of profitability?

I give zero fucks about GPU miners.

Tough guy is tough.

No need to be tough, just don't see why the survivor of GPU miners is important at all.  The GPU whiners are like the bloated labor unions whining that labor is going to China.  Oh so sad, you can't compete.  Go mine LTC or buy ASICs.

[Damnsammit]

No need to be tough, just don't see why the survivor of GPU miners is important at all.  The GPU whiners are like the bloated labor unions whining that labor is going to China.  Oh so sad, you can't compete.  Go mine LTC or buy ASICs.

That sounds much better than "I give zero fucks"

Sounds like you give a few fucks, or at least an iota of a single fuck.  If you truely gave no fucks, then you wouldn't have felt the need to say so... FUCK.

[alp]

No need to be tough, just don't see why the survivor of GPU miners is important at all.  The GPU whiners are like the bloated labor unions whining that labor is going to China.  Oh so sad, you can't compete.  Go mine LTC or buy ASICs.

That sounds much better than "I give zero fucks"

Sounds like you give a few fucks, or at least an iota of a single fuck.  If you truely gave no fucks, then you wouldn't have felt the need to say so... FUCK.

Na, still zero fucks given about whether they are profitable or lose their ass.

[Damnsammit]

Na, still zero fucks given about whether they are profitable or lose their ass.

I'm about the same.  I'm almost done trying to tell people that they are stupid for using GPUs on Bitcoin mining. 

Some people just can't read or something.  Anyone in a Bitcoin mining pool with a GPU is ignorant.  It's as simple as that!

[alp]

Na, still zero fucks given about whether they are profitable or lose their ass.

I'm about the same.  I'm almost done trying to tell people that they are stupid for using GPUs on Bitcoin mining. 

Some people just can't read or something.  Anyone in a Bitcoin mining pool with a GPU is ignorant.  It's as simple as that!

If you have free hardware and free electricity, it can certainly work.  Most people entering mining are not good at actually accounting for if its a good idea, and plenty of people have been "lucky" through price increases to be bailed out on that decision.  I do spend very little time worrying about the miners, but it gives me a little bit of joy inside seeing people who thought they could get rich quick getting crushed.

[Damnsammit]

If you have free hardware and free electricity, it can certainly work. 

Yes, but even if you have free hardware and free electricity, you are still an idiot for GPU mining Bitcoin.

You can Scrypt mine on middlecoin.com and make a much better return.

[Sage]

The more minors the better.

If there is a flaw in Bitcoin ASICS have exposed it... concentrating too much control in too few hands.

Someone needs to create a Bitcoin fork that solves this problem... insuring mining stays widely distributed over as many users as possible.

[alp]

The more minors the better.

If there is a flaw in Bitcoin ASICS have exposed it... concentrating too much control in too few hands.

Someone needs to create a Bitcoin fork that solves this problem... insuring mining stays widely distributed over as many users as possible.

But they are selling the ASICs to the hands of many.  They can make more money selling to rubes than mining, and there goes your central distribution theory.

[Dabs]

You have Asicminer Block Eruptors, and you will have K1 1-Avalon-Chip mini USB miners. These will be sold in the tens of thousands and hundreds of thousands. Then there will be at least a dozen more asic hardware companies coming out with next gen mining equipment.

We will have maybe just as many individual miners, distributed more or less all over the globe.

Some will be in it for profit. Then move on to bigger or faster miners. (Or smaller miners that do more.)
Some will be in it for the lulz. Just because. Or maybe curious.
Some will be in it to actually secure the network.

All of them will secure the network.

Why are there distributed computing projects for finding aliens, prime numbers, cracking codes, folding proteins, solving math problems like pi or chess, rendering 3D images, predicting climates, modeling the universe, looking at genes or DNA, detecting earthquakes, monitoring radioactivity, and finding Golumb rulers? Do any of those make money for the ones running the clients?

Almost NONE. Some have cash prizes. Almost all of them have leaderboards for most processing power, both individually and in teams, so the competition is for the highest number or score, almost like a game.

Bitcoin mining has the side effect (or main effect) of creating something of value.

[DeathAndTaxes]

The more minors the better.

If there is a flaw in Bitcoin ASICS have exposed it... concentrating too much control in too few hands.

Someone needs to create a Bitcoin fork that solves this problem... insuring mining stays widely distributed over as many users as possible.

But they are selling the ASICs to the hands of many.  They can make more money selling to rubes than mining, and there goes your central distribution theory.

This.  As evident by how low ASICMiner was able to drop the price of USBMiners there is a lot of markup.  ASICMiner simply sold them that high because well everyone else tripped over their dick and left ASICMiner with no significant competition.  BFL jumping the gun and promising ASICs about a year before it was feasible started this whole staggered start run multi-year pre-order bonanza.  In time though the network will sort it out.  

There will be raw ASIC chips made by at least 3-4 manufacturers (not all of them are going to make it, but at least some will).  I also think eventually most chip builders will take the route that Avalon (and yes AMD) have done and not offer complete miners for sell, instead getting out of the retail business and selling chips to OEMs (yeah that "AMD video card isn't made or sold by AMD, just the chip is").  Which means you probably will see at least a dozen mining OEMs all of the world making end units in a variety of sizes and price points.  


The margins will shrink (probably go negative for a while) and Bitcoin will reflect the relatively boring, low margin commodity business that it is.  The risk takers and speculators will move on to the next shiny and a large number of miners will grind out a small (very small) profit between their capital costs plus electrical costs and the the coins minted.  Many will probably see it not as a way to get rich but as an indirect way to buy Bitcoins in a decentralized fashion.  Input so many hours, plus so much computing power plus so much burnt electricity and out pops a shiny Bitcoin.