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fitty (OP)
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August 06, 2011, 05:44:13 PM |
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How about all the miners shut off their machines until Monday morning. Put the fear of God into these people abusing the markets pumping and dumping for their own gain. When the network hash rate drops to 5k Ghash people might start respecting the golden goose!
STRIKE! STRIKE! STRIKE!
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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stryker
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August 06, 2011, 05:51:42 PM |
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the value of bitcoin would plummet, never to recover
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kokjo
Legendary
 Offline
Activity: 1050
Merit: 1000
You are WRONG!
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August 06, 2011, 05:57:38 PM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
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"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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talldude
Member
Offline
Activity: 224
Merit: 10
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August 06, 2011, 06:25:12 PM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
No, it should earn normal profits... |
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CD-RW
Jr. Member
Offline
Activity: 56
Merit: 22
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August 06, 2011, 06:33:05 PM |
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If people want to buy low and sell high, it's their call, I don't think it hurts Bitcoin at all.
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kokjo
Legendary
Offline
Activity: 1050
Merit: 1000
You are WRONG!
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August 06, 2011, 06:34:25 PM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
No, it should earn normal profits... no it can not. it is simply supply-and-demand. if you can't grasp it, then you try reading about it. miners will only gain enough to cover their costs. if they earn less: they will stop mining. if they earn more: more miners will come. |
"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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jwzguy
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August 06, 2011, 06:37:32 PM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
No, it should earn normal profits... no it can not. it is simply supply-and-demand. if you can't grasp it, then you try reading about it. miners will only gain enough to cover their costs. if they earn less: they will stop mining. if they earn more: more miners will come. Wrong. Because "cost" is not the same for everyone, and motivation to mine is not the same for everyone. So your statement about what "should" happen is ridiculous. |
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DavinciJ15
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August 06, 2011, 11:37:48 PM |
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Markets do not work that way. Assets move from week hands to strong hand thus allowing for corrections people like me who are buy and store for a long time will hold more than those looking to make a quick Federal Reserve Note, this is the right way to increase the value of bitcoins.
SO LET IT DROP TO $1 and I will buy 200k worth. LOL I would move the market if I did that. LOL
Seriouly though lets hope it stays low for people like my self to accumulate.
BTW don't get fooled when their is a candle stick bounce to 10 that's not a real up trend.
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talldude
Member
Offline
Activity: 224
Merit: 10
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August 06, 2011, 11:48:38 PM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
No, it should earn normal profits... no it can not. it is simply supply-and-demand. if you can't grasp it, then you try reading about it. miners will only gain enough to cover their costs. if they earn less: they will stop mining. if they earn more: more miners will come. I have a master's degree in applied economics... Mining should earn normal profits, just like any other business. Normal profit is defined as a level of income that is no higher than what you could earn by doing something else with your time and capital. If you can earn more doing something else, you shouldn't bother with mining. |
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teflone
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August 07, 2011, 01:36:37 AM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
Another puppy living at home with the 'rents not paying hydro.. Your an idiot.. plain and simple.. Your ideas are complete nonsense...ridiculous... |
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kokjo
Legendary
Offline
Activity: 1050
Merit: 1000
You are WRONG!
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August 07, 2011, 07:52:35 AM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
No, it should earn normal profits... no it can not. it is simply supply-and-demand. if you can't grasp it, then you try reading about it. miners will only gain enough to cover their costs. if they earn less: they will stop mining. if they earn more: more miners will come. I have a master's degree in applied economics... Mining should earn normal profits, just like any other business. Normal profit is defined as a level of income that is no higher than what you could earn by doing something else with your time and capital. If you can earn more doing something else, you shouldn't bother with mining. no! because mining is not a job. it is essentially just leaving your computer on, so therefor anyone could leave their computer on and let them do the work for them. you can mine and work at the same time... this does only apply right now, when it comes to asic/fpga mining, things change... btw. trowing a fine title at my does not help  |
"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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RandyFolds
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August 07, 2011, 08:42:18 AM |
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I have a master's degree in applied economics...
Oh yeah? Well I get my kicks by kacking it with a belt around my neck...we're even. (I'm not really into auto-erotic asphyxiation, regular old 'batin is just fine in my book. I am just making real life comparison.) |
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talldude
Member
Offline
Activity: 224
Merit: 10
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August 07, 2011, 02:20:15 PM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
No, it should earn normal profits... no it can not. it is simply supply-and-demand. if you can't grasp it, then you try reading about it. miners will only gain enough to cover their costs. if they earn less: they will stop mining. if they earn more: more miners will come. I have a master's degree in applied economics... Mining should earn normal profits, just like any other business. Normal profit is defined as a level of income that is no higher than what you could earn by doing something else with your time and capital. If you can earn more doing something else, you shouldn't bother with mining. no! because mining is not a job. it is essentially just leaving your computer on, so therefor anyone could leave their computer on and let them do the work for them. you can mine and work at the same time... this does only apply right now, when it comes to asic/fpga mining, things change... btw. trowing a fine title at my does not help Mining is a job for some people (the big players) - basically anyone that's not just doing for kicks. It takes time and it takes money, and they're doing it for the sole purpose of earning $$$. My "title throwing" was aimed at your supply and demand comment - don't assume you know more than someone else. |
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kokjo
Legendary
Offline
Activity: 1050
Merit: 1000
You are WRONG!
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August 07, 2011, 02:39:46 PM |
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My "title throwing" was aimed at your supply and demand comment - don't assume you know more than someone else.
i don't! but i clearly have a better understanding of it then some others. |
"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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mike678
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August 07, 2011, 02:44:41 PM |
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Mining is a job for some people (the big players) - basically anyone that's not just doing for kicks. It takes time and it takes money, and they're doing it for the sole purpose of earning $$$.
I have to agree with you this last rig I built has been very temperamental and I've spent quite a few hours working on it. I wouldn't even call myself a big player I only have about 3ghash. Once everything is up though it should be smooth sailing and very little maintenance required. |
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mitchel
Newbie
Offline
Activity: 22
Merit: 0
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August 07, 2011, 03:43:14 PM |
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5 Thash is enoght to keep the network running. and anyway at the next difficulty will drop if you do it.
and btw mining should not be profitable. it should run at 0-cost, 0-gain.
but feel free to stop mining at anytime.
No, it should earn normal profits... no it can not. it is simply supply-and-demand. if you can't grasp it, then you try reading about it. miners will only gain enough to cover their costs. if they earn less: they will stop mining. if they earn more: more miners will come. I have a master's degree in applied economics... Mining should earn normal profits, just like any other business. Normal profit is defined as a level of income that is no higher than what you could earn by doing something else with your time and capital. If you can earn more doing something else, you shouldn't bother with mining. no! because mining is not a job. it is essentially just leaving your computer on, so therefor anyone could leave their computer on and let them do the work for them. you can mine and work at the same time... this does only apply right now, when it comes to asic/fpga mining, things change... btw. trowing a fine title at my does not help Kokjo thats rediculous to argue economics with someone who has a masters degree. just let it go accept that you are wrong and move on....And to say that mining isnt a job is wrong. I have 5 full time miners and 3 part time and it is no where near as simple as "letting my computers run" they require monitoring, maintenance, updating, and tweaking on a regular basis... |
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SmokeAndMirrors
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August 07, 2011, 05:25:02 PM |
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they require monitoring, maintenance, updating, and tweaking on a regular basis...
No, they don't really. If you need to keep monitoring, maintaining (this is good, but it doesn't require as much attention as you make it seem), "updating" whatever that means, and tweaking on a regular basis, it just means you haven't setup your rig properly. I've had my machines running for the past 2 months straight with a checkup here and there. I have not seen any loss in hashing power and there has been no damage done to my gpu's. As for mining being profitable, koj you are wrong. Mining will always be profitable to people, otherwise they will get out of the game. As you can see on these forums, people who aren't even making more than a set amount (even though they're still profiting a little bit) are getting out. Most people won't mine unless they're making significant returns, rendering mining profitable for everyone else. |
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teflone
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August 07, 2011, 09:24:56 PM |
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they require monitoring, maintenance, updating, and tweaking on a regular basis...
No, they don't really. If you need to keep monitoring, maintaining (this is good, but it doesn't require as much attention as you make it seem), "updating" whatever that means, and tweaking on a regular basis, it just means you haven't setup your rig properly. I've had my machines running for the past 2 months straight with a checkup here and there. I have not seen any loss in hashing power and there has been no damage done to my gpu's. Whew! someone's sheet dosent stink!  |
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DavinciJ15
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August 07, 2011, 10:55:16 PM
Last edit: August 07, 2011, 11:19:50 PM by DavinciJ15 |
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I have a master's degree in applied economics...
That shows you know nothing about economics. I don't mean to insult but ask me to prove it and I will. |
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memvola
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August 07, 2011, 11:02:24 PM |
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no! because mining is not a job. it is essentially just leaving your computer on, so therefor anyone could leave their computer on and let them do the work for them. you can mine and work at the same time...
That is a very unusual understanding of investment. There is a non-zero time investment involved, you don't need to work on it forever. If mining was essentially leaving a computer on, every computer on earth would be mining. Plus, not everyone has the hardware, so there is the capital investment aspect. Risk and variability is not zero as well. The Marxist in you at least could tempt to argue that this will in time turn into a zero-sum game, but as SmokeAndMirrors said, if you are not making enough profit you can leave the game with very modest depreciation costs. So that won't happen either -- total profit of all miners will tend to be positive. It is true that, if conditions never changed, profits would converge to zero, which is what you originally meant I guess... But conditions always change. It just feels that innovation is stagnant nowadays, since GPU mining is becoming a conventional thing. This is actually a very recent development, and it is highly unlikely that things will stay this way for long. Furthermore, innovation is always there even if you don't see it. Don't expect to read about novel ways to steal electricity in this forum. I have a master's degree in applied economics...
That shows you know nothing about economics. I don't mean to insult but ask me to prove it and I will. Not to object, but talldude's response was appropriate for the uncalled for "if you can't grasp it, then you try reading about it" statement. IMO it doesn't count as an appeal to authority. |
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