Is anyone generating bitcoins via Amazon cluster GPU?
It's a flavor of EC2 that is powered by GPUs. Seems like the ideal way to generate a massive amount of bitcoin.
At present, it looks like the cheapest way to get bitcoins, no? It should be cheaper than buying them at the current rates.
I think that if we make it easy enough to use, prepare a short "how to", then enough people will get in on this wagon and warp bitcoin computation power out of reach of any malicious folk.
If it were ever cheaper to generate coins on rental hardware than buying them on the exchange, then people would either be doing it until the rise in difficulty negated the advantages, the price of bitcoins would fall until doing so was no longer profitable, or a combination of both. Such a condition would be Bitcoin's version of 'backwardization' and can happen for short periods. It has been shown that the difficulty and the market price are closely linked, and I believe that difficulty follows the total market value of solving a block. (price * block reward) And that difficulty will drop roughly in half when the reward cuts in half. This would be Bitcoin's weak point.