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Author Topic: Attack of the miners  (Read 3933 times)
abyssobenthonic
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May 01, 2011, 07:20:17 PM
 #21

@allinvain

I agree with you, don't worry we're on the same side. (we are just swapping ideas)

What about smaller crypto-currency networks on a community level, each with it's own miners, users, etc. Then we would have to trade with other groups/communities and establish our own value. Wouldn't that help to stabilise the value and maybe keep 'unbelievers' away ? Even if btc is uncentralized, it is still globalized, which makes it easier for big moneymakers.

Hmm, not too sure what to think of community level cryptocurrencies. I think they would be ok for a very small group of self sufficient families but you'd run into the same problem people bartering do. In my opinion the more widely adopted a currency is the better it is. On a community level I think maybe something other than a cryptocurrency would be best ( after all you think a small community would go through the hassle of developing their own bitcoin derivative, miners, etc) - something like "social credits" or some other form of fiat person to person credit "money"

There's a fairly long tradition of community currencies in the US (e.g. Ithaca Hours).  I wonder if anyone is exchanging bitcoin for such currencies?

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Tril
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May 01, 2011, 08:21:28 PM
 #22

I will be signing up for fourthcornerexchange.com soon- Life Dollars are a local currency in the Northwest.
bitjet
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May 02, 2011, 05:17:59 PM
 #23


Also there should be a limit to the amount of Ghash an individual can generate, otherwise it kinda proves your in it for the money, not for the ideals and beliefs.



Whats wrong with being in it just for the money?
JJG
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May 02, 2011, 08:08:05 PM
 #24


Also there should be a limit to the amount of Ghash an individual can generate, otherwise it kinda proves your in it for the money, not for the ideals and beliefs.



Whats wrong with being in it just for the money?

I think the real problem here is any discussion of 'right' and 'wrong'. This is a currency, and to be successful all users must be free to do with it as they please.
eleuthria
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May 02, 2011, 08:20:45 PM
 #25

I'd kill to get the 8-20 cent rates people talk about for US electricity.  Here in California with PG&E it costs me 40 cents per kWh once you hit the 2nd to last tier of usage.  I hit that tier every summer BEFORE I started running 3000 watts of computers 24/7.  Still profitable though =).

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SgtSpike
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May 02, 2011, 08:35:38 PM
 #26

I'd kill to get the 8-20 cent rates people talk about for US electricity.  Here in California with PG&E it costs me 40 cents per kWh once you hit the 2nd to last tier of usage.  I hit that tier every summer BEFORE I started running 3000 watts of computers 24/7.  Still profitable though =).
Great scotts!

Yeah, here in Oregon, you start at $0.06/kwh for the first tier, $0.08/kwh for tier 2, and $0.10/kwh for tier 3 (give or take a few fractions of a penny).  That's one big advantage of living here...
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May 02, 2011, 08:53:48 PM
 #27

I'd kill to get the 8-20 cent rates people talk about for US electricity.  Here in California with PG&E it costs me 40 cents per kWh once you hit the 2nd to last tier of usage.  I hit that tier every summer BEFORE I started running 3000 watts of computers 24/7.  Still profitable though =).
Great scotts!

Yeah, here in Oregon, you start at $0.06/kwh for the first tier, $0.08/kwh for tier 2, and $0.10/kwh for tier 3 (give or take a few fractions of a penny).  That's one big advantage of living here...

Yeah, I'm going to give them a call this weekend to find out if there are any alternative rate schedules.  I know their CARE program is somewhere around 8 cents at top tier, but I'm neither old or poor.  I think my only hope is that their commercial rate schedule can be applied to a residence when there is a registered business at the location and the business power requirements far exceed the residence.

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mp420
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May 03, 2011, 05:28:40 PM
 #28

Mining being "too" profitable means there are too few miners. With the global hashrate at just over 1 Th/s a malevolent entity could overtake the whole currency with only a couple million dollars' capital investment.

Any government could shut down bitcoin at the moment. Even a wealthy individual could.

What the economy needs is a lot more miners.
legion050
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May 03, 2011, 05:57:12 PM
 #29

Mining being "too" profitable means there are too few miners. With the global hashrate at just over 1 Th/s a malevolent entity could overtake the whole currency with only a couple million dollars' capital investment.

Any government could shut down bitcoin at the moment. Even a wealthy individual could.

What the economy needs is a lot more miners.

build it and they will come.

just create/sell some service or product.
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