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Author Topic: Coin generation participation survey  (Read 2851 times)
gridecon
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August 14, 2010, 06:51:09 PM
 #1

It is common to hear people explain to newcomers to bitcoin that "its not about the coin generation or getting free money, its about creating a medium of exchange". I am interested in what the current ratio of generators to non-generators in the community is. Obviously this is an extremely NON-scientific method of examining that. So:

1) Have you been using bitcoin for more than two months?

2) Are you currently attempting to generate coins?

3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?

4) Have you ever succeeded in generating a block? Many blocks?

5) Why or why not do you generate? Purely profit-oriented comparison of cost of generation with market value in another currency? Just for fun? As a selfless contribution to the mathematical strength of the proof of work?

Feel free to answer as much or as little as you like and I'm also interested in anything else relevant you would care to add. I will reply to my own post as the first answer.
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gridecon
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August 14, 2010, 07:02:42 PM
 #2

1. No, only found out about bitcoin about two weeks ago.

2. Yes, currently attempting to generate with every computer I own.

3. I've been generating since a few days after I found out about bitcoin and reassured myself it was at least a well-intentioned project.

4. I have succeeded in generating a small single digit number of blocks, slightly fewer than statistical expectation from khash/sec.

5. My initial motivation for generation was to try to personally verify that the system was working honestly and as designed. I have become increasingly enthusiastic about Bitcoin since then and that motivation has now been joined by actually wanting more coins.

FreeMoney
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August 14, 2010, 07:04:52 PM
 #3

1. No
2. Yes
3. One month
4. 5 (make that 6!)
5. Fun and 'Profit' (don't know if it's actually profitable)

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Willsway
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August 14, 2010, 07:20:52 PM
 #4

1.
No
2.
Yes
3.
One week - I prefer the term mining because we are excavating a finite resource from a mathematical mountain - the term generating, though technically correct, sounds too infinite.
4.
i7 machine - 3 blocks
i7 machine - 0 blocks
Quad core - 2 blocks
Quad core - 0 blocks
i3 machine - 1 block
i3 machine - 0 blocks
Dual Core - 1 block
Dual Core - 0 blocks
Dual Core - 0 blocks
5.
Mining is fun for the moment - but I would really like to see this work succeed, so profit isn't a motivation. I am planning some trade sites to use bitcoin, so understanding how they work is important to me. I am also interested in seeing how the transaction fee structure will work in future to keep the number of honest nodes high and with determining the value of this network in its benefit traders who are currently stifled by the ridiculous regulations placed on them by governments and financial institutions.


17VMPV9idfM8zYSR2ftxpXbBbkvpK5oUih
FreeMoney
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August 14, 2010, 07:29:06 PM
 #5

Welcome, Willsway.

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Gavin Andresen
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August 14, 2010, 08:11:43 PM
 #6

1) Have you been using bitcoin for more than two months?
Yes, almost 3 months now.

2) Are you currently attempting to generate coins?
No (well, not on the production network; I am generating blocks on the TEST network)

3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?
Yes, before the big slashdot interest influx I was generating.

4) Have you ever succeeded in generating a block? Many blocks?
Probably around 10  blocks while I was generating.

5) Why or why not do you generate?
I'm a big believer in the power of division of labor and comparative advantage to make the world a better place.  I don't have any particular advantage for mining bitcoins, and I bet people who _do_ (who have access to lots of cheap CPU cycles) will be more efficient at mining than me.

How often do you get the chance to work on a potentially world-changing project?
MoonShadow
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August 14, 2010, 08:12:52 PM
 #7

1 - 4 )  No.


5) I don't presently own a working computer besides an old netbook.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
gebler
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August 14, 2010, 08:25:48 PM
 #8

1) No.

2) Yes.

3) About three weeks.

4) 3 blocks.

5) Mostly for fun, but I won't keep generating once the difficulty adjustment turns the profit into a loss, which I believe will happen quite soon.

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BitLex
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August 14, 2010, 08:50:21 PM
 #9

1) Have you been using bitcoin for more than two months?
yes, for about 3 month

2) Are you currently attempting to generate coins?
yes, less enthusiastic than about a month ago though.

3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?
for about 3 month

4) Have you ever succeeded in generating a block? Many blocks?
yes, 50something.

5) Why or why not do you generate? Purely profit-oriented comparison of cost of generation with market value in another currency? Just for fun? As a selfless contribution to the mathematical strength of the proof of work?
didn't cost me any more than buying coins from the market,...yet. not sure if you'd call that profit-oriented.
but i'm pretty close to a loss (if not at it) when generating already, so i think i'll stop trying to generate coins on most of my machines pretty soon and just leave some slower crunchers running, that dont take much power and/or running 24/7 anyway to do my part in stabilizing, without expecting them to win the lotto.

theymos
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August 14, 2010, 11:22:20 PM
 #10

1) Yes. I've been constantly generating since around January.

2) Yes.

4) Yes. Many.

5) Generating is still profitable, even on my ancient computers. Bitcoin uses $0.25 per day in electricity, but I will make on average $0.60 in Bitcoins per day (and I actually value Bitcoins more than the market price). Even if it wasn't profitable, I need a running bitcoind, and I might as well have it helping the network.

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kiav
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August 15, 2010, 01:57:36 AM
 #11

1) Have you been using bitcoin for more than two months?
No. One month only.

2) Are you currently attempting to generate coins?
Yes.

3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?
One month.

4) Have you ever succeeded in generating a block? Many blocks?
2 blocks.

5) Why or why not do you generate? Purely profit-oriented comparison of cost of generation with market value in another currency? Just for fun? As a selfless contribution to the mathematical strength of the proof of work?
Just for fun
ichi
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August 15, 2010, 09:24:38 AM
 #12

Quote
1) Have you been using bitcoin for more than two months?
No.  I started just BS (before Slashdot).

Quote
2) Are you currently attempting to generate coins?
I'm only running a few clients, all generating.  Nothing serious.

Quote
3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?
I quit seriously attempting to generate a couple weeks AS (after Slashdt).

Quote
4) Have you ever succeeded in generating a block? Many blocks?
Altogether, I've generated less than ten blocks.  Pitiful.

Quote
5) Why or why not do you generate? Purely profit-oriented comparison of cost of generation with market value in another currency? Just for fun? As a selfless contribution to the mathematical strength of the proof of work?
It's too much hassle for too little gain.  It's far easier to buy bitcoin.
SmokeTooMuch
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August 19, 2010, 11:08:38 AM
 #13

1) Have you been using bitcoin for more than two months?
Yep, since Dec 2009.

2) Are you currently attempting to generate coins?
Not permanently.

3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?
--> 1)

4) Have you ever succeeded in generating a block? Many blocks?
Yep, many :-)

5) Why or why not do you generate? Purely profit-oriented comparison of cost of generation with market value in another currency? Just for fun? As a selfless contribution to the mathematical strength of the proof of work?
Personal profit and contribution to the network.

Date Registered: 2009-12-10 | I'm using GPG, pm me for my public key. | Bitcoin on Reddit: https://www.reddit.com/r/btc
You like what I'm doing? Why don't you send me a coin: 17Pj8jpUgY6qTaKgiopL5U48zxU4rTrkuB
TTBit
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August 19, 2010, 04:49:15 PM
 #14

It is common to hear people explain to newcomers to bitcoin that "its not about the coin generation or getting free money, its about creating a medium of exchange". I am interested in what the current ratio of generators to non-generators in the community is. Obviously this is an extremely NON-scientific method of examining that. So:

1) Have you been using bitcoin for more than two months?

2) Are you currently attempting to generate coins?

3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?

4) Have you ever succeeded in generating a block? Many blocks?

5) Why or why not do you generate? Purely profit-oriented comparison of cost of generation with market value in another currency? Just for fun? As a selfless contribution to the mathematical strength of the proof of work?

Feel free to answer as much or as little as you like and I'm also interested in anything else relevant you would care to add. I will reply to my own post as the first answer.


1) NO. I started 7/23
2) Not anymore
3) I have attempted, but now stopped.
4) I have succeeded in getting 1 block. Very very lucky.
5) I figured out with my computer (1800 khash/s), I should generate a coin every 14 days, which is an average of 3.5/day. at 7c each, I'd rather buy them from Mt. Gox. The heat and electricity my computer goes through is not worth it.

good judgment comes from experience, and experience comes from bad judgment
BrightAnarchist
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August 19, 2010, 06:59:18 PM
 #15

1) Have you been using bitcoin for more than two months?
Yes

2) Are you currently attempting to generate coins?
No

3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?
Yes, generated for the past 3 weeks, nothing. About 2,000Khash/s.

4) Have you ever succeeded in generating a block? Many blocks?
None

5) Why or why not do you generate? Purely profit-oriented comparison of cost of generation with market value in another currency? Just for fun? As a selfless contribution to the mathematical strength of the proof of work?
No point in generating, not getting any coins. It's easier to trade to earn coins, which is the whole point of Bitcoin!
pimaster
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August 23, 2010, 02:19:43 AM
 #16

1) Have you been using bitcoin for more than two months?
Almost. Basically since the slashdot article on 11/07/2010

2) Are you currently attempting to generate coins?
Yes

3) If not currently generating, have you attempted in the past? If generating, how long have you been generating?
Since I got it (and remember to leave it on)

4) Have you ever succeeded in generating a block? Many blocks?
Just the 1 Sad My attempts might have been stalled by the issue with that bad block. I recently upgraded to 3.10.1 beta but didn't delete my old blocks. There was nothing in the readme about it.

5) Why or why not do you generate? Purely profit-oriented comparison of cost of generation with market value in another currency? Just for fun? As a selfless contribution to the mathematical strength of the proof of work?
Taking the 5 from the faucet felt bad so I gave 6 back. If I had more I'd be interested in seeing what I can do with them.\
Not interested in buying any.
Not interested in selling for $$$'s, I'd want something more interesting/unique.
-edit-
I've thought of some useful examples that I might use it for.
Donating to a software project to getting a feature built.
Recognition of online help.
The sorts of things that I think deserve some sort of reward.
Klintel
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August 23, 2010, 04:02:25 AM
 #17

1) I only found out about bitcoins on 08/16/2010.

2) Yes

3) Since I've installed the client. Except for the past two days while I was out of town while the power was cut to our building, or something.

4) So far, I've gotten one block (on the 19th).

5) I have no idea, so I'm going with "Just for fun."
FreeMoney
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August 23, 2010, 06:04:24 AM
 #18

I cut back to one machine when the difficulty rose. I just made my first block at the new difficulty w/ 2500khash.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Anonymous
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August 23, 2010, 02:45:25 PM
 #19

I use the bitcoin client as a secure password generator 


Am I doing it right? Cheesy
TehZomB
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July 03, 2012, 12:35:44 PM
 #20

1) Yes.

2) No.

3) Yes, I have attempted in the past.

4) Nope. I survived on pool payments.

5) I don't generate because I don't appreciate my computer room being as hot as it gets. I mined with a 7970 for a while and before that a 5000 series I can't remember. I turned profits on both after resale. Now I'm comfortable to be back with Nvidia.

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