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Message
re: Installed my first bitcoin miner...
Posted on 2/27/13 at 12:13 pm to WikiTiger
Posted on 2/27/13 at 12:13 pm to WikiTiger
quote:
The value of a bitcoin is determined by supply and demand. USD's are commonly used because that's how we as Americans think of value. Bitcoins are exchanged for many other currencies all over the world as well, however. If your concern is a sudden crash in exchange rate, then I suppose that's a legitimate concern. That can happen with any currency though. All you're really doing is stating that you don't trust bitcoin. That's ok. You don't have to. Many people do already. Many more will do so in the future.
But the great thing about bitcoin is that no one will be forced to use it. Don't you think that's a good thing?
What happens when the SEC/FED Reserve/Warren Buffet/Dick Chaney/Chuck Norris decides, ok Bitcoiners, this was cute for awhile, but we're done, and shuts it down.
Our Government has destroyed currencies before. And I know part of the appeal of bitcoin is it's ability to avoid being tracked by Government watchdogs, but do you really think that if Bitcoin became a problem that the NSA couldn't buttfrick you and anyone else who traffics in these thing?
2
Posted on 2/27/13 at 12:22 pm to Vols&Shaft83
quote:
What happens when the SEC/FED Reserve/Warren Buffet/Dick Chaney/Chuck Norris decides, ok Bitcoiners, this was cute for awhile, but we're done, and shuts it down.
Shutting it down would pretty much require shutting down the whole internet. In other words, probably not going to happen.
Now, perhaps a powerful government could manipulate the currency. There are probably many ways they could do that.
They could also propagandize against it, which is already being done.
Or attempt a 51% attack. But that's extremely expensive.
They might be able to shut down exchanges.
But also keep in mind that they are limited to their own borders. Perhaps they could influence their trading partners to do the same things, though.
All in all though, I'd imagine they'd have the same success rate they've had at keeping drugs off our streets or in stopping copyright infringement.
Let me ask you this: Is a prohibition on the use of bitcoins a state policy you would support? Do you think that free people should be able to use alternative currencies if they choose?
Posted on 2/27/13 at 12:35 pm to WikiTiger
quote:
Let me ask you this: Is a prohibition on the use of bitcoins a state policy you would support? Do you think that free people should be able to use alternative currencies if they choose?
Take that shite to the Political Board where it belongs.
Posted on 2/27/13 at 12:38 pm to WikiTiger
quote:
Let me ask you this: Is a prohibition on the use of bitcoins a state policy you would support? Do you think that free people should be able to use alternative currencies if they choose?
People are free to trade anything they want for goods and services (Unicorn farts, Dino Turds, Mermaid Poon, and Goblin Balls included).
We also have the right to refuse alternative currencies if we want. Walmart won't even take the pesos I forgot to exchange on my way home from Mexico, Racists.
All that being said, I do not now, nor have I ever, been a FOREX trader (I like to keep my money), so my knowledge of foreign, domestic and alternative currencies is limited to what I have personally used.
Russian has been a day trader (Also not a game I'm in), and may have FOREX experience, plus he's lived abroad, so he's gonna understand the intricacies of currency manipulation much better than I.
You should start responding to him
Posted on 2/27/13 at 12:41 pm to LSURussian
quote:
Take that shite to the Political Board where it belongs.
sookin syn
Posted on 2/27/13 at 12:42 pm to Vols&Shaft83
quote:
People are free to trade anything they want for goods and services (Unicorn farts, Dino Turds, Mermaid Poon, and Goblin Balls included).
Posted on 2/27/13 at 12:59 pm to WikiTiger
Wiki, based on info I've stated my opinion, but fwiw don't let anyone sway your opinion on something your this passionate about, you have faith in Bitcoin, so be it.
Hope this does help you understand a little bit about the importance of faith in things in other people's lives, maybe ideas that you disagree with
Hope this does help you understand a little bit about the importance of faith in things in other people's lives, maybe ideas that you disagree with
This post was edited on 2/27/13 at 1:00 pm
Posted on 2/27/13 at 2:17 pm to ItNeverRains
quote:
Hope this does help you understand a little bit about the importance of faith in things in other people's lives
What a cheap shot at wiki.
The "faith" he has declared in BC is based on a careful analysis of everything about it. I do not (and will not, anytime soon) hold any BitCoins, but even I can see that there is logic in the way it is designed to work. It could fail, as even Wiki has acknowledged, but if you cant see the value and potential of a decentralized monetary system free from government manipulation and regulation, you are in denial. His "faith" is in that concept - and it is a sound one that glorifies human choices, freedom and independence. We should all be be excited at the possibilities.
To equate that with someone's faith in their version of the invisible man in the sky, based on what mommy and daddy told them to believe, is disingenuous.
Posted on 2/27/13 at 2:41 pm to TigerRad
Yayyyyy Internet Faith Fights 
Posted on 2/27/13 at 3:01 pm to Vols&Shaft83
Out of curiosity, how much electricity does a computer use to be able to mine one bitcoin? Let's say you're running one computer 24/7 in one of the group mining projects.
Do tech savy individuals do this mainly for profit, or is it more of a challenge/fun thing for them?
Do tech savy individuals do this mainly for profit, or is it more of a challenge/fun thing for them?
Posted on 2/27/13 at 3:08 pm to Ric Flair
quote:
Out of curiosity, how much electricity does a computer use to be able to mine one bitcoin? Let's say you're running one computer 24/7 in one of the group mining projects.
It depends on how robust your mining rig is. There are sites where you can do the math (enter your local electricity rates, the power consumption of all your devices, the hash rate of your devices, the mining difficulty rate*) and it will calculate an estimate of any profits or losses.
The new ASIC chips actually use relatively little electricity compared to CPU's, GPU's and FPGA's. But also, consider that the more ASIC's that are in use on the network in general, the higher the mining difficulty.
*Mining difficulty is a figure that adjusts depending on the amount of hashing power on the network at any given time. The more hashing power, the harder mining gets.
quote:
Do tech savy individuals do this mainly for profit, or is it more of a challenge/fun thing for them?
Most probably do it for a profit. But for most it's also probably a fun challenge for them as well.
This post was edited on 2/27/13 at 3:09 pm
Posted on 2/27/13 at 3:10 pm to Ric Flair
quote:
Out of curiosity, how much electricity does a computer use to be able to mine one bitcoin? Let's say you're running one computer 24/7 in one of the group mining projects.
Do tech savy individuals do this mainly for profit, or is it more of a challenge/fun thing for them?
Each bitcoin requires precisely:
1.21 GIGAWATTS, GREAT SCOTT
Posted on 2/27/13 at 3:28 pm to WikiTiger
quote:
It depends on how robust your mining rig is. There are sites where you can do the math (enter your local electricity rates, the power consumption of all your devices, the hash rate of your devices, the mining difficulty rate*) and it will calculate an estimate of any profits or losses.
Yeah, I'm certain that my little setup is not profitable as a bitcoin mining operation.
It only makes sense in that I have a few machines that do practically nothing 24x7, but are always on and running nonetheless.
So I've got the costs sunk already, might as well have them doing something.
Posted on 2/27/13 at 3:37 pm to Meauxjeaux
So what the frick are you mining for???
Did someone put these "Bit Coins" out there?
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
Did someone put these "Bit Coins" out there?
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
Posted on 2/27/13 at 3:45 pm to Lsut81
Well, I see the beginnings of a tangible use for them.
I would NOT pay cash for bitcoins. But since I have some PC's that need to stay on 24x7 and have 99.8% idle time and decent graphics cards, I decided to use them to jump in the game.
I would consider it all lagniappe if my setup finds 25-50 coins, they have some value and someday I use them for something.
I would not be trying the mining if I didn't have all of the hardware and costs absorbed anyway.
I would NOT pay cash for bitcoins. But since I have some PC's that need to stay on 24x7 and have 99.8% idle time and decent graphics cards, I decided to use them to jump in the game.
I would consider it all lagniappe if my setup finds 25-50 coins, they have some value and someday I use them for something.
I would not be trying the mining if I didn't have all of the hardware and costs absorbed anyway.
Posted on 2/27/13 at 3:46 pm to Lsut81
quote:
So what the frick are you mining for???
Bitcoins. Bitcoins are mined whenever a block is solved. Solving blocks is what processes the transactions of the network. In other words, miners are what make bitcoin operate. The system is very well designed, in that it rewards miners with bitcoins early on in the process, but as time goes on, the block reward will keep getting smaller and smaller until no bitcoins are rewarded.
First 4 years, a block reward was 50 bitcoins.
The next 4 years: a block reward is 25 bitcoins
The next 4 years after that: a block reward will be 12.5 bitcoins
and so on...
As the block reward shrinks, miners will earn income by collecting the transaction fees that are included in each block. For instance, if I send bitcoins to someone, sometimes a small transaction fee is preferred to ensure the transaction will be processed quickly. These fees are typically very small (equivalent to one US penny or less).
quote:
Did someone put these "Bit Coins" out there?
The protocol was designed to allow for only 21 million bitcoins to ever be created and released. The protocol also controls the rate of release.
quote:
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
Because they preferred this method, I assume.
This post was edited on 2/27/13 at 3:50 pm
Posted on 2/27/13 at 3:55 pm to Lsut81
quote:
If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?
Because if "they" had just created and sold them people would have just thought that was just weird.
Oh, wait........
Posted on 2/27/13 at 4:01 pm to WikiTiger
quote:
Bitcoins are mined whenever a block is solved
A what is what? Speak Amurican
quote:
The protocol was designed to allow for only 21 million bitcoins to ever be created and released.
So assuming this is only used in the US, 100% of this currency would be held by less than 1% of the population?
If it's used worldwide, it's 100% held by less than .0001%?
OCCUPY THE INTERNETZ!!!!
I am the 99.999%
Posted on 2/27/13 at 4:03 pm to Vols&Shaft83
quote:
So assuming this is only used in the US, 100% of this currency would be held by less than 1% of the population?
If it's used worldwide, it's 100% held by less than .0001%?
huh? I don't understand your point.
Each bitcoin is infinitely divisible, with the current recognized standard being out to 8 decimal places.
Posted on 2/27/13 at 4:04 pm to WikiTiger
quote:
Each bitcoin is infinitely divisible, with the current recognized standard being out to 8 decimal places.
Wait what? You can, divide a bitcoin?
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