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Bitcoins!

Discussion in 'General Software' started by pantherx12, Feb 17, 2011.

  1. NinkobEi

    NinkobEi

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    is that after electricity costs or before
     
  2. Octopuss

    Octopuss

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    That much?

    Electricity cost is irrelevant to me. I currently have 5850 in my machine and my father in law's laptop with 6770m, but the former is getting upgraded to 280x. I might give this a shot...
     
  3. mauriek

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    that before electricity cost, for me a single 7950 at 24/7 electricity cost maximum $17/month, usually only cost an average of $13/mo, so for a single 7950 my lowest acceptable LTC price is around $2-3, anything above that will speed up the break even for hardware cost. With current LTC difficulty and the diff rising, i calculate 7950 will still be profitable for at least another 6-8 month, assuming the price will not fall below $10.
     
    Crunching for Team TPU
  4. NinkobEi

    NinkobEi

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    Look at the poop, smell the poop, but never touch the poop. And why is electricity cost irrelevant?
     
  5. Octopuss

    Octopuss

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    Because I don't pay for it.
    I don't understand your first sentence.

    Also, everything even remotely AMD-related is hopelessly sold out, and 280x's are skyrocketing even when out of stock.
     
  6. james888

    james888

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    Depends where you live. I have really cheap electricity. Last time I did the math it was like $3.11 for my 7970 alone if running 24/7.
     
    Last edited: Dec 3, 2013
    Crunching for Team TPU
  7. NinkobEi

    NinkobEi

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    Really good read

     
  8. Octopuss

    Octopuss

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    Does anyone happen to have cpuminer 2.3.2? Goddamn Sourceforge is blocking it on virus allegiations.
     
  9. james888

    james888

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    @NinkobEi
     
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  10. NinkobEi

    NinkobEi

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    @James
    "The reason so many nerds are excited about Bitcoin is that they see the potential for Bitcoin to do for financial services what the Internet did for information: provide a general-purpose platform anyone can use to conduct complex financial transactions."
    It's almost as if the writer is oblivious to online banking, credit and debit cards, and the infamous steam wallet. Bitcoin could never handle the volume of transactions required to be considered a legitimate currency. Its design is too bloated to be practical - ever. It has no fail-safes and no consumer protection. And it is trying to replace something that is already established and works perfectly fine. A better designed crypto currency may make its way through the nethers one day, but bitcoin is nothing but a stepping stone to that.
     
  11. The Von Matrices

    The Von Matrices

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    While I agree that the current implementation of Bitcoin needs improvement, the brilliant thing is that the protocol is open to modification as long as the majority of clients agree to it. It's disingenuous to say that Bitcoin is permanently flawed for that reason. Things like the block size, the minimum transaction size, and the number of decimal places allowed can all change as the currency grows.

    The problem with the current online financial system is that there is always a middle man in the transaction, whether it is a bank, a credit card, a debit card, or even the Steam wallet. I can't send money to you directly. If I want to send money to you, I have to use a middle man, and of course the middle man wants a moderate fee for transferring the money. With Bitcoin I can transfer money directly to you and have a much smaller transaction fee (if one is charged at all). In addition many of the poor cannot use electronic forms of conventional currency because the middle man (the bank) refuses them service based upon their financial situation. Bitcoin makes no such discrimination.

    Why would you still be mining on a CPU at this point? The reason it's a virus threat is because the only people who CPU mine are people who write viruses. They make infected computers mine for them and don't have to pay for the electricity, so it doesn't matter how inefficient the miner is.
     
    Last edited: Dec 5, 2013
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  12. qubit

    qubit Overclocked quantum bit

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    The one thing I don't get about bitcoin from a technical perspective, is how the block chain works.

    First of all it's supposed to contain details every single BT transaction ever, with all the notes and things that go with it. This would lead it to becoming very large indeed in a very short time, so should be like that now. Then, it's supposed to be synchronized with all the other BT clients. As the system is decentralized, how is this supposed to work? How can you ever know that you have the latest version of the block chain?

    To compound this problem, the block chain would have to be updated every few seconds, or even several times a second, as BT usage picks up. Eventually, it will have to be updated hundreds and eventually thousands of times a second, which would make maintaining a single updated version totally impractical.

    Can anyone clarify all this?
     
  13. The Von Matrices

    The Von Matrices

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    The entire block chain was never intended to be directly used by clients. BitcoinQT is a bad client in this regard; there are other clients that can access the block chain without downloading it all. It was always intended for the whole block chain to be hosted by only a few servers (like blockchain.info) allowing clients access to transaction info without downloading the entire chain. As far as controlling growth, there is significant debate on what to do, whether it be a purge or something else, so I don't have an answer to that.
     
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  14. Solaris17

    Solaris17 Creator Solaris Utility DVD

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    Its a mix between diffirent cryptographic functions it downloads a set amount of data for one. almost like a work unit in F@H or boinc. then this block chain needs to be computed using a distributed key http://en.wikipedia.org/wiki/Distributed_key_generation much like F@H and WCG you can have errors and your "segment" of the block chain will not validate with the "pool" (server that has all the other half of the algorythm) then it will dump the work and force an update. because its hash value did not make the handshake the work isnt counted.
     
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  15. qubit

    qubit Overclocked quantum bit

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    So the block chain isn't decentralized then. Ok, that would keep things manageable.

    Of course, this gives BT a weak spot, a choke point for control and potential snooping by governments who don't like the idea of a currency operating out of their control for various reasons. Witness the takedown of the Silk Road exchange for example.

    EDIT: Thanks Solaris, just saw your reply after posting mine. I'll check out that Wikipedia article.
     
  16. The Von Matrices

    The Von Matrices

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    It is decentralized in that no one "owns" the chain and can modify it alone; all the servers still have to be synchronized to the protocol, and you can still download the entire chain and start your own server if you really want it. However, you aren't required to have your own personal copy of the entire chain to use the currency. I really hope that the BitcoinQT client begins to die off for consumers because it's such a waste of bandwidth.
     
  17. Octopuss

    Octopuss

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    Not sure if serious or...
     
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  18. The Von Matrices

    The Von Matrices

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  19. Easy Rhino

    Easy Rhino Linux Advocate

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  20. james888

    james888

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    There is no profit to cpu mine anymore though. Even the botnets are not that profitable, even with the free computational power.
     
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  21. Octopuss

    Octopuss

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    I am getting extra ~50kh/s with 6 threads running on my 3770K on top of what's running on the GPU. I'll take that. The PC would otherwise idle anyway.
     
  22. Easy Rhino

    Easy Rhino Linux Advocate

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    The real money is not in mining. You guys are just trading electricity for a virtual currency. The real money is in TRADING the coins.
     
  23. The Von Matrices

    The Von Matrices

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    If you already have the hardware, it makes a lot of sense. However if you are buying hardware just to mine, I agree with you completely. You can make a lot more money investing.

    That's exactly the reason I think the people buying every 280Xs on the market are crazy. They don't realize that they will only break even or be marginally profitable in the end. Litecoin adjusts difficulty 4x more frequently than Bitcoin so you can't take advantage of that lag in difficulty change. Wise investors don't blindly follow the horde when making investment decisions.
     
  24. Easy Rhino

    Easy Rhino Linux Advocate

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    OMG, I am going through this thread again. You paid the potential of $66,000 USD for a $50 visa. LMFAO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! There are no words.
     
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  25. The Von Matrices

    The Von Matrices

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    The transaction widely cited as the first Bitcoin sale was 10,000 BTC for two pizzas (25 USD) in May 2010. It looks crazy now, but if you were holding coins then, it was a good deal for a currency that had no real exchange value.
     
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