“We would like to remind you that this weekend Bitcoin mining reward will be reduced by 50%. This process, namely halving, is a part of Bitcoin system script and occurs every 210 000 blocks. The last halving was 4 years ago and the block reward went down to 25 BTC from 50 BTC.
If this halving occurs every 210,00 blocks, this makes BTC mining an even more endangered species. As BTC trading increases, the blocks will be formed ever more quickly, so the TIME between halvings will continually decrease. So the next one will probably be in 2-3 years and drop to 12.5 BTC per block. Then the next may be in 1.5 to 2 years and drop to 6.25 BTC per block - on and on to oblivion.
This is a reverse geometric curve heading straight down to nothing, while the difficulty is rising exponentially higher. WOW
Topic: [ANN][EST 2014] Rimbit - We removed mining so its just the community and coin - page 4. (Read 26080 times)
July 15, 2016, 10:51:26 AM
July 11, 2016, 11:18:49 PM
SPORTSBOOK BETTING NOW ON THE RIMBIT.COM FORUM
For those who haven't heard, the Rimbit Forum has just set up Sportsbook betting.
Using Rimbits (RBT), forum members can place bets on a variety of events including the Tour de France, Olympics, 2016 British Open (golf), 2016 Darts World Matchplay tournament, Formula 1 and more.
There is also betting on the U.S. Presidential Election and even the IMDB rating for films on a given date.
Easy to use & fun. Events are settled quickly and winnings are immediately available for further use.
It's well-worth a visit to see if there's something that might interest you.
July 05, 2016, 03:45:56 AM
The miners work for us? Seriously?
Of course. Why do you think we pay them?
I just had visions
Maybe take a break from the forum until you come down.
of the animals in George Orwells Animal Farm talking about the pigs. It does not matter what else you say, I will find it hard to take it seriously now!
It's OK if you are unable to respond to my post with anything other than personal attacks. I get it.
You are clearly trolling, so good on you - it was fun!
The miners can do as they like with almost total impunity. There are so few of them controlling so much mining, that if they wanted to they could easily manipulate the btc price and there is nothing we can do about it.
July 04, 2016, 10:54:09 PM
The miners work for us? Seriously?
Of course. Why do you think we pay them?
I just had visions
Maybe take a break from the forum until you come down.
of the animals in George Orwells Animal Farm talking about the pigs. It does not matter what else you say, I will find it hard to take it seriously now!
It's OK if you are unable to respond to my post with anything other than personal attacks. I get it.
July 04, 2016, 10:51:42 PM
What we discovered was once all the coins where generated and the miners left to run, that it suddenly looped back to the original coin count and began mining new coins again.
So we went from the code specified 360 million coins and then after the loop, it began mining another 360 million coins, which completely destroyed the purpose of Rimbit as we now had 720 million coins.
We contacted some of the top devs of Bitcoin and warned them of our findings. Apparently its a known issue.
Whether is been resolved or not by Bitcoin, we dont know but we do speculate that it is partly a reason why there is a need for Bitcoin to do a hard fork.
So we went from the code specified 360 million coins and then after the loop, it began mining another 360 million coins, which completely destroyed the purpose of Rimbit as we now had 720 million coins.
We contacted some of the top devs of Bitcoin and warned them of our findings. Apparently its a known issue.
Whether is been resolved or not by Bitcoin, we dont know but we do speculate that it is partly a reason why there is a need for Bitcoin to do a hard fork.
The bug was fixed in Bitcoin on Mar 10, 2014. There was no need to do a hard fork since the bug wouldn't have had any effect until approximately 256 years after the genesis block.
The problem is that C++ doesn't define what happens when you right-shift a 64 bit integer 64 or more places. What most compilers do when you ask them to right-shift 64 places is to right-shift 0 places, ie. do nothing.
July 04, 2016, 05:27:32 PM
ASIC chips can never keep up with the logarithmic increase in power required to solve the algorithms.
Do you realise that mining difficulty is a result of increased hashrate and not the other way around? Miners don't have to keep up with the difficulty, the difficulty keeps up with the miners. The only reason the power required increases is because the hashrate increases. When we run up against the physical limit and Moore's Law stops applying there won't be new generations of ASICs, so the hashrate will stop increasing exponentially, and so the difficulty will stop increasing exponentially. You have the whole causality of the situation backwards.
So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery?
Mining is a competitive business. Only the most efficient miners will survive. If Bob is paying twice as much per kilowatt as the Chinese miner then how can he hope to remain in business? There are no "participation prizes" in the real world. Only the fittest survive.
Because the hashrate has gone up so much. But why has the hashrate gone up so much? .... Chicken or egg which is first?
The hashrate has gone up due to improvements in mining hardware. From CPU to GPU to FPGA to the various generations of ASICs, each faster and more efficient than the last. Difficulty tracks hashrate. Hashrate doesn't track difficulty. Your chicken and egg analogy doesn't apply, since if anything higher difficulty has an inverse effect on the hashrate as uncompetitive miners drop out when they stop being profitable.
To be honest, it does not matter,
I only bothered correcting the point because that guy made the same error many many times in this thread and elsewhere. He thinks that the difficulty goes up on its own and that miners have to keep up, when in fact it's the other way around. If it doesn't matter to you, why comment on it?
only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms. We, the community, have little input, in fact zero.
The miners work for us, the economic majority. We are not reliant on them. If they misbehave we can fire them by changing the proof of work algorithm.
The miners work for us? Seriously? I just had visions of the animals in George Orwells Animal Farm talking about the pigs. It does not matter what else you say, I will find it hard to take it seriously now!
July 04, 2016, 12:41:14 PM
ASIC chips can never keep up with the logarithmic increase in power required to solve the algorithms.
Do you realise that mining difficulty is a result of increased hashrate and not the other way around? Miners don't have to keep up with the difficulty, the difficulty keeps up with the miners. The only reason the power required increases is because the hashrate increases. When we run up against the physical limit and Moore's Law stops applying there won't be new generations of ASICs, so the hashrate will stop increasing exponentially, and so the difficulty will stop increasing exponentially. You have the whole causality of the situation backwards.
So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery?
Mining is a competitive business. Only the most efficient miners will survive. If Bob is paying twice as much per kilowatt as the Chinese miner then how can he hope to remain in business? There are no "participation prizes" in the real world. Only the fittest survive.
Because the hashrate has gone up so much. But why has the hashrate gone up so much? .... Chicken or egg which is first?
The hashrate has gone up due to improvements in mining hardware. From CPU to GPU to FPGA to the various generations of ASICs, each faster and more efficient than the last. Difficulty tracks hashrate. Hashrate doesn't track difficulty. Your chicken and egg analogy doesn't apply, since if anything higher difficulty has an inverse effect on the hashrate as uncompetitive miners drop out when they stop being profitable.
To be honest, it does not matter,
I only bothered correcting the point because that guy made the same error many many times in this thread and elsewhere. He thinks that the difficulty goes up on its own and that miners have to keep up, when in fact it's the other way around. If it doesn't matter to you, why comment on it?
only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms. We, the community, have little input, in fact zero.
The miners work for us, the economic majority. We are not reliant on them. If they misbehave we can fire them by changing the proof of work algorithm.
July 04, 2016, 11:53:22 AM
So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery? Because the hashrate has gone up so much. But why has the hashrate gone up so much? .... Chicken or egg which is first? To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms. We, the community, have little input, in fact zero.
First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.
Quote
So how much money does ordinary Bob in his back room need to "invest" in suitable PCs and electricity to mine bitcoins?
Do you personally know of any miners that have turned their machines back on? I am not sure how you can be sure otherwise if you have no charts!
Finally, bitcoin mining was productive, that is why so many were into it. It is only productive for massive farms - that is why they are now existing.
Do you personally know of any miners that have turned their machines back on? I am not sure how you can be sure otherwise if you have no charts!
Finally, bitcoin mining was productive, that is why so many were into it. It is only productive for massive farms - that is why they are now existing.
First of all, "gucked" up the quote a bit.
Second, i think its logic that if a bitcoin costs 300 USD and its BARELY profitable then if price doubles it should give you a huge edge assuming no one else turns their miners on.
Third, bitcoin is profitable for anyone depending of their cost of electricity, if you have good hands you can get it even cheaper. Chinese have really cheap electricity thanks to nuclear power for example.
Forth, personaly in the crypto world is something strange but just an example of altcoin price and altcoin miners sweeping from coin to coin.
Edit: ps: i don't see why it should be profitable only for massive farms, its also the fault of the ASIC creators, i think we need more companies that make them, and even more legit.
I cant be bothered with long posts and so gucked the quote.
So can an ordinary person buy the kit and mine bitcoins? I think not, because the kit needed is too expensive. That is why these farms have grown as it is the only way anyone can mine. Whether the BTC is $300 or $600 is irrelevant if you cannot afford to buy into the mining. I agree with the 4th point, people are not mining BTC but any and all other crypto coins. It is the only way to make money and hopefully get some payback on the kit they have that cost a fortune!
July 04, 2016, 10:51:22 AM
So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery? Because the hashrate has gone up so much. But why has the hashrate gone up so much? .... Chicken or egg which is first? To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms. We, the community, have little input, in fact zero.
First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.
Quote
So how much money does ordinary Bob in his back room need to "invest" in suitable PCs and electricity to mine bitcoins?
Do you personally know of any miners that have turned their machines back on? I am not sure how you can be sure otherwise if you have no charts!
Finally, bitcoin mining was productive, that is why so many were into it. It is only productive for massive farms - that is why they are now existing.
Do you personally know of any miners that have turned their machines back on? I am not sure how you can be sure otherwise if you have no charts!
Finally, bitcoin mining was productive, that is why so many were into it. It is only productive for massive farms - that is why they are now existing.
First of all, "gucked" up the quote a bit.
Second, i think its logic that if a bitcoin costs 300 USD and its BARELY profitable then if price doubles it should give you a huge edge assuming no one else turns their miners on.
Third, bitcoin is profitable for anyone depending of their cost of electricity, if you have good hands you can get it even cheaper. Chinese have really cheap electricity thanks to nuclear power for example.
Forth, personaly in the crypto world is something strange but just an example of altcoin price and altcoin miners sweeping from coin to coin.
Edit: ps: i don't see why it should be profitable only for massive farms, its also the fault of the ASIC creators, i think we need more companies that make them, and even more legit.
I cant be bothered with long posts and so gucked the quote.
So can an ordinary person buy the kit and mine bitcoins? I think not, because the kit needed is too expensive. That is why these farms have grown as it is the only way anyone can mine. Whether the BTC is $300 or $600 is irrelevant if you cannot afford to buy into the mining. I agree with the 4th point, people are not mining BTC but any and all other crypto coins. It is the only way to make money and hopefully get some payback on the kit they have that cost a fortune!
July 04, 2016, 09:44:09 AM
So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery? Because the hashrate has gone up so much. But why has the hashrate gone up so much? .... Chicken or egg which is first? To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms. We, the community, have little input, in fact zero.
First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.
Quote
So how much money does ordinary Bob in his back room need to "invest" in suitable PCs and electricity to mine bitcoins?
Do you personally know of any miners that have turned their machines back on? I am not sure how you can be sure otherwise if you have no charts!
Finally, bitcoin mining was productive, that is why so many were into it. It is only productive for massive farms - that is why they are now existing.
Do you personally know of any miners that have turned their machines back on? I am not sure how you can be sure otherwise if you have no charts!
Finally, bitcoin mining was productive, that is why so many were into it. It is only productive for massive farms - that is why they are now existing.
First of all, "gucked" up the quote a bit.
Second, i think its logic that if a bitcoin costs 300 USD and its BARELY profitable then if price doubles it should give you a huge edge assuming no one else turns their miners on.
Third, bitcoin is profitable for anyone depending of their cost of electricity, if you have good hands you can get it even cheaper. Chinese have really cheap electricity thanks to nuclear power for example.
Forth, personaly in the crypto world is something strange but just an example of altcoin price and altcoin miners sweeping from coin to coin.
Edit: ps: i don't see why it should be profitable only for massive farms, its also the fault of the ASIC creators, i think we need more companies that make them, and even more legit.
July 04, 2016, 09:29:06 AM
So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery? Because the hashrate has gone up so much. But why has the hashrate gone up so much? .... Chicken or egg which is first? To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms. We, the community, have little input, in fact zero.
First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.
[/quote]
So how much money does ordinary Bob in his back room need to "invest" in suitable PCs and electricity to mine bitcoins?
Do you personally know of any miners that have turned their machines back on? I am not sure how you can be sure otherwise if you have no charts!
Finally, bitcoin mining was productive, that is why so many were into it. It is only productive for massive farms - that is why they are now existing.
July 04, 2016, 08:34:03 AM
ASIC chips can never keep up with the logarithmic increase in power required to solve the algorithms.
Do you realise that mining difficulty is a result of increased hashrate and not the other way around? Miners don't have to keep up with the difficulty, the difficulty keeps up with the miners. The only reason the power required increases is because the hashrate increases. When we run up against the physical limit and Moore's Law stops applying there won't be new generations of ASICs, so the hashrate will stop increasing exponentially, and so the difficulty will stop increasing exponentially. You have the whole causality of the situation backwards.
So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery? Because the hashrate has gone up so much. But why has the hashrate gone up so much? .... Chicken or egg which is first? To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms. We, the community, have little input, in fact zero.
First of all that's not true, the hash rate has gone up because the amount of miners has gone up, because with each generations PCs/ASICs get better. I don't think the number of miners has decreased, yes the chinese may be a big % of the miners but with this price grow i can say for sure without looking at charts that many have turned their miners back on. You just changing the words so it always looks in your favor.
I dare to say that it's logical that if something becomes productive then many will start aiming for it, thats the only reason because Bob cannot mine with his PC anymore, yet if Bob used to mine with his PC and now is bitching it's just greed since he already has a huge amount of coins.
July 04, 2016, 08:24:47 AM
ASIC chips can never keep up with the logarithmic increase in power required to solve the algorithms.
Do you realise that mining difficulty is a result of increased hashrate and not the other way around? Miners don't have to keep up with the difficulty, the difficulty keeps up with the miners. The only reason the power required increases is because the hashrate increases. When we run up against the physical limit and Moore's Law stops applying there won't be new generations of ASICs, so the hashrate will stop increasing exponentially, and so the difficulty will stop increasing exponentially. You have the whole causality of the situation backwards.
So why have the number of miners fallen from hundreds of people like Bob in a backroom with a PC to a few huge companies (in China) with farms of machinery? Because the hashrate has gone up so much. But why has the hashrate gone up so much? .... Chicken or egg which is first? To be honest, it does not matter, only that Bitcoin is reliant on a few (almost getting centralised) Chinese farms. We, the community, have little input, in fact zero.
July 04, 2016, 07:52:23 AM
So the coins you mine in your wallet you have to buy back don't like the sound of that
June 20, 2016, 04:55:06 PM
Rimbit..the crypto built for the ages... The Sleeping Giant
http://www.rimbit.com/threads/rimbit-the-sleeping-giant-is-ready-for-the-people.5368/
http://www.rimbit.com/threads/rimbit-the-sleeping-giant-is-ready-for-the-people.5368/
June 20, 2016, 04:52:43 PM
Bitcoin needs to do a hard fork and now Ethereum has a built in SNAFU flaw that allowed somebody to steal $60 million.
Someone has suggested ETH needs a hard fork too.
The logistics of a hard fork in a mined coin are almost incomprehensible and it could be fatal to the coin if done poorly.
RBT will never need a hard fork because it can just update the wallet with the error corrected and everyone downloads the wallet and keeps on trucking (minting free RBT)
Also a news bulletin today said anybody wanting to unwind contracts on DAO just has to do a 67 step process over 48 days.
How insane is that.
bye bye ETH
Someone has suggested ETH needs a hard fork too.
The logistics of a hard fork in a mined coin are almost incomprehensible and it could be fatal to the coin if done poorly.
RBT will never need a hard fork because it can just update the wallet with the error corrected and everyone downloads the wallet and keeps on trucking (minting free RBT)
Also a news bulletin today said anybody wanting to unwind contracts on DAO just has to do a 67 step process over 48 days.
How insane is that.
bye bye ETH
June 16, 2016, 11:19:46 AM
RBT has tripled on exchanges this year already..from 1/2 cent to $0.018 cents now.
That's good congrats to your community but have checked it on Yobit but there is no volume there it's been a long flat line maybe investors on Yobit are not aware on the existence of this coin,maybe the majority..
June 16, 2016, 11:07:44 AM
RBT has tripled on exchanges this year already..from 1/2 cent to $0.018 cents now.
June 15, 2016, 12:50:21 PM
It's now only a matter of time before Rimbit is the prefered digital currency
I hope it's backed by fact but right now it's the age of ethreum and so many altcoins coming with great features ,like CBX and Rubies I think it's only a matter of time before people start to ask what is Rimbit because there is not much good features on this coin compare to other altcoins..
June 14, 2016, 11:38:59 PM
RBT wallet has now installed on new alcurex.com exchange site.
-halibit-
-halibit-
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