Topic: bitcoin vs solidcoin - page 7. (Read 19345 times)

+1 I approve this message.

Ever watch the debug.log while a new chain was starting?  The churn is amazing.  Just having a pool up with long polling means that you will be mining as if you had many times your actual hashing power, because you'll be the only entity not wasting 99.9% of your work.

During the early hours, I'd bet that a LP-enabled pool with like 10% of the hashing power and a client hacked to ignore incoming blocks could completely dominate 100% of the chain for at least a few difficulty cycles.

hmm could you not quickly mine a lot of coins and spend them repeatedly to buy bitcoins? what about creating the longest chain and not allowing any transactions? what about restarting the whole chain from the beginning or from a while ago and making it longer than the current one thus deleting all transactions that happened? ok, I have to read up on possible attacks  

You...pay...for porn?

...intriguing.

This is not a war - this is pest control

The funny thing is: you can just spend on a double spending attack what you HAVE. So if someone uses SO MUCH ressources for just spending some hundret IXCs, who cars? And if you have some thousand IXCs, why would you want to destroy their value? ^^ So either your balance is small enough to have no impact, or you have no intensions to destroy your wallets value.

any of the larger pools could easily run a double spending attack on solidcoin / on a sc exchange. hopefully somebody will attempt it soon. I sure would offer my humble hashing power for a short time. how much profit could there be in this? someone start the killerpool please!

I am looking forward to see the next fork implementing merged mining. and to see it go down.

every dead fork makes bitcoin stronger. 

its a problem, when the only reason people use bitcoin, is to make money. bitcoin is a medium of exchange, not stocks.

First of all, the profit issue. It's obvious that a large majority of miners are in it for the profit. That's clear. My rigs have been on Solidcoin for a while now because it has better profits, it has been especially nice now that BTC mining isn't that profitable to begin with and I still haven't payed for my hardware.

However, a lot of people in the Bitcoin world are doing other things than mining and then it gets interesting. Personally I don't care for people who are just mining and doing profit, those people are irrelevant. The people who matter are those that like Bitcoin itself and are talking about it, building services and commerce, programming all kinds of useful tools for Bitcoin etc.

I'm basically doing everything. The mining is mostly a hobby with some profit in it which is nice, but it's just one part of it. I'm also a long-term investor and a small-time trader. I happen to talk about Bitcoin a lot to get people to understand how big of a deal it is from a technical and social perspective. It truly has the potential to change the market system to work more like Smith originally intended and undermine the power of the global corporate system which is ruining us.

I'm looking at possibilities of offering Bitcoin-related services here in Finland and will probably start on that project in the very near future. This is what people need to do now, mining has been a core infrastructure component of Bitcoin and it is finally in a stable state. Mining or talking about mining isn't the answer to Bitcoin's success, building more infrastructure now that the core infrastructure is stable, is the answer.

As for Solidcoin, I have it as a very low probability event that Solidcoin will somehow rival Bitcoin. The "improvements" that Solidcoin has are actually minor and Bitcoin compared to Solidcoin is very well known already. Also, Solidcoin has at least one horrible feature change which is the fixed fee system. The variable fees in Bitcoin work exactly as they should. I've still saved a few SC just in case, but it's highly unlikely to succeed over Bitcoin.

A higher probability event is that Solidcoin will "succeed" as a little brother of Bitcoin and there are actually multiple cryptocurrencies on use just like there are multiple fiat currencies. I don't think this is very probable either but it's definitely possible. And I don't see that as a bad thing, the more people we get to use cryptocurrencies in general the better. If some people think Solidcoin is the answer and want to build infrastructure to support it, that's fine.

Personally I think Bitcoin is still very much the answer and there's nothing revolutionary in it's competitors, yet.

Correct, the difficulty/price over time ratio will adjust this calculation up or down.

Slightly too simple, not factoring in difficulty and/or price changes including the move from GPU to FPGA and ASICs. It's similar to claiming that people wouldn't invest in GPU farms, it being much cheaper (quicker ROI) continuing to mine using CPUs.

The result of your calculation was that with absolutely no changes you'd earn 25% of an FPGA in 2 years time. That's a risky proposal. If you move from GPU to FPGA already now you've offset a lot of that risk.

(FPGA miners can extend their ROI and sell BTC cheaper when a GPU miner has to stop running his rig altogether)

Let's take some numbers:
6990 800MH/sec $800 350W
FGPA 200 MH/sec $600 0W

Difficulty 1777774
Exchangerate 8
Electricity $0.15 USD

FPGA: $0.91 a day => break even after 660 days

6990 power costs: $1.26 a day
6990: $3.62 a day - $1.26 = $2.36 profit a day => break even after 340 days...

660 days - 340 days = 320 days
6690 profit between 6990breakeven and fpgabreakeven: 320 * 3.26 = $755.2

=> After 660 days you could either have 1 FPGA and 0 profit, or 1 6990 + $755.2 which equals 1.25 FPGAs (or even more more powerful FPGAs which are available 660 days later)

Simple math...

Please use math. I'll help: How much sooner do you need to break even with a GPU to be able to take advantage of the Moore's law equivalent to offset the higher electricity cost?

If the break even with GPU is much earlier, you can invest the profit you gather until the FPGA break even into FPGAs...

I think it's more "Fucking early adopters and rich speculators holding onto coins I WANT THOSE COINS ME ME ME ME ME ME ME" to be perfectly honest.

https://bitcointalksearch.org/topic/m.498479

If the ROI after 5 Years is positive, then you can get 10x faster GPUs... for a even cheaper price...

And incredibly - this idea or something very like it keeps popping up. e.g recycle coins after they don't move for 5 or 10 years.  I can only guess that the people suggesting it are very young.. and for them a 'decade' seems unimaginably long.
It's an awful idea. 

http://en.wikipedia.org/wiki/Return_on_investment

Which is an incredibly stupid idea. If I want to set aside some money for a few years they'd be "pruned" right out as "lost" coins and someone gets my money for no legitimate reason.

Plus the fact that I found almost thirty dollars in change and two USB drives when I cleaned my mother's couch the last time I visited her.