difficulty too high while bitcoin society too small - page 6.

FooDSt4mP

full member

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Quote from: afterburner229 on May 24, 2011, 10:47:00 AM

Quote from: FooDSt4mP on May 24, 2011, 10:15:08 AM

+1 there is very little reward without risk, and early adopters took the risks required to grow bitcoin to the point we're at today

What risk did you have?! Risk to run open-source mining software upon your own CPU, then ATI GPU?! You are computer-gamers so you had already have GPU for gaming.

LOL))

Seriosly: What do u know about risks, in real life, guys?!

I got in too late for CPU mining to be effective, and my GPU was crap for mining, so I invested USD. It was very risky, but happened to turn out well. I know a lot about risks and risk management, in real life. I barely game, and haven't played anything in several months. I prefer outdoor leisure activities. You have a lot of preconceptions that are just plain wrong, and it's obvious you are too hardheaded to accept you just might not know everything. As far as I'm concerned, you're just a cocky kid who's jealous he didn't get involved sooner. I was pretty cocky too when I was younger (and I still am sometimes), so trust me when I say you're just embarrassing yourself, but you won't realize it until your arrogance gets knocked down a notch.

Clipse

hero member

Activity: 504

Merit: 502

Afterburner make it easy on yourself and understand one simple thing, bitcoin != mining, the mining aspect is just a extra way to make something out of bitcoins atm.

You can do the following:

Bitcoinmining = Clearly not for you, you find way to many "_PROVEN ALGORITHMIC_" problems with it.
bitcoin buy/sell trading = mtgox.com , figure out or speculate when to buy and when to sell, you save on miningrig costs.
bitcoin general trading = setup a store / figure out business plan / make money from trading services for Bitcoins, be creative.

Your way of thinking about bitcoins is exactly that of someone who thought hes going to win big walking into a casino and then suddenly realised there is a constant house edge and lost all his money then acting all bitter as if he deserved to become rich over night.

if anything youve proven that bitcoin is not a get rich overnight scheme and like any business requires hardwork(in most cases) to come out ahead a winner.

Anders

full member

Activity: 126

Merit: 100

Too small? How many users did Facebook have in the beginning?

Check this out:

Whoa. That looks really interesting to me. Sure, the Bitcoin concept may pancake, but it may very well continue on the exponential growth we see in the Alexa graph.

Insti

sr. member

Activity: 294

Merit: 252

Firstbits: 1duzy

Surely there are LESS than 10,000 people who can create new USD.
Does that make it not a secure currency?

Garrett Burgwardt

sr. member

Activity: 406

Merit: 256

Quote from: afterburner229 on May 24, 2011, 10:47:00 AM

Quote from: FooDSt4mP on May 24, 2011, 10:15:08 AM

+1 there is very little reward without risk, and early adopters took the risks required to grow bitcoin to the point we're at today

What risk did you have?! Risk to run open-source mining software upon your own CPU, then ATI GPU?! You are computer-gamers so you had already have GPU for gaming.

LOL))

Seriosly: What do u know about risks, in real life, guys?!

To waste time and electricity. Additionally, not anywhere near everyone here is a gamer.

BitterTea

sr. member

Activity: 294

Merit: 252

afterburner is either a troll, or too hopelessly ignorant to ever understand economics.

This is just my humble opinion of course...

stic.man

full member

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afterburner229

newbie

Activity: 42

Merit: 0

Quote from: FooDSt4mP on May 24, 2011, 10:15:08 AM

+1 there is very little reward without risk, and early adopters took the risks required to grow bitcoin to the point we're at today

What risk did you have?! Risk to run open-source mining software upon your own CPU, then ATI GPU?! You are computer-gamers so you had already have GPU for gaming.

LOL))

Seriosly: What do u know about risks, in real life, guys?!

afterburner229

newbie

Activity: 42

Merit: 0

Quote from: barbarousrelic on May 24, 2011, 10:11:50 AM

If Bitcoin succeeds, yes, that means that people who got in early will profit. This is true. The same principle applied with Microsoft and Google. It is not indicative of fraud or wrongdoing on anyone's part.

Of course, but I have prooven, it will not succeed, but will be frozen @ some 10 000 miners & acceptors, due to current difficulty algorithm.

Then you, premium members, admit your fault, that if Bitcoin succeeds, just pilferers of zero-cost electricity will remain in basis of bitcoin.

Whether my proof is completely correct, or not, there is STRONGLY NO WAY to trust in Bitcoin.

Bitcoin has been compromised. Sad

kjj

legendary

Activity: 1302

Merit: 1026

And the reward, so far, is negligible.

Seriously guys, stop feeding the trolls. 5 pages of this nonsense is enough. Everything has been said, and he's ignored it all.

FooDSt4mP

full member

Activity: 182

Merit: 100

Quote from: barbarousrelic on May 24, 2011, 10:11:50 AM

If Bitcoin succeeds, yes, that means that people who got in early will profit. This is true. The same principle applied with Microsoft and Google. It is not indicative of fraud or wrongdoing on anyone's part.

+1 there is very little reward without risk, and early adopters took the risks required to grow bitcoin to the point we're at today

barbarousrelic

hero member

Activity: 675

Merit: 502

If Bitcoin succeeds, yes, that means that people who got in early will profit. This is true. The same principle applied with Microsoft and Google. It is not indicative of fraud or wrongdoing on anyone's part.

afterburner229

newbie

Activity: 42

Merit: 0

Quote from: markm on May 24, 2011, 09:45:45 AM

Look on the bright side: your failure to take advantage of the current opportunity in mining is one less GPU others have to compete against, so by refusing to mine you are helping make mining more profitable for others who are less short-sihted and bigoted (against communities of less than a million people) than you are.

So thank you for doing your part in that way.

Furthermore if this FUD you are trolling here turns anyone else off of mining that again helps those who do grab the bull market by the horns to profit so maybe even that is a good contribution in a backhanded kind of way.

-MarkM-

You speak absolutely right things, but this is just admission of guilt, that you are not more than SMALL PYRAMID gamer. And bitcoin system is SMALL PYRAMID BY DESIGN TO STAY SMALL, TO ALLOW YOU (10 000 people) OUTPUT YOUR MONEY FROM THE GAME IN GOOD MOMENT, FEW weeks LATER.

Thanks!

barbarousrelic

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Thank you, afterburner229. Your objections will be noted in our log.

markm

legendary

Activity: 2940

Merit: 1090

Quote from: afterburner229 on May 24, 2011, 09:24:46 AM

Oh Mark, you are dreaming in clouds! You think by RIGHT way, but 10 000 people in bitcoin society is NOT the basis for your thinking! At least 1 000 000 people IS basis.

I know about Official FPGA miner just released

http://forum.bitcoin.org/index.php?topic=9047.0

This is NOT the way because there is no reason to trust in 10 000-people bitcoin society. FPGA is UFO that costs over $500! And you can not buy it in arbitrary computer store in arbitrary country in arbitrary amount..

First we need 1 000 000 miners with ATI-GPU for mining duration of few years, THEN we will think about FPGA..

Look on the bright side: your failure to take advantage of the current opportunity in mining is one less GPU others have to compete against, so by refusing to mine you are helping make mining more profitable for others who are less short-sighted and bigoted (against communities of less than a million people) than you are.

So thank you for doing your part in that way.

Furthermore if this FUD you are trolling here turns anyone else off of mining that again helps those who do grab the bull market by the horns to profit so maybe even that is a good contribution in a backhanded kind of way.

-MarkM-

afterburner229

newbie

Activity: 42

Merit: 0

Quote from: markm on May 24, 2011, 09:17:20 AM

Actually, if the price of coins does go down so low compared to difficulty than only people who get "free" electricity can "profit" by ming, that will probably *increase* the number of small scale miners, because having to pilfer probably cuts down the average amount of electricity used. There might be some people who can pilfer enough electricity for ten years straight to run a significant number of rigs but but there are probably more people who could, if it were profitable to do so, buy enough electricity for ten years straight to run a significant number of rigs.

So quite likely if mining is "unprofitable" for anyone who pays for electricity the ratio of small miners to large miners will change in favour of small miners, which could well increase the chance of getting a million small miners with minimum competition from large miners...

-MarkM-

Now, you, Full member, are compromising bitcoin currency idea in REAL TIME, because you does accept, that small pilfer miners will become LARGE percentage of total miners (maybe more than 50% - till 1 000 000 miners).

Bitcoin will base upon PILFERS? Huh

?!!!!!!

Change algorithm right NOW! You know the way = linear rising function (< 90% BTC mined) & exponetially decreasing one (> 90% BTC mined).

afterburner229

newbie

Activity: 42

Merit: 0

Quote from: vuce on May 24, 2011, 09:11:05 AM

Quote from: afterburner229 on May 24, 2011, 09:07:10 AM

Now there are some 10 000 miners, how much pilferers will remain? 1 000 ?!

Why would the number of miners decrease? I guess when equilibrium is reached difficulty would be at least what is now - therefore at least as many miners as there are now.

Of course, number of miners will not decrease - it just will be frozen @ constant = some 10 000 people, while mining hardware is working (for some years).

but this freeze is Bitcoin society COLLAPSE. 10 000 frozen people DO compromise the IDEA of world-wide currency.

afterburner229

newbie

Activity: 42

Merit: 0

Quote from: markm on May 24, 2011, 09:06:25 AM

When bitcoins are worth only a mere US$10 each, happening to win a block would be a win of US$500.

If you actually *invest*, long term, as you seem to plan to have your million high-IQ people do, instead of living rig-to-new-hardware

-- SKIPPED

Can you run ten times as many units at one tenth duty cycle or one tenth power or something and make them last more than ten times as long or something? Or just build units with 24/7 duty cycle in mind from the chip-design up? Or *something* more intelligent than abusing consumer low duty cycle hardware?

(How about your million smart people each put a dollar or few toward a specially designed chipset and a datacentre to put it in, forming a mining corporation they each buy into?)

-MarkM-

Oh Mark, you are dreaming in clouds! You think by RIGHT way, but 10 000 people in bitcoin society is NOT the basis for your thinking! At least 1 000 000 people IS basis.

I know about Official FPGA miner just released

http://forum.bitcoin.org/index.php?topic=9047.0

This is NOT the way because there is no reason to trust in 10 000-people bitcoin society. FPGA is UFO that costs over $500! And you can not buy it in arbitrary computer store in arbitrary country in arbitrary amount..

First we need 1 000 000 miners with ATI-GPU for mining duration of few years, THEN we will think about FPGA..

markm

legendary

Activity: 2940

Merit: 1090

Actually, if the price of coins does go down so low compared to difficulty than only people who get "free" electricity can "profit" by mining, that will probably *increase* the number of small scale miners, because having to pilfer probably cuts down the average amount of electricity used. There might be some people who can pilfer enough electricity for ten years straight to run a significant number of rigs but but there are probably more people who could, if it were profitable to do so, buy enough electricity for ten years straight to run a significant number of rigs.

So quite likely if mining is "unprofitable" for anyone who pays for electricity the ratio of small miners to large miners will change in favour of small miners, which could well increase the chance of getting a million small miners with minimum competition from large miners...

-MarkM-

vuce

sr. member

Activity: 476

Merit: 250

Quote from: afterburner229 on May 24, 2011, 09:07:10 AM

Now there are some 10 000 miners, how much pilferers will remain? 1 000 ?!

Why would the number of miners decrease? I guess when equilibrium is reached difficulty would be at least what is now - therefore at least as many miners as there are now.

Topic: difficulty too high while bitcoin society too small - page 6. (Read 31343 times)