Do you think people pulling out of mining is good for Bitcoin? - page 2.

alp

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Quote from: ElectricMucus on August 06, 2013, 08:39:25 AM

Quote from: AliceWonder on August 06, 2013, 07:31:24 AM

I've been thinking about buying this:

http://www.amazon.com/computers-accessories/dp/B007ZWFKX8

and then buying one ASIC a month. Not to profit, just because I can and it would help distribute the mining. Hell maybe even set up bitcoin foundation as recipient.

GPU mining is something I can't do. My air conditioner in summer doesn't keep up, the extra heat from a box full of GPUs and the power supply to feed them I just can't do.

ASIC mining is something I can do.

GPU mining took the ability for many common people to mine away, ASIC is giving it back.
I don't need a power consuming tower and cards to do ASIC mining.

In the long run the power consumption and generated heat will be as much as with GPU mining, as everybody will be stacking up chips.

Maybe, maybe not. Depends on so many variables it's hard to tell for sure. But you get more Th/Watt, which is a good thing.

Damnsammit

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Quote from: alp on August 08, 2013, 03:24:00 PM

Quote from: techsavver on August 06, 2013, 02:30:01 AM

Do you think people pulling out of mining is good for Bitcoin, as the ASIC manufacturers dump their hashrate and bleed GPU miners out of profitability?

I give zero fucks about GPU miners.

Tough guy is tough.

alp

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Quote from: techsavver on August 06, 2013, 02:30:01 AM

Do you think people pulling out of mining is good for Bitcoin, as the ASIC manufacturers dump their hashrate and bleed GPU miners out of profitability?

I give zero fucks about GPU miners.

pisces1999

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The working class are all the vendors and developers that actually do something with BTC.

Miners are more like the bouncers of BTC.

hathmill

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Asic protects Bitcoin against gov attacks etc. AltCoin protects against Bitcoin hegemony.

Lauda

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Terminated.

Quote from: Damnsammit on August 07, 2013, 04:31:24 PM

Quote from: Lauda on August 06, 2013, 10:49:17 AM

Quote from: grue on August 06, 2013, 10:00:15 AM

ITT: people who are mad because their GPU mining rigs are being marginalized by ASICs. Also, http://dustcoin.com/.

or http://www.coinchoose.com/
and enjoy mining at 5x profitability of BTC Cheesy

What's sad is that you can point people in that direction and still get a response of "I don't want to mine alt-coins" and every day there is a new thread about how GPU mining is dead.

Oh well, you can lead the horse to the water, but you can't force them to drink.

Exactly, mining with only 2MH/s on these altcoins can give out a lot of $, quick ROI and enables further investment. People are just too damn ignorant.

Hondaguy

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I would think it would be bad but I am not an expert.

po1992one

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Quote from: illpoet on August 07, 2013, 04:22:30 PM

yeah when asicminer slashes their prices down to .1 btc per eruptor like next month im gonna buy a bunch and give them out to random citizens

No, next month these wont go .1 btc per eruptor because the chips were bought pretty expensive. But in 6 months it may be the case

Damnsammit

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Quote from: Lauda on August 06, 2013, 10:49:17 AM

Quote from: grue on August 06, 2013, 10:00:15 AM

ITT: people who are mad because their GPU mining rigs are being marginalized by ASICs. Also, http://dustcoin.com/.

or http://www.coinchoose.com/
and enjoy mining at 5x profitability of BTC Cheesy

What's sad is that you can point people in that direction and still get a response of "I don't want to mine alt-coins" and every day there is a new thread about how GPU mining is dead.

Oh well, you can lead the horse to the water, but you can't force them to drink.

illpoet

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yeah when asicminer slashes their prices down to .1 btc per eruptor like next month im gonna buy a bunch and give them out to random citizens

desired_username

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Quote from: Uomla on August 06, 2013, 08:05:45 PM

Quote from: AliceWonder on August 06, 2013, 07:51:51 PM

Quote from: TiagoTiago on August 06, 2013, 07:05:30 PM

We can't afford not having people on our side doing the mining; if honest miners don't hold the line, we risk getting screwed by dishonest ones.

Which is why ASICs are so good.
Common joe's can buy a one or two and join a pool.

90 ghs will be worthless in 6 months time . this is what i think. bitcoin will become what it hates the most!

Such a misinformed and false opinion. There are a lot more variables than expected profit and hashrate.

I guess, most people see the charts from 1-2 years and they think everyone got huge profits with mining. It was not the case. timing, exchange rate, cost of hardware and power are as important now as it was back then.

This is not a great time to enter mining - that is true - but it doesn't mean that it will never be a good time in the future.

Look out for next gen asics and place orders in the first 2 batches.

As for having a few companies "owning" the network would cause these comapnies to go bankrupt. Centralization is not in their interest. Bitcoin main strength is it's peer to peer nature.

cheater123

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Yes I think so, it is so difficult to mine might as well buy

FreeMoney

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Strength in numbers

Quote from: Uomla on August 06, 2013, 08:05:45 PM

Quote from: AliceWonder on August 06, 2013, 07:51:51 PM

Quote from: TiagoTiago on August 06, 2013, 07:05:30 PM

We can't afford not having people on our side doing the mining; if honest miners don't hold the line, we risk getting screwed by dishonest ones.

Which is why ASICs are so good.
Common joe's can buy a one or two and join a pool.

90 ghs will be worthless in 6 months time . this is what i think. bitcoin will become what it hates the most!

Incredibly huge speeds amounting to absolutely nothing is exactly what will secure the network.

If mining isn't profitable in an individuals situation then they should spend the capital on bitcoins instead, that will marginally increase the supply of mining. So there is no loss and you it helps secure the network.

btchaver

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Quote from: techsavver on August 06, 2013, 02:53:45 AM

Miners are the working class of Bitcoin. ASIC miners are the greedy 1%.

Wrong asics is just so much stronger now that gpus are left in the behinds without notice asics will eventually remove gpus in my opinion and id rather have an asics to save power. Think of the power usage wasted power and 100 times less efficiency and space. Why not build a bigger and stronger system that runs faster and less efficient. Who cares about miners. Global warming and waste of power is more important and why would you pass up such power 100 times more than a gpu. Dont feel bad it was inevitable and i wouldnt be suprized sorry for spelling if a more efficient asics with less power usage and faster than what we have now in a few years. who knows!

Moogle

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KUPO!

It is a scary tho ght as to how fast things are increasing. Won't be long before the network is practically owned by 3 companies....

Uomla

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Quote from: AliceWonder on August 06, 2013, 07:51:51 PM

Quote from: TiagoTiago on August 06, 2013, 07:05:30 PM

We can't afford not having people on our side doing the mining; if honest miners don't hold the line, we risk getting screwed by dishonest ones.

Which is why ASICs are so good.
Common joe's can buy a one or two and join a pool.

90 ghs will be worthless in 6 months time . this is what i think. bitcoin will become what it hates the most!

AliceWonder

full member

Activity: 168

Merit: 100

Quote from: TiagoTiago on August 06, 2013, 07:05:30 PM

We can't afford not having people on our side doing the mining; if honest miners don't hold the line, we risk getting screwed by dishonest ones.

Which is why ASICs are so good.
Common joe's can buy a one or two and join a pool.

TiagoTiago

hero member

Activity: 616

Merit: 500

Firstbits.com/1fg4i :)

We can't afford not having people on our side doing the mining; if honest miners don't hold the line, we risk getting screwed by dishonest ones.

DyslexicZombei

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Quote from: DeathAndTaxes on August 06, 2013, 02:59:16 AM

Quote from: techsavver on August 06, 2013, 02:53:45 AM

Miners are the working class of Bitcoin. ASIC miners are the greedy 1%.

CPU miners basically said the same thing when GPU mining hit the scene and utterly destroyed what one could do with a CPU. Not only were they faster but you could stack 3,4,5,6 even 8 GPU into one rig. Now that is greedy compared to the limited output of a single high cost CPU.

The 1% aren't mining. To be in the 1% means you are a hundred millionaire if not a billionaire.

Still buy a low end ASIC, problem solved. The reality though is most ASIC pre-orderers will likely loose money. Way too much prebought capacity chasing the same amount of coins. Not everyone but a lot of them. If you think it is easy money then buy an ASIC.

I hate to ruin your misconception but if you net $31K USD annually, guess what?

http://www.globalrichlist.com/

Congratulations! On a global basis: You're in the 1%!

It's likely 99%+ of the members on this board fit this criteria.

Perhaps you guys meant the 0.01% & the 0.001%. Many live like the two brothers in Trading Places. Grin

acoindr

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Quote from: sal002 on August 06, 2013, 05:17:58 PM

If I recall correctly, my 700 Mhs rig was mining almost a bitcoin every day back then due to RUCoin and the BTC-e exchange.

Now, I wouldn't be able to do that since the information gets out quicker and coins adapt. I realize, internally, that by running CoinChoose I am destroying my ability to mine more efficiently, but rather have the info out there.

That's very unselfish of you, but there is a positive tradeoff. You're helping the market make decisions more efficiently. Eventually that would have happened either way, though. If you hadn't posted the information someone else would have.

Topic: Do you think people pulling out of mining is good for Bitcoin? - page 2. (Read 4666 times)