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.
Topic: Do you think people pulling out of mining is good for Bitcoin? - page 3. (Read 4666 times)
Hmmm...and my idea to start the site was purely as a result of RUCoin and the insanely low difficulty / high exchange rates back around the same time 
Interesting. Yes, I was aware there were a few surviving alt-coins besides Bitcoin around that time. IXCoin I think it was, which may have been the first alt, had died as well as a few others. I knew there were varying rates of profitability with the surviving alts (like litecoin) too, but nothing I ever took seriously. I never took a hard look at the viability of alt-coins until the Bitcoin Foundation uproar, which showed me they indeed could offer a value Bitcoin never could: alternative.
Miners are the working class of Bitcoin. ASIC miners are the greedy 1%.
I used to CPU mine...while we all know someday we're gonna need super high power computers to run a huge network, we simply don't need that much processing power right now. That said, the more powerful hashing devices we create, the more we need them to protect our network. If someone decided to make an ASIC back when I was mining with my laptop, they'd have owned the then rather puny network (and might not have cared if they trashed it...bitcoins weren't worth anything back then).
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
Good lord.
coinchoose.com appears to be the real world manifestation of what I described back in October 2012:
Solution to The Bitcoin Foundation (the announcement)
But the issue of confidence comes into play another way. Nothing backs cryptocurrencies, famously. They gain or lose value and acceptance based on how they are perceived. As I've illustrated it's easy for alternative cryptocurrencies to challenge each other, and no one knows what the market will come up with next. Since it's just as easy for merchants and everyone else to accept one form or another of these all electronic currencies and switch between them, any one could rise or fall at any time.
What I think this means is cryptocurrencies should be used transactionally, rather than as primary stores of value. I see a cryptocurrency version of xe.com showing all alt-coins values relative to gold (or USD to start). Exchange rates would be updated and available to merchants in real time. They could quote product prices in one, two, three or more currencies.
What I think this means is cryptocurrencies should be used transactionally, rather than as primary stores of value. I see a cryptocurrency version of xe.com showing all alt-coins values relative to gold (or USD to start). Exchange rates would be updated and available to merchants in real time. They could quote product prices in one, two, three or more currencies.
Hmmm...and my idea to start the site was purely as a result of RUCoin and the insanely low difficulty / high exchange rates back around the same time
Miners are the working class of Bitcoin. ASIC miners are the greedy 1%.
The working class are all the vendors and developers that actually do something with BTC.
Miners are more like the bouncers of BTC.
And it doesn't matter if they use GPUs, ASICs or Windmills to do their work.
They have to secure the network, and that's all.
*Disclosure: I don't mine
That's a great view, I also think those people who accept bitcoin payment for their services are the one that back the bitcoin's value
Without mining bitcoin would become like a normal currency
That wouldn't work 
Without mining bitcoin would become like a normal currency
Interesting, do you believe Bitcoin cannot hold value in the long term (the next 10 - 100 years) and will be doomed to be a simple means to transfer value?
No, I think it's possible for Bitcoin to continue to hold value, but what actually happens no one knows. My thoughts are not much different from what this community has always thought, for the most part, about Bitcoin which is that its future value is uncertain. Along with that, though, people believed that until something superior to Bitcoin came along it would reign supreme having the only worthwhile value.
What I realized at the time of that post (from the chaos of the Bitcoin Foundation feuding) was another possibility, that there could be multiple coins with worthwhile value at the same time as Bitcoin had value. Working from there I saw several advantages, a big one being the subject of the thread, which was providing the market a more diffuse power structure for cryptocurrency than following only Bitcoin and its new foundation.
I don't believe it's possible for all coins to have similar value, of course, as that means infinite inflation. I do believe, however, the market can value a select few at any given time above all others and these can be the most widely accepted. There still remains the possibility any "super" coin can be supplanted by something far superior, but that's the same as it always was. Until that happens the coin maintains first mover advantage, and reason to retain its value. So that probably means Bitcoin sticks around regardless. What this complex market reasoning means for average people, however, is that they probably stick with something far simpler and more predictable to store the majority of their wealth, like gold. Cryptocurrency is superior to gold for its transactional properties, while gold is superior to cryptocurrency for its wealth storing ability. Both have reasons for people to value them, and I believe will be valued accordingly.
But the issue of confidence comes into play another way. Nothing backs cryptocurrencies, famously. They gain or lose value and acceptance based on how they are perceived. As I've illustrated it's easy for alternative cryptocurrencies to challenge each other, and no one knows what the market will come up with next. Since it's just as easy for merchants and everyone else to accept one form or another of these all electronic currencies and switch between them, any one could rise or fall at any time.
What I think this means is cryptocurrencies should be used transactionally, rather than as primary stores of value. I see a cryptocurrency version of xe.com showing all alt-coins values relative to gold (or USD to start). Exchange rates would be updated and available to merchants in real time. They could quote product prices in one, two, three or more currencies.
What I think this means is cryptocurrencies should be used transactionally, rather than as primary stores of value. I see a cryptocurrency version of xe.com showing all alt-coins values relative to gold (or USD to start). Exchange rates would be updated and available to merchants in real time. They could quote product prices in one, two, three or more currencies.
Interesting, do you believe Bitcoin cannot hold value in the long term (the next 10 - 100 years) and will be doomed to be a simple means to transfer value?
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
Good lord.
coinchoose.com appears to be the real world manifestation of what I described back in October 2012:
Solution to The Bitcoin Foundation (the announcement)
But the issue of confidence comes into play another way. Nothing backs cryptocurrencies, famously. They gain or lose value and acceptance based on how they are perceived. As I've illustrated it's easy for alternative cryptocurrencies to challenge each other, and no one knows what the market will come up with next. Since it's just as easy for merchants and everyone else to accept one form or another of these all electronic currencies and switch between them, any one could rise or fall at any time.
What I think this means is cryptocurrencies should be used transactionally, rather than as primary stores of value. I see a cryptocurrency version of xe.com showing all alt-coins values relative to gold (or USD to start). Exchange rates would be updated and available to merchants in real time. They could quote product prices in one, two, three or more currencies.
What I think this means is cryptocurrencies should be used transactionally, rather than as primary stores of value. I see a cryptocurrency version of xe.com showing all alt-coins values relative to gold (or USD to start). Exchange rates would be updated and available to merchants in real time. They could quote product prices in one, two, three or more currencies.
I will buy ASICs the say way I bought GPUs. I see no difference. In the end, bitcoin gets more secure - that is what matters.
You see no differences? There are so many.... You can only mine btc with asic that is a fing huge difference, you cant buy asics at tiger direct, only a couple companies make asics... despite what people would like to believe it is totally different, you have taken a network that can be supported by anyone with a PC and turned it into a network or a couple hundred heavy asic miners. Asics have undoubtedly centralized and consolidated mining operations.
This is what I did with GPU mining:
Spend USD on GPUs, mine bitcoin, spend more USD on electricity.
This is what I will do with ASIC mining:
Spend USD on ASICs, mine bitcoin, spend more USD on electricity.
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
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?
Was it good when CPU miners were forced out in mass as people started GPU mining, first single cards, then optimized rigs, then entire rooms worth of rigs?
ASICs are coming. Buy ASICs or don't the network needs "someone" to secure it, it doesn't necessarily need you (or any particular individual).
Interesting, very interesting.
Now I know where I stand with my ASIC. I want MORE!!!! There's only MORE.
ITT: people who are mad because their GPU mining rigs are being marginalized by ASICs. Also, http://dustcoin.com/.
I will buy ASICs the say way I bought GPUs. I see no difference. In the end, bitcoin gets more secure - that is what matters.
Are you blind? You see no differences? There are so many.... You can only mine btc with asic that is a fing huge difference, you cant buy asics at tiger direct, only a couple companies make asics... despite what people would like to believe it is totally different, you have taken a network that can be supported by anyone with a PC and turned it into a network or a couple hundred heavy asic miners. Asics have undoubtedly centralized and consolidated mining operations.
I doubt any single entity has even 5% of the hash power let alone 10% and even 10% would still not be centralized.
I may not be able to buy from Tiger Direct but that doesn't matter, Tiger Direct is a distributor, not a manufacturer.
nVidia and ATI are the only two major GPU manufacturers, how many hands it can pass through before it gets to me doesn't really matter.
Your typical person can still buy ASICs even if it isn't in a Tiger Direct catalog.
I will buy ASICs the say way I bought GPUs. I see no difference. In the end, bitcoin gets more secure - that is what matters.
Are you blind? You see no differences? There are so many.... You can only mine btc with asic that is a fing huge difference, you cant buy asics at tiger direct, only a couple companies make asics... despite what people would like to believe it is totally different, you have taken a network that can be supported by anyone with a PC and turned it into a network or a couple hundred heavy asic miners. Asics have undoubtedly centralized and consolidated mining operations.
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.
No because you don't need a PC with a bunch PCI-E slots to plug them into.
Professional miners may have huge arrays of them but people like me won't. I can be happy with the graphics integrated into my CPU and run a few ASICs without needing a dedicated video card at all. That wasn't an option for people like me before. It is now.
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.
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.
Only the ones willing to risk huge amount of money and time will "stack up chips".
My power budget is 1000W. I don't want and will not run more. There are many people who do this as a hobby / passion and are not necessarily bothered by income / ROI.
Also, when GPUs where mainstream, it wasn't more profitable at all, only the ones who kept most of their mined coins (~1 year) got amazing profits. it's gambling at the end of the day.
Do you think people pulling out of mining is good for Bitcoin
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Yes.
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.
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.
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