Topic: How will we stop the evil free market Chinese? - page 2. (Read 5197 times)
Looks impressive, but I worked at an IBM facility for a while where there were multiple datacenters that were football field sized. What I saw in there was mind boggling and makes this look like child's play. Not that this is a competition, just putting that out there, that in comparison to the big boys (IBM, Google, etc) this isn't overly impressive. One has to wonder though what they will do if BTC price drops to $100 or less.
So rough gestimate, how much is this setup mining in a day in dollar terms?
The chinese is your friend.
Yeah well, I can't see why some people can't ebrace this. They hold the biggest piece of the market. We beed to be friendly to them.
What are the specs on that wire powering the facility? Someone here surely knows.
BEHOLD! the burning of electricity to maintain a primitive consensus mechanism.
Better than burning gunpowder or uranium to maintain a more primitive consensus mechanism.
The chinese is your friend.
BEHOLD! the burning of electricity to maintain a primitive consensus mechanism.
Gotta say, I liked this better when it was GPU mining. This environment where the Chinese manufacturers are controlling the network is a bit ridiculous and makes me lose faith in the system.
This is a bit off-topic, but there ARE ASIC-resistant cryptocurrencies (e.g. Bytecoin which uses X11). They probably won't be ASIC-free for long (someone estimated 2 years until there could be an X11 ASIC), but...shrug
Gotta say, I liked this better when it was GPU mining. This environment where the Chinese manufacturers are controlling the network is a bit ridiculous and makes me lose faith in the system.
How are you worried about the Chinese? they will help BTC a lot once it starts gaining mainstream tier adoption, USD and EUR will start shrinking, BTC and CNY will start growing and complimenting each other.
Weren't you out of the bitcoin game? 
This ^^^ . I'm confused also why your worried about the Chinese miner's when your so sure the price of Bitcoin is going nowhere but down?
http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/
Massive ASIC productive capacity.
In most cases free electricity.
A healthy sense of free market capitalism.
= mining monopoly lost.
Sadly there are nothing we can do to stop the Chinese from taking over the world.
Yeah, and theres a billion of them!
You could nuke them. That might stop a few.
http://www.thecoinsman.com/2014/08/bitcoin/inside-one-worlds-largest-bitcoin-mines/
Massive ASIC productive capacity.
In most cases free electricity.
A healthy sense of free market capitalism.
= mining monopoly lost.
Sadly there are nothing we can do to stop the Chinese from taking over the world.
Yeah, and theres a billion of them!
China hardware can only strengthen the network and more people interested the more who will find ways to keep the ship floating.
One government crackdown and all the massive ASIC capacity is going to gather dust.
How in the world do they control the humidity? Of course I guess this equipment does not need to last long. A year maybe?
Civilizations last about 200 years. The age of western dominance is coming to an end. It will be China's turn to dominate next. Can't be stopped. Welcome your new betters.
Could a mining farm of this size be enough to create a 51% attack or is there really that much hashpower that this is nothing? Mind you I haven't really checked bitcoins current overall hashrate
Not enough power for them alone to create a 51% attack. They would need to partner with other farms to do so.that is the weakest argument i've ever heard to explain human behavior.
you re presupposing that the miner would be a single person, and you delete from your equation a number of other vectors.
plus as i stated in my "oracle investment advice" the Cap is irrelevant, its the forward progression of time in the equation, the use/collapse Paradox was only one paradox.
what about the Time/Value Paradox ?
goes kind of like this:
If the original monopoly wants to hold a "high value " they have to do that as time progresses forward, this "time" allows for the market to effect it as competitors have based the cost on the "value"; however the longer in "time" the monopoly holds the "value" the more chance the market has to act.
if the monopoly is broken, a stand off ensues, this is where underline "cost" becomes a very large factor.
i.e you could see this situations where Samsung forced Apple's hand.
Apple Sued Samsung for this or that retarded reason, Samsung paid up then increased the price of the Processors that Apple purchased from Samsung, and compensated themselves.
If one Manufactured ASIC chips, who has a better cost ratio?
so how do you know that the Chips you are sold aren't compensating directly for the cost of the mining?
in other words Welcome to the real free market, welcome to real economics.
Could a mining farm of this size be enough to create a 51% attack or is there really that much hashpower that this is nothing? Mind you I haven't really checked bitcoins current overall hashrate
Not enough power for them alone to create a 51% attack. They would need to partner with other farms to do so.Could a mining farm of this size be enough to create a 51% attack or is there really that much hashpower that this is nothing? Mind you I haven't really checked bitcoins current overall hashrate
Not enough power for them alone to create a 51% attack. They would need to partner with other farms to do so. Jump to: