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Topic: I am here to guide all of you. (Read 3106 times)

hero member
Activity: 798
Merit: 1000
February 05, 2016, 08:34:49 PM
#76
OK, I'd say Maria6.0 is just goobering with us about being an old hat, but what did she actually say that's worth discussing? Do we have anyone who is willing to step up to the plate if and when a developer ragequits like Mike Hearn did? Do we have anyone who is willing to invest in a decent mining rig to help maintain the network, and maybe run a Bitcoin node too so we can keep it from getting too centralized? If we're worried about the cost of electricity, would we be willing to invest in solar power too, or at least take a look at a decent altcoin that uses a more efficient algorithm?
member
Activity: 98
Merit: 10
February 05, 2016, 08:27:36 PM
#75
You started the thread off rather arrogant. I couldn't imagine reading the rest.
legendary
Activity: 2100
Merit: 1058
January 21, 2016, 02:39:46 PM
#74
Quote
Noob:  I have been running with the "generate" button on for months now.  I have never received a single BTC but I have noticed that my electricity bill has gone up considerably.  I sold the 1 BTC you gave and it did not even begin to cover the cost of the internet and data plan upgrades, the new disk drive and the electricity I have spent trying to generate new Bitcoins.  I wish I had never heard of Bitcoins - they are a total rip off.

You: Thats because the difficulty is up. You see, the network performs a calcu...

Noob: ZzzzZZzzzzz...

You:  Kiss
Difficulty made bitcoin more solid. You can be sure that millions of people is never gonna compete with GPU mining. It's pretty normal that ASICs started to get produced and kept going on this way. But just look at the difference. When was the btc more like a currency than a geek stuff.?

Yeah, you are true. It is the difficulty which make a thing meaningful. It is a way to make the bitcoin a meaningful currency. It should be produced the using the same energy as other currency so that it be able to compete with other currencies.

Based on the electricity costs to mine a bitcoin, the first bitcoin's exchange rate was fixed.
newbie
Activity: 50
Merit: 0
January 20, 2016, 03:19:59 PM
#73
I was researching bytecoin BTE, it seems like the solution to many problems.

Maria.
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
January 19, 2016, 10:46:59 AM
#72
BurtW are you saying a Alt coin with ASIC-proof technology could replace Bitcoin, if it has the same functionality as Bitcoin, but just need to be tweaked to be ASIC-proof? Why has nobody implemented something like this before and replaced Bitcoin?
I guess my previous post was not clear.  Many alt coins have tried to create an "ASIC proof" coin to replace Bitcoin and have failed.  Part of the reason is that the alt coin space is filled with scam coins but the other reason is that proof of work requires work and work adds value.  The main point being Bitcoin is Bitcoin and any change, especially something major like a change to the mining algorithm, is no longer Bitcoin - it is just another alt.  So you can't change Bitcoin at a fundamental level like this by design.

I agree with the ASIC's being more energy efficient and adding value with the energy/work being spend to sustain it, but there should be some better solution to place some mining power back into the hands of the general users, without sacrificing the value?
I do not understand concern about getting "mining power back in the hands of the general users".

When I got into mining I bought a very large tower computer with a very large 3000W power supply, added six GPU cards, ran them as fast as I could, joined a pool, and started mining.  Total cost to me was about $2500 and this thing used a lot of electricity.  Taking all the electricity bills into account [including AC] I probably just about broke even on the deal.  I would have been much better off by far to just have bought 500 BTC for the $2,500 and just held them.

Today you can buy an S7 for about $1,500, set it up, join a pool and go for it.  I expect you will just about break even and that buying and holding $1,500 worth of BTC will probably make you more money in the long run.

So, it appears to me that not much has really changed.

there is no asic proof technology, if it can be mined with a gpu it can be mined with an asic, the difference is the cost involved, and forced by a certain algo, especially on the memory side

but if for the asic company this will be profitable they will certain jump on it, right now some algo seems immune to asic, only because their alt is useless, not worth anything
This.  The point is that if any "ASIC proof" coin were to actually take off and become worth anything then there would be a profit in creating machines to do it better, faster and more efficiently. Since there would be a profit in it someone would do it.

The economic success of any coin pretty much dooms it to centralization.
legendary
Activity: 3248
Merit: 1070
January 19, 2016, 03:01:08 AM
#71
opportunity to mine a block. I wish more people could have that opportunity again to feel that thrill and excitement.   Sad

i welcome you to PumpNDumpcoin4500, you can mine it with your GPU and get 500000 coins every 10 minutes. and then convert them for 500000 satoshi (0.005btc). enjoy

Well same goes for WeRuleTheCoin3000, where a few of us have enough money to make all the major decisions and determine the future of the Blockchain. At this moment the

mining is getting more and more centralized and more expensive. In a few years only a selected few will be in the position financially to run huge data centers to mine the coin.

Do you really think that is the direction we need to go with this experience? I do not have the answer for this problem, but I know centralized mining is not the Satoshi vision

for this.  Angry
Whether Satoshi desired, expected or even thought about mining pools, GPUs, and ASICs is not really relevant.  ASICs are more energy efficient so they win in an energy intensive environment like Bitcoin mining.  That is the way it is and it can not be changed without creating an alt coin - which has been attempted/done many times.

Bitcoin is secured by the massive amounts of energy/work required overtake the blockchain.  That is one of the things that gives Bitcoins their intrinsic value.  It is an integral part of what Bitcoin is.

BurtW are you saying a Alt coin with ASIC-proof technology could replace Bitcoin, if it has the same functionality as Bitcoin, but just need to be tweaked to be ASIC-proof? Why has nobody implemented something like this before and replaced Bitcoin?

I agree with the ASIC's being more energy efficient and adding value with the energy/work being spend to sustain it, but there should be some better solution to place some mining power back into the hands of the general users, without sacrificing the value?

I looked at some of the Alt coins, but most of them look like a Pump and dump and not a coin that wants to address this problem. ^hmmmm^

there is no asic proof technology, if it can be mined with a gpu it can be mined with an asic, the difference is the cost involved, and forced by a certain algo, especially on the memory side

but if for the asic company this will be profitable they will certain jump on it, right now some algo seems immune to asic, only because their alt is useless, not worth anything
legendary
Activity: 1344
Merit: 1000
January 19, 2016, 01:42:41 AM
#70
opportunity to mine a block. I wish more people could have that opportunity again to feel that thrill and excitement.   Sad

i welcome you to PumpNDumpcoin4500, you can mine it with your GPU and get 500000 coins every 10 minutes. and then convert them for 500000 satoshi (0.005btc). enjoy

Well same goes for WeRuleTheCoin3000, where a few of us have enough money to make all the major decisions and determine the future of the Blockchain. At this moment the

mining is getting more and more centralized and more expensive. In a few years only a selected few will be in the position financially to run huge data centers to mine the coin.

Do you really think that is the direction we need to go with this experience? I do not have the answer for this problem, but I know centralized mining is not the Satoshi vision

for this.  Angry

Introducing the MikeKarplesCoin5000 its either doomed to fail or u will go to jail
legendary
Activity: 3514
Merit: 1963
Leading Crypto Sports Betting & Casino Platform
January 19, 2016, 01:14:37 AM
#69
opportunity to mine a block. I wish more people could have that opportunity again to feel that thrill and excitement.   Sad

i welcome you to PumpNDumpcoin4500, you can mine it with your GPU and get 500000 coins every 10 minutes. and then convert them for 500000 satoshi (0.005btc). enjoy

Well same goes for WeRuleTheCoin3000, where a few of us have enough money to make all the major decisions and determine the future of the Blockchain. At this moment the

mining is getting more and more centralized and more expensive. In a few years only a selected few will be in the position financially to run huge data centers to mine the coin.

Do you really think that is the direction we need to go with this experience? I do not have the answer for this problem, but I know centralized mining is not the Satoshi vision

for this.  Angry
Whether Satoshi desired, expected or even thought about mining pools, GPUs, and ASICs is not really relevant.  ASICs are more energy efficient so they win in an energy intensive environment like Bitcoin mining.  That is the way it is and it can not be changed without creating an alt coin - which has been attempted/done many times.

Bitcoin is secured by the massive amounts of energy/work required overtake the blockchain.  That is one of the things that gives Bitcoins their intrinsic value.  It is an integral part of what Bitcoin is.

BurtW are you saying a Alt coin with ASIC-proof technology could replace Bitcoin, if it has the same functionality as Bitcoin, but just need to be tweaked to be ASIC-proof? Why has nobody implemented something like this before and replaced Bitcoin?

I agree with the ASIC's being more energy efficient and adding value with the energy/work being spend to sustain it, but there should be some better solution to place some mining power back into the hands of the general users, without sacrificing the value?

I looked at some of the Alt coins, but most of them look like a Pump and dump and not a coin that wants to address this problem. ^hmmmm^
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
January 18, 2016, 04:05:12 PM
#68
opportunity to mine a block. I wish more people could have that opportunity again to feel that thrill and excitement.   Sad

i welcome you to PumpNDumpcoin4500, you can mine it with your GPU and get 500000 coins every 10 minutes. and then convert them for 500000 satoshi (0.005btc). enjoy

Well same goes for WeRuleTheCoin3000, where a few of us have enough money to make all the major decisions and determine the future of the Blockchain. At this moment the

mining is getting more and more centralized and more expensive. In a few years only a selected few will be in the position financially to run huge data centers to mine the coin.

Do you really think that is the direction we need to go with this experience? I do not have the answer for this problem, but I know centralized mining is not the Satoshi vision

for this.  Angry
Whether Satoshi desired, expected or even thought about mining pools, GPUs, and ASICs is not really relevant.  ASICs are more energy efficient so they win in an energy intensive environment like Bitcoin mining.  That is the way it is and it can not be changed without creating an alt coin - which has been attempted/done many times.

Bitcoin is secured by the massive amounts of energy/work required overtake the blockchain.  That is one of the things that gives Bitcoins their intrinsic value.  It is an integral part of what Bitcoin is.
legendary
Activity: 1904
Merit: 1074
January 18, 2016, 03:49:30 PM
#67
opportunity to mine a block. I wish more people could have that opportunity again to feel that thrill and excitement.   Sad

i welcome you to PumpNDumpcoin4500, you can mine it with your GPU and get 500000 coins every 10 minutes. and then convert them for 500000 satoshi (0.005btc). enjoy

Well same goes for WeRuleTheCoin3000, where a few of us have enough money to make all the major decisions and determine the future of the Blockchain. At this moment the

mining is getting more and more centralized and more expensive. In a few years only a selected few will be in the position financially to run huge data centers to mine the coin.

Do you really think that is the direction we need to go with this experience? I do not have the answer for this problem, but I know centralized mining is not the Satoshi vision

for this.  Angry
legendary
Activity: 4396
Merit: 4755
January 18, 2016, 02:29:39 PM
#66
opportunity to mine a block. I wish more people could have that opportunity again to feel that thrill and excitement.   Sad

i welcome you to PumpNDumpcoin4500, you can mine it with your GPU and get 500000 coins every 10 minutes. and then convert them for 500000 satoshi (0.05btc). enjoy
legendary
Activity: 868
Merit: 1006
January 18, 2016, 02:14:23 PM
#65
At which point we start truncating the blockchain? 60 gig download is crazy. Max should be 4Gb
Pruning is "on the schedule" but not critical since 60 GB is not a burden to the current miners and full nodes.  It would be a burden to "everyone"  in the plan being discussed here.

Pruning does not help with the current UTXO memory load for all miners and full nodes.

Pruning does not help with bandwidth requirements [except for new node downloads].

Isn't prunning being available in the next version coming soon? (0.12). I heard that it will allow for 1GB blockchains and we will be able to do everything the same as we do now with full, so its pretty cool for modest hardware nodes.
legendary
Activity: 1904
Merit: 1074
January 18, 2016, 01:35:07 PM
#64
No matter what the implementation, the OP is 100% correct... Centralized mining farms should not be the route we follow with this experiment. The whole development of these

ASIC's just spoiled the party for millions to enter this scene. The whole thrill of Bitcoin was in the joy of tinkering with a GPU and overclocking a computer to maximize your

opportunity to mine a block. I wish more people could have that opportunity again to feel that thrill and excitement.   Sad
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
January 18, 2016, 10:39:57 AM
#63
At which point we start truncating the blockchain? 60 gig download is crazy. Max should be 4Gb
Pruning is "on the schedule" but not critical since 60 GB is not a burden to the current miners and full nodes.  It would be a burden to "everyone"  in the plan being discussed here.

Pruning does not help with the current UTXO memory load for all miners and full nodes.

Pruning does not help with bandwidth requirements [except for new node downloads].
newbie
Activity: 50
Merit: 0
January 18, 2016, 10:25:55 AM
#62
At which point we start truncating the blockchain? 60 gig download is crazy. Max should be 4Gb
sr. member
Activity: 321
Merit: 250
January 18, 2016, 09:37:43 AM
#61
Quote
Noob:  I have been running with the "generate" button on for months now.  I have never received a single BTC but I have noticed that my electricity bill has gone up considerably.  I sold the 1 BTC you gave and it did not even begin to cover the cost of the internet and data plan upgrades, the new disk drive and the electricity I have spent trying to generate new Bitcoins.  I wish I had never heard of Bitcoins - they are a total rip off.

You: Thats because the difficulty is up. You see, the network performs a calcu...

Noob: ZzzzZZzzzzz...

You:  Kiss
Difficulty made bitcoin more solid. You can be sure that millions of people is never gonna compete with GPU mining. It's pretty normal that ASICs started to get produced and kept going on this way. But just look at the difference. When was the btc more like a currency than a geek stuff.?
newbie
Activity: 50
Merit: 0
January 18, 2016, 09:32:17 AM
#60
Quote
Noob:  I have been running with the "generate" button on for months now.  I have never received a single BTC but I have noticed that my electricity bill has gone up considerably.  I sold the 1 BTC you gave and it did not even begin to cover the cost of the internet and data plan upgrades, the new disk drive and the electricity I have spent trying to generate new Bitcoins.  I wish I had never heard of Bitcoins - they are a total rip off.

You: Thats because the difficulty is up. You see, the network performs a calcu...

Noob: ZzzzZZzzzzz...

You:  Kiss
full member
Activity: 182
Merit: 100
January 18, 2016, 09:21:41 AM
#59
Interesting topic for a complete noob on mining like me. I'm sorry I will just have to comment on this so I can easily find it later when I have time to read all what is written here.
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
January 18, 2016, 09:11:56 AM
#58
If you want everyone to run a full node and/or mine you forgot a couple things here so I added them for you:

It took you six months to comprehend because of the current way it's portrayed. The mining part hurts the brain.

This is how the conversation should occur.

Noob: Hey I just heard about bitcoin today. How does it work?

You: It's easy, just visit the site, download the app and run it. By doing this you will have created a wallet with a unique address and you become part of the network of transaction confirmations.

Noob: Wait.. so I downloaded it already and I see my Bitcoin address, how can I send some or receive some?  Why does it say "Please wait for blockchain sync.  At your connection speed it will take about 8 days?"

You: In order to send any amount, you first need to have some to be able to send. If you give me your unique address I can send you 1 BTC right now.  You also have to wait for the entire blockchain to download to your full node and for the transaction to confirm.  Let's meet here in about a week when that is done.

Noob: Ok.

[A few days later]

Noob:  After a few days of constant downloading activity which cost me a fortune because I am on a plan that charges me per GB of data transferred the ap said "I am sorry you have run out of space on your disk drive"  How much disk drive space does this thing take up anyway?

You:  I forgot to tell you that you will need at least 60 GB of free space to download the full node mining ap today.  You will need to go buy a new disk drive, install it and download the blockchain again. I also forgot to tell you that as a full node you will be getting and keeping every single transaction that happens anywhere in the world from now on so you should probably buy a pretty good sized drive and upgrade your internet connection so you can handle the network traffic.  Speaking of network traffic, you will probably need to upgrade your data rate plan because you will be receiving about 2 GB per day and sending about 18 GB per day out to the peers that connect to you and you can expect the amount of traffic to go up over time.

Noob:  Not sure it is worth all that but I will give it a try.

[One week later]

Noob:  I upgraded my internet connection, upgraded my data rate plan, bought a new disk drive, downloaded the entire blockchain and I finally got that 1 BTC you sent me.  Thanks.


You: Now you can also "generate" bitcoins by pressing on that button there, then select how much cpu power you want to dedicate to the process and now you're are a active node actively confirming transactions.

[A few months later]

Noob:  I have been running with the "generate" button on for months now.  I have never received a single BTC but I have noticed that my electricity bill has gone up considerably.  I sold the 1 BTC you gave and it did not even begin to cover the cost of the internet and data plan upgrades, the new disk drive and the electricity I have spent trying to generate new Bitcoins.  I wish I had never heard of Bitcoins - they are a total rip off.

legendary
Activity: 4396
Merit: 4755
January 18, 2016, 08:08:38 AM
#57
Meh it wouldn't hurt to be easier.

But I don't think that's the problem. Not everyone wants to mine. I think I even remember Gavin (someone who was a developer) had no interest in mining.

Here's the problem. You make a coin with a super difficult algo that only a cpu can solve and your total network hash rate is terrible. It's more decentralized but some of the value of the coin comes from the security of the network that is provided by a high hash rate.

While I think making a super difficult algo could help it needs to be done without rolling out the same tired code with just a different algo.

I'm talking completely reworking things and cleaning it up. Allow a higher transaction/per sec off the bat. Move to VB. Implement a more sophisticated confirmation structure that would allow contracts and payments over time, and add conditional confirmations. Simplify things so, as to not scare off the general populace.

If it's just reinvent the wheel and release cpu only algo. Well, people have already done it.

though i personally love VB and many of the younger generation prefer it as their first attempts into coding..so i have had alot more success teaching people to understand bitcoins mechanics using vb easier than c++.. but C++ has got more utility for the die hard coders. i know its possible to write a fullnode in VB, i done it and a few others have too.. i know its possible to write a fullnode in java as others have done that, and other languages too. but c++ has other advantages.

and as for an algorithm change to try to force solo mining, well that will never happen..
anything a cpu does can be duplicated and refined into a more dedicated task (thats what asics are). so it wouldnt take long to make an asic.
even if the new algo had some 'hard drive mining' and 'ram mining' stuff which some alts have tried.. that too can be replicated too, so it wont kill off the pool/farm/syndicated mining race.

but if anyone wants to make an alt now.. the emphasis definitely should be on transactions per second, without causing too much bloat.
with added functionality for users to know and understand things like opcodes and block limits so they can self adjust the settings without relying on certain third parties who may have other agenda's, to come to the realization of how much power decentralized consensus has over miners. rather than the other way around
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