JP Morgan has significant investment in FPGA & GPU systems

pointbiz

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Quote from: proudhon on December 17, 2011, 01:55:15 AM

Would successfully mounting a 51% attack be a more profitable use of that hardware than what it's currently being used for?

The equation is would it be profitable to spend $2 million per terahash/s to maintain the current Federal Reserve system, fractional reserve banking and all. They could potential destroy bitcoin for $20 million. JP Morgan is a big defender of the status quo with respect to banking.

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If you know how to program modern FPGA systems, you live in the USA, and your salary is not north of $100k..... There are some good job opportunities out there in the financial world.

proudhon

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Quote from: pointbiz on December 17, 2011, 12:13:21 AM

Quote from: proudhon on December 16, 2011, 02:07:53 PM

Quote from: Serge on December 16, 2011, 02:04:52 PM

real time financial market analysis, is what they're after with that hardware

Exactly. Is there any reason to think it'd be more profitable for them to get involved in bitcoin with that hardware? I'm saying that there is not, and that the fact that they command those resources shouldn't be any concern to those interested in bitcoin.

Others have suggested a malicious 51% attack.

Would successfully mounting a 51% attack be a more profitable use of that hardware than what it's currently being used for?

pointbiz

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Quote from: proudhon on December 16, 2011, 02:07:53 PM

Quote from: Serge on December 16, 2011, 02:04:52 PM

real time financial market analysis, is what they're after with that hardware

Exactly. Is there any reason to think it'd be more profitable for them to get involved in bitcoin with that hardware? I'm saying that there is not, and that the fact that they command those resources shouldn't be any concern to those interested in bitcoin.

Others have suggested a malicious 51% attack.

proudhon

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Quote from: Serge on December 16, 2011, 02:04:52 PM

real time financial market analysis, is what they're after with that hardware

Exactly. Is there any reason to think it'd be more profitable for them to get involved in bitcoin with that hardware? I'm saying that there is not, and that the fact that they command those resources shouldn't be any concern to those interested in bitcoin.

Serge

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real time financial market analysis, is what they're after with that hardware

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Quote from: FlipPro on December 16, 2011, 01:49:13 PM

Quote from: proudhon on December 16, 2011, 01:43:42 PM

I really don't think JP Morgan cares or has any reason to care about bitcoin.

Of course not. No on one has ANY reason to give 2 shits about Bitcoin, right proudhon? Always such a permabear...

Well, no. I just don't see any reason to think JP Morgan's FPGA and GPU systems are for anything other than what they designed them for - assessing risk in the traditional financial market. Could they turn their system to bitcoin mining? Sure. Will they, probably not. With the size of the bitcoin economy they very likely make and will continue to make more money on that investment by using it for its intended purpose. Is there any evidence to suggest that JP Morgan has taken an interest in bitcoin, or will take an interest sufficient to justify using that resource, or any resources for that matter, on bitcoin? If there is, I'd be interested to know of it.

notme

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Quote from: proudhon on December 16, 2011, 01:43:42 PM

I really don't think JP Morgan cares or has any reason to care about bitcoin.

Maybe not not, but they have tons of FPGAs that could be repurposed fairly quickly if it ever became more profitable than rigging the markets. Oh wait, that will never happen because Bitcoin isn't centrally controlled, so I guess you're right.

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