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Topic: Mining Bitcoins should be renamed to burying. (Read 4862 times)

legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
November 03, 2013, 10:05:08 AM
#42
Can we take a 51% vote on renaming ElectricMucus?  I'd vote for that.
Its pretty apt.  Mucus is that stuff that by its nature, sticky and thick, serves to trap unwanted particulates and usher them out of the body.  It lubricates and contains antibodies that recognizes invaders like virus and antibodies.  Without mucus, we would not be as hardy.  By its nature it can also be annoying, so that they stuff gets coughed out.  But the bad stuff isn't really the mucus, (though it tends to get the blame) its what the mucus has trapped.

The particulate in question, the nomenclature of new coin discovery, is probably more of a dust particle than a virus, even so if there were something better, it would be a good thing.  The term "Mining" may cause some confusion, and also some curiosity.

Some folks are very good at fixing problems, and not so good at identifying problems, or selecting which are important.  Others have a talent for identifying, and still others for the prioritization.  All are necessary to advance.

legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
There aren't really any mines involved. 
We could call it "data centering", but I suspect it wouldn't have the same appeal, even though most data centers are much more comfortable than most mines.
A rose by another name...
full member
Activity: 210
Merit: 100
I know this is just a troll topic but regarding energy expenditures, it's worth pointing out that real life gold mining is incredibly expensive in terms of energy and more importantly toxicity to the environment. It's really heinous. That Bitcoin can be mined only using massive amounts of electricity is one of its benefits. Electricity can (and will, increasingly) come from the Sun, wind, etc.
...

Electricity will come from the sun, wind, etc., only when it becomes cheaper than burning carbon fuel, which pretty much translates to "after we burn up all the coal, oil & natural gas."
*Mining bitcoin is not good for environment just because gold mining is bad for environment -- that there's a logical non sequitur. Smiley
sr. member
Activity: 261
Merit: 285
I know this is just a troll topic but regarding energy expenditures, it's worth pointing out that real life gold mining is incredibly expensive in terms of energy and more importantly toxicity to the environment. It's really heinous. That Bitcoin can be mined only using massive amounts of electricity is one of its benefits. Electricity can (and will, increasingly) come from the Sun, wind, etc.

Interesting article:
http://www.ijee.net/Journal/ijee/vol3/no5/11.pdf
"Environmental Impact of Electricity Consumption in Crushing and Grinding Processes of Traditional and Urban Gold Mining by Using Life Cycle Assessment"

full member
Activity: 210
Merit: 100
I think the word mining is used to appease the Neolibertarians.
"Mining" obfuscates the fact that more money is minted daily (just like teh US Mint), and allows Neolibs to perpetuate the myth that bitcoin is noninflationary.

As far as mining being a good analogy for hashing, perhaps.  But what, exactly, is being mined?  Other than waste heat & an abstraction called "network security"?  Any other mining operations digging for "peace of mind" that you can think of?

Security is increasing exponentially, at a rate far outstripping bitcoin worth.
The lock, at this point, is millions of times bigger than the door it protects.
sr. member
Activity: 378
Merit: 255
Can we take a 51% vote on renaming ElectricMucus?  I'd vote for that.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
The major difference here is the more overall effort is put into digging stuff up the more overall product comes out of it. Since Bitcoins are generated at a regulated rate increased effort can only increase the amount generated temporarily till the regulation sets in. And that is only because the mechanism is overdamped.

The only thing "mining" emphasizes is "doing work". which it is not, even in "computer terms". Work has the inherent property of the effect being directly proportional to the amount of work, and useful work that of a useful product which is more useful if it is the product of more work. "Proof of work" nonces are only useful "by definition" of the protocol. You might argue that a nonce resulting in a lower target is more useful but it's really not. Any nonce is exactly as useful as another since they only ever protect against an attack of half the hashing power, whatever that may be.
sr. member
Activity: 336
Merit: 250

"Mining" makes more sense to the layman because it invokes the idea of "hard work done" to gain a certain limited resource.

But there is no "hard work" being done.  Huh The "miners" simply guess random nonces until one is found that will produce a valid hashed block. It's similar to throwing spaghetti against a wall until one keeps sticking to the wall and declaring that one the winner.

Well the nature of "proof of work" is in computer terms, hard work.

Real mining involves digging and hoping this batch of dirt has the shiny stuff, I can see a very direct analogy here.



All good points.
sr. member
Activity: 938
Merit: 255
SmartFi - EARN, LEND & TRADE
How about ElectricMucus runs on a treadmill to power the miners
newbie
Activity: 26
Merit: 0
OP is a fucking idiot.  That's it and that's all.
newbie
Activity: 17
Merit: 0
meh. does it really matter what its called? What the point of renaming it anyway?
legendary
Activity: 1204
Merit: 1002
Gresham's Lawyer
It was called generating Bitcoins at the start, which is a way better term.
Yes, very much more accurate, more descriptive. Don't know if that means better or not though.
The introduction post was just my way of pointing that out.
Seems to have gotten under some skin, so bravo for the marketing, you memester you.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
Mining Gold should be renamed "Generating Gold", obviously.

Into alchemy?

No, just smoking some of the same stuff you clearly are.

I doubt it.
alp
full member
Activity: 284
Merit: 101
Mining Gold should be renamed "Generating Gold", obviously.

Into alchemy?

No, just smoking some of the same stuff you clearly are.
sr. member
Activity: 364
Merit: 253
Yeah, the deeper it gets, the more expensive to do it. Cheesy
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
Mining Gold should be renamed "Generating Gold", obviously.

Into alchemy?
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
well talking about carbon waste.. im not wasting carbon. in the UK it is getting cold and so usually i would have my electric heaters on. each heater is 1000W. my avalon miners are only 600W, yet im sat here nice and comfortable without having my electric heaters on.

so i am saving carbon compared to last year by using less electric to heat my place. and i am making money to pay for all my bills.. this is better then solar power for me, especially as we dont get much sun.

In the civilized world people heat with natural gas/oil or even a modern hyper inverter air conditioner in heating mode which costs less than an ASIC rig.
alp
full member
Activity: 284
Merit: 101
Is this some sort of inquisition?
I made a habit of pointing out ridiculous things about Bitcoin long before ripple came along.   If you don't like how I post there is a bright yellow button at the left that spares you my insights. But then please don't post in my threads.

This thread is not about that though.
It is about how dumb the term "mining" is.  It was called generating Bitcoins at the start, which is a way better term. The introduction post was just my way of pointing that out.

"Mining" makes more sense to the layman because it invokes the idea of "hard work done" to gain a certain limited resource.

"Generating" does not invoke the same image to most people.

Also many things mined in the real world do not allow for electrical generation by burning or changing. The most obvious analogy being Gold.

We mine Gold for which most is used for jewelry or a store or wealth (use in electrical components is a very small amount of worldwide usage.)

Mining Bitcoins is quite similar to mining Gold with respect to work done to gain a shiny material as a store of wealth.

Mining Gold should be renamed "Generating Gold", obviously.
legendary
Activity: 4424
Merit: 4794
well talking about carbon waste.. im not wasting carbon. in the UK it is getting cold and so usually i would have my electric heaters on. each heater is 1000W. my avalon miners are only 600W, yet im sat here nice and comfortable without having my electric heaters on.

so i am saving carbon compared to last year by using less electric to heat my place. and i am making money to pay for all my bills.. this is better then solar power for me, especially as we dont get much sun.
legendary
Activity: 1862
Merit: 1011
Reverse engineer from time to time
Generating Bitcoins wastes electricity

No.
Yes it does. I mined solo with my 5850 at a difficulty of 3 million at the time for several months, I didn't find a block. Was that electricity not wasted since I didn't even help the network?
Actually the system worked perfectly: it stopped a random guy with a 5850 from doing a 51% attack.
If you look at it like that, but I was asking, where did all that energy go?

@e4xit
I was not decreasing any chances. The network was not affected by my mining. It was as if I never mined.
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