Total and unconditional end of the era of mining.

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

Quote from: chopstick on January 27, 2015, 12:56:52 AM

If bitcoin goes to 100k then all you will need is enough mining power to mine 1 coin per year to make 100k per year

What will you do if Bitcoin price will be 1$ ?

As soon as new technology that will replace Bitcoin model.

Such already was more than once, twice, three times in the history of mankind.

chopstick

legendary

Activity: 992

Merit: 1000

If bitcoin goes to 100k then all you will need is enough mining power to mine 1 coin per year to make 100k per year

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

Quote from: Paul Revere on January 26, 2015, 11:47:10 PM

What planet are you on? My crytpo mining gear will be paid for in one more month. If I sold it all right now without earning another satoshi I would be in profit.

You sir are an absolute and total delusional fucking moron.

>>>>>>>>Jack London / Too Much Gold

Paul Revere

sr. member

Activity: 406

Merit: 260

The Scamcoats are coming!

Quote from: qs.lab on January 26, 2015, 11:41:21 PM

You'll understand when you get bankruptcy.

Today it is still too early to understand.

What planet are you on? My crytpo mining gear will be paid for in one more month. If I sold it all right now without earning another satoshi I would be in profit.

You sir are an absolute and total delusional fucking moron.

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

You'll understand when you get bankruptcy.

Today it is still too early to understand.

Paul Revere

sr. member

Activity: 406

Merit: 260

The Scamcoats are coming!

Quote from: qs.lab on January 26, 2015, 11:23:00 PM

>>>>>>Paul Revere

Another man who spent all his money on cassette decks. Adore when capitalism punishes that people.

Good luck! lol

I have no idea what that bunch of absolute fucking idiocy is supposed to mean. Enjoy your fail sandwich Failmaster.

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

>>>>>>Paul Revere

Another man who spent all his money on cassette decks. Adore when capitalism punishes that people.

Good luck! lol

Paul Revere

sr. member

Activity: 406

Merit: 260

The Scamcoats are coming!

Quote from: qs.lab on January 26, 2015, 10:23:50 PM

Quote from: Paul Revere on January 26, 2015, 08:39:48 PM

I am terribly sorry, but my Asshole Doomsdayer to English translator is broken. Could you please try to make your invalid and meaningless point in English?

I did't want to hurt you. It's your hobby. Hobbies don't interfere to anyone. Someone still pump oil by using buckets. We're talking about prospects of Cryptocurrency technology, not about Hobbies.

Quote

Miners now look like idiots who came to California with a pickaxe, when all gold has been extracted.

I make money mining Crypto. So do a lot of other crypto miners. The only person looking like an idiot here is you. And then there is the part about all the Gold being extracted from California, and I can assure you that this is also complete idiocy. If I were to drop what I have personally mined in California on your toe you would likely need medical attention. What we have here is you trying to be a smug fucking prick and completely failing in every regard. If you do not like the prospects of mining , then don't do it. Problem solved asshole.

mavericklm

hero member

Activity: 742

Merit: 500

Another attention seeker like notlambchops!
Watch out for another drama queen!

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

Quote from: Paul Revere on January 26, 2015, 08:39:48 PM

I am terribly sorry, but my Asshole Doomsdayer to English translator is broken. Could you please try to make your invalid and meaningless point in English?

I did't want to hurt you. It's your hobby. Hobbies don't interfere to anyone. Someone still pump oil by using buckets. We're talking about prospects of Cryptocurrency technology, not about Hobbies.

Paul Revere

sr. member

Activity: 406

Merit: 260

The Scamcoats are coming!

Quote from: qs.lab on January 26, 2015, 08:32:18 PM

>>>>>>>>>>>seriouscoin
This is not a "flaw". This feature of the technology. Any technology develop in time. Old technology die, and new technologies are born.
You want to use cassette deck? Please, no one forbids.
I understand that you just bought these cassette decks on all your money. Such people always go bankrupt. Someone must always remain with nothing, so made capitalism.

Quote from: Paul Revere on January 26, 2015, 06:36:25 PM

I mine crypto. I have also been mining Gold for decades. Occasionally in California even. Somehow the world still continues to spin. Shocked

There are a lot of savages in Amazon jungle. Their presence would never hurt earth spinning.

I am terribly sorry, but my Asshole Doomsdayer to English translator is broken. Could you please try to make your invalid and meaningless point in English?

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

>>>>>>>>>>>seriouscoin
This is not a "flaw". This feature of the technology. Any technology develop in time. Old technology die, and new technologies are born.
You want to use cassette deck? Please, no one forbids.
I understand that you just bought these cassette decks on all your money. Such people always go bankrupt. Someone must always remain with nothing, so made capitalism.

Quote from: Paul Revere on January 26, 2015, 06:36:25 PM

I mine crypto. I have also been mining Gold for decades. Occasionally in California even. Somehow the world still continues to spin. Shocked

There are a lot of savages in Amazon jungle. Their presence would never hurt earth spinning.

Paul Revere

sr. member

Activity: 406

Merit: 260

The Scamcoats are coming!

I mine crypto. I have also been mining Gold for decades. Occasionally in California even. Somehow the world still continues to spin. Shocked

funkenstein

legendary

Activity: 1066

Merit: 1050

Khazad ai-menu!

Quote from: seriouscoin on January 26, 2015, 08:23:16 AM

I guess you just learned about POS huh? Keep reading , you might learn a thing or two. I've been here long enough to see noobs like you come and argue as if they found a "flaw".

If you want to discuss some proof of stake algorithms, I would recommend:

1) doing so in an appropriately named thread

2) actually naming or pointing us to the algorithm you wish to discuss

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: qs.lab on January 26, 2015, 01:08:21 AM

Quote from: funkenstein on January 26, 2015, 12:38:40 AM

Proof of stake mining is also sometimes called mining.
If there is a particular algorithm you like (there are several out there) let us know and we could have a better conversation.

Mining is associated with expenditure of resources. You mines gold, having spent a portion of your labor.

Why it's called mining. In POS you do not spend anything.

Quote from: seriouscoin on January 26, 2015, 12:40:43 AM

Wow you missed his point completely, what a retard.

I guess you just learned about POS huh? Keep reading , you might learn a thing or two. I've been here long enough to see noobs like you come and argue as if they found a "flaw".

I perfectly understood. Consensus does not necessary to spend electricity. That's what I'm talking about.

But you just don't pleasing prospects. So you call me retard.

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

Quote from: funkenstein on January 26, 2015, 12:38:40 AM

Proof of stake mining is also sometimes called mining.
If there is a particular algorithm you like (there are several out there) let us know and we could have a better conversation.

Mining is associated with expenditure of resources. You mines gold, having spent a portion of your labor.

Why it's called mining. In POS you do not spend anything.

Quote from: seriouscoin on January 26, 2015, 12:40:43 AM

Wow you missed his point completely, what a retard.

I perfectly understood. Consensus does not necessary to spend electricity. That's what I'm talking about.

But you just don't pleasing prospects. So you call me retard.

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: qs.lab on January 26, 2015, 12:34:59 AM

Quote from: ABitNut on January 26, 2015, 12:00:55 AM

Public record blockchain can be done on a wikipedia site and the community would reach a consensus too. I call it Proof of Edit...

Each method has it's own pros and cons.

We are not talking about Wikipedia, we are talking about cryptocurrency.

Wow you missed his point completely, what a retard.

funkenstein

legendary

Activity: 1066

Merit: 1050

Khazad ai-menu!

Quote from: qs.lab on January 25, 2015, 11:54:37 PM

You do not understand anything in the cryptoworld.

Miners - is idiots who spend energy on the air.

Public record in blockchain can be done without spending electricity. it's called POS.

Proof of stake mining is also sometimes called mining.
If there is a particular algorithm you like (there are several out there) let us know and we could have a better conversation.

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

Quote from: ABitNut on January 26, 2015, 12:00:55 AM

Public record blockchain can be done on a wikipedia site and the community would reach a consensus too. I call it Proof of Edit...

Each method has it's own pros and cons.

We are not talking about Wikipedia, we are talking about cryptocurrency.

ABitNut

hero member

Activity: 764

Merit: 500

I'm a cynic, I'm a quaint

Quote from: qs.lab on January 25, 2015, 11:54:37 PM

Quote

In order to make a transaction in a public currency, you need somebody to record it and make the record public that the transaction has occurred. The people who do this work (recording the transaction and making it public) are sometimes called "miners".

You do not understand anything in the cryptoworld.

Miners - is idiots who spend energy on the air.

Public record in blockchain can be done without spending electricity. it's called POS.

Public record blockchain can be done on a wikipedia site and the community would reach a consensus too. I call it Proof of Edit...

Each method has it's own pros and cons.

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

[/quote]

In order to make a transaction in a public currency, you need somebody to record it and make the record public that the transaction has occurred. The people who do this work (recording the transaction and making it public) are sometimes called "miners".

[/quote]

You do not understand anything in the cryptoworld.

Miners - is idiots who spend energy on the air.

Public record in blockchain can be done without spending electricity. it's called POS.

funkenstein

legendary

Activity: 1066

Merit: 1050

Khazad ai-menu!

Quote from: qs.lab on January 25, 2015, 10:15:18 PM

Now there is only large corporations in gold mining.

Why do we need such corporation for mining Cryptocurrency?

In order to make a transaction in a public currency, you need somebody to record it and make the record public that the transaction has occurred. The people who do this work (recording the transaction and making it public) are sometimes called "miners".

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

[/quote]

Big difference: gold can be transacted even if there is no mining going on.
Bitcoin can't.
[/quote]

Now there is only large corporations in gold mining.

Why do we need such corporation for mining Cryptocurrency?
This is a dying technology.

funkenstein

legendary

Activity: 1066

Merit: 1050

Khazad ai-menu!

Quote from: qs.lab on January 25, 2015, 07:36:39 PM

Why would a man need to waste electricity on mining? There are already many Currencies without this necessary. So why?

Do not be fooled, it's true.
Miners now look like idiots who came to California with a pickaxe, when all the gold has been extracted.

Discuss/

Big difference: gold can be transacted even if there is no mining going on.
Bitcoin can't.

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

Lol. Add this wonderfull option:

Why not just give power to these guys? They help people.

""Distributedcomputinginfo is a science which solves a large problem by giving small parts of the problem to many computers to solve and then combining the solutions for the parts into a solution for the problem. Recent distributed computing projects have been designed to use the computers of hundreds of thousands of volunteers all over the world, via the Internet, to look for extra-terrestrial radio signals, to look for prime numbers so large that they have more than ten million digits, and to find more effective drugs to fight cancer and the AIDS virus. You have better odds of hitting the jackpot at a casino slots machine. These projects are so large, and require so much computing power to solve, that they would be impossible for any one computer or person to solve in a reasonable amount of time.""

Posted by: darkphantom934
1)speculating speculating speculating speculating and speculating. Are you would spend your life on speculating?

2) We're not talking about promoting Cryptocurrency or Bitcoins. We're talking about mining as a dead end or not.

3) Buy bitcoins and do the same thing.

4) A couple of years ago you would have said the same thing about egold.

darkphantom934

full member

Activity: 141

Merit: 100

I can also think of a couple reasons:

1) There's some good money to be made in speculating altcoins with GPU rigs.
2) It's a good hobby, and it sometimes doesn't have to be expensive.
3) The small amounts of bitcoins that you do get can be used for altcoins, building the community, and many other things.
4) Bitcoin hasn't dried up by any means....

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

Quote from: qs.lab on January 25, 2015, 07:36:39 PM

Why would a man need to waste electricity on mining? There are already many Currencies without this necessary. So why?

Do not be fooled, it's true.
Miners now look like idiots who came to California with a pickaxe, when all the gold has been extracted.

Discuss/

I have free power up to 0.6 kwatt an hour.

My apartment is cold.

I need some heat.

there are 3 good reasons.

qs.lab

full member

Activity: 249

Merit: 111

DAO enthusiast

Why would a man need to waste electricity on mining? There are already many Currencies without this necessary. So why?

Do not be fooled, it's true.
Miners now look like idiots who came to California with a pickaxe, when all gold has been extracted by large corporations.

Discuss/

Topic: Total and unconditional end of the era of mining. (Read 1857 times)