Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 26116. (Read 26709838 times)

If that's true no one in China (and most parts of the world, actually) should be mining, as they could get more bitcoin by simply buying from the market.

the count down never stopped, wall be damned.
4

The coinsman article says the operation currently accounts for "perhaps 5 % of the total network". Taking that claim at face value, that's 180 BTC per day, or 5400 a month, 2,700,000 USD at current rates. Minus electricity, 1,700,000 USD is left to cover other costs and startup expenses if the price remains stable (ha!). Is that reasonable? I don't know.

He brought up several interesting points which you might have missed.  I'll try to put them in different wrappers, hopefully not losing the meaning in the process.

1.  Assume a magical black box which, when the "press" button is pressed, prints out the *exact* result of an election.  Also assume that it is the definitive Black Box--while the result is [by definition] invariably correct, no one knows how it works.  It's a hypothetical, accept everything above as a given.
What do you think the odds of such a thing becoming the accepted method of national elections?  

2.  People do not trust technology--they don't understand it.  They do not understand most of modern technology, including simple stuff like ATMs, but they do not need to trust it--they trust the agencies behind it (banks, in case of ATMs).  This may be absurd, but that's how it is.  There is no similar agency backing the blockchain, and Joe Sixpack has a natural distrust of eggheads.

3.  Recounts.  There is little to suggest that a recount in conventional elections would produce results more accurate than the initial tallying.  But it makes people feel better.  Those tangible slips of paper, as ridiculous and flawed as they are, are used even when a purely digital apparatus recording choices directly from a keyboard to electronic storage (like a hugely-redundant RAID or something) would be cheaper, more convenient, and [provably] more reliable.  Go figure, but that's how it is.

Explanation

http://translate.google.co.uk/translate?hl=en&sl=zh-CN&u=http://www.360doc.com/relevant/212102353_more.shtml&prev=/search%3Fq%3D%25E4%25B8%25AD%25E5%259C%258B%25E9%259B%25BB%25E5%258A%259B%25E6%2588%2590%25E6%259C%25AC%26client%3Dfirefox-a%26hs%3Dzmj%26rls%3Dorg.mozilla:en-US:official%26channel%3Drcs

1.00 USD    =    6.14322 CNY

1 CNY = 0.16 cent

very low cost electricy in china is about 0.5 CNY (8 cent per KW/h)

even if the price of EQ is $2000 per TH and it the most effienet machine @ 0.7 watts per GH then it's still run at a loss and at current rates would never break even.  Even if the EQ was free, and it's the most efficient Asic available it would still only be making $12 a month by December (at current difficulty increase).   Similar conditions (only more extreme) than October last year.  BTC is very undervalued.


As for the authorities, finding such an operation I suspect the tax man might be interested, I doubt they would just walk away after finding a 1/4 of a billion $ setup.  

makes more sense turn them off and buy tho.

Just because running older ASICs results in a loss right now doesn't mean that it would end up being a loss later.  If you really believe that the price of bitcoin is going to go up significantly, running old hardware now still makes sense as a speculative bet.

is it ever going to pop? O_o

so exciting

What a bunch of shit sounds mixed together.
If a waste bin could make noise, this would be it.

Well, the whole point of blockchain-based technology is precisely that it takes trust out of the equation completely.  I think maybe you really should read up on this and try to understand it - you are a CS guy primarily, right?

I realize that I resolved to leave you alone on this issue earlier, so now I will be true to my word.  I think there is really something here that you might find interesting if you would but deign to look into it seriously, but I will not press the issue further.

This is statement is unfounded at all. Electricity could be very cheap in some part of China


So what? The police will just find a computer farm instead of a cannabis farm.

Around 1k bitcoins dump to reach the sub 500 level, while huge walls prevent us to reach the up 515 level.

Seems we are in the dance over a tiny frozen lake mode again.

Not in general, but in many cases that is a necessary goal (because, if votes were to be cast only in special voting places, such systems have few advantages over the existing paper-backed e-voting systems, and several disadvantages).


That is what the TSE always says: "if people trust ATM machines and home banking, why shouldn't they trust DRE machines"?

The point, of course, is that people do not trust those technologies, they trust the entities that manage them (the banks).  Customers believe that their bank is committed to preventing fraud and prosecuting hackers.  They believe that the bank itself will take good care of their passwords and will not tamper with their accounts to steal their money (since it has plenty of fully legal ways of doing the latter  )

In an election, on the other hand, one cannot blindly trust the entity that runs the system.  The stakes are so big that, if insider fraud is possible, it will almost certainly happen.

More generally, people trust technology that they do not understand (from cars to smartphones), in the physical sense of not blowing up, because the experience of many people have proved them to be physically safe.  Such "empirical"' certification does not exist for e-voting systems. 

Well the article states that the temperature is reasonable at  25 "degrees (77 °F)."  That seems to suggest it's running.   and certain clues as to the GH/s of the entire setup can be made from the info given.   The simplest being $1,000,000 a month in electric.   If you say the best asics are at 0.7 Watts per GH.  and the older Asics are about 3 Watts per GH,  then you could assume an average of 1.5 Watts per GHs.  all you need then is the pric of electricity in China and to have a ball park figure.

Another way would be to say from the picture and the mix of machines, you could estimate maybe approx 3TH per square meter  @ 3000 would be very roughly 9PH.  So 4 warehouses would be 36PH / 20% of total hash (close to the 18%)

It's very unlikely that the vast majority of the asics are not already running.  As there is a good chance many of the asics are already run at a loss.  turning them on at the same time makes no sense.  Also there is a good chance some of the photos are shopped.  ". I was asked not to post photos of the construction."   additionally the writer says "150 meters in length, by perhaps 20 meters wide" of the photos look like the buildings are about 7 x 21 meters making 150 square meters.  

On further reading I say the article is just BS.  If genuine, and each "3000" square meter warehouse has inside, $60,000,000 of EQ.  so in total it's about $250,000,000 setup currently run at a loss.  

Maybe it's real but I don't buy it. Especailly as if "secret" in China, it would send out a massive heat signature and the authorities would think they are growing cannabis in those buildings.  

Explanation

so bored

It's not clear to me why you seem to think that this technology could only be used to vote from home.


I don't agree with this...  People learn to trust technology they don't understand all the time, both from necessity and from convenience.  Most people don't understand ANY technology, really.

If it's only one person it's because the rest of the market is letting them.  If the market wants to go up, then buy the shit out of his walls, keep buying and don't look back.  Take his coins and don't panic sell them back to the guy like a momo at every little retrace.

TL;DR: If it's one guy, he's got power because we're giving it to him.

My house is in the woods so I guess technically you could say yes.