BITCON... WHY its totally FLAWED

hawkeye said:
The govt may be able to stop these things now but ultimately they will be outwitted. They always are. Much smarter and more motivated people in the real world than there is in govt.
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+1 , the gov is meant to be a facilitator of business, but in reality it is a constraint to be got around.
 
Ryaneod said:
W&F, I actually do run them 24-7 .
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Curious to know if running 24/7 Bitcoin mining would offset the costs in energy/electricity of mining as opposed to leaving it idle 24/7.

Currently I leave my box mostly idle 24/7 except when I'm gaming (Diablo 3 yada yada etc) or my "Legit Linux Update ISOs" are being downloaded in the background by my automatic grabber while I'm at work.

If I was pulling the GPU/CPU both at full blast to mine bicoins the electricity costs may not make it a worthwhile venture? Especially considering how expensive electricity is now with the recent price hike (again) in Australia.
 
Give up fishball, they don't get it (it's what I had already queried about). >_<
The only way to know is by doing your own tests with a simple digital electronic wattmeter.

My fav gizmo in PCs for measuring & monitoring consumption is the 5.25 Zalman MFC3 Fan Controller with watt monitor. Worth every cent (pity about the limited fan control).
 
Ok So i d/l ed the wallet and the inital process is complete *(which i intially thought was the mining process)... Now it just seems to be doing nothing?

What i am doing wrong or what am i not understanding?

thanks,

1for1
 
1for1 said:
Ok So i d/l ed the wallet and the inital process is complete *(which i intially thought was the mining process)... Now it just seems to be doing nothing?

What i am doing wrong or what am i not understanding?

thanks,

1for1
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1for1,

The Wallet just sync's first then it just hangs out. They way BitCoins work is they are a p2p process. Think of it as where if I send W&F a $30 bill. And I want you to watch him open it to verify he got it. It works that way, but that is a really simple version of it. There are checks in place where something like 36 things have to verify a transaction went through, for it to complete. That is what your wallet is doing, adding to everyone else's ability to verify. Also with it open it allows you to get deposit's.
 
fishball said:
Ryaneod said:
W&F, I actually do run them 24-7 .
Click to expand...

Curious to know if running 24/7 Bitcoin mining would offset the costs in energy/electricity of mining as opposed to leaving it idle 24/7.

Currently I leave my box mostly idle 24/7 except when I'm gaming (Diablo 3 yada yada etc) or my "Legit Linux Update ISOs" are being downloaded in the background by my automatic grabber while I'm at work.

If I was pulling the GPU/CPU both at full blast to mine bicoins the electricity costs may not make it a worthwhile venture? Especially considering how expensive electricity is now with the recent price hike (again) in Australia.
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Fish,

I will be able to tell you when I get my electric bill for the month! ;) As for it having everything on full blast, it is the GPU it is using . . not the CPU. I mean yes the CPU is running but it isn't like the processes are pegged out or anything like that.

These guys did all the studies, granted it is for the US, but it should give you an idea. Thankfully I am in South Carolina and not Northern California.

http://www.pcper.com/reviews/Graphi...Update-Power-Usage-Costs-Across-United-States
 
I think hawkeye's stance is fairly right. I myself don't see it lasting. There's no reason I would prefer Bitcoin to some other private digital currency.

There's no guarantor of scarcity, even with a gold system (non-backed certificates can be issued), but I don't see any alternative to gold. Bitcoin will be crushed by the first digital currency backed by gold. Perhaps it's already out there.
 
as far as i know silk road is still in business http://en.wikipedia.org/wiki/Silk_Road_(anonymous_marketplace) selling acid, hash, ecstasy and heroin (among other things)

they do all their business using bitcoin and tor have been for some time

the real advantage of bitcoin is that it is decentralized and anonymous and thus very difficult to control or data-mine

i'm sure the DEA would love to shut silk road down but so far have not been able to mainly because of bitcoin

In reaction to a Gawker article on the marketplace, US Senators Charles Schumer and Joe Manchin sent a letter to US Attorney General Eric Holder and DEA Administrator Michele Leonhart insisting that the agency shut down the marketplace.[2][11][12] In a press conference Schumer described Silk Road as follows:

It's a certifiable one-stop shop for illegal drugs that represents the most brazen attempt to peddle drugs online that we have ever seen. It's more brazen than anything else by lightyears.
[13]
Subsequently, Silk Road's administrators posted on the Silk Road forums the following statement:

The die have been cast and now we will see how they land. We will be diverting even more effort into countering their attacks and making the site as resilient as possible, which means we may not be as responsive to messages for a while. I'm sure this news will scare some off, but should we win the fight, a new era will be born. Even if we lose, the genie is out of the bottle and they are fighting a losing War already.
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Well I loaded both apps (Last night) that had been mentioned here and I have kept running them all night and through today.

Gomez peer keeps telling me they are waiting for evaluation ? So I am not sure how long that will take and even if I will get approved, not sure so I will keep waiting.

Bit Coin - it loaded some data took a few hours, since then has done nothing. Should I be doing something else ?
 
Sry Double post. I looked further into the Gomez list of Countries and Australia is not even listed so I think I am wasting my time with that one. It will be running for nothing by the sounds of it.
 
i have been running GUI miner for around a week and have near .2 of a bitcoin...

it really helps to break bitcoin down to mining, currency, transacting.. im yet to transact but loving the concept so far.. i have to agree with F&W that the comp you use will be the depending factor on how fast you mine and in turn how worthwhile bitcoin mining will be for you.. i guess its like silver... you need to be pateint and the incremental nature of it may deter.. im getting 38 M/hash on one comp and 5 M/hash on my other (basically the speed at which you mine blocks from what i gather)..

all good if your using your comps all the time, a decent comp you wont notice GUIminer in the background..

im comparing it to a passive income like google adsense.. minimal set-up and maintainance for free money.. i guess the more people that use it the harder it gets to mine blocks per unit.. not that im claiming to fully understand.

1for1
 
I run my crossfire 7970's 24/7 mining unless i am gaming. I get 1.4g/hash a sec and this pulls me in roughly .5btc a day. I sold at 1btc/15usd the other day and made a nice profit, well above my electricity cost. Unless you have over 1 g/hash a second i dont think it would be very viable and if btc fall under 1btc/6usd then i would stop mining till the exchange rate went up. Its a great way to pay the power bill and buy a bit of silver every now and again!
 
1for1 you need to use your gpu to mine, not your cpu. This is why your hash rate is so low. Cpu mining is no longer efficient enough
 
Walbertross said:
I run my crossfire 7970's 24/7 mining unless i am gaming. I get 1.4g/hash a sec and this pulls me in roughly .5btc a day. I sold at 1btc/15usd the other day and made a nice profit, well above my electricity cost. Unless you have over 1 g/hash a second i dont think it would be very viable and if btc fall under 1btc/6usd then i would stop mining till the exchange rate went up. Its a great way to pay the power bill and buy a bit of silver every now and again!
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Would you have a link to the miner you use please.
 
Walbertross said:
1for1 you need to use your gpu to mine, not your cpu. This is why your hash rate is so low. Cpu mining is no longer efficient enough
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Thanks, yes i read that was the case.. can i still use GUIminer or should i run a different program.. how can it detect my GPU?

1for1
 
Walbertross said:
1for1 you need to use your gpu to mine, not your cpu. This is why your hash rate is so low. Cpu mining is no longer efficient enough
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That is my GPU -- Its an ATI RV710 i guess its around 3 years old

1for1
 
I use GUI miner. I haven't used any others but this one works fine. I mine in deepbit pool. Yeh I was using an old video card and I had a really low hash rate. I upgraded for gaming but it serves a profitable second service. I wouldn't upgrade just to mine unless you can get the newest cards for real cheap!
 
Austacker said:
Well I loaded both apps (Last night) that had been mentioned here and I have kept running them all night and through today.

Gomez peer keeps telling me they are waiting for evaluation ? So I am not sure how long that will take and even if I will get approved, not sure so I will keep waiting.

Bit Coin - it loaded some data took a few hours, since then has done nothing. Should I be doing something else ?
Click to expand...

In talking to others the Gomez peer takes a few weeks to get accepted, but you do get back credit for all the work you did. Mine has been chugging away for about 2 weeks now and I am still Pending . . . but I am seeing the amount of money increment. So, I would say give it a month just to see.
 
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