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Showing 7 of 7 results by AmnesicWeasel
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Board Pools
Re: Cooperative mining (>20Ghash/s, join us!)
by
AmnesicWeasel
on 14/02/2011, 21:39:25 UTC
Quote from: gusti on February 14, 2011, 09:35:03 PM
Also pls consider having colo server and technical support backups.

I don't know slush's exact arrangements, but I can see from the IP address that he's hosted in Linode's London facility, so I wouldn't be worried on that front, Linode's infrastructure is good. I think this has been almost entirely a matter of raw resources.
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Re: Cooperative mining (>20Ghash/s, join us!)
by
AmnesicWeasel
on 14/02/2011, 21:36:50 UTC
Quote from: slush on February 14, 2011, 08:57:08 PM
So I decided to keep fees on the pool up, just lower them from current 2% to 1%.

What is that at current rates, 500-600/month at the most? I fear that when the difficulty shoots up shortly, you'll once again not even be able to cover your hosting costs.

Are you expecting the improved communication efficiency work to compensate enough for the difficulty jump?

Regardless, thanks for your work!
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Board Bitcoin Discussion
Re: Best practice for fast transaction acceptance - how high is the risk?
by
AmnesicWeasel
on 14/02/2011, 19:32:06 UTC
Quote from: jav on February 14, 2011, 06:55:42 PM
I guess Nefario has a good point about audits being easier with Bitcoins and that is definitely and advantage compared to gold. But it also requires a bunch of people to be vigilant and to understand all the pitfalls of money systems. I'd much rather see these protections against money creation baked into the system that will actually be in use by everyone.

What you're asking for is effectively perfect, instantaneous peer-to-peer communications between everyone using the currency at all times. It's just not gonna happen.

In life, you have to trust somebody, at least a little bit, even if that "somebody" is actually the collective consciousness embodied in a few hundred people. People who don't trust anyone at all end up hermits. Technology can't fix that for you.
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Board Bitcoin Discussion
Re: Best practice for fast transaction acceptance - how high is the risk?
by
AmnesicWeasel
on 14/02/2011, 17:42:58 UTC
Quote from: jav on February 14, 2011, 05:35:32 PM
Isn't the whole point of Bitcoin that you can move the _actual_ Bitcoins around. If you are going to give that up, what have you won?

What makes you think you've given anything up? You can still move bitcoins around yourself through the network. All we're saying is that high-speed, on-the-spot transactions will still need a trusted third party to facilitate.

So long as people are capable of evil, various forms of escrow services will continue to exist. That's all an immediate-settlement payment processor is -- an escrow service.
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Board Bitcoin Discussion
Re: Best practice for fast transaction acceptance - how high is the risk?
by
AmnesicWeasel
on 14/02/2011, 01:42:54 UTC
Quote from: genjix on February 14, 2011, 01:35:11 AM
just pay the fee

That does nothing to solve the problem of standing in a grocery store waiting up to 10+ minutes for a new block to be generated. This is not a problem one can solve by blindly throwing money at it.
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Board Pools
Re: Cooperative mining (>20Ghash/s, join us!)
by
AmnesicWeasel
on 14/02/2011, 00:56:09 UTC
Quote from: MDKing on February 13, 2011, 04:35:50 PM
I just have a question regarding solved blocks. If a person's miner is active are they ensured to at least receive some sort of reward? My miner is currently GPU mining all night with your service and I noticed the odd reward where it says "None" even though my miner is active. i.e solved block #1003 to #1012 I'm reward, #1013 no reward, #1014 to 1017 reward, #1018 no reward. I did noticed in the case of #1018 the number of shares is very low, does that just mean I didn't receive a getwork for that block and therefore didn't participate? Is this intended behaviour?

Didn't participate, or the block was found before you successfully generated a proof of work.

I'd need to sit down and do the math, but there is still a nontrivial amount of "luck" involved, and that the slush pool seems to constitute a substantial fraction of the global mining pool has, I suspect, led to smaller miners having trouble keeping up enough to reliably get shares.

I've wondered if splitting it into coarsely-balanced sub-pools might lead to less jaggedness in the profile.
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Board Bitcoin Discussion
Re: Best practice for fast transaction acceptance - how high is the risk?
by
AmnesicWeasel
on 14/02/2011, 00:44:28 UTC
Quote from: jgarzik on February 13, 2011, 11:33:59 PM
Presumably, a commercial bitcoin payment processor would spend the bucks to enter the network at a wide array of points, implementing their own double-spending detection and prevention.

This is my own presumption. One may, in a sense, view modern credit cards as a secondary currency backed by and pegged to e.g. USD. "Bitcoin credit cards" would, I expect, be the same.

The current situation blinds people to the fact that eventually, most BTC users would likely not be concerned with things like "addresses" and "blocks", they would use credit cards, bank accounts, etc. not terribly unlike they do now, trusting (hah) the finanical institutions to get it right in the background, as they have historically.