When does eligius pay out, though? After every Block?

And @hopping:
I think it won't be worth the effort for me, since I'm just running my single 6870 anyways.

Might look into that when I have more time to read myself into Python (never used, except for oblivion mods), but until then, mining won't be profitable any more I guess 

Just registered, but: Pool Hash Rate   0.000 Ghash/s

What's up with that? As it seems, the pool only has 4 members (including me), but no one is mining? heh

Also, where do I see how many fees I've got to pay or if there are fees on payouts?


But this would mean I would have to watch my miners and hop accordingly 24/7?

Or are there some kind of programs for that?


I've read that a lot of people are happy with eligius, so I might give that one a try. Thanks for the replies so far

Ok.

I am mining proportional at DeepBit and obvioulsy don't want to get screwed.

What options do I have? Only the "start hopping yourself" one?

Yep. I think GPUs will get overrun by ASICs eventually like CPUs got overrun by GPUs.

Fun stuff, good luck I decided not to buy a mining rig and be happy with my already existant 6870.

That's just plain wrong. Please inform yourself before posting nonsense.

BTC itself is a Peer-to-Peer network. A Botnet is a network of infected computers, controlled by one or a few persons remotely.



No, because this is stupid, see above.


Peer to Peer != Botnet!

I can only repeat: Inform yourself before posting.



And that's a huge differance. A differance between 10 years of jail vs a well-used open source project, for starters.


It's hilarious how you're even quoting wikipedia twice, but fail to read (or understand) the very first sentence:


http://en.wikipedia.org/wiki/Botnet

And if it can meet the expectations.

I will laugh pretty hard if they end up spending 2 million dollars for 40GH/s or so 

whoops, double post

Why would someone blast out millions of dollars for nothing?




I mentioned that in my post. 1 mil isn't nearly enough to cover the initial cost of such a device.

There's a little differance though as running a Botnet is against the will of the PC owners and probably also against law of most countries

Scan the notes, upload them and publish them in the forum, in an own thread.

I would definitely skim through them and get typing (if they're not utterly nonsense ).

I've expected this a while earlier, to be honest.

If these numbers are true, the whole Bitcoin system is doomed.

If one entity possesses more than 50% of the processing power, it can dominate everything because it can get wrong blocks (in their favor of course) verified simply because it has more processing power.

For example verifying some self-created "everyone sent all his bitcoins to me"-Blocks, double-spending, scamming, all you can imagine suddenly comes possible if you have access to such an amount of huge Hashing power.

On the other hand, such an endaveour would have an initial cost of millions of dollars - why would they want to wreck their own system then?

It's just something you mustn't forget.

Given that the new "über-ASIC" would dominate everything else, it could get all the 2016 Blocks for itself, netting 1.5 million $ at 15$/BTC.

But I just realized that the difficulty would explode all over the roof, so actually it isn't that bad. Not likely that the owner of this ASIC would destroy his own business before he has paid off his hardware.

But always remember the most important principle: Don't gamble with money you can't afford to lose!

(at the moment, buying Bitcoins is not investing, it's speculating - and that's more gambling than anything else)

Why do people keep thinking this..?  

@chodpaba

I'm not quite sure whether I got everything right in your post.

Why couldn't they just demand their dollars back?

I don't get why they should convert Dollars to BTC and then directly sell the BTC to get dollars out again. And especially I don't get why this should drive the price up if everyobody is trying to sell their freshly converted BTC.


Same goes here.

Why should the price increase if everyone is cashing out their Bitcoins?


Or are you referring to a simple withdrawal in both cases? Aka, convert to BTC and immediately send all BTC to their wallet?

Don't you see a chance of people wanting to fire-sale all their BTC because they lost their confidence in the whole system, leading towards a crash? (I think it's more probable that they only lost confidence in MtGox rather than BTC itself, though)

What kinds of profits are you speaking about here? The ones when people mass-withdraw and the remaining notice the rocketing price?



I'm quite new to all this, but eager to learn. In what way does the weekend come into play?

Agreeing with the gyrations, though

Best regards

So he thinks that a spike in electricity costs would result in an instantaneous shut-down of the not-yet-paid hardware of miners, even before the difficulty-adjustment comes after 15 days (max)?

That does not sound reasonable at all.

This is awesome!

I didn't want to sound like a nay-sayer in my last post, by the way.

I just wanted to point out that it's going to be difficult for BTC to establish if no one is ready to get paid solely in BTC

Now, after re-reading my post, I think I should have put that a bit better to make that clear.

Totally agreeing with that. Most people see BTC simply as a proxy.


This is exactly why our primary goal (besides increasing the client security for vanillas) should be convincing more shops or other business-people to accept Bitcoins.

As you said, BTC will only get strong if we manage to create an own ecosystem for it.

But for BTC it's going to be substantially harder to establish than for other currencies since the use of BTC isn't forced onto people.

BTC simply needs more trust and that can only be achieved by increased security and more services that you can buy with BTC.



While you are bringing 100% valid points and I agree, the whole "thinking in bitcoins" still has some flaws:

First is, that at the moment it is not possible to buy materials in BTC (and then convert it into products which are being sold for BTC).

You can, of course, buy materials for USD/EUR/GBP and then calculate their costs into BTC, but since it is not possible (YET) to buy food or clothing or to pay your rent, electricity bill or fuel with BTC, you cannot solely rely on BTC for your living.

As long as we don't have enough shops, no own ecosystem for BTC, it will simply stay the proxy for other currencies that it is right now.


Second, albeit you of course cannot simply look at BTC with a constant exchange rate for USD or other currencies, one thing remains pretty constant, and this is workpower.

At the moment I can say that 1 hour of my work is netting me 14 Euros. Even with inflation counted in, i can still buy bread or milk at a very similar rate than it was the case 2 or 3 years ago.

Now we have seen crazy price-jumps of the BTC conversion rate from 1$ to 30$ within not even 2 months and even if you are strictly consistent with "thinking in Bitcoins", you surely wouldn't get the same amount of goods for the workpower you provided during these fluctuations.

And there's a simple reason why: You don't get paid in Bitcoins!

This is, to be honest, the single most concern I have with the bitcoin-system in general. All other currencies have a country where they are enforced by the governments and where people will always get their wages paid with that currency.

BTC does not (and cannot) have such a thing and this will be a major obstacle to some in the way of establishing BTC as a "real" currency.



I know, however, that BTC is still very young and can perfectly imagine that BTC will have an established own ecosystem somewhere in the future.

Why haven't I thought of this before? Supported!

We need some people who speak greek, spanish or portuguese.

Point taken and it makes perfectly sense.

But what does that imply?