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Bitcoins - anyone else mining? (1 Viewer)

Charlie Frown

Footballguy
I didn't see this in a search so sorry if repost.

I have a pool going if anyone is interested. If there is a FBG pool I wouldn't mind joing that one.

https://www.triplemining.com/
What is Bitcoin?Bitcoin is a new digital currency. By using proven strong cryptography, a new currency has been created for the internet. One of the key features of Bitcoin is that it is an open system with no person or authority that governs the system. This means that you can treat it like cash: nobody can freeze your account, no chargeback's, complete transparency and more.This new currency opens massive opportunities for the internet. Join more than one million users and merchants today!

Bitcoin is built as an open system. This means the currency is not created or distributed by a central authority. Instead, bitcoin mining is used to distribute the initial coins of this new currency. This is why you can earn bitcoins with your CPU: initial coins and fee's paid by those that perform transactions are distributed to the bitcoin miners.

Triplemining: Bitcoin Mining PoolMining bitcoins on your own, with limited CPU power, is like playing the lottery every week. You can play many times, but the chances of winning are very slim. Unless you have a supercomputer or equivalent, chances of ever obtaining bitcoins are even worse than playing the lottery, close to none in fact.
Triplemining allows you to obtain some bitcoins by combining forces with other miners in one big pool. When you participate, you earn bitcoins in proportion to how much computing power you submit. The details on how Triplemining distributes bitcoins is explained here.To start mining your very own bitcoins, register here.

For more information about bitcoin, bitcoin mining and Triplemining, please visit our help pages or watch this short introduction video.
 
BTC getting manipulated by hackers

It looks like you need to yield quite a bit of computing power over long periods of time to get any kind of return and the return is pretty small for running your systems at 80-95% load.

This is my yield for running a few minutes:

0.00001062

Started with 1 core and then upped it to 7 and while the Mhash/s went up in multiples (got it as high as 7Mhash/s running all cores), I was not seeing any change on the number of shares I was allotted. I'll let it run on 1 core for a bit and see if anything accumulates.

Setup a minipool on triple mining if anyone wants in:

Team FBG

 
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BTC getting manipulated by hackers

It looks like you need to yield quite a bit of computing power over long periods of time to get any kind of return and the return is pretty small for running your systems at 80-95% load.

This is my yield for running a few minutes:

0.00001062

Started with 1 core and then upped it to 7 and while the Mhash/s went up in multiples (got it as high as 7Mhash/s running all cores), I was not seeing any change on the number of shares I was allotted. I'll let it run on 1 core for a bit and see if anything accumulates.

Setup a minipool on triple mining if anyone wants in:

Team FBG
what does this mean???

 
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Explain Bitcoin to me like I'm shuke. And yes I read the above summary.
+1
They release a set number of bitcoins on a timed interval that gradually decreases over time until 21 million BTC's are in circulation by the year 2140 IIRC.

A distributed network of computers are used to encode the hashes which essentially creates the "proof of work" of the currency and makes it "real" to be able to be used in transactions. Miners are also used to process transactions between two entities. If you want to be a part of this it is called mining since you receive a portion of the reward proceeds for creating the new currency units and processing the transactions.

Once the currency is created it can be traded on a few exchanges or to buy products.

wiki

video

 
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Explain Bitcoin to me like I'm shuke. And yes I read the above summary.
+1
They release a set number of bitcoins on a timed interval that gradually decreases over time until 21 million BTC's are in circulation by the year 2140 IIRC.

A distributed network of computers are used to encode the hashes which essentially creates the "proof of work" of the currency and makes it "real" to be able to be used in transactions. Miners are also used to process transactions between two entities. If you want to be a part of this it is called mining since you receive a portion of the reward proceeds for creating the new currency units and processing the transactions.

Once the currency is created it can be traded on a few exchanges or to buy products.

wiki

video
Thanks!

 
Explain Bitcoin to me like I'm shuke. And yes I read the above summary.
+1
They release a set number of bitcoins on a timed interval that gradually decreases over time until 21 million BTC's are in circulation by the year 2140 IIRC.

A distributed network of computers are used to encode the hashes which essentially creates the "proof of work" of the currency and makes it "real" to be able to be used in transactions. Miners are also used to process transactions between two entities. If you want to be a part of this it is called mining since you receive a portion of the reward proceeds for creating the new currency units and processing the transactions.

Once the currency is created it can be traded on a few exchanges or to buy products.

wiki

video
So essentially it's something that falls in between a barter club and currency.

 
I think for me Bitcoins are going to fall under the category of "I don't quite understand it, and the amount of mental gymnastics and effort it may take to get me to understand it combined with the likelihood of it paying off makes for a crappy end result. Therefore, I will simply mock it any time it is brought up so that I can look superior."

 
I wouldn't invest any real money into it but my pc can mine pretty good when I am not using it (most of the time). Triplemining also gives away bitcoins each week. If I manage to earn a coin doing nothing, selling it for anything is pure profit. I think they are at $140 or so now,

 
Jojo the circus boy said:
Started with 1 core and then upped it to 7 and while the Mhash/s went up in multiples (got it as high as 7Mhash/s running all cores), I was not seeing any change on the number of shares I was allotted. I'll let it run on 1 core for a bit and see if anything accumulates.
Yeah, so...using GPU instead of CPU seems a lot more worthwhile. I have two Radeon 7970's, originally I had them configured in X-Fire and started using that instead of the CPU to mine and my Mhash/s went from 7 to 499. But there were screen artifacts that started popping up on my monitor (HP ZR30w) 30" running 2560 x 1600, so I turned off X-Fire and started using my secondary card just for mining and it is pretty consistent at 536.9 MHash/s (I don't think it is OC'd).

so all CPU Cores of a Core i7-3960X @ 3.30 GHz = 7 Mhash/s

1 AMD 7970 GPU = 536.9 MHash/s or 76x the performance.

 
I wouldn't invest any real money into it but my pc can mine pretty good when I am not using it (most of the time). Triplemining also gives away bitcoins each week. If I manage to earn a coin doing nothing, selling it for anything is pure profit. I think they are at $140 or so now,
well, you may have to pay the electric bill, depending on your situation.

 
what you guys should've done is just outright bought a bunch of these things when they were, like, 7 cents, or whatever.
Yeah what a bunch of idiots, who didn't buy Google, Cisco and Apple back when they were cheap?
http://dealbook.nytimes.com/2013/04/11/as-big-investors-emerge-bitcoin-gets-ready-for-its-close-up/

This is about to get a much bigger look from investors/regulators if the Winklevosses/hedge funds keep it in the news.

 
It's getting to the point where the cost/time needed to mine bitcoins (with any reasonable chance of getting some) is beyond the average person. The algorithms that "generate" a bitcoin are to the point of complexity already to where it is a very low chance you'll be the person that actually mines one.

Security Now did a good job of covering this topic a couple years ago, and then again just recently:

 
I wouldn't invest any real money into it but my pc can mine pretty good when I am not using it (most of the time). Triplemining also gives away bitcoins each week. If I manage to earn a coin doing nothing, selling it for anything is pure profit. I think they are at $140 or so now,
well, you may have to pay the electric bill, depending on your situation.
I am not sure yet how much more electricty I would be using. Probably not much at this low level. If I were to add multiple GPUs and have more need for cooling obviously it would be higher though I am unsure how much.

 
Found this interesting: Why Bitcoin Will Collapse

In a nutshell:

Beyond the bubble created by hoarding, "An even more fundamental problem with bitcoins, and indeed any private currency, is that there is no way to limit its supply. True, bitcoins cannot be manufactured beyond the limits set by Nakamoto. But there is no way to prevent future Nakamotos from creating bitcoin substitutes—say, bytecoin, or botcoin. If merchants are willing to accept bitcoins, they will be willing to accept the substitutes, especially as bitcoins become scarce and consumers scramble for substitutes. Nakamoto must have realized this because there are not enough bitcoins to substitute for the currencies around the world. The currency can only succeed if it is expanded or supplemented. But if there are no constraints on substitute digital currencies—and there aren’t—then the value of bitcoins will plummet as the subs begin to circulate. And once it becomes clear that there is no limit, people will realize that their holdings could become worthless at any moment, and demand for bitcoins and the other currencies will collapse, ending the experiment."

"Bitcoin will collapse when people realize that it can’t survive as a currency because of its built-in deflationary features, or because of the emergence of bytecoins, or both."
 
Found this interesting: Why Bitcoin Will Collapse

In a nutshell:

Beyond the bubble created by hoarding, "An even more fundamental problem with bitcoins, and indeed any private currency, is that there is no way to limit its supply. True, bitcoins cannot be manufactured beyond the limits set by Nakamoto. But there is no way to prevent future Nakamotos from creating bitcoin substitutes—say, bytecoin, or botcoin. If merchants are willing to accept bitcoins, they will be willing to accept the substitutes, especially as bitcoins become scarce and consumers scramble for substitutes. Nakamoto must have realized this because there are not enough bitcoins to substitute for the currencies around the world. The currency can only succeed if it is expanded or supplemented. But if there are no constraints on substitute digital currencies—and there aren’t—then the value of bitcoins will plummet as the subs begin to circulate. And once it becomes clear that there is no limit, people will realize that their holdings could become worthless at any moment, and demand for bitcoins and the other currencies will collapse, ending the experiment."

"Bitcoin will collapse when people realize that it can’t survive as a currency because of its built-in deflationary features, or because of the emergence of bytecoins, or both."
I think it will come down to the relationships they build and stability that will come as more exchanges are brought online which is the big push right now.I don't think the finite supply (by 2040) is a problem, if we're talking about after 2040 that's another thing, that is 27 years from now. If a bytecoin comes along they'll have to differentiate themselves from bitcoin, is it possible sure? I just cannot think of a compelling "feature" off the top of my head. Can they both coexist? Sure that's competition, just because Jif peanut butter came out after Skippy did not mean Skippy had to go out of business.

There's a million subdivisions of a bitcoin, I don't know of many "popular" currencies today that are divisible by so many units. Do people hoard them? Yep, same way people hoard gold or valuable stocks. I was pretty surprised to see the prices that physical bitcoins were selling for on eBay.

 
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Found this interesting: Why Bitcoin Will Collapse

In a nutshell:

Beyond the bubble created by hoarding, "An even more fundamental problem with bitcoins, and indeed any private currency, is that there is no way to limit its supply. True, bitcoins cannot be manufactured beyond the limits set by Nakamoto. But there is no way to prevent future Nakamotos from creating bitcoin substitutes—say, bytecoin, or botcoin. If merchants are willing to accept bitcoins, they will be willing to accept the substitutes, especially as bitcoins become scarce and consumers scramble for substitutes. Nakamoto must have realized this because there are not enough bitcoins to substitute for the currencies around the world. The currency can only succeed if it is expanded or supplemented. But if there are no constraints on substitute digital currencies—and there aren’t—then the value of bitcoins will plummet as the subs begin to circulate. And once it becomes clear that there is no limit, people will realize that their holdings could become worthless at any moment, and demand for bitcoins and the other currencies will collapse, ending the experiment."

"Bitcoin will collapse when people realize that it can’t survive as a currency because of its built-in deflationary features, or because of the emergence of bytecoins, or both."
I think it will come down to the relationships they build and stability that will come as more exchanges are brought online which is the big push right now.I don't think the finite supply (by 2040) is a problem, if we're talking about after 2040 that's another thing, that is 27 years from now. If a bytecoin comes along they'll have to differentiate themselves from bitcoin, is it possible sure? I just cannot think of a compelling "feature" off the top of my head. Can they both coexist? Sure that's competition, just because Jif peanut butter came out after Skippy did not mean Skippy had to go out of business.

There's a million subdivisions of a bitcoin, I don't know of many "popular" currencies today that are divisible by so many units. Do people hoard them? Yep, same way people hoard gold or valuable stocks. I was pretty surprised to see the prices that physical bitcoins were selling for on eBay.

Right, but if Paypal comes out with "Paypal Bucks" to make paying for stuff on ebay easier for international users (no more conversion to other currencies), with the added benefit of not having to place your economic faith in a decentralized network of hackers, the demand for bitcoins will drop. Then the hoarders will look to dump their holdings, which leads to a crash. Since it's not backed by anything, it could collapse easily.

 
Found this interesting: Why Bitcoin Will Collapse

In a nutshell:

Beyond the bubble created by hoarding, "An even more fundamental problem with bitcoins, and indeed any private currency, is that there is no way to limit its supply. True, bitcoins cannot be manufactured beyond the limits set by Nakamoto. But there is no way to prevent future Nakamotos from creating bitcoin substitutes—say, bytecoin, or botcoin. If merchants are willing to accept bitcoins, they will be willing to accept the substitutes, especially as bitcoins become scarce and consumers scramble for substitutes. Nakamoto must have realized this because there are not enough bitcoins to substitute for the currencies around the world. The currency can only succeed if it is expanded or supplemented. But if there are no constraints on substitute digital currencies—and there aren’t—then the value of bitcoins will plummet as the subs begin to circulate. And once it becomes clear that there is no limit, people will realize that their holdings could become worthless at any moment, and demand for bitcoins and the other currencies will collapse, ending the experiment."

"Bitcoin will collapse when people realize that it can’t survive as a currency because of its built-in deflationary features, or because of the emergence of bytecoins, or both."
I think it will come down to the relationships they build and stability that will come as more exchanges are brought online which is the big push right now.I don't think the finite supply (by 2040) is a problem, if we're talking about after 2040 that's another thing, that is 27 years from now. If a bytecoin comes along they'll have to differentiate themselves from bitcoin, is it possible sure? I just cannot think of a compelling "feature" off the top of my head. Can they both coexist? Sure that's competition, just because Jif peanut butter came out after Skippy did not mean Skippy had to go out of business.

There's a million subdivisions of a bitcoin, I don't know of many "popular" currencies today that are divisible by so many units. Do people hoard them? Yep, same way people hoard gold or valuable stocks. I was pretty surprised to see the prices that physical bitcoins were selling for on eBay.
Right, but if Paypal comes out with "Paypal Bucks" to make paying for stuff on ebay easier for international users (no more conversion to other currencies), with the added benefit of not having to place your economic faith in a decentralized network of hackers, the demand for bitcoins will drop. Then the hoarders will look to dump their holdings, which leads to a crash. Since it's not backed by anything, it could collapse easily.

Could that happen? Maybe.

But the decentralized aspect is one of the biggest selling points. It's funny you bring up Paypal since it was the acquisition of Ebay that really solidified it as a payment provider, that is why I said it will be interesting to see what kind of relationships Bitcoin makes moving forward. The only other real knock against it today is the lack of exchanges and that is easy to fix. I think Paypal is a bad example to use since so many people have had bad experiences with them that nobody would trust them with a virtual currency (which loops back to the beauty of an open source decentralized solution).

 
Found this interesting: Why Bitcoin Will Collapse

In a nutshell:

Beyond the bubble created by hoarding, "An even more fundamental problem with bitcoins, and indeed any private currency, is that there is no way to limit its supply. True, bitcoins cannot be manufactured beyond the limits set by Nakamoto. But there is no way to prevent future Nakamotos from creating bitcoin substitutes—say, bytecoin, or botcoin. If merchants are willing to accept bitcoins, they will be willing to accept the substitutes, especially as bitcoins become scarce and consumers scramble for substitutes. Nakamoto must have realized this because there are not enough bitcoins to substitute for the currencies around the world. The currency can only succeed if it is expanded or supplemented. But if there are no constraints on substitute digital currencies—and there aren’t—then the value of bitcoins will plummet as the subs begin to circulate. And once it becomes clear that there is no limit, people will realize that their holdings could become worthless at any moment, and demand for bitcoins and the other currencies will collapse, ending the experiment."

"Bitcoin will collapse when people realize that it can’t survive as a currency because of its built-in deflationary features, or because of the emergence of bytecoins, or both."
I think it will come down to the relationships they build and stability that will come as more exchanges are brought online which is the big push right now.I don't think the finite supply (by 2040) is a problem, if we're talking about after 2040 that's another thing, that is 27 years from now. If a bytecoin comes along they'll have to differentiate themselves from bitcoin, is it possible sure? I just cannot think of a compelling "feature" off the top of my head. Can they both coexist? Sure that's competition, just because Jif peanut butter came out after Skippy did not mean Skippy had to go out of business.

There's a million subdivisions of a bitcoin, I don't know of many "popular" currencies today that are divisible by so many units. Do people hoard them? Yep, same way people hoard gold or valuable stocks. I was pretty surprised to see the prices that physical bitcoins were selling for on eBay.
Right, but if Paypal comes out with "Paypal Bucks" to make paying for stuff on ebay easier for international users (no more conversion to other currencies), with the added benefit of not having to place your economic faith in a decentralized network of hackers, the demand for bitcoins will drop. Then the hoarders will look to dump their holdings, which leads to a crash. Since it's not backed by anything, it could collapse easily.
Could that happen? Maybe.

But the decentralized aspect is one of the biggest selling points. It's funny you bring up Paypal since it was the acquisition of Ebay that really solidified it as a payment provider, that is why I said it will be interesting to see what kind of relationships Bitcoin makes moving forward. The only other real knock against it today is the lack of exchanges and that is easy to fix. I think Paypal is a bad example to use since so many people have had bad experiences with them that nobody would trust them with a virtual currency (which loops back to the beauty of an open source decentralized solution).

True. But it could be anyone, maybe someone not even in the picture yet. Maybe Bitcoins are the Friendster of iCurrencies, Paypal Bucks the Myspace, and some 14-year-old TBD out there is the Facebook of the whole thing. Since it's pure fiat, the speculation bubble will probably burst at some point.

 
Kool-Aid Larry said:
Charlie Frown said:
I wouldn't invest any real money into it but my pc can mine pretty good when I am not using it (most of the time). Triplemining also gives away bitcoins each week. If I manage to earn a coin doing nothing, selling it for anything is pure profit. I think they are at $140 or so now,
well, you may have to pay the electric bill, depending on your situation.
Bitturds now at 61. That s gonna cut into his profits.

 
Kool-Aid Larry said:
Charlie Frown said:
I wouldn't invest any real money into it but my pc can mine pretty good when I am not using it (most of the time). Triplemining also gives away bitcoins each week. If I manage to earn a coin doing nothing, selling it for anything is pure profit. I think they are at $140 or so now,
well, you may have to pay the electric bill, depending on your situation.
That was my other thought - that bitcoins are a conspiracy by Big Utiliy to get folks to spend more on electricity :tinfoilhat:

-QG

 
Sarnoff said:
Found this interesting: Why Bitcoin Will Collapse

In a nutshell:

Beyond the bubble created by hoarding, "An even more fundamental problem with bitcoins, and indeed any private currency, is that there is no way to limit its supply. True, bitcoins cannot be manufactured beyond the limits set by Nakamoto. But there is no way to prevent future Nakamotos from creating bitcoin substitutes—say, bytecoin, or botcoin. If merchants are willing to accept bitcoins, they will be willing to accept the substitutes, especially as bitcoins become scarce and consumers scramble for substitutes. Nakamoto must have realized this because there are not enough bitcoins to substitute for the currencies around the world. The currency can only succeed if it is expanded or supplemented. But if there are no constraints on substitute digital currencies—and there aren’t—then the value of bitcoins will plummet as the subs begin to circulate. And once it becomes clear that there is no limit, people will realize that their holdings could become worthless at any moment, and demand for bitcoins and the other currencies will collapse, ending the experiment."

"Bitcoin will collapse when people realize that it can’t survive as a currency because of its built-in deflationary features, or because of the emergence of bytecoins, or both."
BRB I gotta go register a trademark on buttcoin

-QG

 
Seems like just another form of pyramid scheme to me.

ETA: also reminds me of Scientology to an extent. Hey, bet you l can devise a monetary system based on nothing and people will line up for the things.

 
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WTF does this mean:

If you have OpenCL set up correctly this should launch the GUI. If you get an error about OpenCL, you need to install an OpenCL package from your GPU vendor. For AMD/ATI cards you can get OpenCL here.
Install latest drivers, when I tried installing it on my laptop which I bought a few years ago with 2x 5870m cards I had to install latest drivers for the software to recognize it.

I made $2.85 (USD equivalent) last night on my 7970 cards with a throughput of 500-600 MHash/s

I am doing this more as an experiment right now, seeing if it is worth it to invest in some hardware.

 
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WTF does this mean:

If you have OpenCL set up correctly this should launch the GUI. If you get an error about OpenCL, you need to install an OpenCL package from your GPU vendor. For AMD/ATI cards you can get OpenCL here.
Install latest drivers, when I tried installing it on my laptop which I bought a few years ago with 2x 5870m cards I had to install latest drivers for the software to recognize it.

I made $2.85 (USD equivalent) last night on my 7970 cards with a throughput of 500-600 MHash/s

I am doing this more as an experiment right now, seeing if it is worth it to invest in some hardware.
Installing latest drivers on a PC. Does it work on MACs?

 
WTF does this mean:

If you have OpenCL set up correctly this should launch the GUI. If you get an error about OpenCL, you need to install an OpenCL package from your GPU vendor. For AMD/ATI cards you can get OpenCL here.
Install latest drivers, when I tried installing it on my laptop which I bought a few years ago with 2x 5870m cards I had to install latest drivers for the software to recognize it.

I made $2.85 (USD equivalent) last night on my 7970 cards with a throughput of 500-600 MHash/s

I am doing this more as an experiment right now, seeing if it is worth it to invest in some hardware.
Installing latest drivers on a PC. Does it work on MACs?
I don't see why not

 

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