Bitcoin prediction when MtGox opens again tonight - Page 4 - GoFuckYourself.com

Dirty F · 04-12-2013, 10:41 AM

Quote:

Originally Posted by borked

As I understood it, the higher the price the harder the mathematical pb to solve hence longer time. So whether btc is 1c or $1000 the relative work stays the same. Ie as price goes up, so does the number of cpu cycles required.
Well, that's the logical way anyway.

You might be right. Tbh the mining part is still quite unknown to me.

Hmm calculator says no.

Where 2 days ago i was looking potentially at 50 dollars revenue a day it now is 10 dollars. Unless i'm missing something.

Si · 04-12-2013, 10:45 AM

Quote:

Originally Posted by Dirty F

Yes, 80% of the coins pass through them. No need to explain it any further.

Just as I typed that question, I went to btc-e to have a look and someone posted the excact same thing

Oh well now I know

I think mining is where it is at, need to dig into this a bit more.

borked · 04-12-2013, 10:47 AM

Right because it's already engaged in the mining. You can't switch the problem once the puter has started on it. But once it's finished the cycle and mined a coin, it will get a pb relative to what the value is at the time it starts. I guess. So best to start off a mining run just befor an explosion in value so when it completes a cycle the value is high.

Dirty F · 04-12-2013, 10:49 AM

Quote:

Originally Posted by borked

Right because it's already engaged in the mining. You can't switch the problem once the puter has started on it. But once it's finished the cycle and mined a coin, it will get a pb relative to what the value is at the time it starts. I guess. So best to start off a mining run just befor an explosion in value so when it completes a cycle the value is high.

No no, online calculator.

borked · 04-12-2013, 10:49 AM

That's where the easy money is to be made. Launch an edu grid off-peak and it'll churn out a coin roughly every 6 hours

borked · 04-12-2013, 10:51 AM

K, I'll look into this some more

Dirty F · 04-12-2013, 10:55 AM

Quote:

Originally Posted by borked

That's where the easy money is to be made. Launch an edu grid off-peak and it'll churn out a coin roughly every 6 hours

I have no clue what you mean but i like it already

Dirty F · 04-12-2013, 10:56 AM

Quote:

Originally Posted by borked

K, I'll look into this some more

And forward me your findings

DWB · 04-12-2013, 10:58 AM

Quote:

Originally Posted by Dirty F

Nop, it was back at 140 before till they got ddos'd again. Sad to see that the only thing holding it down is not the coin itself but shitty servers and ddos kids.

Don't you agree?

If ddos kids can destroy it at will, it really has no future. They need to figure something out or it doesn't stand a chance of being legitimate and used on a larger scale.

Dirty F · 04-12-2013, 11:00 AM

Quote:

Originally Posted by DWB

If ddos kids can destroy it at will, it really has no future. They need to figure something out or it doesn't stand a chance of being legitimate and used on a larger scale.

Yes, that is correct.

dyna mo · 04-12-2013, 11:12 AM

Quote:

Originally Posted by DWB

If ddos kids can destroy it at will, it really has no future. They need to figure something out or it doesn't stand a chance of being legitimate and used on a larger scale.

it's important to keep in mind that exchanges were not part of the original design, they emerged later, they are a deficit to the potential of the concept, in their current form.

CaptainHowdy · 04-12-2013, 11:46 AM

ilnjscb · 04-12-2013, 12:45 PM

Quote:

Originally Posted by Dirty F

If it would be this easy wouldn't everyone be doing it?

Listen to me, I'm only going to write this once:

There. Is. NO. Guarantee. That. Mining. Results. In. Bitcoins.

That is why a pool is best. Buying equipment and calculating what you'll make has two very big flaws.

One: no guarantees. Bitcoins are awarded without regard to work put in. There is no way to predict when or if you'll receive a block.

Two: Difficulty increases with every 2016 blocks mined, and it increases BASED ON THE TIME IT TOOK TO MINE THEM. If 1000 guys go get get big rigs and start mining, the difficulty increases exponentially and now your rig is worthless unless bitcoins keep flying up in price.

Smart people aggregate computing power from wherever they can at no cost to themselves and charge a transaction fee. That is why on many blog posts yu'll see the kind blogger recommending the "best" pool to the readers. People - HE IS JUST LIKE YOU! He is an affiliate sending a hit to a pool where, if the hit signs up, he receives a commission.

So, GFY Bitcoin concern has traffic in the bag, there are several experts here. To run the pool, you need open source pool software like pushpool, eloipool or p2pool.

Dirty F · 04-12-2013, 01:07 PM

Quote:

Originally Posted by ilnjscb

Listen to me, I'm only going to write this once:

There. Is. NO. Guarantee. That. Mining. Results. In. Bitcoins.

That is why a pool is best. Buying equipment and calculating what you'll make has two very big flaws.

One: no guarantees. Bitcoins are awarded without regard to work put in. There is no way to predict when or if you'll receive a block.

Two: Difficulty increases with every 2016 blocks mined, and it increases BASED ON THE TIME IT TOOK TO MINE THEM. If 1000 guys go get get big rigs and start mining, the difficulty increases exponentially and now your rig is worthless unless bitcoins keep flying up in price.

Smart people aggregate computing power from wherever they can at no cost to themselves and charge a transaction fee. That is why on many blog posts yu'll see the kind blogger recommending the "best" pool to the readers. People - HE IS JUST LIKE YOU! He is an affiliate sending a hit to a pool where, if the hit signs up, he receives a commission.

So, GFY Bitcoin concern has traffic in the bag, there are several experts here. To run the pool, you need open source pool software like pushpool, eloipool or p2pool.

I'll read that again tomorrow when i'm sober.

Si · 04-12-2013, 02:57 PM

Quote:

Originally Posted by Dirty F

I'll read that again tomorrow when i'm sober.

Read it now before it's too late!

Don't get poolhurt man

Dirty F · 04-12-2013, 03:02 PM

Quote:

Originally Posted by Si

Read it now before it's too late!

Don't get poolhurt man

Haha ya next week i'll be pool hatin'

rowan · 04-12-2013, 03:19 PM

Quote:

Originally Posted by borked

As I understood it, the higher the price the harder the mathematical pb to solve hence longer time. So whether btc is 1c or $1000 the relative work stays the same. Ie as price goes up, so does the number of cpu cycles required.
Well, that's the logical way anyway.

Bitcoin mining is independent of market price. Even though mtgox is the defacto exchange, there is no central authority controlling the release of currency. The difficulty level changes to regulate how often coins are generated, nothing to do with its USD value.

NiXXiN · 04-12-2013, 04:27 PM

Well Bitcoin is over $100 now, looks like we are back in business, I'm down to create a pool. I think if we put all our heads together we can pull this off, we're a bunch of talented fools with nothing to loose. I even reg www.bitcoinbandits.com just to fuck around and share info on trading and when shit is gonna go down.

ilnjscb · 04-12-2013, 06:04 PM

Quote:

Originally Posted by NiXXiN

Well Bitcoin is over $100 now, looks like we are back in business, I'm down to create a pool. I think if we put all our heads together we can pull this off, we're a bunch of talented fools with nothing to loose. I even reg www.bitcoinbandits.com just to fuck around and share info on trading and when shit is gonna go down.

Dude I am so onboard - sign me up

Si · 04-12-2013, 07:26 PM

I'm in for GFY bitcoin mining, may need some help though. Haven't built a machine for yonks. I just need some some tips

I'll join the pool for sure, and help of course.

Serge Litehead · 04-12-2013, 07:33 PM

keep in mind difficulty is going to explode, it always follows price

also all ATI cards are going to be sold out, the ones that are any good for mining... till asics en mass come on board

- Jesus Christ - · 04-12-2013, 07:41 PM

Quote:

Originally Posted by friedcat

Apart from the same boards we use for mining, we also have an adapted version of the mini boards which we used at early January for our first arrived chips that are nice as small gifts. Here is a picture of a not-yet-assembled one with 300MH/s. It can be powered by merely the USB port:

There is a company that is going to be producing a small USB powered ASIC board for the general public. Hopefully it will help keep things less centralized.

Paul · 04-14-2013, 09:42 AM

Why don't you guys create a pool to mine Litecoins, worth a punt if Mt Gox starts trading Litecoins in the next month

AllAboutCams · 04-14-2013, 09:48 AM

Quote:

Originally Posted by Paul

Why don't you guys create a pool to mine Litecoins, worth a punt if Mt Gox starts trading Litecoins in the next month

Im on it pool.ltcme.com trying to find someone to set one up

borked · 04-14-2013, 01:33 PM

Quote:

Originally Posted by rowan

Bitcoin mining is independent of market price. Even though mtgox is the defacto exchange, there is no central authority controlling the release of currency. The difficulty level changes to regulate how often coins are generated, nothing to do with its USD value.

Yup, I stand corrected

04-12-2013, 10:47 AM	#153
borked Totally Borked Industry Role: Join Date: Feb 2005 Posts: 6,284	Right because it's already engaged in the mining. You can't switch the problem once the puter has started on it. But once it's finished the cycle and mined a coin, it will get a pb relative to what the value is at the time it starts. I guess. So best to start off a mining run just befor an explosion in value so when it completes a cycle the value is high. __________________ For coding work - hit me up on andy // borkedcoder // com (consider figuring out the email as test #1) All models are wrong, but some are useful. George E.P. Box. p202

04-12-2013, 10:49 AM	#155
borked Totally Borked Industry Role: Join Date: Feb 2005 Posts: 6,284	That's where the easy money is to be made. Launch an edu grid off-peak and it'll churn out a coin roughly every 6 hours __________________ For coding work - hit me up on andy // borkedcoder // com (consider figuring out the email as test #1) All models are wrong, but some are useful. George E.P. Box. p202

04-12-2013, 10:51 AM	#156
borked Totally Borked Industry Role: Join Date: Feb 2005 Posts: 6,284	K, I'll look into this some more __________________ For coding work - hit me up on andy // borkedcoder // com (consider figuring out the email as test #1) All models are wrong, but some are useful. George E.P. Box. p202

04-12-2013, 11:46 AM	#162
CaptainHowdy Too lazy to set a custom title Industry Role: Join Date: Dec 2004 Location: Happy in the dark. Posts: 93,434	__________________ "Tjeezers.cam wishes you a nice day”

04-12-2013, 04:27 PM	#168
NiXXiN Confirmed User Industry Role: Join Date: Apr 2012 Location: Canada Posts: 470	Well Bitcoin is over $100 now, looks like we are back in business, I'm down to create a pool. I think if we put all our heads together we can pull this off, we're a bunch of talented fools with nothing to loose. I even reg www.bitcoinbandits.com just to fuck around and share info on trading and when shit is gonna go down. __________________ _______________________________________________ Onliance Resident Ginger \| RBC Member \| AppDev. Irc.Rizon.net #GFY

04-12-2013, 07:26 PM	#170
Si Such Fun! Industry Role: Join Date: Feb 2008 Posts: 13,900	I'm in for GFY bitcoin mining, may need some help though. Haven't built a machine for yonks. I just need some some tips I'll join the pool for sure, and help of course.

04-12-2013, 07:33 PM	#171
Serge Litehead Confirmed User Industry Role: Join Date: Dec 2002 Location: Behind the scenes Posts: 5,190	keep in mind difficulty is going to explode, it always follows price also all ATI cards are going to be sold out, the ones that are any good for mining... till asics en mass come on board __________________ SilverCrocodile.com Adult web design since '05

04-14-2013, 09:42 AM	#173
Paul Confirmed User Industry Role: Join Date: Nov 2002 Posts: 2,637	Why don't you guys create a pool to mine Litecoins, worth a punt if Mt Gox starts trading Litecoins in the next month