Np. I kinda wish the pool would have stayed smaller, and they didn't install PPS. I liked making 4-5btc in one day a for a few days
Still a good pool, I get a regular reliable pay each day with PPS.
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Bitcoin Discussion Thread Part 2
- Thread starter Stiletto
- Start date
Np. I kinda wish the pool would have stayed smaller, and they didn't install PPS. I liked making 4-5btc in one day a for a few days
Still a good pool, I get a regular reliable pay each day with PPS.
Parja
[H]F Junkie
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Np. I kinda wish the pool would have stayed smaller, and they didn't install PPS. I liked making 4-5btc in one day a for a few days
Still a good pool, I get a regular reliable pay each day with PPS.
It keeps pool hoppers from stealing from the pool, though.
And it levels things out for any long blocks in the future. It basically rewards those who like to stick with one pool by evening out the payout over time.
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Guess their super server couldn't handle it. Glad I moved my miners to arsbitcoin last night to see if I get better payout from my 950 mhash/s.
Not sure. But I haven't cared enough to look into it further. Going to see how Ars does for me.
How long you guys think these bit coin prices will keep falling?
The bitcoin forums make me chuckle. Coins are worth less than before and difficulty's way higher yet people are still wanting well over retail for the hardware they are trying to dump. I especially love the ones trying to sell used 5830s for 150+ when they've been instock at egg for $130 all week.
The bitcoin forums make me chuckle. Coins are worth less than before and difficulty's way higher yet people are still wanting well over retail for the hardware they are trying to dump. I especially love the ones trying to sell used 5830s for 150+ when they've been instock at egg for $130 all week.
a demonstration of the overall maturity of the bitcoin market, i'm afraid
Well the real issue is that you cannot purchase the hardware for bitcoins, and one still is left looking for places to use the currency. Right now the only way prices are falling is due to oversupply. If all of the sudden Amazon.com (and subsidiaries)/ ebay/ WalMart and etc started accepting Bitcoins (demand), the prices would likely rise as there is a limit to how many Bitcoins get mined over time (supply.) Prices are falling because people rushed to mine but have not rushed to accept as payment.
There was a higher adoption rate when BTC is an appreciating virtual currency, but now that it has stagnated, adoption has fallen. Businesses can deal with a 1% currency fluctuation on a given day in the FX market, but dropping 5% or more in a day is enough that you cannot sell low-margin goods, especially when you have to wait for your supply chain to produce a product.
If you think about it, how many hardcore miners are mining Bitcoin to pay for real-world expenses versus converting it to a traditional currency? Most that I know are cashing out what they mine.
Bottom line: without demand generation and without a tenable central administrative body, Bitcoin is not likely to appreciate.
There was a higher adoption rate when BTC is an appreciating virtual currency, but now that it has stagnated, adoption has fallen. Businesses can deal with a 1% currency fluctuation on a given day in the FX market, but dropping 5% or more in a day is enough that you cannot sell low-margin goods, especially when you have to wait for your supply chain to produce a product.
If you think about it, how many hardcore miners are mining Bitcoin to pay for real-world expenses versus converting it to a traditional currency? Most that I know are cashing out what they mine.
Bottom line: without demand generation and without a tenable central administrative body, Bitcoin is not likely to appreciate.
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This is why I have to keep stopping my BitcoinPool miners and go back to Slush's Pool :/
I'll be mining on bitcoinpool for hours, and then boom:
Whyyyyyyyyyyyyyyy
I'll be mining on bitcoinpool for hours, and then boom:
Whyyyyyyyyyyyyyyy
I averaged 2.9btc/day last week on ARSBitcoin before they went to PPS(Pool got lucky many times
About to unleash another 1200mhash if I can get my second Ubuntu rig to boot past grub.
Is there any other pool that doesnt have PPS, where you can get big returns?
Activate: AMD
[H]ard|Gawd
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This is what I and many others were saying early on in some of the threads that got locked due to trolling. The inflation early on was a lot of hype and people were paying for BTC just to have it in the hopes that it would get accepted at stores and stuff. there were people acting as middle-men paying stores cash for goods and basically selling the goods for BTC. nice for the generators of BTC, but eventually the middle-men will start running out of hard currency and have a big stock-pile of BTC, which quickly becomes way too much exposure to a completely untested and unproven currency. thats a big risk.
The problem is that for it to have true "real-world" value, it needs to be accepted by a wide-enough market that everyone would be OK with being paid in it. Currency works like this: I made a widget, and you want that widget. I'm willing to take currency for it because other people will take currency for other different widgets. I'll take 5 dollars for my widget, i'll also take pesos for my widget, but i'm less happy about pesos because i'm not as sure other people want them... so you'll have to give me 100 pesos because its riskier for me to take them. A few thousand people with a bunch of computers in their basement is nowhere near enough momentum to start to make the shareholders of major retailers or manufacturers want bitcoins, and probably never will.
On this topic: I noticed newegg is no longer an affiliate program at spendbitcoins.com
http://forum.bitcoin.org/index.php?topic=25581.msg334467#msg334467
If newegg doesn't even want to be involved as a 3rd party in bitcoin, it's wildly unlikely they're going to accept BTC payments directly.
On that note, I'm going to be cashing out my BTC for amazon gift cards as soon as I get them. I don't think the value of the BTC is going up in any appreciable amount any time soon.
http://forum.bitcoin.org/index.php?topic=25581.msg334467#msg334467
If newegg doesn't even want to be involved as a 3rd party in bitcoin, it's wildly unlikely they're going to accept BTC payments directly.
On that note, I'm going to be cashing out my BTC for amazon gift cards as soon as I get them. I don't think the value of the BTC is going up in any appreciable amount any time soon.
Lorien
Supreme [H]ardness
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I mentioned that 5 days ago lol. http://hardforum.com/showpost.php?p=1037484443&postcount=502. He never really had an affiliate license from newegg though, he was buying gift cards out of his own pocket due to the demand while waiting for approval of his application. He was getting all kinds of red tape trying to verify the transactions from people so he stopped offering them and they ended up not approving the application anyways. At the same time that happened he gained affiliate status from Barns & Noble, Buy.com and iTunes, and BTW, bitegg.net still exists
I just sold a small batch of coins when they hit $15.5 a couple of days ago and I'm now up >$1k in liquid profit after energy costs. I still have about 14 coins in my wallet and adding more every hour. I'm kinda tempted to expand operations but only if I manage to nab a pair of cheap open box 6950s from newegg.
I just sold a small batch of coins when they hit $15.5 a couple of days ago and I'm now up >$1k in liquid profit after energy costs. I still have about 14 coins in my wallet and adding more every hour. I'm kinda tempted to expand operations but only if I manage to nab a pair of cheap open box 6950s from newegg.
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I mentioned that 5 days ago lol. http://hardforum.com/showpost.php?p=1037484443&postcount=502. He never really had an affiliate license from newegg though, he was buying gift cards out of his own pocket due to the demand while waiting for approval of his application. He was getting all kinds of red tape trying to verify the transactions from people so he stopped offering them and they ended up not approving the application anyways. At the same time that happened he gained affiliate status from Barns & Noble, Buy.com and iTunes, and BTW, bitegg.net still exists
I just sold a small batch of coins when they hit $15.5 a couple of days ago and I'm now up >$1k in liquid profit after energy costs. I still have about 14 coins in my wallet and adding more every hour. I'm kinda tempted to expand operations but only if I manage to nab a pair of cheap open box 6950s from newegg.
Where are you mining, and with what kind of hash rate?
Lorien
Supreme [H]ardness
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I had been jumping from Slush to BTC Guild off and on since I started and decided to, once and for all, determine which one was better taking into consideration fees, and uptime due to DDOS attacks.
I started as soon as BTC Guild was up and running in this new difficulty and split my 1.1GH/s (Total of 3 rigs, one with 2xHD4870 and 2 more with 1x6970 each) equally to each pool. I also chose the 2.5% donation for BTC Guild to mimic the 2% fee of Slush's pool.
Long story short; BTC Guild came out on top even with the server problems and the "higher" 2.5% self imposed donation fee. The factor that made the difference was getting paid for invalid blocks (a perk if you pay the 2.5% donation) which more than made up for such 2.5% donation fee. In Slush's pool you do not get paid for those and are still paying the 2% fee with no real discernible benefit. There is also the fact that Slush's pool has not implemented Long Polling yet and their payout system is a little cumbersome and there is no way to accelerate payments. With BTC Guild on the other hand you get instant payouts without waiting for block confirmation (with the 2.5% donation again). Add to that the fact that BTC Guild has actually invested in new hardware, though I did like Slush's IP whitelist feature a lot, but that alone just wasn't enough to keep me there.
I'm gonna stop there lol, sorry for the TL;DR
I started as soon as BTC Guild was up and running in this new difficulty and split my 1.1GH/s (Total of 3 rigs, one with 2xHD4870 and 2 more with 1x6970 each) equally to each pool. I also chose the 2.5% donation for BTC Guild to mimic the 2% fee of Slush's pool.
Long story short; BTC Guild came out on top even with the server problems and the "higher" 2.5% self imposed donation fee. The factor that made the difference was getting paid for invalid blocks (a perk if you pay the 2.5% donation) which more than made up for such 2.5% donation fee. In Slush's pool you do not get paid for those and are still paying the 2% fee with no real discernible benefit. There is also the fact that Slush's pool has not implemented Long Polling yet and their payout system is a little cumbersome and there is no way to accelerate payments. With BTC Guild on the other hand you get instant payouts without waiting for block confirmation (with the 2.5% donation again). Add to that the fact that BTC Guild has actually invested in new hardware, though I did like Slush's IP whitelist feature a lot, but that alone just wasn't enough to keep me there.
I'm gonna stop there lol, sorry for the TL;DR
Activate: AMD
[H]ard|Gawd
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well i definitely don't begrudge anyone gettin' while the gettin's good, so more power to you. I'm curious what will happen when these people who are affiliates have tons of BTC thats losing money. basically they're giving you cash for the things in the hope that they'll appreciate, but if it continues to drop as demand stagnates, then their "investment" is more-or-less worthless compared to the returns they could be getting for the equivalent dollars in the conventional market. for generators its easy to jump on and off the bandwagon.. worst case scenario you end up with a few extra 5830's that you have to sell off for a loss. I just wonder how long people with a lot of BTC exposure will sit around before they start getting really antsy and sell off.I mentioned that 5 days ago lol. http://hardforum.com/showpost.php?p=1037484443&postcount=502. He never really had an affiliate license from newegg though, he was buying gift cards out of his own pocket due to the demand while waiting for approval of his application. He was getting all kinds of red tape trying to verify the transactions from people so he stopped offering them and they ended up not approving the application anyways. At the same time that happened he gained affiliate status from Barns & Noble, Buy.com and iTunes, and BTW, bitegg.net still exists
I just sold a small batch of coins when they hit $15.5 a couple of days ago and I'm now up >$1k in liquid profit after energy costs. I still have about 14 coins in my wallet and adding more every hour. I'm kinda tempted to expand operations but only if I manage to nab a pair of cheap open box 6950s from newegg.
Lorien
Supreme [H]ardness
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Here's a VERY interesting tidbit. Rage3d just published an Interview with Eric Demers (AMD's Graphics CTO) in which the following was revealed/confirmed:
So we WILL be seeing 28nm VLIW4 GPUs from AMD this year. These new VLIW4 products are going to be more efficient miners and will hopefully have performance to match the current top dogs. Even if they don't the power savings alone could be enough to give mining a nice healthy shot in the arm and keep it profitable for a longer period of time.
All of that without considering how AMD's GCN architecture will pan out with regards to mining.
So we WILL be seeing 28nm VLIW4 GPUs from AMD this year. These new VLIW4 products are going to be more efficient miners and will hopefully have performance to match the current top dogs. Even if they don't the power savings alone could be enough to give mining a nice healthy shot in the arm and keep it profitable for a longer period of time.
All of that without considering how AMD's GCN architecture will pan out with regards to mining.
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Lorien
Supreme [H]ardness
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That's the thing. People behind sites like spendbitcoins don't really need bitcoins to gain value. You have to realize that they aren't losing money because they are buying coins without having to pay the transaction fees an exchange (like mtgox) charges you, they are also saving the fees common to mining pools and they are not paying the actual bitcoin transfer transaction fees. Heck, they're not even using electricity mining. All those little things add up.
If they need actual cash they can sell coins and would STILL have a margin of profit. All they have to worry about is achieving a high enough volume and it sure does look like they are working hard on that regard.
Activate: AMD
[H]ard|Gawd
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if the coins they have in their posession decrease in value, then they're losing money. Yes, their overhead isn't large becuase they don't have transaction fees, but I assume they're giving less than net present value as their own "cut". the problem is that if the coins fluctuate enough, their cut might not be enough to cover the decrease. a single-day 5% drop in value would be huge for any normal currency, but it doesn't appear to be that farfetched for BTC, which means that they could easily lose more value than the padding they give themselves by taking that cut. Increasing volumes only works as long as there is actual profit involved. yes, if they only take 1% off the top then they will still make money if the currency stays flat, or even if it decreases by 0.5%, but if theres a market crash then they've got a lot of exposure. BTW this is true for pretty much any merchant or currency exchange in the world, its just that those tend to be far more regulated and less volatile.
its just an odd situation since it seems like the only real reason people are generating bitcoins is to convert them into hard currency OR to buy stuff, which requires a hard currency conversion somewhere along the line. The problem is that its not a bottomless pit and unless people actually want bitcoins to have bitcoins, and not just as a proxy for other currencies, then the bitcoin itself is meaningless. eventually people who have large BTC holdings will realize that unless something substantial changes, all these coins they have dont have any practical use and the market will crash. right now they're banking them up in the hopes that they will be worth more in the long run, but it would have to gain very wide acceptance in order for that to really happen in a meaningful way
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burningrave101
[H]F Junkie
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What kind of stale share rate are you getting using Phoenix with BTC Guild compared to Slush's Pool? About the same?
Lorien
Supreme [H]ardness
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A little more stales on Slush's due to the lack of long polling. I could fix that by switching to a client that supports long polling (Diablominer is the only one that does AFAIK), but I'm lazy lol.
burningrave101
[H]F Junkie
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I've been getting a pretty low stale share rate of around 1% or less on Slush's compared to the 3% or more I had gotten before on BTC Guild using Phoenix but I've not run on the Guild's servers since they went down due to the DDoS attacks.
Ah okay, I thought you were saying that you were generating more coins every hour when you said you were adding them to your wallet.
I was with BTC Guild prior to the DDoS but switched to Slush while they got things sorted out. After the new "super server" came online I tried going back and got a ton of miner_idle and "problems connecting to BTC..." errors. After a few hours of that I went back to Slush and am pretty happy with it.
I'll likely go back to BTC Guild once it's a bit more stable, but right now Slush is hammering out blocks and the Guild is not (32 for Slush today, 18 for Guild with 2 invalids). It was similar yesterday so I'm not feeling too badly at the moment. With all the errors it just wasn't worth it for me to stay at the Guild.
Arsbitcoin seems to not be working? Even though I haven't lost connection I don't seem to be gaining anymore BTC.
Alright seems to be going up now. Wondering if I should switch back to BTCguild. I did like them for som reason. I'll run Ars for a bit longer though.
Alright seems to be going up now. Wondering if I should switch back to BTCguild. I did like them for som reason. I'll run Ars for a bit longer though.
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An Athlon dualcore will be just fine.
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- Mar 31, 2005
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- 7,992
Question as far as the best place to keep your Coins..
Recently, once a day before work I send all my earned coins to my MtGOX acct so I can set up flags for trading.. So far its worked pretty well and end up making about .75 - 1$+ per coin.. Im adding 1 earned coin a day, and 1 bought coin per pay.. I currently loose .03 on every transfer, but I still come out on top so its not a big deal..
But since my coins and money are both always in MtGox should I really be worried about it since they can apparently just roll back any huge clusterfxck that happens? I basically wanna roll the coins back and forth until I end up with about 1500$-2000$ (About the end of next month), and then start all over again..
I dont really understand why anyone would keep it all in their wallet file since they are such easy targets.. anyone care to shed some light?
Also, Im signed up with Deepbit, BTCGuild, BitClockers and ARSBitCoin, and while Deepbit has the worst fees, I still seem to make more there with PPS then any other combination at any other pool, why is this? Ill mine each one for a few days to see what im earning.. Then ill set all to mine all at the same time @ about 75 Mhash per card... But all in at deepbit with PSS seems to get me about .25 more coin a day.
I have 3 rigs:
Main:
6950, Unlocked, OCed - 426MHash
6950, OC'd - 366MHash
Coburn:
5830 - OC'd - 270MHash
5830 - OC'd - 270MHash
Diglet:
5830 - OC'd - 270MHash
5830 - OC'd - 270MHash
5850 - OC'd - 310MHash
Recently, once a day before work I send all my earned coins to my MtGOX acct so I can set up flags for trading.. So far its worked pretty well and end up making about .75 - 1$+ per coin.. Im adding 1 earned coin a day, and 1 bought coin per pay.. I currently loose .03 on every transfer, but I still come out on top so its not a big deal..
But since my coins and money are both always in MtGox should I really be worried about it since they can apparently just roll back any huge clusterfxck that happens? I basically wanna roll the coins back and forth until I end up with about 1500$-2000$ (About the end of next month), and then start all over again..
I dont really understand why anyone would keep it all in their wallet file since they are such easy targets.. anyone care to shed some light?
Also, Im signed up with Deepbit, BTCGuild, BitClockers and ARSBitCoin, and while Deepbit has the worst fees, I still seem to make more there with PPS then any other combination at any other pool, why is this? Ill mine each one for a few days to see what im earning.. Then ill set all to mine all at the same time @ about 75 Mhash per card... But all in at deepbit with PSS seems to get me about .25 more coin a day.
I have 3 rigs:
Main:
6950, Unlocked, OCed - 426MHash
6950, OC'd - 366MHash
Coburn:
5830 - OC'd - 270MHash
5830 - OC'd - 270MHash
Diglet:
5830 - OC'd - 270MHash
5830 - OC'd - 270MHash
5850 - OC'd - 310MHash
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Lorien
Supreme [H]ardness
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- Aug 19, 2004
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- 5,197
Even a single core CPU will do fine. Most large scale miners buy AMD mobos and put a single core Sempron in them with like 4-5 6990s using PCI-e riser ribbon cables lol. Total heresy for a hardware enthusiast, but very effective for mining.
Actually having them on mtgox makes them the easy target because there's several layers of exposure between you and your coins. If you are not stupid and take the necessary common sense steps to protect yourself, your personal wallet is actually the safest place to keep your coins. I've said it before, I never really trusted any of the exchanges and have done all my trading at #bitcoin-otc on freenode IRC. GPG authentication and the Web of trust rating system similar to heatware = win. http://bitcoin-otc.com/
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i would like to join the irc room to see how coins are sold and maybe ask from help someone who has sold there. dont have many coins but enough to start paying for my electric next month
Jen
ARS only pays out every 2.5hr when the Buffer is > then the unconfirmed. If it is now, then you get payed when the block hits 120 confirmations. You will always get paid, just not always instantly. I believe BurningToad is working on a instant payout as well upon x% donation.
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It's better than waiting 17 hours for payout like btcguild.
Lorien
Supreme [H]ardness
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Waiting 17 hours is only a problem for people who are too cheap to donate. /shrug
I'm afraid any new pool will have a hard time being more than small potatoes considering how established the big 3 already are. Proof of that is how they maintain and increase their share of network hashing power in spite of the constant DDOS attacks. Sure a greater number of small pools are good for the network because they increase decentralization, but other than that there is no real long term benefit to them. Maybe later down the road, once transaction fees start playing a bigger role in attracting miners they'll have enough leverage to come into their own.
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Lorien
Supreme [H]ardness
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That's just a placebo effect. You need to realize that no amount of temporary incentives or bonus payouts will be enough to ever overcome the advantage a larger pool already has, namely sheer hashing power. You should also know that a statistical sample of just 24hours is not enough to draw relevant long term conclusions on.
Here's a simple analogy:
There is a huge bowl of soup with 2016 identically sized chunks of beef that a group of 13 people have to share. (13 is the number of pools with any significant hashing power right now including "other").
Now, all the little pools (ars, swepool, bitclockers, btcmine, bitpit, eligius, minecoin, MtRed and "other") are each eating out of that bowl with tiny little salt spoons.
Bitcoins.lc is eating out of that bowl with a teaspoon.
BTC Guild and Slush are each eating out of that bowl with a tablespoon.
But Deepbit is eating out of that bowl with a ladle.
Sure the little pools using salt spoons may get lucky once in a while and bring up a bunch of beef chunks in a row with each scoop, but the ones eating with larger spoons will statistically always get more beef chunks over the long term because they are taking larger scoops at a time.
I know that was overly simplistic since the people inside the bigger pools will be getting smaller albeit more frequent payouts, but in the grand scheme of things all that really matters is YOUR hashing rate and sheer luck.
P.S: I just happened to be eating a bowl of soup with beef chunks when I came up with it lol.
Here's a simple analogy:
There is a huge bowl of soup with 2016 identically sized chunks of beef that a group of 13 people have to share. (13 is the number of pools with any significant hashing power right now including "other").
Now, all the little pools (ars, swepool, bitclockers, btcmine, bitpit, eligius, minecoin, MtRed and "other") are each eating out of that bowl with tiny little salt spoons.
Bitcoins.lc is eating out of that bowl with a teaspoon.
BTC Guild and Slush are each eating out of that bowl with a tablespoon.
But Deepbit is eating out of that bowl with a ladle.
Sure the little pools using salt spoons may get lucky once in a while and bring up a bunch of beef chunks in a row with each scoop, but the ones eating with larger spoons will statistically always get more beef chunks over the long term because they are taking larger scoops at a time.
I know that was overly simplistic since the people inside the bigger pools will be getting smaller albeit more frequent payouts, but in the grand scheme of things all that really matters is YOUR hashing rate and sheer luck.
P.S: I just happened to be eating a bowl of soup with beef chunks when I came up with it lol.
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5770 Hawk is nowhere to be found,and i just got away from a scam one.
Anyone using the Asus 5770 CuCore?Someone told me that it is the worst card in 5770 line of every brand.Thoughts?
Anyone using the Asus 5770 CuCore?Someone told me that it is the worst card in 5770 line of every brand.Thoughts?