Silly Bitcoin Cooling System

ok, so everyone has to pat their head and rub their belly and detect counterfeit tokens.. doesnt change anything

but thats not the point of it. I'll take the probability that Stanford's work is advancing protein knowledge over the probability that Bitcoin's work is advancing economics knowledge any day of the week.

thanks for answering the question :rolleyes:

If the point of a BTC is to produce it so you can sell it for USD then it has NO purpose unless it creates value.

its more like the act of patting your head and rubbing your belly does the detecting if that makes any sense

i was commenting on the quote but ether way
the point is that its to be used as online cash the same way you use real cash

there are lots of things you can do with it for one i just used some to buy some games on Steam
some one has to be able to cash it out at some point to buy the goods they are selling there for its going to worth some thing in some nation back currency
and im thinking of setting up online hobby shop that will take Bitcoin
at first ill just works as middle man between the local shop here and people on the net
ie they tell me what they want i quote i price they send me the bitcoin i then cash it out to pay the local shop and then i ship the goods
i charge what ever the goods cost + few %
 
but thats not the point of it. I'll take the probability that Stanford's work is advancing protein knowledge over the probability that Bitcoin's work is advancing economics knowledge any day of the week.

it's an added bonus to its functionality.

according to your criteria, any computing resources used to predict stock, currency, or bond performance are wasted.

a selfless exchange wouldn't have produced a Friedman
 
To be honest, seeing through all the hate about BTC, my fascination is the fact that there's a market to buy and sell BTC. This essentially means that it's a commodity that readily traded. Check out https://mtgox.com to see what I'm talking about.

Like this one.... http://www.distributeddatamining.org/ One of its goals is to be able to predict stock market.

If you think what they're doing is interesting, just check out program/algorithm trading. It's essentially the same thing, but it's done by large financial institutions and costs a !@#%load to get in on.
 
To be honest, seeing through all the hate about BTC, my fascination is the fact that there's a market to buy and sell BTC. This essentially means that it's a commodity that readily traded. Check out https://mtgox.com to see what I'm talking about.



If you think what they're doing is interesting, just check out program/algorithm trading. It's essentially the same thing, but it's done by large financial institutions and costs a !@#%load to get in on.

and despite the hate the value continues to climb, almost $9.50 USD per BTC now...
 
I don't think anybody is disputing that people are buying BTC. I personally just want to know why. And if I was sitting on any BTC, I would absolutely sell ASAP. The value of that stuff could implode at any moment.
 
I don't think anybody is disputing that people are buying BTC. I personally just want to know why. And if I was sitting on any BTC, I would absolutely sell ASAP. The value of that stuff could implode at any moment.

There are a lot of factors to consider when looking at this commodity. Unlike other assets, there's a KNOWN fixed amount, so you know what you're buying into from day one. The biggest problem I see is if there are massive liquidations causing a crash in price. But from what I hear/read, a very small percentage of people have more than 5% of all BTC, and that BTCs are spread out widely through a lot of people.

Personally, I feel that a lot of people don't understand how it works since nothing is tangible. But, and I'm going to throw this out there as an off-the-wall kind of thing, you ask why are people buying it and how is it valued. Imagine that people doing illegal activities are using BTC as currency to launder real dollars. By "mining" for BTC (or just outright buying BTC on a market), you can see how there would always be a demand by these illegal organizations to pay "dirty money" for BTC, then offload BTC slowly to clean their money.

Aside from laundering, I suppose it can be used much like Gold. Yes, gold has intrinsic value, but as a commodity and speculation is concerned, you can buy and sell things using gold as a currency, and the price of gold can go up and down as well.
 
I like that so many people are ignorant about bitcoin. Means more profit for me.
 
Bitcoin mining has really exploded this year. It looks like the bitcoin network is using mainly AMD GPU's to hit almost 1000x times the floating point performance of the F@H project. Bitcoin is probably single precision on GPU's vs. lots of CPU double precision for F@H but still... That works out to about 14,000 HD6870 type cards. If the number of bitcoin created per day goes down over time I think jumping in now with that many thousand other people would be a huge risk. What we need now is a ploy to get miners who are no longer profitable to compete for F@H or BOINC points instead of cold hard cash.:rolleyes: I guess F@H runs well enough now on AMD that you might be able to convince some of the smaller miners to donate. It would work especially well if there is a big dip in profitability next fall so that miners can use their hardware as heaters.
http://bitcoinwatch.com/
 
I think the massive explosion of bitcoin miners this last year also doubly proves the effectiveness of EVGA's Bucks campaign for FAH.

People will do just about anything for pseudoprofit
 
Bitcoin mining has really exploded this year. It looks like the bitcoin network is using mainly AMD GPU's to hit almost 1000x times the floating point performance of the F@H project. Bitcoin is probably single precision on GPU's vs. lots of CPU double precision for F@H but still... That works out to about 14,000 HD6870 type cards. If the number of bitcoin created per day goes down over time I think jumping in now with that many thousand other people would be a huge risk. What we need now is a ploy to get miners who are no longer profitable to compete for F@H or BOINC points instead of cold hard cash.:rolleyes: I guess F@H runs well enough now on AMD that you might be able to convince some of the smaller miners to donate. It would work especially well if there is a big dip in profitability next fall so that miners can use their hardware as heaters.
http://bitcoinwatch.com/

That is not the capitalist way.
 
Don't be angry. When bitcoin mining is no longer profitable you guys can pick up a lot of used GPU's for good prices. The people who want money are happy and the people who want to fold are happy too.
 
Don't be angry. When bitcoin mining is no longer profitable you guys can pick up a lot of used GPU's for good prices. The people who want money are happy and the people who want to fold are happy too.

Unless people are getting 10 bitcoins a month from a single card, it already isn't profitable....
 
wow I didn't know the rate was that high. Is that on deepbit or what?

it isn't that high, it's more like half that, mine pulls about 330MH/s at 925/500, add in my 4890 puuling 100MH/s and I get 430+MH/s, which comes out to about 1.5BTC every two days, maybe 22 to 24 BTC/month, at the current rate of exchange, which continues to climb pretty impressively every day ($16.99 USD now from $7.xx midway through May), it's close to $400/month...
 
it isn't that high, it's more like half that, mine pulls about 330MH/s at 925/500, add in my 4890 puuling 100MH/s and I get 430+MH/s, which comes out to about 1.5BTC every two days, maybe 22 to 24 BTC/month, at the current rate of exchange, which continues to climb pretty impressively every day ($16.99 USD now from $7.xx midway through May), it's close to $400/month...

no its about 1 coin a day with deepbit on a 5850 if you over clock it and under clock the ram
 
it isn't that high, it's more like half that, mine pulls about 330MH/s at 925/500, add in my 4890 puuling 100MH/s and I get 430+MH/s, which comes out to about 1.5BTC every two days, maybe 22 to 24 BTC/month, at the current rate of exchange, which continues to climb pretty impressively every day ($16.99 USD now from $7.xx midway through May), it's close to $400/month...

no its about 1 coin a day with deepbit on a 5850 if you over clock it and under clock the ram

dude, I have a 5850 overclocked (725---> 925) and I pull 330+ MH/s, now if you're basing your numbers on pulling 400MH/s at 1050/300 on water cooling (the highest I've seen) then that is not the average and not everyone who grabs a 5850 is gonna be capable of running those speeds...

also, even at 400MH/s you're not gonna get 1BTC/day, and if you don't believe me (again) here are the estimates from Deepbit's statistics page itself...

5850 at my current speed and MH/s (925/500 at 330+ MH/s), which from what I've seen is at worst average, and probably a little better than average for that card...

estimate2.jpg


5850 with another 100+ MH/s from a 4890 thrown into the mix as well...

estimate.jpg


where are you getting your numbers from...? because believe me, I wish my 5850 was pulling 1BTC/day by itself...
 
dude, I have a 5850 overclocked (725---> 925) and I pull 330+ MH/s, now if you're basing your numbers on pulling 400MH/s at 1050/300 on water cooling (the highest I've seen) then that is not the average and not everyone who grabs a 5850 is gonna be capable of running those speeds...

also, even at 400MH/s you're not gonna get 1BTC/day, and if you don't believe me (again) here are the estimates from Deepbit's statistics page itself...

5850 at my current speed and MH/s (925/500 at 330+ MH/s), which from what I've seen is at worst average, and probably a little better than average for that card...

estimate2.jpg


5850 with another 100+ MH/s from a 4890 thrown into the mix as well...

estimate.jpg


where are you getting your numbers from...? because believe me, I wish my 5850 was pulling 1BTC/day by itself...

thats with Ponts per share if you use Propo you get more on avg that it comes out to just under 1 per day
i get .50 a day at ~180Mh/s
with propo youll get about 1 coin a day at 300ish Mh/s
 
thats with Ponts per share if you use Propo you get more on avg that it comes out to just under 1 per day
i get .50 a day at ~180Mh/s
with propo youll get about 1 coin a day at 300ish Mh/s

Sounds about right. I've been playing around with it on my 6950 with unlocked shaders at 880MHz core for a few days on Eligius and I've been averaging right about 1 a day.
 
I have a rig with a PC P&C 510W SLI supply that I could put towards mining... what would be a good card to put towards mining there?

I was thinking a 6870
 
I have a rig with a PC P&C 510W SLI supply that I could put towards mining... what would be a good card to put towards mining there?

I was thinking a 6870

the 5800 series cards outperform the 6800 series cards, get a 5850/5830 (or two) unless you want to pop for a really high end card...
 
thats with Ponts per share if you use Propo you get more on avg that it comes out to just under 1 per day
i get .50 a day at ~180Mh/s
with propo youll get about 1 coin a day at 300ish Mh/s

I may have to try that...
 
the 5800 series cards outperform the 6800 series cards, get a 5850/5830 (or two) unless you want to pop for a really high end card...

i noticed the mhash/h difference in the tables

seems like the 5850s are hard to find from a reputable reseller though
 
i noticed the mhash/h difference in the tables

seems like the 5850s are hard to find from a reputable reseller though

XFX 5830 is $100 after $30 rebate from TigerDirect. And you even get a free Steam key of Total War: Shogun 2.

1120 shaders and should be a decent overclocker.
 
XFX 5830 is $100 after $30 rebate from TigerDirect. And you even get a free Steam key of Total War: Shogun 2.

1120 shaders and should be a decent overclocker.

yep, if a 5850 isn't available this is a good option, it uses more power than a 5850 but can pull similar MH/s...
 
5830 is the way to go. Bitcoin probably won't be long term profitable so the initial investment savings of HD 5830's is likely worth it. You can get them for $100 without rebate on sale here in Canada.
 
Well, I'm pushing 200MH/s with an HD5770 I bought here on [H]. I've got another 5830 coming from [H} and another two 5830s coming from the Egg. What's wrong with me??
 
I am going to stay away from bitcoin. I am worried this will end up as some terrorist act. From everything I have read about it there is nobody that really knows what this is being used for.
 
this just go to show you that if folding had coins instead of points it be huge. i went over to the bitcoin forums and its funny how many people have a few grand in cards just to make a few $$ a day
 
hey bitcoin guys I think you should start a proper "bitcoin discussion thread" or something
 
thats with Ponts per share if you use Propo you get more on avg that it comes out to just under 1 per day
i get .50 a day at ~180Mh/s
with propo youll get about 1 coin a day at 300ish Mh/s

lol, nope, just remembered this thread and checked, I'm using Propo so those estimates are for Propo (maybe the estimates just give you the PPS estimate?)...
 
this just go to show you that if folding had coins instead of points it be huge. i went over to the bitcoin forums and its funny how many people have a few grand in cards just to make a few $$ a day

It's a little more then 'a few $$ a day'. Granted it does look like alot of money but if you're making and actually selling, you can easily hit $50-100/day. Especially if you already have the hardware or most of it.

I'm speaking of actually cash in account. Not just the ones hoarding 'virtual' wealth.

If you're not attached to or extra greedy, a card purchased can basically pays for itself in a week or 2. Even people who have bought cards as late as when this thread was created, would have broke even on those by now. And of course we [H] love free hardware. =)

Unfortunately it's hard if not nearly impossible to get some of these cheap cards now. I loved craigslist for this.
 
Back
Top