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Bitcoin
- Thread starter Xymurgy
- Start date
- Status
- Joined
- Apr 25, 2003
Just wanted to toss this out there again. Anyone starting up mining should really check out P2Pool.
It's not a normal pool because it doesn't give all the power to the pool operator. Everyone in P2Pool is an operator, which is much healthier for the network.
Last I checked they were still giving out extra donations to the miners of P2Pool, whereas most pools charge you a fee to mine!
Also, the pool is growing steadily, and the variance continues to reduce.
Consolidation of the mining power is dangerous for Bitcoin, and even if you are only doing this for fiat currency, if trust in the network fails, miners paychecks will stop rolling in.
Oh, love the volatility. Thanks Bitcoinica!
It's not a normal pool because it doesn't give all the power to the pool operator. Everyone in P2Pool is an operator, which is much healthier for the network.
Last I checked they were still giving out extra donations to the miners of P2Pool, whereas most pools charge you a fee to mine!
Also, the pool is growing steadily, and the variance continues to reduce.
Consolidation of the mining power is dangerous for Bitcoin, and even if you are only doing this for fiat currency, if trust in the network fails, miners paychecks will stop rolling in.
Oh, love the volatility. Thanks Bitcoinica!
- Joined
- Apr 25, 2003
Sorry to hear this. I've been lucky I guess. All of my cards have been running 24/7 for months on end. Fan speeds are normally 70% plus! So far, I've yet to have a failure.
Some of them are getting a bit noisy though. I shut down occasionally and clean out the dust, which helps.
- Joined
- Apr 25, 2003
I thought it was hilarious and ironic that the Fed's lawyer was the one that said this. I guess he forgot that Federal Reserve Notes are use for this stuff every day!
- Joined
- Feb 1, 2009
- Location
- Illinois
Some kind of guide on getting this going? I'm very interested.
- Joined
- Apr 25, 2003
Here is the P2Pool thread from bitcointalk.org.
https://bitcointalk.org/index.php?topic=18313.0
If you have any difficulties, I try to check this thread every few days, and would be happy to try and help out.
- Joined
- Feb 1, 2009
- Location
- Illinois
HUGE thanks goes out to Rezin777 who helped me get set up on p2pool. If anyone else would like help let me know. I have limited knowledge of it, but I should be able to help you get going in Windows. 
Edti: I finally got namecoind.exe running from within Windows if anyone needs help.
Edti: I finally got namecoind.exe running from within Windows if anyone needs help.
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- Joined
- Apr 25, 2003
From what I've seen on the bitcointalk.org forums, it looks like a few people are continuing the campaign to provide extra donations to the miners of P2Pool. This is fantastic! I've already made much more mining there than I could have at several of the large pools.
- Joined
- Feb 1, 2009
- Location
- Illinois
And that means I will get some of the donated goodness. Does it just get added in with our cut when we find a block?
- Joined
- Apr 25, 2003
No, it shows up as a regular transaction. According to the preconfigured sendmany, the lowest hashrate users will be in a kind of lottery to get some of the donation.
I think this is so people aren't donating a smaller amount than the fees required to send it!
One or two bitcoins divided among all the members of P2Pool can end up being a really small amount if your submitted shares are low compared to the pool average. This is because the donation is split according to how many shares you've submitted.
- Joined
- Feb 1, 2009
- Location
- Illinois
I'm pretty sure I got a donation today. In my wallet, the BTC I make from mining shows up as "mined" but this transaction was labeled "p2pool".
In my wallet, the BTC I make from mining shows up as "mined" but this transaction was labeled "p2pool".
- Joined
- Feb 1, 2009
- Location
- Illinois
Not finding a single block is probably related to my very scare shares. I'm normally every 30-40 minutes per share, but the last two days it's been hours before shares. I had to restart my computer, and I swear, it was hours before A=1.
Edit: Updated my p2pool executable and holy cow did it make a difference...
Edit: Updated my p2pool executable and holy cow did it make a difference...
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- Joined
- Jul 21, 2006
- Location
- CYYZ Pearson
Bitcoin is definitely an interesting concept... but I don't get why someone just starts a NPO bank which stocks up on an extremely wide range of valuables, currencies for people buying in and out, and metals. A digital currency backed 1:1 by, everything, so if one think sinks it doesn't take much of a hit.
- Joined
- Feb 1, 2009
- Location
- Illinois
What?
While I'm having trouble deciphering this... I can talk to the fact that it would be impossible to back BTC in anything tangible, and that's the point. Bitcoin was created to eliminate the centralized power system of middle men (banks) that we currently use around the world. Current currencies can be backed by tangible items because one organization controls the production of these currencies (Example: The US banks can back the USD with tangible items because only the US mints can legally create more USD). Bitcoin cannot be backed by tangible items because each and every member who is currently mining, is creating more. Due to the current volatility, BTC is viewed as more of a commodity. However, once all of the BTC that can be created are, the price will be based more stably.
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- Joined
- Jul 21, 2006
- Location
- CYYZ Pearson
You are aware it's just a scheme... you're parting with fiat for even more worthless fiat.
Because unlike the fiat which is self-backed(retarded debt based system), bitcoin is backed by nothing... you think the money you put in to buy the bitcoins just stays in the hands of the one who sold the bitcoin? No, they keep it.
The only reason this hasn't collapsed is because it's growing, the second people try exchanging their bitcoin back for money at a rate which is faster than what's coming in, it'll collapse, there's no reserve.
I could make a safer currency by being a 1:1 bank... metals and currencies backing a virtual currency, instead of BtC which is backed by nothing, even the paradoxical fiats in the world now which are debt backed have more value... only if they were nationally issued and controlled with good intention...
Because unlike the fiat which is self-backed(retarded debt based system), bitcoin is backed by nothing... you think the money you put in to buy the bitcoins just stays in the hands of the one who sold the bitcoin? No, they keep it.
The only reason this hasn't collapsed is because it's growing, the second people try exchanging their bitcoin back for money at a rate which is faster than what's coming in, it'll collapse, there's no reserve.
I could make a safer currency by being a 1:1 bank... metals and currencies backing a virtual currency, instead of BtC which is backed by nothing, even the paradoxical fiats in the world now which are debt backed have more value... only if they were nationally issued and controlled with good intention...
- Joined
- Feb 1, 2009
- Location
- Illinois
Actually, I don't "buy" bitcoins. I stimulate the economy (hardware manufacturers who have no affiliation with BTC) by buying hardware to mine on. Aside from paying for electricity, which also has no affiliation with BTC, I am getting my BTC for absolutely free.
Since BTC functions like a command economy, "the second people try exchanging their bitcoins for money" is when people will buy more bitcoin. The exchange rate will decrease depending upon the volume of exchanges, but not for long. Once the supply decreases again (which is has to since there can only be so many bitcoins mined), the demand will again increase which drives the price back up.
If you feel like you can create a better bank, then by all means, start one. Just don't come crap on another cryptocurrency because you disagree with it.
Since BTC functions like a command economy, "the second people try exchanging their bitcoins for money" is when people will buy more bitcoin. The exchange rate will decrease depending upon the volume of exchanges, but not for long. Once the supply decreases again (which is has to since there can only be so many bitcoins mined), the demand will again increase which drives the price back up.
If you feel like you can create a better bank, then by all means, start one. Just don't come crap on another cryptocurrency because you disagree with it.
- Joined
- Jan 24, 2011
- Location
- Zebulon, North Carolina
As much as i hate to say it i think Silk Road and/or people who use it is keeping the bitcoins more or less stabilized.
Illegal or not, it's a place that has things with a demand, easier to get it off the street, but possibly cheaper to mine for 4 days and spend those coins rather than pay cash.
Disclaimer: I don't do drugs, know very little about silk road, that's just how i see silk road and it's customers- it's keeping bitcoin competitive with outdoor sales, that's good for everybody i guess, what people do in their own home is their business.
Illegal or not, it's a place that has things with a demand, easier to get it off the street, but possibly cheaper to mine for 4 days and spend those coins rather than pay cash.
Disclaimer: I don't do drugs, know very little about silk road, that's just how i see silk road and it's customers- it's keeping bitcoin competitive with outdoor sales, that's good for everybody i guess, what people do in their own home is their business.
- Joined
- Feb 1, 2009
- Location
- Illinois
Well, that is probably a use. Pretty much untraceable transactions (and even if they were traced, the addresses are anonymous) and basically instant to anywhere in the world.
But again, it was brought up when The Good Wife episode aired and the US defense attorney claimed, "...we think this currency is being used on the black market (or whatever) for illegal sales and such". That might be true... but so are USD, Euros, Rupees. Whatever currency you wish to choose.
But again, it was brought up when The Good Wife episode aired and the US defense attorney claimed, "...we think this currency is being used on the black market (or whatever) for illegal sales and such". That might be true... but so are USD, Euros, Rupees. Whatever currency you wish to choose.
- Joined
- Jan 24, 2011
- Location
- Zebulon, North Carolina
No, no i'm not saying it's a bad thing, in fact i think it's fine, it's good for them, they get what they want, and good for us, because we are able to make the light bill lol
Iv'e become open minded to people who want to do drugs, when i bought my 50 caliber and took it to the range i had nothing but a bunch of *** riders saying it should be illegal just because it has a louder bang than theirs, jealousy. Probably because buying a $3000 rifle isn't in everyone's budget, and then buying a $1000 scope and another $1000 of accessories, plus $2 per shot if you catch the sales, iv'e turned at least 10 bitcoins into a box of 50 cal ammo so far. (Maybe that's not the same scenario but it works for me)
Iv'e become open minded to people who want to do drugs, when i bought my 50 caliber and took it to the range i had nothing but a bunch of *** riders saying it should be illegal just because it has a louder bang than theirs, jealousy. Probably because buying a $3000 rifle isn't in everyone's budget, and then buying a $1000 scope and another $1000 of accessories, plus $2 per shot if you catch the sales, iv'e turned at least 10 bitcoins into a box of 50 cal ammo so far. (Maybe that's not the same scenario but it works for me)
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