"Folding" for profit, not fun - Bitcoin

[rox0r]

Yup, as predicted. Expect another increase of around 50% in another week. Screwing the nuts off my cards to get maximum profit to pay off the outlay for another card and cooling before my output rates become worthless. That is of course unless BTC takes a price hike.....

[ehhhhhhh]

http://virtuallyshocking.com/category/tech/bitcoin/

interesting site, I found many good articles on it

I would hihgly recommend this one

[Sputnik]

read a bit more on this as these are far from "pointless calculations" ;-)

I took your advice and did read as much as I could and YES, They are 'pointless calculations' just to slow the rates at which people can accrue Bitcoins. These calculations do nothing for mankind except to try and add weight to a 'nothing' currency.

Still, I suppose the good thing is it will sell some AMD graphics cards.

[shakerist]

double post

[shakerist]

I took your advice and did read as much as I could and YES, They are 'pointless calculations' just to slow the rates at which people can accrue Bitcoins. These calculations do nothing for mankind except to try and add weight to a 'nothing' currency.

Still, I suppose the good thing is it will sell some AMD graphics cards.

Maybe AMD made this whole bitcoin, bitcoin started in 2009 and amd 5xxx series came out then Coincidence ?

Should I buy a 5850?

EDIT: Double post

EDIT2: double post with 3 min difference wtf?

[ehhhhhhh]

I took your advice and did read as much as I could and YES, They are 'pointless calculations' just to slow the rates at which people can accrue Bitcoins. These calculations do nothing for mankind except to try and add weight to a 'nothing' currency.

Still, I suppose the good thing is it will sell some AMD graphics cards.

Well, everyone has different priorities. For me maintaining an independent and completely anonym financial system is far from nothing

Some could say that milkyway@home or any other BOINC/folding project is useless, so yes, I understand if you cant appreciate bitcoin.


Side note: the price should go up to £18 to be as profitable as before the recent difficulty changes...if the trust in the system stayed the same since the last price hike then this should happen in 4 days (hopefully)

[jim]

That's not the point ehh, the milkyway and the like calculations are all using the computer's power for a useful purpose... the Bitcoin calculations are arbitrary - they're just using the computer's power for the sake of it, as a metric by which to introduce new currency. The actual calculations are meaningless, even if the overall goal is not.

[MadduckUK]

Side note: the price should go up to £18 to be as profitable as before the recent difficulty changes...if the trust in the system stayed the same since the last price hike then this should happen in 4 days (hopefully)

feels a bit iffy at the moment, although britcoin being up and down more than a pornstar hasn't helped - iv cashed in a bunch at 12.4 just to be on the safe side. if it goes up again i have some left still so meh.

[Sputnik]

That's not the point ehh, the milkyway and the like calculations are all using the computer's power for a useful purpose... the Bitcoin calculations are arbitrary - they're just using the computer's power for the sake of it, as a metric by which to introduce new currency. The actual calculations are meaningless, even if the overall goal is not.

That is exactly what I was getting at.

[ehhhhhhh]

That's not the point ehh, the milkyway and the like calculations are all using the computer's power for a useful purpose... the Bitcoin calculations are arbitrary - they're just using the computer's power for the sake of it, as a metric by which to introduce new currency. The actual calculations are meaningless, even if the overall goal is not.

Generating those hashes is required to keep the transactions safe and make sure there's no double spending. So you could say it's pretty useful.

[MadduckUK]

Generating those hashes is required to keep the transactions safe and make sure there's no double spending. So you could say it's pretty useful.

stop getting quotes wrong!

[ehhhhhhh]

stop getting quotes wrong!

what quotes? O_o

Edit: fixed

[jim]

Generating those hashes is required to keep the transactions safe and make sure there's no double spending. So you could say it's pretty useful.

That's not what's taking 7000GHash/s to calculate though, is it? The majority of the power investment is just for arbitrary difficulty.

[ehhhhhhh]

That's not what's taking 7000GHash/s to calculate though, is it? The majority of the power investment is just for arbitrary difficulty.

http://www.scribd.com/doc/34237903/Bit-Coin-Whitepaper

Here's the white paper. It seems that 100% of the processing power goes for "maintaining" the system.

Why would this be hard to imagine?

If it provides the best security which can only be defeated when someone has more performance than the sum processing power of the currently connected users, then I don't think it's just wasting processing power.

[shakerist]

Considering difficulty levels and the fluctuating prices should i buy a 5850 2moro ? or would i be wasting my money ?

[ehhhhhhh]

It's impossible to know.

atm, it's not woth it.*

if the price goes up to around 30 dollars in a few days then it's a different matter.

Generating namecoins is more profitable (around 4 times more atm), I haven't tried it yet though. (you can exchange namecoins to BTC)


*1550Mhash makes around $1020/month now. before the diff change it was around $1600, if I recall correctly. anyone can check this using old values on calculation websites linked many times in this thread