bit¢oin$

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mining, always a hazardous occupation

Brakhage, Saturday, 30 March 2013 19:31 (six years ago) link

omg

zero dark (s1ocki), Saturday, 30 March 2013 20:38 (six years ago) link

how much processing power do you need to have bitcoins?!?!

zero dark (s1ocki), Saturday, 30 March 2013 20:38 (six years ago) link

CPUs do a mediocre job of it, GPUs are mostly used. So you end up with computers with as many video cards crammed in as possible.

☠ ☃ ☠ (mh), Saturday, 30 March 2013 20:41 (six years ago) link

what are they actually like ~doing~

zero dark (s1ocki), Saturday, 30 March 2013 20:52 (six years ago) link

rendering ultra-realistic images of them>??

zero dark (s1ocki), Saturday, 30 March 2013 20:52 (six years ago) link

No. At a high level, it's basically a certain type of math and algorithm that is similar to the calculations that need to be done to render 3d images also let you compare data much more quickly to find bitcoins. It's mostly a coincidence that GPUs are much better at this than a CPU, and a processor specifically designed to be good at bitcoin mining would be much better than that.

Historically this isn't that unique; the cell processor in the PS3 was a variant of an IBM design iirc, but putting together dedicated machines with those processors was less feasible than just buying a shitload of PS3s at the time as the processors weren't really built for consumers, so you ended up with server farms like this: http://www.tomsguide.com/us/ps3-air-force-usaf-playstation,news-5297.html

☠ ☃ ☠ (mh), Saturday, 30 March 2013 21:00 (six years ago) link

In the distant future, we'll obviously have 3d-printed processors on demand that you can customize for any particular task, but in 2013 that still isn't the case.

☠ ☃ ☠ (mh), Saturday, 30 March 2013 21:01 (six years ago) link

but what IS bitcoin mining, can you like, produce new bitcoins by applying enough processing power?

i dont understand this at all im just realizing

zero dark (s1ocki), Saturday, 30 March 2013 21:01 (six years ago) link

Imagine it's like finding prime numbers. Not the same, but kind of the same territory

☠ ☃ ☠ (mh), Saturday, 30 March 2013 21:01 (six years ago) link

wiki that dawg

Look, Brian, about the afro wig... (forksclovetofu), Saturday, 30 March 2013 21:05 (six years ago) link

as president of the international bitcoin mining federation i wasn't going to reveal this yet... but perhaps the time is now. every machine that has been put under the task of mining bitcoins has, in fact, been contributing secretly and without their knowledge to a far grander and more enlightened undertaking: the world's most realistic 3D rendering of the penis organ of homo sapiens. thank you. we expect to unveil the rendering by christmas

乒乓, Saturday, 30 March 2013 21:05 (six years ago) link

i should pitch a treasure of sierra madre remake but with bitcoins

zero dark (s1ocki), Saturday, 30 March 2013 21:07 (six years ago) link

A thousand men, say, go searchin' for bitcoins. After six months, one of them's lucky: one out of a thousand. His find represents not only his own labor, but that of nine hundred and ninety-nine others to boot. That's six thousand months, five hundred years, scramblin' over a mountain, goin' hungry and thirsty. An ounce of bitcoins, mister, is worth what it is because of the human labor that went into the findin' and the gettin' of it.

zero dark (s1ocki), Saturday, 30 March 2013 21:09 (six years ago) link

I too did not know you could "mine" bitcoins.

pplains, Saturday, 30 March 2013 21:14 (six years ago) link

I too did not know you could "mine" bitcoins.

― pplains, Saturday, March 30, 2013 5:14 PM (3 minutes ago) Bookmark

where do u think they come from, pal. bitcoin trees???

turds (Hungry4Ass), Saturday, 30 March 2013 21:22 (six years ago) link

where do u think they come from, pal. bitcoin trees???

In a way, yeah?

Like, How much is this sack of mushrooms? Well, it's 35 B$. Ok, in my world a sack of mushrooms is fifty bucks, so the exchange for me is 7-10, but in Saudi Arabia, it's $200, so the value of my $35 is worth $200 Saudi dollars.

I didn't really think it all out, sure. Kinda got stuck on that sack of mushrooms, tbh.

pplains, Saturday, 30 March 2013 23:41 (six years ago) link

Bitcoins aren't a fiat currency, really, it's just that each coin is representative of a unit of work completed. Unfortunately, that work only created a bitcoin.

☠ ☃ ☠ (mh), Saturday, 30 March 2013 23:59 (six years ago) link

do you have any idea how much work went into mining this ounce of gold

乒乓, Sunday, 31 March 2013 00:03 (six years ago) link

bitcoins are fiat-like tho arrnt thry

乒乓, Sunday, 31 March 2013 00:04 (six years ago) link

Bitcoins aren't a fiat currency, really, it's just that each coin is representative of a unit of work completed. Unfortunately, that work only created a bitcoin.

― ☠ ☃ ☠ (mh), Saturday, March 30, 2013 7:59 PM (3 hours ago) Bookmark

Howard: Well, there's no other explanation, mister. Gold itself ain't good for nothing except making jewelry with and gold teeth.

zero dark (s1ocki), Sunday, 31 March 2013 03:14 (six years ago) link

smiles

☠ ☃ ☠ (mh), Sunday, 31 March 2013 03:25 (six years ago) link

http://i42.tinypic.com/16583p.jpg

am0n, Monday, 1 April 2013 16:17 (six years ago) link

i thought this was really interesting, from the other bitcoin thread:

http://eprint.iacr.org/2012/584

Abstract: The Bitcoin scheme is a rare example of a large scale global payment system in which all the transactions are publicly accessible (but in an anonymous way). We downloaded the full history of this scheme, and analyzed many statistical properties of its associated transaction graph. In this paper we answer for the first time a variety of interesting questions about the typical behavior of users, how they acquire and how they spend their bitcoins, the balance of bitcoins they keep in their accounts, and how they move bitcoins between their various accounts in order to better protect their privacy. In addition, we isolated all the large transactions in the system, and discovered that almost all of them are closely related to a single large transaction that took place in November 2010, even though the associated users apparently tried to hide this fact with many strange looking long chains and fork-merge structures in the transaction graph.

ciderpress, Monday, 1 April 2013 16:34 (six years ago) link

Unreal hockey stick

Brakhage, Tuesday, 2 April 2013 14:23 (six years ago) link

Bitcoin’s programming ensures there can never be more than 21m coins in existence. Part of the “bubble” effect, no doubt, is linked to a realisation that we are quickly approaching that limit. According to the latest data from Bitcoin charts, for example, there are currently 10,986,175 bitcoins in issuance. Yes, we still have some room to go, but given exponential dynamics, the fact that we’ve reached the “half-way point” in supply is no doubt meaningful.

Wait, what? I've been reading about these things for a while and never knew this

Brakhage, Thursday, 4 April 2013 20:30 (six years ago) link

can someone explain to me the purpose of the mining thing? Does someone benefit from all these computers being used to "solve puzzles" or whatever?

--808 542137 (Hurting 2), Friday, 5 April 2013 14:40 (six years ago) link

the person who does the mining benefits? or am i misunderstanding you

just sayin, Friday, 5 April 2013 14:42 (six years ago) link

i mean they get bitcoins for doing it

just sayin, Friday, 5 April 2013 14:42 (six years ago) link

the mining is a way to limit the supply of bitcoins, making it more like gold or something, i think? btw please scrub my 'fiat' post from upthread i was confused there momentarily

乒乓, Friday, 5 April 2013 14:43 (six years ago) link

So even if they had one each, the maximum number of Bitcoin users is 11m or something at the moment? Seems quite limited for an international currency.

Des Fusils Pour Banter (ShariVari), Friday, 5 April 2013 14:46 (six years ago) link

the supply is limited by the fact of what a bitcoin is -- a value that can only be found by an intensive algorithmic process that takes a lot of computing power to complete. The bitcoins that "exist" aren't all found, yet, but due to the nature of the algorithm it's known how many will be found.

Imagine there's a mineral that we know for sure only exists in one mountain on the planet, and we know how it's distributed within the mountain, and the exact amount of it in there. Instead of abstract quantities, it's found in exact units that can't be broken down. The computers crunching numbers are like excavators, slowly strip mining the mountain. There's no shortcut to get directly to the mineral, and a particular amount of land has to be moved each time. The amount of land is greater, but the excavators will get more efficient over time, so there's somewhat of a balance.

I, rrational (mh), Friday, 5 April 2013 14:51 (six years ago) link

And yeah, 11m bitcoins is rather limited

most of them are held by criminals, though

I, rrational (mh), Friday, 5 April 2013 14:51 (six years ago) link

would it be correct to compare it to seeders in a torrent network? except that unlike torrents, you're not copying files but exchanging them?

❏❐❑❒ (gr8080), Friday, 5 April 2013 14:52 (six years ago) link

oh noes criminals

am0n, Friday, 5 April 2013 14:52 (six years ago) link

yeah, the currency exchange is somewhat like that

I, rrational (mh), Friday, 5 April 2013 14:53 (six years ago) link

"pretty cool" - al gore

am0n, Friday, 5 April 2013 15:13 (six years ago) link

coinbase leaks users name and email: https://encrypted.google.com/search?q=site:https://coinbase.com/checkouts/

diamonddave85, Friday, 5 April 2013 15:53 (six years ago) link

Your search - site:https://coinbase.com/checkouts - did not match any documents.

Suggestions:

Make sure all words are spelled correctly.
Try different keywords.
Try more general keywords.

am0n, Friday, 5 April 2013 22:35 (six years ago) link

There is a limited number of bit coins but that's not an issue as they can be used in decimal values. If it becomes huge you'll see prices or whatever like .00013 bit coins

Jibe, Saturday, 6 April 2013 05:34 (six years ago) link

OMG SO CHEAP ONLY POINT OH OH OH OH OH OH OH OH OH OH OH THIRTEEN OF A BITCOIN

Let's Make Laugh II (Autumn Almanac), Saturday, 6 April 2013 09:21 (six years ago) link

Yeah, I think at the moment you've got 8 decimal places ('satoshis') to play with (even though some places aren't set up to take small fractions as payment). If it gets below that the protocol's got to be changed to allow it, as far as I can tell. Since ฿ is modelled on the way gold works, it attracts goldbug types, but it's essentially a speculative investment vehicle rather than a 'real' currency

The major problem as I see it is fractional reserve banking - if you can't create ฿s you can't loan them easily. So loans would have to be strictly transfers, unlike how it works now

Not a very noise post but I find this whole thing so fascinating

Brakhage, Saturday, 6 April 2013 15:54 (six years ago) link

so loaning now isn't a transfer based business?

Chuck E was a hero to most (s.clover), Saturday, 6 April 2013 16:03 (six years ago) link

https://twitter.com/Jake_Hanrahan/status/1163453546592911365

Captain ACAB (Neil S), Monday, 19 August 2019 14:29 (three months ago) link

http://twitter.com/Jake_Hanrahan/status/1163453546592911365

Captain ACAB (Neil S), Monday, 19 August 2019 14:29 (three months ago) link

ho hum

Captain ACAB (Neil S), Monday, 19 August 2019 14:30 (three months ago) link


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