Linus bitcoin mining pool

[Guest Erkahove]

Linus should set up a bitcoin mining pool for the forum members. He could use half of the money we make on charity and half on awesome giveaways for those who help out.

Just an idea. What do you think?

[Levent]

tbh bitcon aint helping someone else besides you, you farm bitcoins and you sell bitcoins also i think so its way too hard even get 1btc

[MobiFix]

tbh bitcon aint helping someone else besides you, you farm bitcoins and you sell bitcoins also i think so its way too hard even get 1btc

Uhh .. I think the suggestion should probably be taken seriously .. a bitcoin mining pool with a few members involved would certainly not do any damage to LMG's economy for giveaway's and quite possibly even hiring people? It all depends on how large it grows of course, and it'd be rather mandatory that Linus and the involved administrative people account for every cent based on members' input as to how the money should be distributed. .. All in all .. great idea!

Needs a lot of work to hash out the details howsoever .. But as an example I know that Logan of 'The Tek' utilizes a bitcoin mining pool among his fans/members to rattle up some cash for various tasks.

[Helltech]

There wouldn't be enough users here to do it.

[striker1553]

I'd do it, but you need, and let me repeat this: YOU NEED an ASIC miner. GPU mining is steadily going bye-bye. So, unless you have 600-1500 dollars ready to buy an asic miner, you're kidding yourself at this point. Besides, look at how its boosted the value of a bitcoin!

About 5 days ago 1 btc was around $140, a week before that they were $70. Now, just looked on mtgox. The price hit a high of $266.00!!!!! for 1BTC. Ridiculous. But, its because of the flood of ASIC miners that are out now.

[MobiFix]

I'd do it' date=' but you need, and let me repeat this: YOU NEED an ASIC miner. GPU mining is steadily going bye-bye. So, unless you have 600-1500 dollars ready to buy an asic miner, you're kidding yourself at this point. Besides, look at how its boosted the value of a bitcoin! About 5 days ago 1 btc was around $140, a week before that they were $70. Now, just looked on mtgox. The price hit a high of $266.00!!!!! for 1BTC. Ridiculous. But, its because of the flood of ASIC miners that are out now.[/quote']

You dont need an QASIC, granted i do have a few ASIC machines, currently turning over quite a lot, but i also have my old GPU farm running, and that alone, circa 400 gpu's is making me tons every month still. But let me re-iterate this: You do NOT need asic machines .. besides ,watch the community gather under the flag of providing more money for LMG events .. You'll probably see a pool of upwards 2000 part-time gpu's inside a year.

[MobiFix]

There wouldn't be enough users here to do it.

This forum is one of the largest in it's field, so yeah, there certainly is enough users.

[SnypeUXD]

I would definitely be interested. Someone needs to msg Slick of Linus and see what they can set up.

[Whaler_99]

One of the issues would be the overhead in managing a pool and providing the needed transparency. I have looked at bitcoin mining, and at least here in Canada, it is almost impossible to break even taking into consideration the cost of power. It would be good for Linus, as he would just be providing the pool management, but on the whole, not sure.

Take a look at Folding for instance - we have a lot of users, people join up, fold for a bit and disappear. The hit on their systems and wallets forces a lot out, which is to bad. With Bitcoin and pool earnings, they can be very low.

Finally - the volatility of the bitcoin. Like you pointed out, in the last few weeks it has shot up. Why? Hard to tell. As it isn't backed by anything that could be affected, like an economy, oil, gold prices, etc. So, is it just that "word" is driving it up? It's popular, so it's pricey. What happens in a month when the buzz dies down a bit and the value drops... to maybe $10? Who knows... no way to predict it...

This of course, is all my personal view, and no way related to Linus, Slick or LMG. I just have a hard time seeing the real value... especially since there seems to be so many third parties we just have to "trust" for this all to wok...

Myself, I prefer to stick to Folding - having my system run, donating to a good cause. Ya, it costs me a few buck a month in power... but I feel good about it. :)

[MobiFix]

It's popular' date=' so it's pricey. What happens in a month when the buzz dies down a bit and the value drops... to maybe $10? Who knows... no way to predict it.. [/quote']

Thanks for your input.

Anyway I don't really see bitcoin dropping to $10 again, given it's limited nature, people are trying to extract it, and a pricedrop like that would mean ASIC's are no longer running either, which again would make GPU-mining a lot more profitable as the difficulty would decline tremendeously .. With that said, from a $266 peak today it's currently at $200, but it's got to do with external factor's, and pricegauging on account of some of us who's got tremendeous mining rig's

[Whaler_99]

It is interesting how the algorithm gets more difficult, and therefore slower, as more bitcoins are mined. The whole thing is quite the interesting project to be honest though, as you dig deeper into the technical aspects. I also notice some of the different, alternate ones already popping up - like litecoin. Apparently a lot easier then bitcoin, very good with GPU miners, but I think only paying out around $4 a unit. I wonder though, how as more and more of these come on the market, will it dilute the bitcoin and make it irrelevant or will it enhance bitcoin to the "premier" status? And will they just all overly complicate the whole digital currency thing? One or two main ones I can see as a viable option... 20 of them? Of which one or two are the most valuable, but 10 others are more used due to economies and then a few floaters... confusion ensues and people loss interest...

Pssttt... you can Fold with that gear ya know. :D

[ZombifiedPyro]

One of the issues would be the overhead in managing a pool and providing the needed transparency. I have looked at bitcoin mining, and at least here in Canada, it is almost impossible to break even taking into consideration the cost of power. It would be good for Linus, as he would just be providing the pool management, but on the whole, not sure.

Take a look at Folding for instance - we have a lot of users, people join up, fold for a bit and disappear. The hit on their systems and wallets forces a lot out, which is to bad. With Bitcoin and pool earnings, they can be very low.

Finally - the volatility of the bitcoin. Like you pointed out, in the last few weeks it has shot up. Why? Hard to tell. As it isn't backed by anything that could be affected, like an economy, oil, gold prices, etc. So, is it just that "word" is driving it up? It's popular, so it's pricey. What happens in a month when the buzz dies down a bit and the value drops... to maybe $10? Who knows... no way to predict it...

This of course, is all my personal view, and no way related to Linus, Slick or LMG. I just have a hard time seeing the real value... especially since there seems to be so many third parties we just have to "trust" for this all to wok...

Myself, I prefer to stick to Folding - having my system run, donating to a good cause. Ya, it costs me a few buck a month in power... but I feel good about it. :)

Doesn't mining and folding take the same amount of power? If it does, I know folding is good, but I feel better helping Slick not get fired. Well not get fired as often at least. I do think that the coins will always be worth something, therefore as long as controlling the LMG pool is not too hard, I do not see any harm.

[c.pryor2223]

I would be interested in joining a Linus mining pool :D

[MobiFix]

It is interesting how the algorithm gets more difficult' date=' and therefore slower, as more bitcoins are mined. The whole thing is quite the interesting project to be honest though, as you dig deeper into the technical aspects. I also notice some of the different, alternate ones already popping up - like litecoin. Apparently a lot easier then bitcoin, very good with GPU miners, but I think only paying out around $4 a unit. I wonder though, how as more and more of these come on the market, will it dilute the bitcoin and make it irrelevant or will it enhance bitcoin to the "premier" status? And will they just all overly complicate the whole digital currency thing? One or two main ones I can see as a viable option... 20 of them? Of which one or two are the most valuable, but 10 others are more used due to economies and then a few floaters... confusion ensues and people loss interest... Pssttt... you can Fold with that gear ya know. :D [/quote']

I try to avoid aiding the science of medicine, and it's got to do with how a relative of mine was treated when he presented them with his immunity, which they, then patented, or the specific method as to how his body resisted a certain infect ant was patented, and the company made millions, while He got nothing, and didn't realize parts of his genetic mass had been patented .. Currently they're in a lawsuit action against that corp .. and til that's resolved, I will not fold a single protein.

As for secondary currencies on the rise, yes.. there's a few, and I know which one's will live on, and where Ill focus a new cluster within a year, but I'll leave that a secret for now..

I will however say that effort = reward, so presumably if a currency is floating around $4 it'll mean that it's 50 times easier to dig out than bitcoin for instance, so .. it evens out.

[Whaler_99]

One of the issues would be the overhead in managing a pool and providing the needed transparency. I have looked at bitcoin mining, and at least here in Canada, it is almost impossible to break even taking into consideration the cost of power. It would be good for Linus, as he would just be providing the pool management, but on the whole, not sure.

Take a look at Folding for instance - we have a lot of users, people join up, fold for a bit and disappear. The hit on their systems and wallets forces a lot out, which is to bad. With Bitcoin and pool earnings, they can be very low.

Finally - the volatility of the bitcoin. Like you pointed out, in the last few weeks it has shot up. Why? Hard to tell. As it isn't backed by anything that could be affected, like an economy, oil, gold prices, etc. So, is it just that "word" is driving it up? It's popular, so it's pricey. What happens in a month when the buzz dies down a bit and the value drops... to maybe $10? Who knows... no way to predict it...

This of course, is all my personal view, and no way related to Linus, Slick or LMG. I just have a hard time seeing the real value... especially since there seems to be so many third parties we just have to "trust" for this all to wok...

Myself, I prefer to stick to Folding - having my system run, donating to a good cause. Ya, it costs me a few buck a month in power... but I feel good about it. :)

Well yes, in theory they would both use the same amount of power. The difference is, to some extent, that the Folding group is unofficial and pretty much managed by the community. Each of us do it, at our own risk to system and wallet. :) With the pool solution and Bitcoin, LMG is now endorsing it, they need to support it, and what happens if the system is down, crashes, etc? Just headaches they don't need? I am not trying to get into a debate on the pro/cons of LMG doing this. Linus and crew will decide what is best for them... I just been trowing some thoughts, my own opinions, on bitcoin and such, into this topic.

[Whaler_99]

As for secondary currencies on the rise' date=' yes.. there's a few, and I know which one's will live on, and where Ill focus a new cluster within a year, but I'll leave that a secret for now.. I will however say that effort = reward, so presumably if a currency is floating around $4 it'll mean that it's 50 times easier to dig out than bitcoin for instance, so .. it evens out. [/quote']

:D Any hints?

[daveyjones]

This is a good idea... and if someone were to at least create a guide of how to get started with bitcoin or litecoin that would be very helpful.

[Dim]

For the most part I agree with Whaler, however personally I run entirely on solar energy and so it doesn't take a hit to my wallet directly. Although it does mean less energy to sell back to the grid.

[bradscoolio]

Not sure whether or not it's a good time to start bitcoin mining?

http://linustechtips.com/main/forum/tech-news-reviews/165489-bitcoin-crashes-losing-nearly-half-of-its-value-in-six-hours#post165489

[bradscoolio]

And apparently bitcoin profits are now tax evasions... this world is f**ked

http://qz.com/72637/why-bitcoin-millionaires-could-accidentally-become-tax-felons/

[Whaler_99]

I think in many countries, not being a tax person at all mind you, any time you "make" money, from any source, the government wants their piece of the pie. :)

[MobiFix]

I think in many countries' date=' not being a tax person at all mind you, any time you "make" money, from any source, the government wants their piece of the pie. :)[/quote']

Indeed .. Being ignorant enough as a trader of these beauties to think that you're immune to the taxman and so forth .. Think again, if you're making usable cash in the end from it, you can be damn well sure you'll be forced to tax..

It's as they say 2 things in life are sure, death and taxes.

[MobiFix]

I just gotto say .. Linus and Slick .. what a pair .. taking credits for other people's ideas "Oh Slick had a great idea to help us raising money without having members pay for it .. Bitcoin!" where Slick's going on to everything i friggin stated, word-by-word in one of my posts in this thread about The Tek / Logan (and Wendel) usiing it to benefit The Tek..

Really? Slick's idea huh? .. He friggin read it here.. so .. No. And then again re-hashing how I said it'd require LMG to be 100% transparent about all the BTC's collected and how it was used and so on .. The only thing they didn't mention was giveaway's and so on .. Surprisingly..

Was gonna write a FAQ on BTC, was going to set up a pool, now .. Forget it, Slick needs to apologize for hoarding credits, pretending My words were his, pretending He came up with this on his own..!

[Crabtr]

I just gotto say .. Linus and Slick .. what a pair .. taking credits for other people's ideas "Oh Slick had a great idea to help us raising money without having members pay for it .. Bitcoin!" where Slick's going on to everything i friggin stated, word-by-word in one of my posts in this thread about The Tek / Logan (and Wendel) usiing it to benefit The Tek..

Really? Slick's idea huh? .. He friggin read it here.. so .. No. And then again re-hashing how I said it'd require LMG to be 100% transparent about all the BTC's collected and how it was used and so on .. The only thing they didn't mention was giveaway's and so on .. Surprisingly..

Was gonna write a FAQ on BTC, was going to set up a pool, now .. Forget it, Slick needs to apologize for hoarding credits, pretending My words were his, pretending He came up with this on his own..!

That's assuming they took the idea from your post though and not from it being well known other groups are doing it. You more or less stated common knowledge, mining pools to raise money for select groups or individuals has been a thing for a long time now. I'm sure Linus and Slick would want to be the ones to set-up the whole project anyway.

[MobiFix]

I just gotto say .. Linus and Slick .. what a pair .. taking credits for other people's ideas "Oh Slick had a great idea to help us raising money without having members pay for it .. Bitcoin!" where Slick's going on to everything i friggin stated' date=' word-by-word in one of my posts in this thread about The Tek / Logan (and Wendel) usiing it to benefit The Tek.. Really? Slick's idea huh? .. He friggin read it here.. so .. No. And then again re-hashing how I said it'd require LMG to be 100% transparent about all the BTC's collected and how it was used and so on .. The only thing they didn't mention was giveaway's and so on .. Surprisingly.. Was gonna write a FAQ on BTC, was going to set up a pool, now .. Forget it, Slick needs to apologize for hoarding credits, pretending My words were his, pretending He came up with this on his own..! [/quote']

Not that I don't think they're capable, they are, but i very much doubt they have the time it takes to administer a pool especially seeing the forums current state.

And hat I said might've been common enough knowledge, but the way he expressed it was parroting my posto n the matter .. So no .. don't believe it was self-formulated.