Linus bitcoin mining pool

[brat137]

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..!

LOL he didn't in any way take credit for your idea. Slick said

"Other people have done this. This isn't an original idea, erm, but... people have suggested this on the forum"

So no they didn't try and take the credit for "your" idea. They have almost certainly been aware of other people doing it before you posted here anyway. Calm down. They don't need to apologise for anything. You wouldn't have a forum to post this idea for helping LMG that you have taken from other places anyway. So stop being a child, write your FAQ on BTC and give something back to the community by helping get this idea off the ground.

[striker1553]

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.

I would beg to differ with that statement. Think about this, an AMD GPU that can pull 500mh/s, stuck in a "farm" of electricity-killer GPU's, say 10, can still not compete with the ASIC miner's of today. Less electricity for more pay-off. Now, if bitcoin can find some sort of stability, I fear the ASICS will run the problem size up to the point where you'd be wasting money on GPU farming. Larger problem size, longer times to make a few bucks on you're gpu's. Just my 2cents. I would be much more comfortable spending 1500 dollars once, maybe twice to run asic's and not have to build gpu farms, by spending way more money that I probably won't recover when the problem size jumps too large.

[Whaler_99]

Sorry you feel that way. Anything you, or any other member, is willing to contribute to the community is to the benefit of all. Honestly, you not doing a FAQ doesn't really harm either of them in any direct way - but does take away from the community.

I can also say that I am almost positive neither Slick nor Linus have seen this post at all. There has been much discussion among the mod and admin team as this is such a "hot" topic as of recent and Slick has been putting in a lot of time researching this and speaking with the mod team.

[mvitkun]

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

first time I read this thought it said

"I would definitely be arrested"

I was like "huh.....OH!"

;)

[bradscoolio]

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. :)

It's a universal currency though, Australians and Americans aren't taxed the same because our dollar is different, and other reasons the american government probably doesn't like to comment on ^__^

How would such a thing work?... who knows :/

[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. :)

Works in if you convert bitcoin to cash. Then you need to declare that on your earnings statement for taxes. If you just leave them as bitcoins, then ya, pretty hard to tax that - until you convert them, there is really no trace of you "earning" money from a banking perspective.... I think. :)

[Notaek]

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. :)

The price won't go down. This is because of the difficulty. Right now, it is really hard to mine Bitcoins so the miners don't sell their Bitcoins for a higher price. This way, even though they have less BTC, each one is worth more.

There is a direct correlation to the price of BTC and the difficulty of mining it. Recently, the price soared and broke this trend but after the crash it is back on track.

[SnypeUXD]

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

O.o that doesn't sound too good, did bitcoin mining just become illegal?

[Sklomp]

I think we should also look into Litecoins, they are way easier to mine and they are currently slowly but steady increasing in value, also they are expected to be at 0.25BTC but are now at 0.025BTC so the value whould increase atleast by 10 times.

[LinusTech]

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/

Funny how that works. It's not currency when it's convenient to ignore it, but it's currency if tax collection is involved...

 

I wonder if they'll let these people pay the taxes on the income in bitcoin...

[ixi_your_face]

Funny how that works. It's not currency when it's convenient to ignore it, but it's currency if tax collection is involved...

 

Funny indeed, "Hey man! that's totally not a currency, what is it?! like digital gold?! lol..... WAIT THEY DON'T PAY TAXES ON IT IT'S REAL I SWEAR!"

[striker1553]

Lol

[Missioncode]

I would beg to differ with that statement. Think about this, an AMD GPU that can pull 500mh/s, stuck in a "farm" of electricity-killer GPU's, say 10, can still not compete with the ASIC miner's of today. Less electricity for more pay-off. Now, if bitcoin can find some sort of stability, I fear the ASICS will run the problem size up to the point where you'd be wasting money on GPU farming. Larger problem size, longer times to make a few bucks on you're gpu's. Just my 2cents. I would be much more comfortable spending 1500 dollars once, maybe twice to run asic's and not have to build gpu farms, by spending way more money that I probably won't recover when the problem size jumps too large.

...this is true, I was thinking the same thing that you do need an ASIC minner then I thought about it and not really.  We are pooling together for one person and minning from them not outsleves so yes our individual mining would suck but if we could get lets say like 100 people but on and off so its around 50 people to mine at 300Mh/s and every month they give away a mouse or something that would be 15G/s (if we could do that just for one day at current difficulty it would be an exta $100 a day) and the people mining pay a few exrta cents per month on electricity bill (would be the same thing as folding), The more we mine the more they make. So yes you are right if we were talking about solo or pool mining for our selves but if it just for Linus then our pooled hash rate then it would add up quickly

[Travis]

I think we should also look into Litecoins, they are way easier to mine and they are currently slowly but steady increasing in value, also they are expected to be at 0.25BTC but are now at 0.025BTC so the value whould increase atleast by 10 times.

It's higher. Litecoins are the future I think.

I don't really care if there was a pool for anything. I don't need it. I am already mining Litecoins now.

[Hdale85]

The only way to come out ahead on bitcoin mining these days is with dedicated mining hard where such as an FPGA or ASIC. Using video cards and what not the power you use to get them will actually cost you more than the bitcoins are worth generally. 

[Sklomp]

The only way to come out ahead on bitcoin mining these days is with dedicated mining hard where such as an FPGA or ASIC. Using video cards and what not the power you use to get them will actually cost you more than the bitcoins are worth generally. 

 

That's why i'm into Litecoins, impossible to mine on ASIC's (atleast the current asic's). You earn a lot more litecoins with the same hardware so your income will grow when mining Litecoins.