[Chugalug] "Supplying the Mining World" -- Re: ButterFly ASIC Single

James Nylen jnylen at gmail.com
Mon Sep 2 20:53:02 UTC 2013


Lynn,

Have you seen Buttcoin?  http://buttcoin.org/what-are-buttcoins |
http://buttcoin.org/why-should-i-invest-in-bitcoins

Also, I would think that an increase in difficulty would in general lead to
an increase in price, which would serve to keep mining reasonably
profitable unless newer devices come out that are much more efficient.
 Your thoughts?


On Mon, Sep 2, 2013 at 1:26 PM, Lynn Dixon <boodaddy at gmail.com> wrote:

> Mike,
> I am doing quite well with my mining operations. After 2 days of opeating
> my ASIC, I have managed to collect around 1 BTC which is selling for around
> $145 right now. Say what you what you will about "Bit-Con" (Love these
> silly names by the way), but I don't know of any way where I can generate
> $60 to $70 per day doing absolutely zero labor.
>
> John,
> To answer your question about what happens once the supply of bitcoins are
> "mined up".  The algorith gets increasingly difficult as we approach the
> end of the supply.  Likewise, the reward for each block decreases making it
> even less rewarding.  But, since each transaction of bitcoins is recording
> into the blocks, the miners will then have the option of charging a
> transaction fee.  The option is there now, but since the reward for finding
> blocks is so profitable right now, most miners and users are not including
> transaction fees.   You can read more about transaction fees here:
> https://en.bitcoin.it/wiki/Transaction_fees
>
>
>
>
> On Mon, Sep 2, 2013 at 9:13 AM, Mike Robinson <miker at sundialservices.com>wrote:
>
>> On Sep 2, 2013, at 7:00 AM, chugalug-request at chugalug.org wrote:
>>
>> Re: ButterFly ASIC Single
>>
>>
>> In my library I have an excellent book, "Supplying the Mining World."
>>  which to me neatly sums-up how "Bit-con" actually works.  The people who
>> really made a fortune during the California Gold Rush days were
>> hardware-store proprietors, like Leland Stanford and Mark Crocker (who went
>> on to do quite well with the transcontinental railroad), and photographers.
>>  Nearly all of the hopefuls never made a dime, but they all bought shovels
>> and sluice-pans in the big city, and they all wanted to have their pictures
>> taken.
>>
>> As long as this device works as advertised ... it will accelerate the
>> task of solving this computationally-difficult yet-solvable problem ...
>> then it is in the eyes of the law as legitimate a thing to sell as any one
>> of P. T. Barnum's tickets to see "the amazing egress."
>>
>>
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