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Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

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Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#101

Post by vinceguidry »

m3kw9 wrote: post #91
ritinkar wrote: post #82

Earlier quoted context omitted.

If BTC cracks 1 million won't that mean there's 2.1 trillion dollars worth of USD BTC in circulation in addition to all the other currencies?

If bitcoin price is derived from the bid ask, most of the worlds money would have to be parked in bitcoin, does that even make sense?

Money supplies are constantly inflating, every financial instrument can be looked at as a form of money, and quite a few of them are actually considered to be money, such as treasuries and traveler's cheques. According to Wikipedia, the broadest measure of money supply currently in use was 10.5 trillion, in 2013.

That cryptocurrencies are not currently considered to be money by the world economic order, it goes into a much broader range of financial assets like stocks and bonds. The S&P 500 market size reached 19.6 trillion USD in 2016

Bitcoin has a lot of room to grow before it even comes close to playing in that league. Everybody on HN should be buying crypto right now, the upside is that huge.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#102

Post by vinceguidry »

tomerico wrote: post #83
ritinkar wrote: post #82

Earlier quoted context omitted.

If BTC cracks 1 million won't that mean there's 2.1 trillion dollars worth of USD BTC in circulation in addition to all the other currencies?

21 trillions, or about 3 times the value of all gold mined in the world.

And around the market size of the S&P 500.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#103

Post by john_moscow »

m3kw9 wrote: post #91
ritinkar wrote: post #82

Earlier quoted context omitted.

If BTC cracks 1 million won't that mean there's 2.1 trillion dollars worth of USD BTC in circulation in addition to all the other currencies?

If bitcoin price is derived from the bid ask, most of the worlds money would have to be parked in bitcoin, does that even make sense?

Except it isn't parked in any way. The money goes from the hands of the optimistic buyers into the hands of those who decided to cash out just now. The only asset "backing" Bitcoin is the people willing to buy it.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#105

Post by Dylan16807 »

vinceguidry wrote: post #73

> It's clear I'm not going to make my fortune off manual mining, and I haven't even included the cost of all the paper and pencils I'll need. He's not taking into account price inflation over the long term. If BTC ever cracks a million USD, he'll really regret not squeezing every last bit of hashrate he can now.

Remember, a hash that takes much longer than 10 minutes is worth absolutely nothing. You don't get a coin, and you can't participate in a pool.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#108

Post by osteele »

Matt3o12_ wrote: post #57
dvfjsdhgfv wrote: post #20

Earlier quoted context omitted.

Well, the Paypal button actually works! I wonder if someone ever placed an order though...

You can get the book for much less on amazon[1] though for a reasonable price (including a look inside). There is even a direct link to Amazon on his website. [1]: https://www.amazon.com/How-Sharpen-Pencils-Theoretical-Contr...

The price on the web site is for the pencil, not the book.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#109

Post by saalweachter »

ddorian43 wrote: post #2

Next: Mining bitcoin with pool of monkeys with typewriters.

The actual hash computation should be mechanical. It's a straight algorithm.

The part you want to optimize is the selection of the random noise you need to make the hash come out with the appropriate number of zeros. You ask your test subjects (monkey, human, slime mold, whatever) to provide the noise, you test it with your mechanical hasher, and then either reward or punish them based on the number zeros in the hash.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#110

Post by zeep »

jlewallen wrote: post #107
fvdessen wrote: post #18

I've found it works best with artisanal sharpened pencils http://www.artisanalpencilsharpening.com

Or just DIY with this: http://www.leevalley.com/us/wood/page.aspx?cat=1,42936,42452...

this is my favorite pencil sharpener because it has so many other uses and the blade is easy to change: https://www.amazon.com/Stanley-10-499-Change-Retractable-Uti...
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