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Miners Aren’t Friends
91–100 of 256 posts
Re: Miners Aren’t Friends
#92Earlier quoted context omitted.
£6 per card per day (1080ti) is quite appealing. 60p electricity costs. £48 per day minus £4.80 costs. Every day? For just leaving something switched on? It is quite appealing. I got my 1080ti's for £650 a pop. ROI is 108 days. That's why people, myself included, are doing it.
I still don't get it :( That's 108 days before you _start_ to make a profit and future returns are guaranteed to diminish as difficulty goes up. Versus £5,200 capital to invest immediately in a basket of safe (as much as crypto currencies can be), liquid coins that will likely x3 to x8 over a 12 month period. To each their own I guess but it's not the bet for me.
108 days and afterwards you make $1,500 income per month and you could travel the world and never have to work again if you don't want to?
Sounds like a pretty good deal.
What you didn't take into you account as well was the fact that this is $3,000 if Ethereum doubles in price, $4,500 if it tripes like you specified.
Re: Miners Aren’t Friends
#93Can someone explain to me how on earth Ethereum is still a thing? People have lost hundreds of millions of dollars in the Ethereum ecosystem, many due to basic flaws in the "Solidity" language. For example, last November $280 million was frozen in Parity wallets because function visibility defaults to external rather than internal (see the previous HN discussion here[0]). Just for fun, I was looking through the Secur…
Does Ethereum's existence hinge on Solidity? Isn't Solidity just a language that one can compile to the lower-level language actually built into Ethereum?
I think one can say that these issues of miner 'optimization' and some of the issues raised in the LeastAuthority audit [1] are architectural, rather than Solidity-specific, and which can only be addressed through defensive transaction design.
[1] https://github.com/LeastAuthority/ethereum-analyses/blob/mas...
Re: Miners Aren’t Friends
#94Can someone explain to me how on earth Ethereum is still a thing? People have lost hundreds of millions of dollars in the Ethereum ecosystem, many due to basic flaws in the "Solidity" language. For example, last November $280 million was frozen in Parity wallets because function visibility defaults to external rather than internal (see the previous HN discussion here[0]). Just for fun, I was looking through the Secur…
Solidity has a lot of potential pitfalls that need to be avoided, just like similar languages. Some of these are due to poor or unintuitive language design, although a lot of improvements have been made over time. The wallet bug involving Parity's multisig wallets was due to an error that Parity made, even if it's an error that may have been easy to make, it should have been caught in testing or code reviews due to h…
> Most of the largest headlines involving loss of funds in the Ethereum network have been due to programmer or user error.
Well, that's reassuring. Should we expect that there will be no more programmer errors in the future on the Ethereum network then? Isn't Ethereum's job to minimize those errors?
Re: Miners Aren’t Friends
#95Earlier quoted context omitted.
Does Ethereum's existence hinge on Solidity? Isn't Solidity just a language that one can compile to the lower-level language actually built into Ethereum?
Yep, anyone interested in taking a crack can write a language that compiles down to the Low-level Lisp-like Language (LLL) intermediate lang. There are a couple projects working on it (eg Viper), though many seems to prefer starting a new blockchain. Edit: s/Serpent/Viper/
Isn't Serpent an earlier effort that was abandoned in favor of Solidity? There was also the short-lived Mutan, V[iy]per (apparently a work-in-progress) and something called Slang.
Re: Miners Aren’t Friends
#96Can someone explain to me how on earth Ethereum is still a thing? People have lost hundreds of millions of dollars in the Ethereum ecosystem, many due to basic flaws in the "Solidity" language. For example, last November $280 million was frozen in Parity wallets because function visibility defaults to external rather than internal (see the previous HN discussion here[0]). Just for fun, I was looking through the Secur…
Solidity has a lot of potential pitfalls that need to be avoided, just like similar languages. Some of these are due to poor or unintuitive language design, although a lot of improvements have been made over time. The wallet bug involving Parity's multisig wallets was due to an error that Parity made, even if it's an error that may have been easy to make, it should have been caught in testing or code reviews due to h…
It’s well established that humans will make programming errors, and that good language design can reduce the rate of such errors (and eliminate certain classes of errors altogether). I’m surprised you are willing to place so much blame on Solidity’s users for their mistakes when these mistakes would have be avoided with simple improvements to the language design.
Re: Miners Aren’t Friends
#97Earlier quoted context omitted.
I still don't get it :( That's 108 days before you _start_ to make a profit and future returns are guaranteed to diminish as difficulty goes up. Versus £5,200 capital to invest immediately in a basket of safe (as much as crypto currencies can be), liquid coins that will likely x3 to x8 over a 12 month period. To each their own I guess but it's not the bet for me.
108 days and afterwards you make $1,500 income per month and you could travel the world and never have to work again if you don't want to? Sounds like a pretty good deal. What you didn't take into you account as well was the fact that this is $3,000 if Ethereum doubles in price, $4,500 if it tripes like you specified.
That income is not coming from mining Ethereum and, as time goes on, the amount of any coin you can mine diminishes (sometimes rapidly).
The only way to avoid diminishing mining returns as difficulty increases is to swap to a new, lesser known coin. Eventually you run out of coins to swap to or the ones you are mining don't go up in value (because if they did, bigger miners would come in and knock you out of the game as the difficulty shoots up). All the time your GPUs are ageing too.
If you want a steady income with arguably a lesser risk profile and more staying power than personal mining offers, why not put some money in to coins that offer node payouts?
Re: Miners Aren’t Friends
#98Aren't all of those scenarios covered by fraud laws? Obviously one should be able to provide evidence that an actual miner willingly reordered transactions to get paid twice. I don't know if this is possible (gathering the evidence.)
Re: Miners Aren’t Friends
#99Earlier quoted context omitted.
That's fine and makes sense to me. It's more the people that cram 8 cards in to their machine and mine 24/7 that I have a hard time understanding.
£6 per card per day (1080ti) is quite appealing. 60p electricity costs. £48 per day minus £4.80 costs. Every day? For just leaving something switched on? It is quite appealing. I got my 1080ti's for £650 a pop. ROI is 108 days. That's why people, myself included, are doing it.
> £6 per card
which cryptocurrency is this? I'm only getting <£3/day mining ETH on my 1080ti..
Re: Miners Aren’t Friends
#100Can someone explain to me how on earth Ethereum is still a thing? People have lost hundreds of millions of dollars in the Ethereum ecosystem, many due to basic flaws in the "Solidity" language. For example, last November $280 million was frozen in Parity wallets because function visibility defaults to external rather than internal (see the previous HN discussion here[0]). Just for fun, I was looking through the Secur…
Does Ethereum's existence hinge on Solidity? Isn't Solidity just a language that one can compile to the lower-level language actually built into Ethereum?
Someone told me recently that there's an idea to replace EVM (the lower-level language actually built into Ethereum) with WASM. That would allow people to target it with a variety of existing programming languages, some of which are not clown shoes. If that's possible, it sounds sensible.