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Javascript Bitcoin Miner

forum.bitcoin.org

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Re: Javascript Bitcoin Miner

#121

Post by vabole »

pygy_ wrote: post #89
naughtysriram wrote: post #47

what if a virus or malware or an adware installs a bitcoin miner and starts mining on zombie machines? wouldn't that be productive?

It is technically the biggest threat against Bitcoin. The mining process validates the transactions. Transactions are grouped in blocks. The blocks are chained in one big sequence and the miners validate the block chain. Even if a rogue miner validates a block that steals coins, his fork of the block chain will not be validated by honest miners. As long as the computing power of the honest miners is above the one of…

What would a scenario of such financial attack look like? Suppose I had $100M - twice the bitcoin market cap. What would I be able to do to destroy the bitcoin?

I can think of ways to manipulate bitcoin market with large sums of money, but nothing that would make bitcoin unusable.

Re: Javascript Bitcoin Miner

#122

Post by omarchowdhury »

tlrobinson wrote: post #75

Cute, but this is hardly worthwhile unless you have a massive number of users, in which case you probably don't want to piss them off by wasting their CPUs. I'm getting about 13K hashes/sec with this JavaScript miner. For comparison, my GPU gives me 100M hashes/sec , and even my 12 CPU cores give me 10M hashes/sec with the official Bitcoin client. So you'd need about 1000 concurrent users at all times to match a sing…

Which GPU do you have?

Re: Javascript Bitcoin Miner

#123

Post by mikegagnon »

PluraProcessing.com pays site owners to farm out computations to their clients. According to PP, site owners can make about $2.60/month/user. The major catch is that the system only works well when visitors have long visit durations (e.g. web-based video games). I presume PP necessitates long visit-durations because short visits won't yield enough computational resources to make computations economical.

Re: Javascript Bitcoin Miner

#124

Post by DennisP »

cloudwalking wrote: post #61
greyman wrote: post #54

Earlier quoted context omitted.

That was my first though - it's a nice idea, but came at least one year too late. Just yesterday, I ran miner through the www.bitcoinplus.com website, and on my regular PC machine it generated 0.002 BTC in 24 hours. I am afraid the bitcoin mining is practically over, and the much more interesting question is - should I really invest my real money to buy some bitcoins? (current rate is about 7 USD). I am curious to le…

An economist's take on bitcoin: http://www.quora.com/Is-the-cryptocurrency-Bitcoin-a-good-id... Spoiler: bitcoin is a scam

He graphs the number of bitcoins over time, which is basically meaningless. If he were to graph the number of transactions, the number of users, or the total value of all bitcoins, he'd get an exponential curve upwards much like the twitter curve.

Re: Javascript Bitcoin Miner

#125

Post by mtinkerhess »

nodata wrote: post #93
whatusername wrote: post #87

Earlier quoted context omitted.

It corelates to value derived from the page. SO the people I deliver the most value to, I extract the most value from. // WIth an added bonus that I recieve more value from the people with more expensive computers (aka the wealthier viewers)

I don't see how the time spent on a page correlates to value for the reader. If I read faster or slower than someone else and spend less or more time on the page, it doesn't change the value provided to me by the article.

On the other hand, if a site provides more value to a visitor, they are more likely to keep spending more time on the site.

Re: Javascript Bitcoin Miner

#126

Post by T-hawk »

rmc wrote: post #77
Groxx wrote: post #68

Earlier quoted context omitted.

There's quite a bit of misunderstanding in that post, especially with respect to systemic weaknesses. And a lot of unsubstantiated claims and terrifying graphs (like that tweet graph as something desirable for currency inflation - what it also implies is your savings going up in smoke). I'd love to find an in-depth debate on Bitcoin from an economic standpoint, but this is not it. It's just more of the same half-unde…

BitCoin i svery similar to a gold backed currency. The fact that nearly all (?) currencies moved off the gold standard should tell you something of how economists view the gold standard.

Governments moved their currencies off the gold standard. Mostly for the self-interest reason of establishing greater control over their currency, often to inflate their way out of debt.

Whether a gold (or Bitcoin) standard is good for the world economy as a whole is irrelevant, since the governments hold the power to implement it (or ban Bitcoin) and will act in their self-interest.

Re: Javascript Bitcoin Miner

#127

Post by wmf »

vabole wrote: post #121
pygy_ wrote: post #89

Earlier quoted context omitted.

It is technically the biggest threat against Bitcoin. The mining process validates the transactions. Transactions are grouped in blocks. The blocks are chained in one big sequence and the miners validate the block chain. Even if a rogue miner validates a block that steals coins, his fork of the block chain will not be validated by honest miners. As long as the computing power of the honest miners is above the one of…

What would a scenario of such financial attack look like? Suppose I had $100M - twice the bitcoin market cap. What would I be able to do to destroy the bitcoin? I can think of ways to manipulate bitcoin market with large sums of money, but nothing that would make bitcoin unusable.

You'd buy as many BTC as you can (probably slowly over time), then sell them all at once for a very low price. Momentum traders would help you by also selling their BTC when the price starts dropping.

Re: Javascript Bitcoin Miner

#128

Post by jellicle »

iwwr wrote: post #103
stcredzero wrote: post #98

Earlier quoted context omitted.

It's artificially scarce and worth nothing apart from it's perceived value. Are there any official currencies that this doesn't apply to?

You have to pay taxes and also settle debts in the official currency. That alone gives it more than mere 'perceived value'. Oh, needing it to buy oil also helps.

Precisely. Holding an official currency gives you the ability to stop the government from putting you in prison for nonpayment of taxes. This is a real tangible value that is a sort of baseline value store for official currencies that does not exist for other currencies.
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