Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Javascript Bitcoin Miner

forum.bitcoin.org

Post reply on HN
Print view View original

91–100 of 152 posts

Re: Javascript Bitcoin Miner

#91

Post by wladimir »

pietro wrote: post #67
cloudwalking wrote: post #61

Earlier quoted context omitted.

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

He might be an economist, but he doesn't know anything about monetary history: The economic assumptions underpinning the Bitcoin ecosystem are laughable, and ignore hundreds of years of accumulated understanding of how currencies work with each other. Paper money is about 100 years old. That's it.

And of course the older things are the better they are. For example, we all now 1000 year old medical practices are good and effective whereas recently developed ones suck.

... why would it be true for economic practices? Some experimentation is good, without it there would never be any progress at all.

Appeal to authority based on the age of ideas is something you can only get away with in religion, astrology, and it seems, economic 'science'.

Sure, there is a large chance that new ideas might fail but you can't simply argue against them because they go against old ideas.

Re: Javascript Bitcoin Miner

#92

Post by basugasubaku »

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 is a software developer at "SeatGeek", not an economist. He wrote "Internet Economist" as a joke.

Re: Javascript Bitcoin Miner

#93

Post by nodata »

whatusername wrote: post #87
nodata wrote: post #71

Earlier quoted context omitted.

Why does time spent on the page matter?

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.

Re: Javascript Bitcoin Miner

#94

Post by reedlaw »

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.

How is bitcoin like the gold standard? Bitcoin is backed by what? It's more like a purely speculative currency. It's artificially scarce and worth nothing apart from it's perceived value. At least with gold there are many industrial uses for it. You can't do anything with a bitcoin other than trade it.

Re: Javascript Bitcoin Miner

#95

Post by motters »

If there is a Bitcoin bubble you can be sure that there will be people doing things like this, regardless of whether it's ethical or not. From the site visitor's point of view they're not getting a cut of the mined coins, so their high CPU usage is purely a waste and annoyance. If widely deployed, this sort of browser based CPU wasting enterprise could bring Bitcoin into disrepute and be an excuse for governments to treat it as a cyber-threat.

Re: Javascript Bitcoin Miner

#96

Post by hmottestad »

ghshephard wrote: post #70
Groxx wrote: post #35

Earlier quoted context omitted.

that's a bit pedantic, ya know... the number only means something to people who know the system even a little bit, and they'll immediately translate to the proper unit because 10 milli- hashes per second makes no sense. Unless you're mining by hand. It's like ranting that people talk about "10mb" files. Or "100gb" or "100GB" drives. When they're technically "93.1GiB" drives ("gibibyte" [1],[2], or [3]). [1]: http://e…

Ironically - your example speaks against itself. 100GB Drive is a very precise and agreed upon way of referring to a drive - it means 1x10^11 bytes. 93.1 GiB drive is unusual - we don't typically use powers of 2 when referring to drive length - so if you really mean 93.1 GiB, then it's important you call it out as such, or people (storage admins, driver manufacturers, and operating system developers) will understand…

I thought this was the common way (gibi that is) to refer to harddrives in the OS, I thought that that was the reason harddrives were 100gb when i bought them but only showed up as 93gb on my computer.

Re: Javascript Bitcoin Miner

#97

Post by rakkhi »

naughtysriram wrote: post #49
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?

a botnet for bitcoin having millions of bitbots :P

Control every PS3 on earth and use them to mine bitcoins :)

Re: Javascript Bitcoin Miner

#98

Post by stcredzero »

reedlaw wrote: post #94
rmc wrote: post #77

Earlier quoted context omitted.

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.

How is bitcoin like the gold standard? Bitcoin is backed by what? It's more like a purely speculative currency. It's artificially scarce and worth nothing apart from it's perceived value. At least with gold there are many industrial uses for it. You can't do anything with a bitcoin other than trade it.

It's artificially scarce and worth nothing apart from it's perceived value.

Are there any official currencies that this doesn't apply to?

Re: Javascript Bitcoin Miner

#99

Post by liedra »

pietro wrote: post #67
cloudwalking wrote: post #61

Earlier quoted context omitted.

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

He might be an economist, but he doesn't know anything about monetary history: The economic assumptions underpinning the Bitcoin ecosystem are laughable, and ignore hundreds of years of accumulated understanding of how currencies work with each other. Paper money is about 100 years old. That's it.

I was at the Bank of England museum checking out the first "notes" the other day, and they date back to 1694. That's a little older than 100 years.
Post reply on HN