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Bitcoin price skyrockets, crashes, rinse, repeat, internet starts investing in tulips

C

criesofthepast

Member
NotBacon said:
I checked that out and they had like 2 sentences on wallets...

But I downloaded litecoin-qt and it kinda makes sense,

so litecoin-qt is like a wallet itself, with send and receive addresses (just like btc-e?), but it's a good idea to make backup wallet files?
Click to expand...
Yes make sure you let litecoin-qt sync upon installation and download the block chain. Can take a while I think it is 4GB's large now (may be wrong.) Your wallet file is called wallet.dat and thats the one you want to backup and keep safe. Make multiple backups in case one gets corrupted. Sorry I suck at giving instructions :(
 
N

NotBacon

Member
criesofthepast said:
Yes make sure you let litecoin-qt sync upon installation and download the block chain. Can take a while I think it is 4GB's large now (may be wrong.) Your wallet file is called wallet.dat and thats the one you want to backup and keep safe. Make multiple backups in case one gets corrupted. Sorry I suck at giving instructions :(
Click to expand...

It's coo it's coo thanks, and to import coins back into litecoin-qt from a backup I just replace the wallet.dat file in the directory with my backup right?
 
S

Shao Kahn Brewing a Stew

Banned
criesofthepast said:
With who satoshi or virtex? Virtex can literally take fucking weeks. Honestly a lot of people are getting fed up with their bullshit. Satoshi came about at just the right time. They're still a lot faster than Virtex right now.

Also if you have a reddit account you can message the owner of Satoshi or call them to maybe expedite verification if that's the site your dealing with.
Click to expand...

Satoshi is where I'm having issue. Thanks though, I'll contact him very soon!
 
E

Ether_Snake

安安安安安安安安安安安安安安安
It's stabilizing. Looking at http://coinmarketcap.com/ you can see the price of other currencies are rising much faster, so I expect some to pull out from Bitcoin to put their money in another virtual currency. I don't believe most people are patient.
 
M

Malleymal

You now belong to FMT.
while in brooklyn this weekend I stopped by a corner store and the sign said bit coins accepted. I was like oh.

Quick question

what site can I go to to get verified and a wallet to make a transaction? I am in the US.

Thanks guys
 
R

Ripclawe

Banned
is coinbase and localbitcoins the fastest way to buy into bitcoins if you are in America in terms of ease of use and quickness?

I was looking into Kraken but unless I am reading it wrong there is a fee for US dollars for depositing?
 
B

bistromathics

facing a bright new dawn
Ripclawe said:
is coinbase and localbitcoins the fastest way to buy into bitcoins if you are in America in terms of ease of use and quickness?

I was looking into Kraken but unless I am reading it wrong there is a fee for US dollars for depositing?
Click to expand...

Coinbase is convenient, but it is not very fast. It can take a week or more to finally get the BTC in your account. I'm also not a huge fan of how you link it to your bank account - basically straight up giving them your login and password info. It does make it pretty easy to drunk/impulse purchase, though.
 
B

bbdude

Member
Burger said:
80Kh/s?

You can buy a USB ASIC miner for £50 or so, which is about 3500khash, and even just one won't exactly make you decent money any time soon.

With just 80Kh/s you should forget it. It's a waste of energy. A lemonade stand would be more profitable.
Click to expand...

You can't mine litecoin with current ASIC mining devices. Different encryption (scrypt)

If anyone's considering mining litecoin, mid- to high-end AMD cards are the best (and kinda the only) option. CPU mining leaves you with a hot CPU, a high power bill, and little money to cover it. GPU mining is where it's at.

I decided to begin mining yesterday. I was lucky enough to already have two AMD cards that are great for hashing, as well as two separate machines to run them on. I have one machine with a tahiti-based 7870 running 7 and cgminer, and another machine with a 5850 and BAMT (Debian-based distro that runs off usb and is just mining tools). I average a combined 800-100 KH/S right now, and I'm making around 16 dollars a day doing it.
 
R

Relix

he's Virgin Tight™
bbdude said:
You can't mine litecoin with current ASIC mining devices. Different encryption (scrypt)

If anyone's considering mining litecoin, mid- to high-end AMD cards are the best (and kinda the only) option. CPU mining leaves you with a hot CPU, a high power bill, and little money to cover it. GPU mining is where it's at.

I decided to begin mining yesterday. I was lucky enough to already have two AMD cards that are great for hashing, as well as two separate machines to run them on. I have one machine with a tahiti-based 7870 running 7 and cgminer, and another machine with a 5850 and BAMT (Debian-based distro that runs off usb and is just mining tools). I average a combined 800-100 KH/S right now, and I'm making around 16 dollars a day doing it.
Click to expand...

I hate you :p! My GTX670 can mine up to 190khash. So slow. I feel like I am just wasting power.
 
S

Sykotik

Member
bbdude said:
If anyone's considering mining litecoin, mid- to high-end AMD cards are the best (and kinda the only) option. CPU mining leaves you with a hot CPU, a high power bill, and little money to cover it. GPU mining is where it's at.
Click to expand...

I'm currently mining with an overclocked 7970, at around 450kh/s. Is this decent? Does it being overclocked help any?
 
K

Kane Zakharov

Banned
Sykotik said:
I'm currently mining with an overclocked 7970, at around 450kh/s. Is this decent? Does it being overclocked help any?
Click to expand...

You can check this link to see how your GPU compares: https://litecoin.info/Mining_hardware_comparison

Seems like it can do better. In regards to overclocking, it seems like it's a bit unpredictable from what I've heard and experienced. For example, downclocking my memory clock made my GPU get a decent amount of extra kh/s. I'm using guiminer to mine at the moment.
 
P

phazedplasma

Member
Thinking of setting up a litecoin mining rig... Have a spare mobo and everything at my parents house, all I would need is an amd card.

I just wonder if waiting until christmas is too late...
 
I

Irresistable Thing

Member
I would think mining for litecoins would be a little tricky at this stage, considering it's skyrocketing difficulty. For coin mining, I'm relying on other, smaller cryptocurrencies based off of results from coinwarz and selling them locally for hard cash. I'd rather not have to go through the pain of linking my bank account to an exchange and waiting potentially several weeks, as well as knowing that money transactions seem to take days to complete.
 
T

TheExodu5

Banned
Relix said:
I hate you :p! My GTX670 can mine up to 190khash. So slow. I feel like I am just wasting power.
Click to expand...

One thing to keep in mind: if it's cold where you are, your power isn't really being wasted...the power you're using will just heat up your house fairly efficiently. If it's warm where you are, however, your power is being doubly wasted, since you'll need power to run the AC and counteract the heat being produced.
 
E

Ether_Snake

安安安安安安安安安安安安安安安
TheExodu5 said:
One thing to keep in mind: if it's cold where you are, your power isn't really being wasted...the power you're using will just heat up your house fairly efficiently. If it's warm where you are, however, your power is being doubly wasted, since you'll need power to run the AC and counteract the heat being produced.
Click to expand...

Except you probably have a fan cooling down your PC:/
 
E

erlim

yes, that talented of a member
I bought a 1.281 bitcoins on friday only to see them tumbling today. Ignored my buddy on buying in at $64/coin because of the stigma of silk road/ being too conservative. Wanted in on the fun. Bought high, classic folly.
 
O

Onion_Relish

Member
erlim said:
I bought a 1.281 bitcoins on friday only to see them tumbling today. Ignored my buddy on buying in at $64/coin because of the stigma of silk road/ being too conservative. Wanted in on the fun. Bought high, classic folly.
Click to expand...

Have you considered buying tulips?
 
Slayer-33

Slayer-33

Liverpool-2
erlim said:
I bought a 1.281 bitcoins on friday only to see them tumbling today. Ignored my buddy on buying in at $64/coin because of the stigma of silk road/ being too conservative. Wanted in on the fun. Bought high, classic folly.
Click to expand...

Jaezuz :|
 
S

Slavik81

Member
TheExodu5 said:
One thing to keep in mind: if it's cold where you are, your power isn't really being wasted...the power you're using will just heat up your house fairly efficiently. If it's warm where you are, however, your power is being doubly wasted, since you'll need power to run the AC and counteract the heat being produced.
Click to expand...
Electric heating is much less efficient than gas, but you're right that the waste heat does have some value in cold places.

Ether_Snake said:
Except you probably have a fan cooling down your PC:/
Click to expand...
Fans don't cool anything directly. They just circulate the air. Basically, the fan on a PC pumps hot air out of the computer case and into the room. That's a necessary part of any heating system.
 
Slayer-33

Slayer-33

Liverpool-2
erlim said:
Historically, everytime I've aggressively gone after stocks, the stocks have bottomed out after I bought them. I'm a genuine gambling black cloud. Sorry guys. :(
Click to expand...

This is the sort of thing that would happen to me too lol... You are not alone lol...
 
K

kick51

Banned
erlim said:
I bought a 1.281 bitcoins on friday only to see them tumbling today. Ignored my buddy on buying in at $64/coin because of the stigma of silk road/ being too conservative. Wanted in on the fun. Bought high, classic folly.
Click to expand...



This line of thought is also a classic folly, if you're considering cashing out already.

you might be pleasantly surprised next week as a bunch of people get verified after the recent news push.

also, sunday always sucks. people have the time to sit around and make irrational trades.


shhhh no dumping

only buy and hold now
 
D

DerZuhälter

Member
Market is crashing and the Bitcoin sites:

unbenannt9uj5u.jpg
Click to expand...

No chance on getting it out of there now :\
 
P

PetriP-TNT

Member
TheExodu5 said:
One thing to keep in mind: if it's cold where you are, your power isn't really being wasted...the power you're using will just heat up your house fairly efficiently. If it's warm where you are, however, your power is being doubly wasted, since you'll need power to run the AC and counteract the heat being produced.
Click to expand...

"Hey dad, I am not wasting power, I am heating up the apartment fairly efficiently!"
 
I

Irresistable Thing

Member
Some may see this as a time to rip on the Bitcoin being a massive bubble and all -

I say, it's going to be a great time to buy once it bottoms out at around $800 or so. These coins will always be around, it will hit all sorts of price points. You just have to be around to see it.
 
E

Ether_Snake

安安安安安安安安安安安安安安安
And how do you know low is low and high is high?
 
D

Deleted member 1235

Unconfirmed Member
gah, was hoping litecoin had bottomed out for the weekend and bought in at 27euro. just dropped to like 21 in the last few hours. oh well. the waiting game. bitcoin dropping like a rock. don't think it will crash permanently, will try and buy in with 'my stake' at the bottom and continue the experiment to the bitter end or alternatively.... money land!

EDIT: anyone know what prompted this... massive sell?
 
E

Ether_Snake

安安安安安安安安安安安安安安安
catfish said:
EDIT: anyone know what prompted this... massive sell?
Click to expand...

Probably the fact that it stopped going up 10% a day, and people started pulling money out to invest in litecoin or whatever other currency, and that most people are not patient.

People wanted to make their own 1000% profit.

edit: It also looks like big transactions, some 40 bitcoins trades sometimes.
 
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