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[Fury Sense]

Is there a gaf mining pool?

 

[Deleted member 1235]

It's not necessary to invest real money though. You can mine some low-tier, low difficulty scrypt coins like Feather or something yourself and sell them for other crypto-currencies, which you then sell for real money. If you're clever and a bit lucky, you can even profit from the high volatility during the conversion. You most definitely won't get rich doing this, but you can't really lose anything either. My first test run made enough money to pay the electricity needed to continue mining for another few weeks, so I'm completely safe even if the market crashes and burns tomorrow.

this is what irritates me about the 'lol coins' crowd. you can essentially play at this game at 0 risk if you do it right, but somehow you're stupid for thinking a feather coin can make you real money. Although as you've demonstrated, it's entirely possible to make money from internet maths.

as for the market, it's highly volatile so it's a massive risk investment. But so what?

No. You want investments to grow at a stable rate, not dramatic ups and downs.

uh... if you are say... saving for retirement yeah I guess. I have money I actually care about invested in a conservative stocks/bonds managed fund, I also have shorter term stuff in a higher risk high yield fund.

I also have my 'beer money' invested in bitcoin. so far it's made retarded profit to the point I can get my seed back out again. this is still 'investing' it's just doing it with a fuckload of risk.

Unfortunately gaf tends to be like American politics at time, it's either the best ever or the devil, no in between.

 

[kehs]

Impressive.

https://bitcointalk.org/index.php?topic=346134.0

 

[$h@d0w]

n/m

 

[Coreda]

Impressive.

https://bitcointalk.org/index.php?topic=346134.0

Mere mortals stand no chance against this technological beast machine.

 

[criesofthepast]

Litecoin is falling again. I won't buy more till it hits sub $15. I think it is still due to fall sub $15 before it really takes off again to +$50. I'd be set if it hit sub $10.

 

[bdouble]

I get sick of this get rich quick thing. Btc is not an investment. Its a form of currency. Yes you can get rich investing in ans trading on foreign exchanges for profit but that isnt what drives btc.

Its a currency like gold and cash with its own pros and cons.

If anything the price of bit coin is only going up because the $ is highly overvalued.

Anyways hope it drops more so I can put more money in it.

 

[Deleted member 1235]

Litecoin is falling again. I won't buy more till it hits sub $15. I think it is still due to fall sub $15 before it really takes off again to +$50. I'd be set if it hit sub $10.

yeah I'm just holding now. mine cost 27 euro and it's at 24 currently. I think this isn't going to be pretty for my litecoin stock for a few days at least.

 

[velociraptor]

yeah I'm just holding now. mine cost 27 euro and it's at 24 currently. I think this isn't going to be pretty for my litecoin stock for a few days at least.

I can't believe I paid for £44 for a LTC.

I should have just waited. I might buy a couple when they hit rock bottom.

 

[Deleted member 1235]

I can't believe I paid for £44 for a LTC.

I should have just waited. I might buy a couple when they hit rock bottom.

ouch. all part of the game I guess. it's hard to know if it will go batshit crazy in the up or the down direction. fun finding out if you're lucky enough to ride the ups and ditch the downs though.

 

[asa]

ok, bought my first litecoins for 24.75€! all 0.39 of them now, i'm just waiting to them to rise and sell them, am I doing this right? atleast, it's kinda addictive to follow the charts go up and down.

 

[Parallax Scroll]

I can't believe I paid for £44 for a LTC.

I should have just waited. I might buy a couple when they hit rock bottom.

impossible, they can only ever go up up up!

 

[Deleted member 1235]

interesting

http://www.streetinsider.com/Analys...+10-100x+Current+Price+-+Analyst/8936836.html

Wedbush analysts Gil Luria and Aaron Turner see intrinsic value of bitcoin as a conduit in a new global crowd-funded open-source payment network. "Among other facets, we believe Bitcoin and its associated technology represent a potentially game-changing disruption to our covered payments companies," they said.

The analysts observe three key sources of demand for Bitcoin - 1. as a disruptive payment network technology, 2. an alternative uncorrelated asset class, 3. and a safe haven currency. However, they believe the payment network capabilities are the key to the sustainability of crypto currency, with Bitcoin the early leader.

 

[Naked Snake]

interesting

http://www.streetinsider.com/Analys...+10-100x+Current+Price+-+Analyst/8936836.html

But but deflation yada yada worthless! [/empty vessel]

 

[empty vessel]

The analysts observe three key sources of demand for Bitcoin - 1. as a disruptive payment network technology, 2. an alternative uncorrelated asset class, 3. and a safe haven currency.

You can bet on it!

The ultimate "disruptive payment network" would come from the government, should people politically organize to have it. Everybody else--banks, bitcoin processors, paypal, etc.--is just acting as a middleman to a transaction involving what must ultimately get reduced by users to a public currency (USD, Pound, Euro, etc.). The government's imposition of taxes payable only in its own currency assures that.

 

[Deleted member 1235]

The ultimate "disruptive payment network" would come from the government, should people politically organize to have it. Everybody else--banks, bitcoin processors, paypal, etc.--is just acting as a middleman to a transaction involving what must ultimately get reduced by users to a public currency (USD, Pound, Euro, etc.). The government's imposition of taxes payable only in its own currency assures that.

So what? that doesn't render bitcoin worthless in anything except your eyes.

 

[whitehawk]

What wallet do you guys use for bitcoin? The one I got from bitcoin.org is taking forever to sync. It didn't take this long for my litecoin wallet to sync.

 

[realraptor]

What wallet do you guys use for bitcoin? The one I got from bitcoin.org is taking forever to sync. It didn't take this long for my litecoin wallet to sync.

http://electrum.org/

 

[HelloMeow]

What wallet do you guys use for bitcoin? The one I got from bitcoin.org is taking forever to sync. It didn't take this long for my litecoin wallet to sync.

That's one of the advantages of litecoin.

 

[Sun Drugs]

Litecoin mining is about to become unprofitable pretty soon, the difficulty has skyrocketed in just a few short weeks. Wish I looked at this before I bought another graphics card.

That's one of the advantages of litecoin.

Mine is still 105 weeks behind after 1 hour of first running it.

 

[frogg609]

So I've just starting mining Feathercoin. Am using the FCPool. Is that the best one?


Also, where are people buying LiteCoin at?

 

[kick51]

Litecoin is falling again. I won't buy more till it hits sub $15. I think it is still due to fall sub $15 before it really takes off again to +$50. I'd be set if it hit sub $10.

I think these past few days reinforced the notion that it's partially tied to BTC, which just bounced off and recovered from $850. As long as btc is doing well, litecoin will too. and it only hit like $24 on btc-e during the correction, i think. then it waited around $29 for btc to recover while some asshat/awesome individual (depending on your perspective) held it down with a $2 mil USD wall lol

The only way the cord will be cut is if something replaces litecoin. and litecoin is steeped in crypto-nepotism, so who knows if that'll happen.

That weekend dip was scary! but hey, that was the correction and consolidation people were looking for. Pretty painless unless you got weak hands, as always.

So I've just starting mining Feathercoin. Am using the FCPool. Is that the best one?


Also, where are people buying LiteCoin at?

I buy them on btc-e with btc transferred from coinbase. then I send them to my bitfinex account, where they'll sit while I decide my security config for an offline wallet. The transfer to bitfinex is because btc-e seems too dodgy to store coins longterm. 100 of them going into cold storage forever *crosses fingers*

 

[Eiji]

Litecoin mining is about to become unprofitable pretty soon, the difficulty has skyrocketed in just a few short weeks. Wish I looked at this before I bought another graphics card.

Yeah, some guy on another forum purchased 10 7990's this week.

SMH.

 

[tearsofash]

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.

I get a couple bucks a day, and it costs me next to nothing. I am thinking about getting an ASIC miner though in a few paychecks. Right now, I'm just in that "oh neat, this is a fun hobby" phase.

 

[mattx5]

Finally invested in some LTC.

I wouldn't be surprised if it fell to sub-20 this week and I might've waited till it dropped a bit to buy in, but to be honest, I'm in this for the long haul and I'm (obviously) hoping we'll see LTC trading at $100+ (if not much, much more) in the next 6-12 months.

 

[Fenderputty]

So what? that doesn't render bitcoin worthless in anything except your eyes.

It renders it pretty worthless in my eyes. At least as far as bitcoin as an actual currency.

I can see the fun / money making potential in speculation, but those aren't the same.

The fact that usable bitcoins trend to zero over time isn't nearly as important as the inability of bitcoin to properly expand in supply to meet demand, assuming that people wanted to make bitcoin work. It's like a village baker that can only expand production by a set amount while need for bread increases at a greater rate. Eventually people are going to be hungry. In currencies, people don't go without as much as the value increases and prices/wages go down, which is deflation.

I like this. I've seen people describe the ability for a coin to be split, but this just seems like cutting the loaf into thinner slices to me.

 

[kick51]

it goes down 8 decimals

there's more than enough for all


i'll save some for ya


and besides that, bitcoin will supposedly be the gold bricks, litecoin as the everyday use currency, as there's 4x as much supply. I personally think both will get replaced by something more evolved, but can't say I care atm.

It renders it pretty worthless in my eyes. At least as far as bitcoin as an actual currency.

I can see the fun / money making potential in speculation, but those aren't the same.

except that with every store and service that begins accepting it, it becomes more of a currency. with circulation will come the ability to work for them and all the other benefits.

It just seems like some of you think things should be perfect from day 1 or not happen at all.

 

[Deleted member 1235]

I get a couple bucks a day, and it costs me next to nothing. I am thinking about getting an ASIC miner though in a few paychecks. Right now, I'm just in that "oh neat, this is a fun hobby" phase.

and what effect does it have on your electricity bill? seriously, you should check that because basically you'll be sapping more power than money you're generating. there are calculators for this online you can check quickly and then say 'oh yeah, I'll stop doing that' pretty much immediately.

 

[Zaptruder]

It renders it pretty worthless in my eyes. At least as far as bitcoin as an actual currency.

I can see the fun / money making potential in speculation, but those aren't the same.




I like this. I've seen people describe the ability for a coin to be split, but this just seems like cutting the loaf into thinner slices to me.

Cutting the loaf into thinner slices while at the same time the size of the loaf continues to rise.

But the point is taken - no one's gonna wanna spend this currency while it continues to be as volatile as it is. How would you feel about paying 1 bitcoin for a videocard, only for that same videocard to be worth 0.5 bitcoins the next day? Or maybe 2 bitcoins?

Without other currencies for it to be traded against as with any commodity, it's a pretty damn worthless functional currency.

And if it's a pretty damn worthless functional currency, then the vast majority of the value of bitcoins exists as speculative hoarding - which means its bubble must eventually burst when people realize that it has little functional value as a currency.

It's not to say that it couldn't succeed as a currency... but it's value as a medium of transaction (i.e. whatever trust and confidence its usage engenders along with the convenience of using it) must exceed its potential gains from speculation.

In time, as the name grows, and as the barrier for merchants to accept payment in bitcoin is reduced (not that it's too high right now), then it might grow into strength as its own currency....

But the fundamental tension of its utility as currency and its worth as a speculative investment will never be resolved - because the instant it becomes useful as a currency and it starts to be accepted and used by more people - then its value rises, thus pushing the speculative bubble again.

It isn't until Bit Coin is at maximal possible demand for use as a currency that the value will even settle... but can such a currency which design leaves it with this fundamental tension ever be capable of achieving such a theoretical maximum demand? I seriously doubt it.

 

[Hitokage]

I like this. I've seen people describe the ability for a coin to be split, but this just seems like cutting the loaf into thinner slices to me.

Which is like saying "hey, look at all these pennies we have lying around, why don't we use them!"

In order for pennies to become a meaningful price unit, the dollar would have to undergo extensive deflation. The fact that you can have bitcoins in miniscule fractions doesn't mean anything unless deflation is implied.

 

[Deleted member 1235]

so 'can it be a currency' stuff aside for a second. Anyone else following the 96,000,000 dollar heist that just happened (if we just say that bitcoin is worth 1000 at the moment)?

read the sticky here
http://www.reddit.com/r/sheepmarketplace

what basically happened is

silkroad died
sheepmarketplace (a competitor) appeared

a lot of people used it and stored their money in their accounts there.

somebody using sql trickery, jacked the website told users they still had a balance, honored those balances all the while siphoning 96000 bitcoins off to a wallet and then running for the hills.

it gets interesting now though, because the wallet it went to is known. and ALL bitcoin transactions are entirely public. so you can see all the scam money (and beg for some) here

https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP

so if you were the criminal what would you do?
Bitcoin 'tumblers' are the answer, but the trouble is, most of them simply cannot handle such a large volume of bitcoins per day. if they handle only 100 bitcoins in a day and you flood it with 96000, then what comes out the otherside is pretty much dirty bitcoins again.

 

[GaimeGuy]

I get a couple bucks a day, and it costs me next to nothing. I am thinking about getting an ASIC miner though in a few paychecks. Right now, I'm just in that "oh neat, this is a fun hobby" phase.

How's your electric bill?

 

[Coreda]

https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP

so if you were the criminal what would you do?
Bitcoin 'tumblers' are the answer, but the trouble is, most of them simply cannot handle such a large volume of bitcoins per day. if they handle only 100 bitcoins in a day and you flood it with 96000, then what comes out the otherside is pretty much dirty bitcoins again.

For anyone curious here's the address of the Silk Road FBI seizure.

I wonder what would happen if they flooded the exchanges. That famous Mt. Gox crash of 2011 happened after a hack and an enormous volume of transactions, bringing it to it's knees and creating widespread negative news. Unlikely that will happen, though.

Maybe they'll do the clever thing and exchange them to various wallets first then exchange out. Would be interesting if exchanges blacklisted hacked addresses.

 

[Deleted member 1235]

For anyone curious here's the address of the Silk Road FBI seizure.

I wonder what would happen if they flooded the exchanges. That famous Mt. Gox crash of 2011 happened after a hack and an enormous volume of transactions, bringing it to it's knees and creating widespread negative news. Unlikely that will happen, though.

Maybe they'll do the clever thing and exchange them to various wallets first then exchange out. Would be interesting if exchanges blacklisted hacked addresses.

when you say seizure, is that the transfer from silk road wallet to FBI hands?

 

[Coreda]

when you say seizure, is that the transfer from silk road wallet to FBI hands?

There's a link on the page. It's from the wallet of Ross Ulbricht, apparently.

 

[Burger]

I get a couple bucks a day, and it costs me next to nothing. I am thinking about getting an ASIC miner though in a few paychecks. Right now, I'm just in that "oh neat, this is a fun hobby" phase.

If you make $2 per day, assuming you run 24hrs your likely cost in electricity is between 60-80 cents per 24hours for a 5570, for the GPU alone. Factor in all the other consumption costs and it's more likely 80-100 cents.

So it's not exactly costing you next to nothing, it could be costing you almost half your revenue. Also that number (your profit) will only decrease over time, while your costs (electricity) will only increase over time.

 

[Hitokage]

If you make $2 per day, assuming you run 24hrs your likely cost in electricity is between 60-80 cents per 24hours for a 5570, for the GPU alone. Factor in all the other consumption costs and it's more likely 80-100 cents.

So it's not exactly costing you next to nothing, it could be costing you almost half your revenue. Also that number (your profit) will only decrease over time, while your costs (electricity) will only increase over time.

Not to mention your capital investment, which can only be considered to not matter if you were going to use the same equipment for other reasons anyway.

 

[asa]

Seems like everything is going up again, btc is @ around 1190 now at mt.gox.

 

[tearsofash]

and what effect does it have on your electricity bill? seriously, you should check that because basically you'll be sapping more power than money you're generating. there are calculators for this online you can check quickly and then say 'oh yeah, I'll stop doing that' pretty much immediately.

I've used a calculator, I'm not sapping more money than I'm generating.

If you make $2 per day, assuming you run 24hrs your likely cost in electricity is between 60-80 cents per 24hours for a 5570, for the GPU alone. Factor in all the other consumption costs and it's more likely 80-100 cents.

So it's not exactly costing you next to nothing, it could be costing you almost half your revenue. Also that number (your profit) will only decrease over time, while your costs (electricity) will only increase over time.

I have a real job, too.

Seriously, I feel like you guys are all trying to get me to stop. It's my money I'm wasting, and I'm having fun. I think I'm just a fan of seeing shares pop up. I used to do the same thing with folding@home.

 

[MikeHattsu]

Seems like everything is going up again, btc is @ around 1190 now at mt.gox.

Market cap at coinmarketcap is almost up to where it was before the drop in the weekend now.

 

[Deleted member 1235]

Seriously, I feel like you guys are all trying to get me to stop. It's my money I'm wasting, and I'm having fun. I think I'm just a fan of seeing shares pop up. I used to do the same thing with folding@home.

fair enough man if you like it. it would just be cheaper to outright buy some though. but I get it, you like the feeling of 'finding' the coins.

I'm now waiting for gox to verify me. they are slow as shit. since starting this experiement sometime last week, I managed to trade 200 euro up to 436 which is now sitting cashed out at gox in EUR, but I can't get it to the bank yet (and they say SEPA can take 6 weeks wtf)

I've found the deposit at Kraken and buy bitcoin -> transfer to gox -> cash out seems to be netting me an instant 6-7 percent return everytime I do it. I'm risking the funds I guess by holding them in BTC while the transfer occurs (transfer takes around 1 hour, requires 6 confirmations) but so far I'm 4 from 4. Going to continue to do it with profits only continually until this doesnt work.

6-7% in 1 day is pretty acceptable trading I'd say. just wish I had more money to play with. it's very hard not to commit more funds to this since it seems to be working at present. However, I've found GOX also to be a shitty website, they have quite low volume and no idea what's going on at all regarding trades etc.

 

[Javaman]

All the drama around the bit coin heist reminded me how funny it's going to be when 3/4th of the tumbler sites end up being FBI controlled honey pots. Seriously what's to stop them from making their own. They've probably been tracking every transaction from beginning to end for anyone unfortunate enough to choose poorly considering the high likely hood of the coins being used for illegitimate purposes.

 

[kick51]

so if you were the criminal what would you do?
Bitcoin 'tumblers' are the answer, but the trouble is, most of them simply cannot handle such a large volume of bitcoins per day. if they handle only 100 bitcoins in a day and you flood it with 96000, then what comes out the otherside is pretty much dirty bitcoins again.

The FBI seemed to cut right through tumblers when making SR busts. if you put enough man hours in, you can find the entrance and the exit, it's just really annoying. Should only get easier to do that in the future.

 

[Burger]

I have a real job, too.

Seriously, I feel like you guys are all trying to get me to stop. It's my money I'm wasting, and I'm having fun. I think I'm just a fan of seeing shares pop up. I used to do the same thing with folding@home.

Don't get me wrong, I don't think you should stop if you don't want to. But everyone should be aware of the facts. If you are in fact running your card 24h at high thermal loads, this will slowly damage your card (through factors like electromigration), drastically reducing the lifespan of your equipment.

 

[whitehawk]

Oh my god. Just as I'm ready to deposit some money into Vault of Satoshi, they stop accepting direct cash deposits through BMO.

come ON

I might just have to wait until they implement bill payments.

 

[Deleted member 1235]

The FBI seemed to cut right through tumblers when making SR busts. if you put enough man hours in, you can find the entrance and the exit, it's just really annoying. Should only get easier to do that in the future.

are you sure? I thought they just caught the guy in a library with one of his entire wallets and they are still missing tons of money.

how would they make the connection? What comes out of coin fog is nothing like what went in. you would have to just amount match, there is no other common factor.

 

[mattx5]

Oh my god. Just as I'm ready to deposit some money into Vault of Satoshi, they stop accepting direct cash deposits through BMO.

come ON

I might just have to wait until they implement bill payments.

Yep, this was a major blow - I managed to make cash deposits on the last day they were available.

Of course LTC prices are going up now and i'd love to buy but have no funds left in my account

I'd do a wire transfer but I suspect the new bill payment feature might be available by the time my wire would clear anyways.

 

[Shao Kahn Brewing a Stew]

I got my account approved.

I got my money ready.

I just cant push myself into supporting this. Its too volatile and too crazy.

I'm happy for every gaffer who made hundreds or thousands or *gasp* millions on this but I have too much going on my life to invest in this.

With Satoshi being all picky, I can't be all political about it and have to make a decision. When this becomes a true currency, I will gladly own a few of it.

Thanks again for the great tips, everyone (incl. my fellow NYC backpacker, criesofthepast!).

 

[MikeHattsu]

I got my account approved.

I got my money ready.

I just cant push myself into supporting this. Its too volatile and too crazy.

I'm happy for every gaffer who made hundreds or thousands or *gasp* millions on this but I have too much going on my life to invest in this.

That's wise. If it's not money you can afford to lose, then you shouldn't do it.

 

[whitehawk]

I got my account approved.

I got my money ready.

I just cant push myself into supporting this. Its too volatile and too crazy.

I'm happy for every gaffer who made hundreds or thousands or *gasp* millions on this but I have too much going on my life to invest in this.

With Satoshi being all picky, I can't be all political about it and have to make a decision. When this becomes a true currency, I will gladly own a few of it.

Thanks again for the great tips, everyone (incl. my fellow NYC backpacker, criesofthepast!).

I can see it now.

"It hit $50,000? why didn't I invest when it was $1,000!"