empty vessel
Member
Yes, similar.
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Bitcoin price skyrockets, crashes, rinse, repeat, internet starts investing in tulips
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Yes, similar.
Stumpokapow
listen to the mad man
More to the point, the cost of mining $500 in BTC will exceed the amount you pay in electricity to power your computer to mine $500 in BTC.
Jim E. Rossler
Banned
I want you guys to know, you can buy fractions of bitcoins.
If you dont have $700, buy .1 for $70
Although if it doubles in value you only made 70 instead of 700
If you dont have $700, buy .1 for $70
Although if it doubles in value you only made 70 instead of 700
Is that actually the case currently?
Earlier this year (January), it wasn't profitable to mine bitcoins as they were about $12 a piece...but it wasn't all that far off. When the price jumped up to $40-50, it was definitely profitable. Has the rate of mining decreased by that much since then?
rofl
this is the one.
this is the one we'll quote after next time.
(btw, he doesn't know how to read or interpret graphs)
it's incredible how people sitting on ultra high powered pcs talking with people all over the world over ridiculously complex networks while simultaneously browsing 3 windows of hentai and a naruto episode from 4 different locations at once while skyping with 7 of their friends *breathes in* finds bitcoin to be some nefarious scam. And all this AFTER the us government, who everyone was sure was gonna do all it could to stop it, gave it a pretty positive nod in 2 senate hearings. And after the people at those hearings who were trying to bash it sounded just like any whack job who is unreasonably against anything else. "It's so complex that it could be used for terrorism" is a direct quote, i believe. Nobody is saying the thing is perfect, but all in all, everything is going way better than expected with it so far. It could be worse--there could be zero legitimate economy surrounding it, but that's not the case...the number of businesses and services accepting it also goes up exponentially. And this whole thing started when it survived Silk Road getting busted. So, smarten up or don't.
D
Deleted member 1235
Unconfirmed Member
it's hard. you must get programs that target your gpu specifically. cpu mining is worthless. there are calculators to see if it's worth the cost of power specifically. If you aren't prepared to do a very serious investigation vs cost of power, you are quite likely to just piss money into your power companies pocket for no real gain.
me and a friend are looking at getting into this with some play money (not investing, gambling) and my god, it's quite hard to buy these fuckers. I want some lite coin, but first you have to get money to one of these exchanges. good fucking luck in europe.
what I don't understand on these exchanges is if you say 'buy now' how quickly do you get your bitcoin in your wallet?
Also on sale, if I say 'sell for 480' that only puts an 'offer' on the market right, will I only get that money if some guy accepts said offer?
Naked Snake
Member
Interesting page on mining I just read:
http://motherboard.vice.com/blog/a-...bought-a-1500-bitcoin-miner-on-ebay-for-20600
Seems that it's not a small guy's game.
http://motherboard.vice.com/blog/a-...bought-a-1500-bitcoin-miner-on-ebay-for-20600
Seems that it's not a small guy's game.
YuriLowell
Member
Its all luck.
No one mines in the old style anymore and expects a decent gain in bitcoins, the scale has ramped up so much against the average miner that it's only ASICs doing real work anymore. You could probably still mine, but you're going to be pulling piddles with old milkbox setups we used to do.
D
Deleted member 1235
Unconfirmed Member
god I'd like to have at least one bitcoin thread without this kind of nonsense.
can someone who knows give a rundown on asics? what are they exactly?
Jackben
bitch I'm taking calls.
I thought the same when I saw the thread title "Internet groans at not having bought in". I'd like to have at least one bitcoin thread where its supporters acknowledge the downsides of their virtual stocks instead of just pumping hyperbole and ignoring legitimate data and criticism.
But I reckon we'll both continue to be disappointed.
Burger
Member
ASICS are chips like your CPU but run a different instruction set, one that is particularly good at solving the maths needed to mine bitcoins.
Naked Snake
Member
I think they're custom built chips specifically designed for Bitcoin mining. And currently only one or two companies make them and they're in short supply. (That's what I got from reading the article I linked to above)
They're many orders of magnitude faster and more efficient at mining than other hardware.
YuriLowell
Member
I am looking for litecoin. There aren't as many options. How does someone in the US actually deposit cash for litecoin purchases? The transfer sites I have tried are not available in the states.
YuriLowell
Member
Easiest way is to buy bitcoin send it to btc-e and then buy litecoin.
criesofthepast
Member
Btc-e. But don't keep the coins on there for long. I honestly think that site will just disappear one day. It has gotten massive though so maybe things are better now. Support is/was a bit shady for a lot of people when I was dealing with them. I personally had no problems with them and I transfered bitcoins to them and purchased / sold some litecoins this summer and got out with no issue. I guess with any exchange don't keep coins on there for long.
D
Deleted member 1235
Unconfirmed Member
this is what I'm looking at doing. I've got my own bitcoin wallet setup and encrypted, then stored in an online storage. idea is to put money in the exchange, convert to bitcoin then always hold it in my own wallet. only put it to the exchanges for the purposes of tranfering/exchanging.
let's have it then. convince anyone interested that you know best. go on.
empty vessel
Member
The main problem I have with bitcoin proponents is their insistence that bitcoin is something with utility instead of a simple gambling game. While there is a pyramid-scheme like structure to it in that early adopters stand to gain at the expense of late adopters, I otherwise don't really care whether people place bets against each other to reallocate US dollars among them. If you are a winner, congrats. If you are a loser, sorry. What's more to say about it?
How is this any different than someone who plays currencies and is constantly switching money between USD, GBP, and Euros in attempt to profit off the fluctuations? The purpose of bitcoins is to be a currency. People playing the bitcoin VLT is just a side effect. As it's traction gets larger more companies will accept it and there won't be as much of a need to convert bitcoins to other currencies.
D
Deleted member 1235
Unconfirmed Member
at what point would you consider it a legitimate currency?
empty vessel
Member
Those currencies do not fluctuate relative to domestic prices by virtue of that speculation. If they did, an end would have to be put to the practice. The short answer is that from the perspective of the speculator there is no difference. But from the perspective of a user of the currency there is. USD can still be used as a currency notwithstanding what speculation occurs. Bitcoins cannot be. It does not appear to me that in any bitcoin thread has any person been interested in using it as such. And if there is no interest in using it as a currency, it isn't a currency. It's just a fake asset that has real monetary value, at least for some amount of time.
Well, I don't think it can ever be a currency unless governments accept tax payments in it. That won't likely ever happen. The fact that virtually nobody treats it like a currency is another problem. Bitcoin proponents are cheering its rise in value relative to the dollar (and hence to the prices of goods for sale in dollars), but this is not good for a currency. A currency should be stable. So the proponents of bitcoin are working at cross-purposes to what they claim they want. They claim that bitcoin should be a good currency, but cheer events that make it a bad currency. And that's because what they really want is more US dollars. Which is a real currency.
How would I go about this? I just got my accounts set up and verified, and am looking at buying into litecoin. Fundamentally they're the same as bitcoin, so after I get some coins what's the best way to keep them safe and how do I do it?
Shake Appeal
Member
Today's the day it goes past $1K/btc on American exchanges.
SquiddyCracker
Banned
Someone wake me up once it has dropped down to 20 dollars - I'll buy 100 dollars worth of the stuff then.
LeeRoyBrown
Banned
I'm waiting for 1 more crash.
Whats wrong with these fucking retards.
Let it drop under $800 and it will crash hard, and you can buy in cheaper.
But no, I guess people like to not make money.
Seriously.
Whats wrong with these fucking retards.
Let it drop under $800 and it will crash hard, and you can buy in cheaper.
But no, I guess people like to not make money.
Seriously.
I'm an expert
Formerly worldrevolution. The only reason I am nice to anyone else is to avoid being banned.
But you had years to do that..
oh shit.Keyouta said:I want to know this too. I know they jumped 123% when Bitcoin hit $900 a couple days ago. Litecoin is cheap enough right now too.
Also, related:
suddenly i dont feel bad about not having bought bitcoins in the beginning.
something like this would have killed me...
TheQueen'sOwn
insert blank space here
Tried to buy litecoins today and I'm amazed at the number of hoops I have to jump through.
*shrug* Will be giving them my blood sample tomorrow.
*shrug* Will be giving them my blood sample tomorrow.
Ether_Snake
å®å®å®å®å®å®å®å®å®å®å®å®å®å®å®
Bitcoin's value will change based on adoption rate really. So you could say that current price is based on future expected adoption levels + some speculation as well obviously.
The main issue with this virtual currency is that in the past you could not cause a new currency to materialize if it was based on a finite source. Bitcoin basically is a gold simulator since the supply is fixed. But this means someone could create a rival currency which would obviously impact bitcoin value. This would have been extremely difficult to do in the real world, but in the virtual world it's as easy as it was to make bitcoin, if not easier now.
This is why I am 100% certain that if bitcoins become widely adopted, the monetary base of bitcoins will be expanded. People say "it's not possible!" but yes it is: you create a second bitcoin, in the same way that we could suddenly mine for gold on Mars or wherever we could not previously. It's that or you get hit with competition from another virtual currency.
The more bitcoins are adopted, the more inflation will eventually lead to a need for more bitcoins, and at that point you either end up with a crisis or an expansion of the monetary base.
Until then I think bitcoins will eventually reach mass market usage and stabilize somewhat, but probably not for another 5 years minimum. You would need widespread adoption for it to stabilize, and you need stabilization for it to be adopted. It will go little by little I guess. Another scenario is that it will crash hard if some competition pops up early on as a result of people wanting to start the quick-cash cycle all over again after having felt that it's too difficult to make as much cash quickly with bitcoins.
If the later happens, it will halt the potential adoption of virtual currencies, and will relegate it to a kind of mind-game lottery.
The main issue with this virtual currency is that in the past you could not cause a new currency to materialize if it was based on a finite source. Bitcoin basically is a gold simulator since the supply is fixed. But this means someone could create a rival currency which would obviously impact bitcoin value. This would have been extremely difficult to do in the real world, but in the virtual world it's as easy as it was to make bitcoin, if not easier now.
This is why I am 100% certain that if bitcoins become widely adopted, the monetary base of bitcoins will be expanded. People say "it's not possible!" but yes it is: you create a second bitcoin, in the same way that we could suddenly mine for gold on Mars or wherever we could not previously. It's that or you get hit with competition from another virtual currency.
The more bitcoins are adopted, the more inflation will eventually lead to a need for more bitcoins, and at that point you either end up with a crisis or an expansion of the monetary base.
Until then I think bitcoins will eventually reach mass market usage and stabilize somewhat, but probably not for another 5 years minimum. You would need widespread adoption for it to stabilize, and you need stabilization for it to be adopted. It will go little by little I guess. Another scenario is that it will crash hard if some competition pops up early on as a result of people wanting to start the quick-cash cycle all over again after having felt that it's too difficult to make as much cash quickly with bitcoins.
If the later happens, it will halt the potential adoption of virtual currencies, and will relegate it to a kind of mind-game lottery.
PetriP-TNT
Member
I will jump in at 1500 dollars, because the price will only go up from that right? Because that's how economics and my fedora says I am an expert
captmorgan
Banned
Wouldnt know be a good time to introduce another currency and just call them gitcoins.
Then ride off the popularity of bit coins and peoples ignorance then cash out quickly before it collapses?
On a unrelated note I`m now selling gitcoins for 20 dollars a piece get them before the price skyrockets!
edit: didnt realize there is other coins lol
Then ride off the popularity of bit coins and peoples ignorance then cash out quickly before it collapses?
On a unrelated note I`m now selling gitcoins for 20 dollars a piece get them before the price skyrockets!
edit: didnt realize there is other coins lol
dragonelite
Member
I was at an chill internship place and one of the other internship guys had an gaming laptop he had mined 3 coins a year ago in 10 months of time. No electricity bill and big payout bonus he bought a new Gaming rig with the bitcoin payout.
weekend_warrior
Banned
Investing in an electronic currency with no real financial backing, that sounds like a great idea! Lets all do that!
Feel free to jump in on other virtual currencies. Losing 100 dollars may not make you poor, but you may be lucky 5-6 years later.
As for me, I'm the one that will groan and moan for not buying stuff.
Srsly, all these news will pique interest in such endeavors and some may end up being very lucky if one is able to ride the correct wave.
As for me, I'm the one that will groan and moan for not buying stuff.
Srsly, all these news will pique interest in such endeavors and some may end up being very lucky if one is able to ride the correct wave.
Glorious_Paradox
Member
Damn, a friend of mine introduced me to Bitcoin when it was in its infancy.
Don't remember the actual numbers, but they were ridiculously cheap back then.
I remember downloading the mining software and playing around with it a bit, but I didn't have the foresight or believe in them enough, so I shrugged them off as just another internet thing.
Needless to say, I'm pretty damn bitter now for not buying into them at the time, but what can you do?
As for my friend, he's been a very passionate believer in Bitcoin from the very start, and all these years he's practically made it his hobby to accumulate as many as possible.
He's even been one of the very few businesses in the area that accepted payments in Bitcoin (even offering discounts for customers who made purchases with them).
I haven't spoken to him in around a year, but it's fair to assume that right now he's become a multi-millionaire.
Don't remember the actual numbers, but they were ridiculously cheap back then.
I remember downloading the mining software and playing around with it a bit, but I didn't have the foresight or believe in them enough, so I shrugged them off as just another internet thing.
Needless to say, I'm pretty damn bitter now for not buying into them at the time, but what can you do?
As for my friend, he's been a very passionate believer in Bitcoin from the very start, and all these years he's practically made it his hobby to accumulate as many as possible.
He's even been one of the very few businesses in the area that accepted payments in Bitcoin (even offering discounts for customers who made purchases with them).
I haven't spoken to him in around a year, but it's fair to assume that right now he's become a multi-millionaire.
SapientWolf
Trucker Sexologist
I wouldn't feel bad, because anyone back then saying that Bitcoin would be worth nearly $1000 a piece would be laughed off as insane. Some big players made some big investments, which lead us to the situation we're at right now.Damn, a friend of mine introduced me to Bitcoin when it was in its infancy.
Don't remember the actual numbers, but they were ridiculously cheap back then.
I remember downloading the mining software and playing around with it a bit, but I didn't have the foresight or believe in them enough, so I shrugged them off as just another internet thing.
Needless to say, I'm pretty damn bitter now for not buying into them at the time, but what can you do?
As for my friend, he's been a very passionate believer in Bitcoin from the very start, and all these years he's practically made it his hobby to accumulate as many as possible.
He's even been one of the very few businesses in the area that accepted payments in Bitcoin (even offering discounts for customers who made purchases with them).
I haven't spoken to him in around a year, but it's fair to assume that right now he's become a multi-millionaire.
ThatOneDude
Banned
Couple questions for the Bitcoin experts here. Let's say I have access to like 50+ crappy computers (some with integrated GPUs) that I can use to mine bitcoins. Would the combined computational power allow me to mine at least 1 bitcoin eventually?
And would a Radeon 6670 suffice for mining in the short-term if electricity isn't a concern or is it too weak?
And would a Radeon 6670 suffice for mining in the short-term if electricity isn't a concern or is it too weak?
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