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ScaryBlackGuns
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Posted: 4/8/2013 7:08:53 PM
[Last Edit: 4/8/2013 7:14:06 PM by ScaryBlackGuns]
Where is a good source of basic information for someone who has a nice gaming/video rig sitting idle 99% of the time, but has zero knowledge of bitcoin mining?

Suddenly, starting to consider a two more GTX 670s.
Would you like that microwaved or toasted? - Swindle1984
hondaciv
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Posted: 4/8/2013 7:10:09 PM
Originally Posted By Bullet_:
Originally Posted By hondaciv:
Originally Posted By DigDug:
Where do you get the lite or full miner? Where do you sign up for this stuff?


First you download bitcoin link

Let it sync, it will take several hours.

Then you get a miner. I'm just getting started doing this. There is cgminer (I'm using this) and guiminer

Theres lots of others too.


What's the minimum cpu power you can get away with for mining?

I have an older laptop that's sitting and a free port in the house modem.
As long as it's using less electricity than profit, I can let it run and forget about it.


The trouble is that CPU-based mining isn't worth it, from what I understand. You will burn more electricity than make money. The video card, or GPU as they call it, has way more horsepower, and that's when you can see results.

Again, I'm just getting into it, and not even close to an expert.
If you would hIt, you must acquit. ~EvanWilliams
DigDug
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Posted: 4/8/2013 7:12:47 PM
Originally Posted By hondaciv:
Originally Posted By DigDug:
Where do you get the lite or full miner? Where do you sign up for this stuff?


First you download bitcoin link

Let it sync, it will take several hours.

Then you get a miner. I'm just getting started doing this. There is cgminer (I'm using this) and guiminer

Theres lots of others too.



So I should get the original client and then a wallet? What wallet do you recommend? Or is the original client also a wallet?
"Life is a comedy for those who think... and a tragedy for those who feel" Horace Walpole

"None of you seem to understand. I'm not locked in here with you, you're locked in here with me!" Rorschach
numberofthebeast
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Posted: 4/8/2013 7:15:18 PM
There was a guy who took a loan out for $30k some time ago and invested it in Bitcoin. Apparently he turned that 30k into 6 digits.
Bullet_
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Posted: 4/8/2013 7:17:45 PM
Originally Posted By hondaciv:
Originally Posted By Bullet_:
Originally Posted By hondaciv:
Originally Posted By DigDug:
Where do you get the lite or full miner? Where do you sign up for this stuff?


First you download bitcoin link

Let it sync, it will take several hours.

Then you get a miner. I'm just getting started doing this. There is cgminer (I'm using this) and guiminer

Theres lots of others too.


What's the minimum cpu power you can get away with for mining?

I have an older laptop that's sitting and a free port in the house modem.
As long as it's using less electricity than profit, I can let it run and forget about it.


The trouble is that CPU-based mining isn't worth it, from what I understand. You will burn more electricity than make money. The video card, or GPU as they call it, has way more horsepower, and that's when you can see results.

Again, I'm just getting into it, and not even close to an expert.


It's kind of what I figured.
DigDug
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Posted: 4/8/2013 7:19:16 PM
Originally Posted By ScaryBlackGuns:
Where is a good source of basic information for someone who has a nice gaming/video rig sitting idle 99% of the time, but has zero knowledge of bitcoin mining?

Suddenly, starting to consider a two more GTX 670s.


I'm running a GTX 680 right now...
"Life is a comedy for those who think... and a tragedy for those who feel" Horace Walpole

"None of you seem to understand. I'm not locked in here with you, you're locked in here with me!" Rorschach
Josh
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Posted: 4/8/2013 7:21:31 PM
Originally Posted By SirSqueeboo:
Originally Posted By nnnammm:
Anyone have luck joining pools with the litecoin client?

I can solo mine fine with it, but the client keeps saying "Miner failed to start. Make sure you have the minerd executable and libraries in the same directory as Litecoin-Qt." whenever I try using the pooled mining function.


Got the same exact thing.


You have to download one of the other miners and put them in the directory with litecoin-qt. The client can mine solo, but it can't mine on a pool without another program. Go to bitcointalk.org if you want to learn about it -- I'll warn you it's a steep learning curve, more so with litecoin than bitcoin.

Josh
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Posted: 4/8/2013 7:22:03 PM
Originally Posted By Bullet_:
Originally Posted By hondaciv:
Originally Posted By DigDug:
Where do you get the lite or full miner? Where do you sign up for this stuff?


First you download bitcoin link

Let it sync, it will take several hours.

Then you get a miner. I'm just getting started doing this. There is cgminer (I'm using this) and guiminer

Theres lots of others too.


What's the minimum cpu power you can get away with for mining?

I have an older laptop that's sitting and a free port in the house modem.
As long as it's using less electricity than profit, I can let it run and forget about it.


Don't bother. You need GPUs to mine anything worthwhile now.
Josh
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Posted: 4/8/2013 7:23:35 PM
Originally Posted By DigDug:
Originally Posted By ScaryBlackGuns:
Where is a good source of basic information for someone who has a nice gaming/video rig sitting idle 99% of the time, but has zero knowledge of bitcoin mining?

Suddenly, starting to consider a two more GTX 670s.


I'm running a GTX 680 right now...


Neither of those are good cards for mining -- if you're looking to buy you want to buy ATI cards. google litecoin (or bitcoin) mining hardware comparison, and you will see the type of hardware you need.

I'm building a system with three 7970s in it, that's about the minimum to be useful right now as far as I can tell.
Bullet_
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Posted: 4/8/2013 7:23:43 PM
Originally Posted By Josh:
Originally Posted By Bullet_:
Originally Posted By hondaciv:
Originally Posted By DigDug:
Where do you get the lite or full miner? Where do you sign up for this stuff?


First you download bitcoin link

Let it sync, it will take several hours.

Then you get a miner. I'm just getting started doing this. There is cgminer (I'm using this) and guiminer

Theres lots of others too.


What's the minimum cpu power you can get away with for mining?

I have an older laptop that's sitting and a free port in the house modem.
As long as it's using less electricity than profit, I can let it run and forget about it.


Don't bother. You need GPUs to mine anything worthwhile now.


Is this true for all the coin types now?
Josh
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Posted: 4/8/2013 7:24:23 PM
Originally Posted By hondaciv:
Originally Posted By Bullet_:
Originally Posted By hondaciv:
Originally Posted By DigDug:
Where do you get the lite or full miner? Where do you sign up for this stuff?


First you download bitcoin link

Let it sync, it will take several hours.

Then you get a miner. I'm just getting started doing this. There is cgminer (I'm using this) and guiminer

Theres lots of others too.


What's the minimum cpu power you can get away with for mining?

I have an older laptop that's sitting and a free port in the house modem.
As long as it's using less electricity than profit, I can let it run and forget about it.


The trouble is that CPU-based mining isn't worth it, from what I understand. You will burn more electricity than make money. The video card, or GPU as they call it, has way more horsepower, and that's when you can see results.

Again, I'm just getting into it, and not even close to an expert.


bottom line, doing the math that's required is a task that GPUs are optimized for and have a lot of hardware dedicated to doing -- so they can do it very fast, while a CPU cannot do that.

dsteelman
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Posted: 4/8/2013 7:25:10 PM
Originally Posted By FridgeBrilliance:
Originally Posted By SpaceGuy:
So I take it that few others really care about alternate currencies, eh? 3 unique posters.


Kind of blows my mine this thread hasn't been hit like a screen door in a hurricane.


Since I dont even know how to multiple quote I will just say I have no idea what any of this even means .............


"Mining for a little over a month...Wish I woulda got in sooner.

Not a very big stockpile. I'm mostly mining alt-coins like LTC.

Will buy an ASIC this year if it all goes well. Looking at investing in multi-GPU farms for scrypt-based hashing"


BustinCaps is a Bitcoin guy , but I have no idea other than "alternate currency that I cant buy ammo with"

Big Easy Snow :If I want you to feel loved, I'm going to feed you and fuck you silly
hondaciv
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Posted: 4/8/2013 7:27:46 PM
Originally Posted By ScaryBlackGuns:
Where is a good source of basic information for someone who has a nice gaming/video rig sitting idle 99% of the time, but has zero knowledge of bitcoin mining?

Suddenly, starting to consider a two more GTX 670s.


Nvidia for whatever reason, is simply terrible at mining.

Take a gander at this to see how different hardware stacks up.
If you would hIt, you must acquit. ~EvanWilliams
ScaryBlackGuns
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Posted: 4/8/2013 7:28:53 PM
Originally Posted By hondaciv:
Originally Posted By ScaryBlackGuns:
Where is a good source of basic information for someone who has a nice gaming/video rig sitting idle 99% of the time, but has zero knowledge of bitcoin mining?

Suddenly, starting to consider a two more GTX 670s.


Nvidia for whatever reason, is simply terrible at mining.

Take a gander at this to see how different hardware stacks up.


Yeah I was already learning that.
Would you like that microwaved or toasted? - Swindle1984
DigDug
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Posted: 4/8/2013 7:36:49 PM
[Last Edit: 4/8/2013 7:42:06 PM by DigDug]
Originally Posted By Josh:
Originally Posted By DigDug:
Originally Posted By ScaryBlackGuns:
Where is a good source of basic information for someone who has a nice gaming/video rig sitting idle 99% of the time, but has zero knowledge of bitcoin mining?

Suddenly, starting to consider a two more GTX 670s.


I'm running a GTX 680 right now...


Neither of those are good cards for mining -- if you're looking to buy you want to buy ATI cards. google litecoin (or bitcoin) mining hardware comparison, and you will see the type of hardware you need.

I'm building a system with three 7970s in it, that's about the minimum to be useful right now as far as I can tell.


Yeah, I'm not going to spend $1700 bucks for video cards.

Edit: Looks like the cards go for only about $400 buck each. For $1200 isn't that bad...
"Life is a comedy for those who think... and a tragedy for those who feel" Horace Walpole

"None of you seem to understand. I'm not locked in here with you, you're locked in here with me!" Rorschach
Bullet_
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Posted: 4/8/2013 7:39:54 PM
Originally Posted By Josh:

bottom line, doing the math that's required is a task that GPUs are optimized for and have a lot of hardware dedicated to doing -- so they can do it very fast, while a CPU cannot do that.



Kinda figured that.

I'm not a gamer, but a surfer, so I have a great modem, but plain jane computers and no game consoles.

rightwingnut
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Posted: 4/8/2013 8:01:30 PM
[Last Edit: 4/8/2013 8:02:34 PM by rightwingnut]
Originally Posted By dsteelman:

Since I dont even know how to multiple quote I will just say I have no idea what any of this even means .............



Here is a 2 minute overview youtube vid:
http://www.youtube.com/watch?v=Um63OQz3bjo

please someone imbed this, preferably in the OP
DigDug
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Posted: 4/8/2013 8:06:34 PM
"Life is a comedy for those who think... and a tragedy for those who feel" Horace Walpole

"None of you seem to understand. I'm not locked in here with you, you're locked in here with me!" Rorschach
SimonPhoto
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Posted: 4/9/2013 12:23:57 AM
Originally Posted By Razoreye:
LOL bitcoin. It's going to fail or someone will hack it once again. It's no better or worse than the FR. Fiat is always fiat regardless of the medium.

The best part - people want to exchange it for a useful currency like the dollar.


"again"?

Please show me where Bitcoin was hacked the first time.

Not a service, mind you - Bitcoin. The protocol.
"It's hard to hear a wallet screaming over the sound of a pecker cheering"
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Posted: 4/9/2013 2:40:11 AM
Well I decided to cash my handful of bitcoins today at $192 per coin. I'm hoping this bubble will pop at around $200 and come back down to more reasonable price levels.

If not though I've got another 1.5 coins just in case this keeps rising to ludicrous price levels.
rightwingnut
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Posted: 4/9/2013 2:52:21 AM
$200 is a psychological barrier. If it doesn't break through w/ momentum I spect it will stagnate briefly then will drop a good deal when people realize the peak is here and it is time to cash out.

Course, there are a bunch of people waiting to buy at X dollars so that will be a floor....

maybe just wishful thinking...
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Posted: 4/9/2013 2:58:00 AM
Originally Posted By rightwingnut:
$200 is a psychological barrier. If it doesn't break through w/ momentum I spect it will stagnate briefly then will drop a good deal when people realize the peak is here and it is time to cash out.

Course, there are a bunch of people waiting to buy at X dollars so that will be a floor....

maybe just wishful thinking...


Yeah, a lot of people thought that at 100 as well...
InfiniteGrim
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Posted: 4/9/2013 3:02:16 AM
So how much money could I make from having my GPU "mine"
InfiniteGrim
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Posted: 4/9/2013 3:04:53 AM
Just read that "mining" on your own is worthless, you need to be in a "pool". OP are you part of one?
Kstanton
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Posted: 4/9/2013 3:29:59 AM
Mined since 2011. Stupidly sold 1000BTC at 20, and all but 500 around 130.

I figure I'll hold onto the 500 and see what happens.
Kstanton
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Posted: 4/9/2013 3:32:43 AM
Originally Posted By Josh:
Originally Posted By rightwingnut:
$200 is a psychological barrier. If it doesn't break through w/ momentum I spect it will stagnate briefly then will drop a good deal when people realize the peak is here and it is time to cash out.

Course, there are a bunch of people waiting to buy at X dollars so that will be a floor....

maybe just wishful thinking...


Yeah, a lot of people thought that at 100 as well...


The market also isn't guided by speculation anywhere near as much as the stock market. I have a very thorough theory that I'm going to keep to myself for the time being, but the reason BTC is skyrocketing is they're all being bought up. Not for investment, either. It's for Gold.
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Posted: 4/9/2013 3:39:18 AM
[Last Edit: 4/9/2013 3:42:39 AM by Sturmgeist]
Gotta love this.

I've been in the bitcoin game for quite a while. I remember the pre Mt. Gox days, like it were yesterday... I also remember a huge ass scandal where nearly 200 billion BTC were "counterfeited".

For a while my power bill was more than my mortgage, with all of the mining I did. In the end, I found that mining simply wasn't worth it. With the cost of power and equipment, I was only getting around $1200 a month in 'profits', and it took a long ass time for the equipment to pay for itself. Mining would really only be good, if you had a way to get the equipment cheap and had cheap power, or if you were a "cyber terrorist hacker" and used a server farm or a botnet.

In before experts, who have been doing it for 5 weeks since they read an article in Wired, refute my claims.
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Posted: 4/9/2013 3:50:21 AM
Originally Posted By Kstanton:
Originally Posted By Josh:
Originally Posted By rightwingnut:
$200 is a psychological barrier. If it doesn't break through w/ momentum I spect it will stagnate briefly then will drop a good deal when people realize the peak is here and it is time to cash out.

Course, there are a bunch of people waiting to buy at X dollars so that will be a floor....

maybe just wishful thinking...


Yeah, a lot of people thought that at 100 as well...


The market also isn't guided by speculation anywhere near as much as the stock market. I have a very thorough theory that I'm going to keep to myself for the time being, but the reason BTC is skyrocketing is they're all being bought up. Not for investment, either. It's for Gold.


There's some weird shit going on, that's for sure.
rightwingnut
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Posted: 4/9/2013 3:55:05 AM
Originally Posted By Sturmgeist:
Gotta love this.

I've been in the bitcoin game for quite a while. I remember the pre Mt. Gox days, like it were yesterday... I also remember a huge ass scandal where nearly 200 billion BTC were "counterfeited".

For a while my power bill was more than my mortgage, with all of the mining I did. In the end, I found that mining simply wasn't worth it. With the cost of power and equipment, I was only getting around $1200 a month in 'profits', and it took a long ass time for the equipment to pay for itself. Mining would really only be good, if you had a way to get the equipment cheap and had cheap power, or if you were a "cyber terrorist hacker" and used a server farm or a botnet.

In before experts, who have been doing it for 5 weeks since they read an article in Wired, refute my claims.


yeah, and it is now twice as hard an will get exponentially harder now that over half the coins have been mined.
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Posted: 4/9/2013 3:56:36 AM
Originally Posted By rightwingnut:
Originally Posted By Sturmgeist:
Gotta love this.

I've been in the bitcoin game for quite a while. I remember the pre Mt. Gox days, like it were yesterday... I also remember a huge ass scandal where nearly 200 billion BTC were "counterfeited".

For a while my power bill was more than my mortgage, with all of the mining I did. In the end, I found that mining simply wasn't worth it. With the cost of power and equipment, I was only getting around $1200 a month in 'profits', and it took a long ass time for the equipment to pay for itself. Mining would really only be good, if you had a way to get the equipment cheap and had cheap power, or if you were a "cyber terrorist hacker" and used a server farm or a botnet.

In before experts, who have been doing it for 5 weeks since they read an article in Wired, refute my claims.


yeah, and it is now twice as hard an will get exponentially harder now that over half the coins have been mined.


But the value of a block of 50 coins mined at $10/coin is what compared to the value of a block of 25 coins mined at 180/coin?

Sturmgeist
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Posted: 4/9/2013 3:59:06 AM
[Last Edit: 4/9/2013 4:04:22 AM by Sturmgeist]
Originally Posted By Kstanton:
Originally Posted By Josh:
Originally Posted By rightwingnut:
$200 is a psychological barrier. If it doesn't break through w/ momentum I spect it will stagnate briefly then will drop a good deal when people realize the peak is here and it is time to cash out.

Course, there are a bunch of people waiting to buy at X dollars so that will be a floor....

maybe just wishful thinking...


Yeah, a lot of people thought that at 100 as well...


The market also isn't guided by speculation anywhere near as much as the stock market. I have a very thorough theory that I'm going to keep to myself for the time being, but the reason BTC is skyrocketing is they're all being bought up. Not for investment, either. It's for Gold.


Very few people are using bitcoins for Gold.....

Around April of 2011, I had 15,000 bitcoins. Trading BTC is the way to go, I spent/cashed out all but 1000 of them and sold like an idiot later at $8 a pop, because I thought a bubble was imminent. It ended up peaking at $30 before, bubbling.
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Posted: 4/9/2013 4:11:05 AM
Originally Posted By SimonPhoto:
Originally Posted By Razoreye:
LOL bitcoin. It's going to fail or someone will hack it once again. It's no better or worse than the FR. Fiat is always fiat regardless of the medium.

The best part - people want to exchange it for a useful currency like the dollar.


"again"?

Please show me where Bitcoin was hacked the first time.

Not a service, mind you - Bitcoin. The protocol.


How would you like your crow?
https://en.bitcoin.it/wiki/Common_Vulnerabilities_and_Exposures#CVE-2010-5139

Obviously the vulnerability has been fixed.
zoom
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Posted: 4/9/2013 4:55:53 AM
Originally Posted By Sturmgeist:
Originally Posted By SimonPhoto:
Originally Posted By Razoreye:
LOL bitcoin. It's going to fail or someone will hack it once again. It's no better or worse than the FR. Fiat is always fiat regardless of the medium.

The best part - people want to exchange it for a useful currency like the dollar.


"again"?

Please show me where Bitcoin was hacked the first time.

Not a service, mind you - Bitcoin. The protocol.


How would you like your crow?
https://en.bitcoin.it/wiki/Common_Vulnerabilities_and_Exposures#CVE-2010-5139

Obviously the vulnerability has been fixed.

He is correct. That wasn't a flaw with Bitcoin or the protocol. It was a flaw in the implementation of one of the wallets.z
Kstanton
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Posted: 4/9/2013 6:04:09 AM
Originally Posted By Sturmgeist:
Originally Posted By Kstanton:
Originally Posted By Josh:
Originally Posted By rightwingnut:
$200 is a psychological barrier. If it doesn't break through w/ momentum I spect it will stagnate briefly then will drop a good deal when people realize the peak is here and it is time to cash out.

Course, there are a bunch of people waiting to buy at X dollars so that will be a floor....

maybe just wishful thinking...


Yeah, a lot of people thought that at 100 as well...


The market also isn't guided by speculation anywhere near as much as the stock market. I have a very thorough theory that I'm going to keep to myself for the time being, but the reason BTC is skyrocketing is they're all being bought up. Not for investment, either. It's for Gold.


Very few people are using bitcoins for Gold.....

Around April of 2011, I had 15,000 bitcoins. Trading BTC is the way to go, I spent/cashed out all but 1000 of them and sold like an idiot later at $8 a pop, because I thought a bubble was imminent. It ended up peaking at $30 before, bubbling.


How do you know what people are using Bitcoins for?

I happen to know two major "investors" who dumped all of it into Liberty Reserve/Fastcash for bullion.

I also know there's a lot more than just that.
Kstanton
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Posted: 4/9/2013 6:12:01 AM
[Last Edit: 4/9/2013 6:14:09 AM by Kstanton]
Originally Posted By Sturmgeist:
Gotta love this.

I've been in the bitcoin game for quite a while. I remember the pre Mt. Gox days, like it were yesterday... I also remember a huge ass scandal where nearly 200 billion BTC were "counterfeited".

For a while my power bill was more than my mortgage, with all of the mining I did. In the end, I found that mining simply wasn't worth it. With the cost of power and equipment, I was only getting around $1200 a month in 'profits', and it took a long ass time for the equipment to pay for itself. Mining would really only be good, if you had a way to get the equipment cheap and had cheap power, or if you were a "cyber terrorist hacker" and used a server farm or a botnet.

In before experts, who have been doing it for 5 weeks since they read an article in Wired, refute my claims.


I suppose if you don't understand how it works, then you'd be right.

But... you're wrong. Had you kept your bitcoins, your profit would have probably paid off your mortgage. You either didn't grasp the concept or potential, and parrot the "It was too expensive to mine, and barely made any profit," or you admit you simply sold too early. Either way, blaming the system, or claiming it's not profitable? That's very naive considering what BTC is at right now, for those of us that held on to ours. Not to mention the fact we have no clue where it is going. A year from now, they could be 500-1000 for all we know. They could also be worth nothing.

Mining Bitcoins is a risk. You minimize the risk by selling immediately like you apparently chose to do. I'd say hindsight would suggest that wasn't necessarily the best path, and telling others it's not profitable isn't particularly fair.

Had you saved 1000, 2000, or even 10k BTC (whatever you could have made since you started so early at such a low difficulty,) you'd have hundreds of thousands of dollars. Pretty sure that doesn't exceed your power bill. It's all about time frame, and your time frame wasn't conducive to profit realization.

dsg2003gt
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Posted: 4/9/2013 6:41:51 AM
Originally Posted By HarryStone:
http://www.harrystone.net/posted/tulipbulb.jpg


nice reference to the tulip bubble.
Prime
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Posted: 4/9/2013 8:12:14 AM
Originally Posted By Sturmgeist:

Very few people are using bitcoins for Gold.....

Around April of 2011, I had 15,000 bitcoins. Trading BTC is the way to go, I spent/cashed out all but 1000 of them and sold like an idiot later at $8 a pop, because I thought a bubble was imminent. It ended up peaking at $30 before, bubbling.


Oh, DUDE.

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sHockz
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Posted: 4/9/2013 8:16:57 AM
[Last Edit: 4/9/2013 8:21:55 AM by sHockz]
for people who don't know....

you can run a dedicated Linux OS devoted to mining bitcoins....more info:
rightwingnut
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Posted: 4/9/2013 2:14:42 PM
Originally Posted By rightwingnut:
$200 is a psychological barrier. If it doesn't break through w/ momentum I spect it will stagnate briefly then will drop a good deal when people realize the peak is here and it is time to cash out.

Course, there are a bunch of people waiting to buy at X dollars so that will be a floor....

maybe just wishful thinking...


well, so much for that theory. Trading at $238 now
Sturmgeist
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Posted: 4/9/2013 2:17:56 PM
Originally Posted By Kstanton:
Originally Posted By Sturmgeist:
Originally Posted By Kstanton:
Originally Posted By Josh:
Originally Posted By rightwingnut:
$200 is a psychological barrier. If it doesn't break through w/ momentum I spect it will stagnate briefly then will drop a good deal when people realize the peak is here and it is time to cash out.

Course, there are a bunch of people waiting to buy at X dollars so that will be a floor....

maybe just wishful thinking...


Yeah, a lot of people thought that at 100 as well...


The market also isn't guided by speculation anywhere near as much as the stock market. I have a very thorough theory that I'm going to keep to myself for the time being, but the reason BTC is skyrocketing is they're all being bought up. Not for investment, either. It's for Gold.


Very few people are using bitcoins for Gold.....

Around April of 2011, I had 15,000 bitcoins. Trading BTC is the way to go, I spent/cashed out all but 1000 of them and sold like an idiot later at $8 a pop, because I thought a bubble was imminent. It ended up peaking at $30 before, bubbling.


How do you know what people are using Bitcoins for?

I happen to know two major "investors" who dumped all of it into Liberty Reserve/Fastcash for bullion.

I also know there's a lot more than just that.


Yes, there are "investors" out there. There are also "customers" and "businesses" out there, which probably take up 2/3 of the bitcoin market.
Qweevox
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Posted: 4/9/2013 2:18:23 PM
This getting interesting now: Hit $240.00

There are some happy minors and speculators. I wonder how many will take profit now? How big can this bubble get?
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Sturmgeist
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Posted: 4/9/2013 2:20:59 PM
[Last Edit: 4/9/2013 2:28:35 PM by Sturmgeist]
Originally Posted By Kstanton:
Originally Posted By Sturmgeist:
Gotta love this.

I've been in the bitcoin game for quite a while. I remember the pre Mt. Gox days, like it were yesterday... I also remember a huge ass scandal where nearly 200 billion BTC were "counterfeited".

For a while my power bill was more than my mortgage, with all of the mining I did. In the end, I found that mining simply wasn't worth it. With the cost of power and equipment, I was only getting around $1200 a month in 'profits', and it took a long ass time for the equipment to pay for itself. Mining would really only be good, if you had a way to get the equipment cheap and had cheap power, or if you were a "cyber terrorist hacker" and used a server farm or a botnet.

In before experts, who have been doing it for 5 weeks since they read an article in Wired, refute my claims.


I suppose if you don't understand how it works, then you'd be right.

But... you're wrong. Had you kept your bitcoins, your profit would have probably paid off your mortgage. You either didn't grasp the concept or potential, and parrot the "It was too expensive to mine, and barely made any profit," or you admit you simply sold too early. Either way, blaming the system, or claiming it's not profitable? That's very naive considering what BTC is at right now, for those of us that held on to ours. Not to mention the fact we have no clue where it is going. A year from now, they could be 500-1000 for all we know. They could also be worth nothing.

Mining Bitcoins is a risk. You minimize the risk by selling immediately like you apparently chose to do. I'd say hindsight would suggest that wasn't necessarily the best path, and telling others it's not profitable isn't particularly fair.

Had you saved 1000, 2000, or even 10k BTC (whatever you could have made since you started so early at such a low difficulty,) you'd have hundreds of thousands of dollars. Pretty sure that doesn't exceed your power bill. It's all about time frame, and your time frame wasn't conducive to profit realization.



Unless you've got loads of cheap power and cheap high quality hardware, mining is hardly worth it. It's also likely that a bubble will hit soon, and it always takes quite a while for it to pick up steam again. If you're dumping tons of money into mining equipment now, you run a great risk of having your dick in the wind with expensive hardware that's only paid pennies on the dollar for itself. As far as understanding it goes, I completely understand it. I've just found better ways of income.
Sturmgeist
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Posted: 4/9/2013 2:31:27 PM
Originally Posted By Qweevox:
This getting interesting now: Hit $240.00

There are some happy minors and speculators. I wonder how many will take profit now? How big can this bubble get?


I dumped the 100 BTC I had at $220. I'd say the bubble is rapidly approaching.
hondaciv
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Posted: 4/9/2013 2:34:15 PM
Originally Posted By Sturmgeist:
Originally Posted By Qweevox:
This getting interesting now: Hit $240.00

There are some happy minors and speculators. I wonder how many will take profit now? How big can this bubble get?


I dumped the 100 BTC I had at $220. I'd say the bubble is rapidly approaching.


I need to finish my registration at mt.gox so that when it collapses to $3.45/btc i can BUY BUY BUY!
If you would hIt, you must acquit. ~EvanWilliams
Sturmgeist
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Posted: 4/9/2013 2:46:00 PM
Originally Posted By hondaciv:
Originally Posted By Sturmgeist:
Originally Posted By Qweevox:
This getting interesting now: Hit $240.00

There are some happy minors and speculators. I wonder how many will take profit now? How big can this bubble get?


I dumped the 100 BTC I had at $220. I'd say the bubble is rapidly approaching.


I need to finish my registration at mt.gox so that when it collapses to $3.45/btc i can BUY BUY BUY!


Should have had that done a year ago.
hondaciv
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Posted: 4/9/2013 2:51:39 PM
[Last Edit: 4/9/2013 2:52:20 PM by hondaciv]
Originally Posted By Sturmgeist:
Originally Posted By hondaciv:
Originally Posted By Sturmgeist:
Originally Posted By Qweevox:
This getting interesting now: Hit $240.00

There are some happy minors and speculators. I wonder how many will take profit now? How big can this bubble get?


I dumped the 100 BTC I had at $220. I'd say the bubble is rapidly approaching.


I need to finish my registration at mt.gox so that when it collapses to $3.45/btc i can BUY BUY BUY!


Should have had that done a year ago.


Oh I know it. A year ago it was trading at $4.90.

Had I invested $1k, that's nearly $50,000 right now.
If you would hIt, you must acquit. ~EvanWilliams
SoonerBorn
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Posted: 4/9/2013 3:11:35 PM
What is this wizardry? I was told about it when it was like $15, thought it was stupid then, still think it is a bit stupid, but maybe it is just me that is stupid.
"There are no good or bad diets. Diets don't give a shit about you. There's good and bad decisions, and that is all on you.." - Martin Berkhan
DonKey153
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Posted: 4/9/2013 3:35:46 PM
Originally Posted By SoonerBorn:
What is this wizardry? I was told about it when it was like $15, thought it was stupid then, still think it is a bit stupid, but maybe it is just me that is stupid.


This is how I'm starting to see it.
LArifleMAN
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Posted: 4/9/2013 3:42:07 PM
Downloaded the client and waiting for it to sync. I know I'm probably not going to see much of a return if any, and I haven't done all the research that should be done, but it will be an interesting little side thing.
Bullet_
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Posted: 4/9/2013 3:45:50 PM
Originally Posted By SoonerBorn:
What is this wizardry? I was told about it when it was like $15, thought it was stupid then, still think it is a bit stupid, but maybe it is just me that is stupid.


It isn't wizardry.
It's an almost unforgeable trade item that mimics digital state currencies now being used.

It's become a bubble because people are desperate to put their money someplace that has a decent return and where it won't be stolen by the market or the state.

I call it a bubble because far more people are buying it for an investment than using it as money.
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