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BITCOIN Discussion v. 8 Coins on an Old Computer

Yeah nuke is absolutely right, sorry about the false info. Doesn't take long to fall behind, 24 years of PCs and I'm already spurting bullshit after a year of idle. Getting rid of my last desktop machines within a week and hoping to find a laptop with at least some capacity to mine coins, the main purpose being a dedicated DAW. Any ideas for a decent mobile GPU are welcome. =)
 
nuke said:
Investors.... The price of bitcoin has been going up like crazy over the past year, if you had invested two months ago you'd have made 500% at the current price.

It's a speculative market like anything else, it peaked at $30 a few weeks ago and then declined to $12 earlier today, now it's back around 13.50$. It's governed by the rules of economics like pretty much any other supply of a commodity that is determined by deflation.

You can also use bitcoins to buy things at the following retailers: https://en.bitcoin.it/wiki/Trade
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I really don't think that bitcoin is a fundamentally sound way to make money the old fashioned way (i.e. by investing). I do think that it represents a golden opportunity for developing peripheral services that mimic the real currency market's sphere of services.

I may be making a "mistake" by discounting the possibility that if I buy bitcoin now and hold it, one day I will have a lot of money, but attempts to analyze bitcoin from a basic economic standpoint will lead to some seriously chaos theory-like results. Therefore, if I had $10,000, I would spend it on creating a medium for traders to buy and sell option contracts on Bitcoin. This would allow me the opportunity to be engaged with the market in a scientific way, and even if Bitcoin fails due to lack of support or destructive legislation by various countries, the knowledge that comes from developing a derivatives exchange for electronic, international currency will be needed in the future.
 
^^ Yeah, bitcoin has no fundamental value and the exchanges aren't regulated at all.....those two factors, alone, are huge obstacles to acceptance and success. Also too easy to manipulate market value since there are few bitcoins in "circulation." The downward trend in bitcoin value will continue and has no logical bottom or support level. Sell now before they're completely worthless. Twas an interesting experiment though.

PS- seems some exchanges offer more $$ than others for bitcoin....may be an opportunity to make $$ by taking advantage of exchange rate differentials. Kinda like the currency traders that make millions without producing any products or providing any services. How is it those that do the least amount of work make the most amount of money?
 
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I am a bitcoin miner. Currently generating 800mHash/sec which yields roughly 0.8 bitcoins per 24 hours.
I recommend the XFX Radeon HD 6970, two of them in Crossfire X. XFX gives double lifetime warranty and this is CRUCIAL if you are going to wear out your cards mining.

Despite the value of BTC being far lower than what it was a couple months ago I still have full faith in Bitcoin. I believe its value will significantly rise by the holidays. I love everything about bitcoin. The unparalleled freedom that comes with it. The cause. The chipping away at central bank controlled currencies. The sense of community.

As an addict it is awfully hard to resist spending my bitcoins rather than saving them to trade for USD later. ;) I am managing though! I hope that someday there are colossal Amazon and Ebay-esque outlets that take Bitcoin -- or better yet Amazon and eBay themselves take Bitcoin! Then I will convert the bulk of my savings into Bitcoin permanently.

Tip to fellow ATi HD 69xx owners.. Use the Phoenix miner with the phatk kernel and this command line: -k phatk VECTORS -v WORKSIZE=128 BFI_INT

If you are NOT using your mining computer for anything other than mining add "AGGRESSION=12" to that. Don't use that if you are using your mining workstation as it will make it horribly slow to multitask.
 
@Timland

How much do you think you spent on your mining setup. I admire your faith in Bitcoin .
I'm interested in alternative currency as the current international monetary system is flawed.
Buti don't have the computer skills or Hardware to investigate further.
 
brimz said:
@Timland

How much do you think you spent on your mining setup. I admire your faith in Bitcoin .
I'm interested in alternative currency as the current international monetary system is flawed.
Buti don't have the computer skills or Hardware to investigate further.
Click to expand...

Well, my PC was built as a general purpose gaming PC that at the last minute I decided to tack on a second video card for mining.

It cost about $2500 but you can build one for under $1000.

The biggest expenses are the video cards which two Radeon 6970s will run about $500 total. For the CPU, RAM, Motherboard you can go dirt cheap (make sure the mobo supports crossfire though) and PSU needs to be 700W.
 
this shit is crazy. plant some kale if you want a good return on investment and energy.
 
So how does the whole mining thing with regards to video cards work? How, why, etc?

Also, can't the process be rigged? i.e somehow pretend that you're earning more bit coins than you actually are?
 
^^
Read the whole thread (only 70 posts), or use Google, and many of your questions will be answered. It's supposed to be secure and fair....but it's not. People are rigging the un-regulated Bitcoin system and exchanges. Lack of faith in this fiat currency, and lack of any fundamental value, will be it's demise. Seems the various "scamcoins" are just a greed-driven, speculative money grab.
 
Rusted Chains said:
^^ Yeah, bitcoin has no fundamental value and the exchanges aren't regulated at all.....those two factors, alone, are huge obstacles to acceptance and success. Also too easy to manipulate market value since there are few bitcoins in "circulation." The downward trend in bitcoin value will continue and has no logical bottom or support level. Sell now before they're completely worthless. Twas an interesting experiment though.

PS- seems some exchanges offer more $$ than others for bitcoin....may be an opportunity to make $$ by taking advantage of exchange rate differentials. Kinda like the currency traders that make millions without producing any products or providing any services. How is it those that do the least amount of work make the most amount of money?
Click to expand...

Lol. Yeah, that is exactly how I feel about it. The most amount of money is always made by the people who look at the big picture and move pieces from one pie to another pie that has more space for more pieces (not a perfect analogy, but you get my drift). That will never change, not on any scale or at any far point in the future.

I think its totally "fair" and can't wait to start again. Trading and managing money in funny ways is the ultimate job because it's just a lot of fun and there is only one rule: make more money. Everything else pales in comparison unless its something you're totally into, like being a constitutional lawyer or a drummer for an 80's rock band (whatever you're into). Anyone can do it and be good at it, and the more different minds the better.
 
^^
Yes PB, speculators are fucking us all...

Speculators argue they provide liquidity in the marketplace...that's the "service" they provide. Well, that service is over-valued. In poverty, we will be united...speculators, corporate fat-cats, bankers and all bourgeois pigs will become bacon.
 
As an addict it is awfully hard to resist spending my bitcoins rather than saving them to trade for USD later.
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Isn't that the point though, to use this as a currency rather than a commodity?
 
Damien said:
Isn't that the point though, to use this as a currency rather than a commodity?
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Seems the bitcoin experiment was meant to facilitate anonymous, un-traceable transactions with an un-regulated/un-taxed currency. An interesting idea, but maybe only slightly more anonymous than using a prepaid credit-card...unless you're the "vendor." Doesn't really matter what the original point was...people are gonna treat it like a commodity because they see potential to make money. So, it's gonna be used as both a currency and a commodity...not much anyone can do about it. BTC currently worth about $8usd

PS - Damien, good to see someone representing the 714 on BL. I grew up in HB, but I'm currently in the 949...
 
i actually ordered an AMD card suitable for bitcoin mining, but the ebay seller canceled his account and it turned out to be a scam. o.o
 
PS - Damien, good to see someone representing the 714 on BL. I grew up in HB, but I'm currently in the 949...
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:D
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