Tekforums
Chat => General Discussion => Topic started by: matt5cott on June 08, 2011, 17:53:29 PM
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Anyone doing this, missus' bro is and has earnt £20 a few times already in the last 3/4 days
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When you say he's earnt £20 do you mean 20 bitcoins? Because in value terms, they don't really equate like that I don't think
Bacon and me were talking about this on MSN, I understand you need hefty graphics card systems to make it worthwhile trying to mine them, and the return is slow + low unless you join a syndicate.
Plus, no one seems to know what's going to happen with them, there seemed to be some thoughts that they might be banned by governments because they are untraceable.
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This interests me, but I still don't understand actually what it is and how you earn and then cash them?
I've read wikipedia and doesn't seem to explain it in idiots terms :)
Anyone care to explain?
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I'll have a go, but it's been a couple of weeks since I was looking at it so don't take this as gospel or nuttin', ya hear :)
The gist of it is, there is a collective pool of available coins that can ever be 'mined', something like 20 million, as they are mined by performing some complicated hashing mathematics and are only released to be mined every so often, and each stage is more complex than the last meaning it will take longer to mine coins in the future than it does now. A mined coin can be passed on to anyone using their key (which is also hashed to be completely unique - but you can have more than one key). Every person in the bitcoin chain is joined to the cloud and helps compute and authenticate transactions in the chain, and every transaction is computed anonymously (because its all hashed).
So basically, if you farm/receive bitcoins, you can then spend them anonymously either trading them for a service or as payment to someone for a good. Naturally, because of the difficulty and relative rarity of obtaining them, their value should increase in time, some sites will allow you to exchange them for $ for instance, but it would seem to me much wiser to hang on to them for now.
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I heard by the time you factor in electricity costs and the costs of a 'mining' rig you're never gonna come close to breaking even.
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Yes, in the early days the hash collision space was much larger. To make anything now you need Beowulf clusters of GPU's/CPGPU's.
Unless you get your electricity from solar/wind it's going to cost you more now to make coins than you'll ever make back. Although Beowulf clusters are sweet for folding proteins.
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(http://img339.imageshack.us/img339/2628/ienk0.png) :lol:
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He got 1 BitCoin a couple of times, which I gather is worth roughly £20 atm :-X
I think he's folding for a group or something
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Looking at it, you can make a bit of money if you have a good Nvidia card/s but it looks like a case of missed the boat really, a month ago you could have made a serious wedge, not so much now it seems.
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Done some more reading about this, confusing stuff really, seems the difficulty increases significantly over time and unless you have a rig pretty much running now it's not gonna be worth it, plus my GTX460 according to charts would SUCK :lol:
I'll ask him later what the deal is, good luck to him though if it's working out, surprised nobody here's into it tbh :dunno:
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googled it a bit.... we could have done will with a tek group when it first started out.... bit late now tho!
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googled it a bit.... we could have done will with a tek group when it first started out.... bit late now tho!
Is it though? it still seems to be working tbh though it may well be shortlived perhaps, most people here have at least 'reasonable' rigs, I think the kicker is if you have an ATi card or not :-\ seems CPU brute crunching even on a new i5/i7 is a shadow of what you get on a modern ATi GPU
Plus I think you can join groups with 'instant' payouts anyway rather than having to get a block/50 coins.
I've asked him to see what his take on it is :)
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Yeah I thought about proposing a tek group when i first read about it, the beauty being that since most of us are geeks that leave our computers running 24x7 anyway, the electrical cost on top would be fairly negligible I would have thought? Collectively we could get lots of coins if it's still viable. Like you said though Matt, it seems less and less likely to be profitable as time goes on.
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well... I'm happy to run it.... got 3 computers on 24/7 here :-) (2 of them kinda suck tho)
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If we're taking this seriously everyone should read this:
http://www.weusecoins.com/mining-guide.php (http://www.weusecoins.com/mining-guide.php)
Particularly this which compares hardware:
https://en.bitcoin.it/wiki/Mining_hardware_comparison (https://en.bitcoin.it/wiki/Mining_hardware_comparison)
A 4670 that I have will do 36.14 Mhash/s
A 6870 will do 300 Mhash/s
Most current CPUs will do between 1-20 Mhash/s :lol:
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http://www.rawstory.com/rs/2011/06/09/senators-call-for-crackdown-on-bitcoin-as-drug-traffickers-take-hold/
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Soon to be even rarer and worth even more! :P
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Soon to be even rarer and worth even more! :P
Moral to that story, buy bitcoins now, get cheep drugs later :P
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Plus, no one seems to know what's going to happen with them, there seemed to be some thoughts that they might be banned by governments because they are untraceable.
But bearer bonds or the £20 notes in your pocket are untraceable to a similar extent. They can perhaps be uniquely identified by a serial number or similar but there is no central mechanism in place for keeping track of them all or for linking any to a particular person.
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As you know this is why dodgy folk always pay cash, Dave ;)
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Right, so ive installed the bitcoins app ... now what? Just looks like a simple payment / exchange app to me.
I want to mine me some bitcoins and buy something illegal!!
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Would be rather amusing to buy some drugs using an amount of made up currency you've generate using your GPU...
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Geek drugs?¿! Yes please!
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Right, so ive installed the bitcoins app ... now what? Just looks like a simple payment / exchange app to me.
I want to mine me some bitcoins and buy something illegal!!
you have to run something else to mine them... but i got bored before i figured out what/how
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http://www.newslobster.com/random/how-to-get-started-using-your-gpu-to-mine-for-bitcoins-on-windows
bah.... you have to download all the "blocks" before you can start mining.... it takes bloody hours!... i should have been in bed hours ago, early start and lots of driving tomorrow, I'm off to bed ! (there's 128k blocks total to d/l)
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http://www.dailytech.com/Digital+Black+Friday+First+Bitcoin+Depression+Hits/article21877.htm
Time for a bailout... :P
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From reading, it's dipped slightly for the first time in 3 days and this writer has leapt on it. I can't see them going anywhere for a while yet until the full scale of media exposure catches up with it. Once it hits the real news networks then we will see the future of Bitcoins change.
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Interesting times, this whole occupy wallstreet thing has people trading in bitcoins, also a major publication in China has now covered bitcoins and there's been a sharp rise of Chinese users.
Worth a spare few quid on mtgox if you fancy a speculative punt ;)
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Are there actually gains to be had though? Last time we looked at this it wasn't really profitable.
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Are there actually gains to be had though? Last time we looked at this it wasn't really profitable.
The current market price is low, speculation is based upon wider uptake which increases with media exposure, and more importantly people writing iIdiot friendly user interfaces. Potential wise it could absolutely explode, but it's most certainly a punt.
One interesting thing is that if anyone here has looked into investment unless you have a stack of monetary assets you get crucified by fees/even bothering to look, not so with bitcoin, mtgox for example charges a maximum trade fee of 0.6%, so if you put £25 in you get 15p in fees 'oh noes'
Also I find the workings behind it absolutely fascinating, after using it and having a wallet with BTC in it and everything guvnah the potential is geniunely world changing.
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If anyone does go ahead and download bitcoin (being as its entirely free I don't see why you wouldn't) make sure if you intend to use it properly you get it all together and make a nice secure package :yarr: https://en.bitcoin.it/wiki/Securing_your_wallet
All I did was make a truecrypt file then mount it up as the Z:\ drive, move the bitcoin .exe and data directory to the Z:\ drive, then create a shortcut to the .exe with Z:\bitcoin.exe -datadir=Z:\Bitcoin and I was done. You can then obviously copy the truecrypt file off to wherever you like :D
If you're just having a prat about on it though don't bother :)
Another interesting feature with bitcoin, you will have a recieving address as default, but you're supposed to create more for different things, so you could have one as 'public' one as 'mtgox' for recieving money from there (assuming you use mtgox) infact every trade you ever get into, if you want you can create a unique address, the money always ends up in your wallet.
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I've thought sod it and joined the Bitcoin Pool. Getting around 280Mhash/sec on my 6870. 8)
Let's see how this goes.
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I bought BTC for cash money, I have an Nvidia card = lose :(
If your machines on all the time anyway mining may well be worth it, make sure electricity costs aren't wiping out any potential profit mind http://bitcoinx.com/profit/index.php
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You ridin' solo or did you jump in a pool?
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You ridin' solo or did you jump in a pool?
None, just bought BTC, crazy huh ;D
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Oh I see, yeah that is a bit :lol:
One thing I'm not certain about is what happens when I decide I want to play a game or something, my pool says I need to maintain 30% efficiency but I have no idea how to scale back the miner or if I can just switch it off for a bit without losing the work its done.
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Or is it crazy? it's RISKY, but the money I put in yesterday has gone up 3%
Yes, in one DAY.
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That's pretty special. I have lots of GPU time and no money to invest, I think it will take some time before I had even a few Bitcoins but we'll see how it goes after I leave this running all weekend. I'm getting around 98% efficiency apparently, which should mean I get a good share out of the pool long term.
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That's pretty special. I have lots of GPU time and no money to invest, I think it will take some time before I had even a few Bitcoins but we'll see how it goes after I leave this running all weekend. I'm getting around 98% efficiency apparently, which should mean I get a good share out of the pool long term.
I dunno about pools or mining but I get the idea the difficulty is very high now and it takes an age to even get 1 coin :(
The whole thing is pretty fascinating still 1FwAWgpxBsPVWsLBMi9xMkJKAo3C4N66hR is a 'public' key I generated, I could create another recieving cake payments, or for being a pimp, fascinating really :)
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Yeah, after two days i'm currently on potential earnings of 0.05 BTC, but when i look at the profitability calculator for the pool my estimate is $1 a day average. However, the difficulty can get easier although not by much I think.
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Well after a slow start due to issues my end as well as pool issues, I'm now mining 24x7 while the computer is running and should be averaging hopefully 1BTC a week, which doesn't sound like much, but if I hold onto them and the market creeps back up it could prove fruitful. All it's costing me is a few extra watts.
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The market has gone DOWN quite badly, I cut my losses (a couple of quid) and got out! I might re-buy when they stablise, the fluctuations are mental :lol:
http://mtgoxlive.com/orders
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You should have hung onto them I think. The BTC is at a low point, it should go back up to around $10 per BTC eventually. I'm hoping by that time I'll actually have a few mined - I should have 1 by the end of the weekend :lol:
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are they easy to sell ? (for cash?)
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Easy ish I think, there's a load of sites you can exchange on but most seem to be aimed at Americans, matt5cott might have a better idea on that, I've just earned one coin so not really going to sell for a while :lol:
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I got out to avoid the mini crash, I bought back again at the current 'stable' price yesterday :)
mtgox you can sell quite easily 8)
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I noticed it had dipped down again, almost tempted to buy myself but not really sure its worth it seeing as I'm mining at a steady rate now.
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Right now it's even riskier than before tbh, you can lose or gain a lot in even an hour :-X and the trend seems to be either 'stable' or 'slightly down' atm, this could change in a heartbeat though, it's volatile to say the least :dunno:
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I'll just mine until the new year then and see what my BTCs are worth, I should have about 14/15 by then at least :)
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This market has been mostly declining, in general now down to $2.40 / BTC it's not all bad though tbh, if it gets to a 'stable' but cheap amount it will encourage more people to put some cash in for BTC
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I've got about 6.5BTC now for all my mining, which at older prices would have been a tidy sum but today's prices is very poor, so I guess I'll just keep hanging on, keep mining and see where it goes
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I'm guessing you have 8 or so now? that's $32 at current pricing, which appears to be on the up, though with anything bitcoin it's volatile.
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10.9 in fact, it's been running pretty much 24x7 on my main rig and less frequently on the laptop. :) To be honest I haven't been looking at the prices, when I saw it hovering at $2 it was depressing and I gave up watching it :lol: I still don't know where the best place is to trade them, i don't really understand how some of these sites work. Some you seem to make an offer and wait for an acceptance, which seems straightforward, is that what you did?
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Yes you can put them up for sale at any price you please, I use mtgox as it's easy but I'm keeping an eye on longterm atm :)
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Price is still slowly climbing, I'm cautious of someone selling a load off though and it blowing, who knows with this game, it's bonkers!
OH, whilst I remember, to sell in UK and GBP use www.intersango.com, mtgox is only good for USD really, and keep an eye on the charts here -> http://bitcoincharts.com/markets/
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If I sold now I could get £30, I'm thinking I'll hold out a bit longer :yarr:
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If I sold now I could get £30, I'm thinking I'll hold out a bit longer :yarr:
There's a LOT of buzz about atm, but it could be hot air however someone did drop a $250k buy order down the other week forcing the price up :twisted:
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someone bought £250,000 worth of bitcoins ???
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someone bought £250,000 worth of bitcoins ???
$250,000, the markets currently worth $6,250,000 http://bitcoincharts.com/markets/ and that's just for mtgox in USD.
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Gone up a lot overnight, about £3 a coin now.
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So this isn't really worth doing then? ;D :muttley:
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Well in a month and a bit the value has doubled, but bitcoin is an odd beast, it could half again by tomorrow, or blow up to 20x the value :lol:
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Now £3.20 each.
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£3.30.
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£3.40.
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£3.50, tree fiddy
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£3.90
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Market has gone upwards at a fantastic rate this morning, hopefully I can cash in soon :w00t:
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When America wakes up it's going to boom, the question is, which kind of boom :lol:
I expect significant price changes and trading, but no idea where the price is going :lol:
Just over £4 per coin cashout option atm
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how many do you have now nige/matt?
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I've got just under 13 and it's currently at 4.2 GBP so I could get £54 if I sold right now.
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So is anyone actually using this as currency at the moment or is everyone trading it like gold?
I expect it's too delicate to actually use as a real currency at the moment, and expect when the price starts to drop it will go through the floor.
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I was about to say win for the person who bought 250k worth and doubled there money
but as I understand it you can't just sell them/transfer them to cash... you have to put them up for sale and then someone has to buy them ?
making selling in a falling market very difficult !
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but as I understand it you can't just sell them/transfer them to cash... you have to put them up for sale and then someone has to buy them ?
An associated risk, you can sell in a falling market but as you would imagine you may have to put your 'ask' slightly lower than the dip to get it bought up quickly.
Naturally the more coins you have the more difficult it becomes to 'get rid' in a hurry, if you had say 100BTC and the market started to fall at £3, there may be lots of little bids ranging between £2.80/£3.00, so some of your 100BTC would be sold at one price, some another, etc, depending on sizes of the other persons' bids.
I've put money in via intersango (best GBP market) and I could sell up now for a half decent profit, but I'm holding, if I see the market crap itself I can pull the trigger and get rid if needed.
What I would recommend anyone do is read into bitcoin and its potentials http://www.thebitcointrader.com/2011/12/10-most-anticipated-bitcoin-projects.html one of the main pluses is you can open an http://www.intersango.com account and put £1 into it and trade with if you wanted, it's not like buying stocks and shares where you need £X,000 to even get looked at.
*I have no ties or relations with intersango, it's merely the biggest GBP/BTC exchange.
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I've got all my Bitcoins sat in my Intersango account waiting to exchange for GBP, I wish I'd bought some when the market was down like Matt has been doing. Such is hindsight!
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£4.40, off to bed now.
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the high point tonight was £4.57! I need more BTC!
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Someone cashed out 25,733 coins this morning ($150,000+) so the price has 'crashed' down to £4.25 and is climbing again, this is a good sign tbh as previously a dump onto the exchange has caused a panic sell, not so it seems.
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Already up to £4.50 :o
Bonkers :dunno:
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This ship has not yet sailed, many are speculating that the CES event next week will cause huge buys and ramp up the price, so if you're sitting on the fence put £10 in or something you wouldn't give a toss about if you lost it, play the game 8)
Be brave when others are afraid, and afraid when others are brave.
Warren Buffet
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If I had a £200 or so I'd give it a go. At little amounts the return would be better trading the markets on Betfair.
Its very interesting watching the rise and fall of it all though.
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http://www.imdb.com/title/tt2148561/
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ooh, large sharp crash, I sold up reasonably before it slid :D
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Shot my load too early it seems :lol:
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I haven't even had a chance to look at the markets this morning, looks like you jumped the gun a little though :worried:
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I can currently rebuy for lower than I sold :ptu:
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Well this marches on, the market is volatile at the moment, actually it's ALWAYS volatile, currently trading at about £3.50.
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I have about 20 BTC now, I'm just playing the waiting game for it to shoot back up in price again, I wish I'd sold when it was at the high point but nevermind!
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http://www.reuters.com/article/2012/04/01/traders-bitcoin-idUSL6E8ET5K620120401 (http://www.reuters.com/article/2012/04/01/traders-bitcoin-idUSL6E8ET5K620120401)
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http://www.forbes.com/sites/jonmatonis/2012/04/02/watch-bitcoin-robbery-in-slow-motion/ (http://www.forbes.com/sites/jonmatonis/2012/04/02/watch-bitcoin-robbery-in-slow-motion/)
Large media exposure tends to lead to one thing...
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Legislation?
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Is there any benefit getting involved with this nowerdays?
All the sites associated with bitcoins (aside from the big exchanges) look like typical pyramid/ponzi style schemes, even the retailers listed on the weusecoins website look dodgy as hell.
Combine the high potential for scammage with the low return on bitcoin grinding for yourself, what is the best way about making money using bitcoin?
I'm guessing it's just currency trading?
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Mining can be still profitable afaik :)
As for trading, yes that ican be profitable but the usual caveats of don't trade with more than you can afford to lose.
I went for a couple of beers and sushi once after work, the market crashed and I lost £90 of profit (I had bought very low) in the 2-3 hours I was out.
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Mining can be still profitable afaik :)
As for trading, yes that ican be profitable but the usual caveats of don't trade with more than you can afford to lose.
I went for a couple of beers and sushi once after work, the market crashed and I lost £90 of profit (I had bought very low) in the 2-3 hours I was out.
Give me £50 and i'll give you £45 back and you'll be better off trading with Baconcoins
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Is there any benefit getting involved with this nowerdays?
All the sites associated with bitcoins (aside from the big exchanges) look like typical pyramid/ponzi style schemes, even the retailers listed on the weusecoins website look dodgy as hell.
Combine the high potential for scammage with the low return on bitcoin grinding for yourself, what is the best way about making money using bitcoin?
I'm guessing it's just currency trading?
would be interested in how this works exactly - costs mostly
like do you get direct access to the exchange order book - i.e. you can place orders directly to cross with other orders or wait for someone to hit your order... i.e. market and limit orders... or do these sites play the role of market makers - i.e. you have to just fire in a market order cross a spread in order to trade...
if costs are low and you can place limit orders in the exchange then there is potential to make some money I guess... then again there isn't much to price these things against...
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Mining can be still profitable afaik :)
As for trading, yes that ican be profitable but the usual caveats of don't trade with more than you can afford to lose.
I went for a couple of beers and sushi once after work, the market crashed and I lost £90 of profit (I had bought very low) in the 2-3 hours I was out.
Mining can still be profitable if you have the right hardware, I wouldn't recommend going out of my way to make a mining rig though. I'm sitting on my mined coins (still mining every day too) until I can sell them for a good amount. I got greedy before when I should have sold around the 5GBP mark but didn't, so now I'm waiting for the market to recover. I have about £100s worth at least but I keep waiting for another boom so I can maximise my profits. I've absolutely no problem mining all year as eventually I might get a tidy sum back.
As Matt said about trading, it is definitely profitable if you know how to play it but has the same risks as stock trading anywhere else. He's the one I ask when I am watching the markets and waiting for the right time to sell to see what is going on :)
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Anyone else get into this? coins trading at around £10 now.
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I'm still gutted I sold too soon earlier in the year (damn auto-sell I forgot I'd setup), but then, I needed the money at the time anyway. I could be sitting on hundreds right now, but oh well. I'll milk it while I still can until: :horse:
By the end of the year I predict I will solely be investing in big market stocks.
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BitCoin Credit Card? (http://www.theverge.com/2012/8/21/3257144/bitinstant-bitcoin-debit-credit-card-rumor)
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and the card was fake. (http://www.theverge.com/2012/8/22/3260059/mastercard-denies-bitcoin-debit-card-rumors)
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Something like that is extremely unlikely to happen because bitcoin isn't a fully fledged currency as such and no one serious wants to give it any backing, its more akin to trading a commodity.
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Anyone else get into this? coins trading at around £10 now.
£22+ now.
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Wish I'd kept mine now, I would have made 3x what I sold for, but I needed the cash at the time :disappointed:
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worth $46 each now :-o
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Yep, I could have made about £500 by now I think :(
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bitbet.co.uk
I own this if anyone wants to rent it off me and become GAMBLOR
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worth $46 each now :-o
$146 now :-\
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Every time I look at the price its :disappointed:
Oh well!
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$146 is just crazy
I thought it would have been dead by now tbh...
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Can I short bitcoins? This is a silly bubble of a stupid "currency" with no backing. Hello tulip mania.
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would be amusing to try - obv I don't think there are any institutional investors to borrow from, nor is there a market for bit coin derivatives
You could try posting on some bit coin boards - find out if there are any bit coin investors in it for the long term would wouldn't mind arranging a loan of some bitcoins
some counterparty risk involved for them though - would prob need a 3rd party to act as as some form of escrow with some collateral... if your bitcoin position goes against you and approaches within an agreed % of the value of your collateral then you either cover the short and return the bit coins or the 3rd party hands over the collateral.
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I would happily lend you my bitcoins to short, the problem is once in your possession you can pretty much do whatever the hell you want with them and there's sod all I can do to trace em :lol: or indeed make you give them back :D
A service existed for shorting (amongst other things inc all kind of funky leveraged trading) called bitcoinica, perhaps unsurprisingly it got hacked and the wallet ripped of a ton of BTC.
Can I short bitcoins? This is a silly bubble of a stupid "currency" with no backing. Hello tulip mania.
Fair does, what backs gold btw?
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Fair does, what backs gold btw?
It has "value" because some people agree on a price that it's worth. This price changes throughout time. This is why bitcoins have "value" right now, because some people are willing to exchange fiat currency for it. I wouldn't buy Gold and I wouldn't buy bitcoins because I value neither.
One difference is bitcoins are backed by no one. Some people say that's its advantage. But really that's it's weakness. Sterling won't collapse because the UK govt will prop it up with it's share of the earnings of the UK (taxes to you and me). Who will prop up bitcoins in times of weakness. No one.
Another difference is that Gold is valued by governments and millions of investors. For Gold to collapse millions of people have to lose faith. With bitcoins its a few teenagers and their mining computers. Once it starts dropping people will dump it because they don't want to lose their profits.
All that being said, people will say I'm wrong. And they'll say I'm wrong if its hits $300 and they'll say I'm wrong and laugh at me if it hits $1000. They won't say I'm wrong though when its worth $0 after the bubble bursts.
Plenty more people can still make money from it. You just don't want to be the last man standing. But don't buy it thinking it's a got a real viable future.
http://en.wikipedia.org/wiki/Tulip_mania
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Fair does, what backs gold btw?
It has "value" because some people agree on a price that it's worth. This price changes throughout time. This is why bitcoins have "value" right now, because some people are willing to exchange fiat currency for it. I wouldn't buy Gold and I wouldn't buy bitcoins because I value neither.
One difference is bitcoins are backed by no one. Some people say that's its advantage. But really that's it's weakness. Sterling won't collapse because the UK govt will prop it up with it's share of the earnings of the UK (taxes to you and me). Who will prop up bitcoins in times of weakness. No one.
Sure, sterling won't 'collapse' just print some more money, it'll be fine.
Another difference is that Gold is valued by governments and millions of investors. For Gold to collapse millions of people have to lose faith. With bitcoins its a few teenagers and their mining computers. Once it starts dropping people will dump it because they don't want to lose their profits.
Gold is just a bit of metal, much like BTC is a blob on a blockchain, right now if you had the coins, and this is a very quick calculation done on easily visible depth on the book, you could sell 18,875 BTC all the way down to $129/BTC (there's more depth, I just looked at the top 1k bids) netting well over $2,500,000 that's a lot of teenagers*
All that being said, people will say I'm wrong. And they'll say I'm wrong if its hits $300 and they'll say I'm wrong and laugh at me if it hits $1000. They won't say I'm wrong though when its worth $0 after the bubble bursts.
Plenty more people can still make money from it. You just don't want to be the last man standing. But don't buy it thinking it's a got a real viable future.
http://en.wikipedia.org/wiki/Tulip_mania
BTC has seen many, many, many bubbles bursting, it's dropped hundreds of times over and every time it has come back stronger, you called it at a $0 worth, which is fair does, I guess we will have to wait and see, but with more and more businesses getting on board it becomes increasingly unlikely, I guess make or break is if a big player like Amazon or such accepts them.
*I appreciate from institutional or monster investor size that's sod all.
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I would happily lend you my bitcoins to short, the problem is once in your possession you can pretty much do whatever the hell you want with them and there's sod all I can do to trace em :lol: or indeed make you give them back :D
you'd have to get Nige to act as a 'broker' to make the sale of the bitcoins and hold some margin from sam
re: gold - it has some utility value both in industrial use and in jewelry (though the jewelry aspect is partly as a result of it being a store of wealth in addition to simply being shiny and looking nice...)
its indestructible, easy to transport and store... no credit risk involved... liquid asset etc..etc..
though yeah part of its 'value' is simply because people attribute value to it... still as long as people do that (and they have done for centuries) then it can be a good safe haven....
while I wouldn't want to make a forecast its certainly not *always* a good idea to invest in gold
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Sure, sterling won't 'collapse' just print some more money, it'll be fine.
There's a vested interest in Sterling not collapsing. It's called the UK. It has a foundation in law and Sterling can be used to buy real things in the real world.
And bitcoins are not really unlimited. Simply because next week we'll be buying namecoins or sh*tcoins or whatever other virtual currency we fancy next.
Here is something to think about. You value your bitcoins in dollars say. You have, lets say 100 bit coins, and you're a rich man because they're worth $100 a piece (for easy maths). So you have $10k. Let's say I have 100 $100 dollar bills and they're worth $100 a piece. Think about that. I valued my dollars in dollars.
Similarly, I value my sterling in sterling. I don't convert my sterling and say I earnt 5k last week, so that's 100 potatoes or 200 bottles, like we do with bitcoins.
That is because a currency (which bitcoin is not), while like all fiat currencies relies on everyone agreeing to use it, is backed by governments, military, my landlord who only accepts sterling (at the moment), and tesco who don't accept bitcoin AFAIK. Sterling is a real important exchange vehicle. Bitcoin is not and never will be. It's a nice bit of fun and very profitable for the clever or lucky ones who don't get caught holding the bag at the end.
To Dave. Like I said earlier, the only "value" in gold is that so many people attribute value to it (the industry use is small and demand wouldn't justify $1500 an ounce on its own). The number of people trading bitcoins is tiny, and so the moves are easily exaggerated.
nn. Might be $200 in the morning.
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The problem with BTC is that it will never become a real currency. However many business buy into it you can bet it will never achieve that status because it has no way to control it, trace it or apply any other means of security against it, therefore its a legal/business nightmare for any genuine large company trying to audit it. When you factor in how volatile and price unstable is its not even worth thinking about. IBM would be better off putting deep blue to work mining if it was really that worthwhile for them I think. I can't ever see Tesco letting you send them bitcoins for your shopping and waiting 30 mins for the blockchain to update :lol:
The people making the real money off this so far are the ones parting others with their bitcoins and hoarding them. Some have probably already wisely sold up theirs and got a fortune, as Sam said though others will hold until after the bubble has burst and then weep.
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Yeah I'm agreeing Sam but just pointing out that it is different to bitcoins as there is some utility value
its a commodity as well as a currency essentially
the industrial use is small, the jewelry aspect isn't - though that is partly driven by it being a store of wealth in addition to the asthetic qualities/lack of oxidization/reaction/tarnishing/decay etc...
I think the volatility being seen in bitcoins is indeed partly due to a lack of liquidity... this is a pretty good illustration of just one of the reasons why the proposed european financial tax will be utterly retarded... lack of liquidity at exchanges is going to be fun when some big institution or fund wants to hedge...
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Sure, sterling won't 'collapse' just print some more money, it'll be fine.
It's a nice bit of fun and very profitable for the clever or lucky ones who don't get caught holding the bag at the end.
When is 'the end' is it simply defined as 0 then? Even if it where $0.1 to 1BTC again people would likely still use it as a method of making a transaction regardless of 'exchange rate'
You cannot simply 'print more' BTC when you need to, yes over time more become available to the market (this has already significantly reduced with the block reward halving) but the maximum number is finite and unchangeable by design.
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DDOS and arse being ripped out the market, absolute chaos, loads of punters locked in at the top, over £100 wiped per coin!
Seen it time and time again, do feel for those who bought big at the top though.
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A good opportunity to buy in though if that's your bag.
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A good opportunity to buy in though if that's your bag.
It's a roll of the dice for sure, the market is clearly hugely sentiment driven, will this crash kill short to medium term progress? or will it just bounce back and fly up again?
Answers on a postcard.
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You already know what I think :) People just hoarding the bits like a commodity hoping to sell to a greater fool. There must be a lot of people who bought < $100 wondering if they should dump it as its going to $10, or buy more as its the opportunity of a lifetime.
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It doesn't half move about. Off to bed now, could be $10 in the morning or $1000.
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It doesn't half move about. Off to bed now, could be $10 in the morning or $1000.
mtgox is a load of crap, the most popular exchange is ran by Mickey Mouse on his special hardware, it fills its pants at the slightest drop of a hat, freezing trades out and creating spectacular buy/sell lag (it was an hour earlier, yes one whole hour lag)
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They've suspended it now. Where else can I see the price ?
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http://bitcoincharts.com/markets/
All exchanges listed.
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lol @ some of those sites
https://weexchange.co/
Does anyone actually put real money into those sites? At least mtgox looks half legit.
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lol @ some of those sites
https://weexchange.co/
Does anyone actually put real money into those sites? At least mtgox looks half legit.
:lol: :lol: :lol:
Oh man that sites funny! I've used intersango and mtgox, the former was the better IMO but uk banks kept pulling the plug on them! :(
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I cashed out using intersango before the banks pulled the plug. It's very hard to turn BTC into £ now.
LOL @ my first website https://weexchange.co/
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I'm up 100% on my virtual short. I've put a virtual stop loss at $90
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I'm up 100% on my virtual short. I've put a virtual stop loss at $90
Nicely done 8) It'll be swinging about like Linford Christies dick in a sprint for the foreseeable IMO
(http://media.edge-online.com/wp-content/uploads/edgeonline/2012/10/Gouranga.jpg)
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lol @ linford
You can make a fortune every day if you buy and sell.
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One for Sam...
As of today you now have a method of shorting bitcoins (and with some modest leverage too) - you'll also be pleased to know that its via a spread bet... :)
http://www.spreadex.com/financials/trade-bitcoin/
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Currently ~ £220 a pop.
Did you keep any Sam or just trade and exit?
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Sold 0.5BTC
Bought ps4.
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Sweet!
This poor guy though, lost so much after spilling a cup of tea on his laptop:
http://www.bbc.co.uk/news/uk-wales-south-east-wales-25134289
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I got some bitcoin somewhere - think on a old hard drive - less than 1 coin - how do I go about retrieving it?
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I got some bitcoin somewhere - think on a old hard drive - less than 1 coin - how do I go about retrieving it?
Sweep the drive for wallet.dat, fire up the bitcoin client, let the blockchain update.
Whatever you do back the wallet.dat up pronto, lose that, lose your coins.
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I got some bitcoin somewhere - think on a old hard drive - less than 1 coin - how do I go about retrieving it?
Sweep the drive for wallet.dat, fire up the bitcoin client, let the blockchain update.
Whatever you do back the wallet.dat up pronto, lose that, lose your coins.
cheers - its only fraction of a coin I have anyway... will do some searching. Now where is my stack of drives
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I got some bitcoin somewhere - think on a old hard drive - less than 1 coin - how do I go about retrieving it?
Sweep the drive for wallet.dat, fire up the bitcoin client, let the blockchain update.
Whatever you do back the wallet.dat up pronto, lose that, lose your coins.
cheers - its only fraction of a coin I have anyway... will do some searching. Now where is my stack of drives
No worries, 0.05 is still £40 odd, so well worth a quick rummage :thumbup:
TBH I'd just create a secure wallet and just stash it.
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I got some bitcoin somewhere - think on a old hard drive - less than 1 coin - how do I go about retrieving it?
im trying to think where my stash of drives are. Think I might have sold them off to buy bigger drives.
Or it is still in the computer that packed up a year ago.... now where is that computer.
Sweep the drive for wallet.dat, fire up the bitcoin client, let the blockchain update.
Whatever you do back the wallet.dat up pronto, lose that, lose your coins.
cheers - its only fraction of a coin I have anyway... will do some searching. Now where is my stack of drives
No worries, 0.05 is still £40 odd, so well worth a quick rummage :thumbup:
TBH I'd just create a secure wallet and just stash it.
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At this point I have to say I am f**king gutted I sold my 20 coins :thumbdown:
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I don't understand why they are so valuable.
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People attach a value to them because they can be used as a method to avoid transactions you fulfill being scrutinised. Why they are so expensive, I have no idea.
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word is that some chinesees are using them to get currency in/out of the prc without the authorities knowing.
really wish i'd bought one at 250. watching them every couple of days, but i think the time to make a stash of cash has gone.
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not trying to call the top or anything... in fact anything could happen really - price might increase 10 fold again or could crash and burn a bunch of people before the end of the year.... there are far too many uncertanties
at the moment the increases are potentially not to dissimilar to this:
http://en.wikipedia.org/wiki/Tulip_mania
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I realise I'm probably a bit late to this party, that the difficulty has gone up and will continue to give up, but I've decided to give this ago, on the premise of a bit of fun and not take it too seriously.
I can see that the major choice any new person has to make it whether to invest in ASCI chips or GPU's, if bitcoin's ever fall over, then those chips are all but worthless, I can't believe the hardware business that has comeout of this, i.e butterfly labs, at least with GPU's, you can sell them on. But for power consumption and practicality reasons, I've decided to take a stab at an inexpensive USB stick.
A PS4 would certainly be a first great goal. :ptu:
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haven't looked at them for ages (I had a quick look when I got a 7990 which coincided with bitcoin price rises)
but there's a few web pages showing a cost/performance comparison for different gpus/usb thingies/other chips etc...
and from what I saw.... anything below £6000 of hardware is pretty worthless :-(
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You'd be better off mining Litecoin instead of Bitcoin. I'm currently getting $15 worth a day on my 2 x R9 280x GFX cards. Also, there are no ASICs systems for Litecoin yet, meaning the best way to mine is with GFX cards :D
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At this point I have to say I am f**king gutted I sold my 20 coins :thumbdown:
Very understandable. I would be too.
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You'd be better off mining Litecoin instead of Bitcoin. I'm currently getting $15 worth a day on my 2 x R9 280x GFX cards. Also, there are no ASICs systems for Litecoin yet, meaning the best way to mine is with GFX cards :D
can you sell them for real money easily ?
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As easily as far as I'm aware, though I've not tried yet.
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I've joined Eclipse MC to do some mining (just for the lolz) but I haven't a clue what I'm supposed to be doing to chip-in and do my bit.
Their "instructions" are very vague (and too techy for me) - am I supposed to go some web address or something?
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what gfx card do you have ?
you can use the guiminer which is a piece of cake to use vs the other ones (about 10% slower by most peoples reckoning tho, I think because you can't fine tune it as much)
I'll post some links when I get home later tonight, I apparently made $21 overnight last night
only did it to mess around with, but at that rate I'll keep going!
I joined a different pool, which checks the best kind of coins to mine every 90 sec - it checks there value vs bit coins vs the difficulty of mining and mines the most profitable coins... then cashes them in for bit coins every every 24hours and pays you out in bitcoins
(I think... only did a bit last night then left it going)
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I'm going a bit of LTC mining cgminer, pool = coinotron, what pool is the one cashing in for BTC? sounds very interesting :)
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http://middlecoin.com/
it's only been around a few weeks so I was dubious... but there's a load of people on reddit using it and happy with it so it looks ok
still waiting for my first payout, but it's only every 24hours so that's to be expected :-)
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what gfx card do you have ?
AMD HD6870 (I think)...
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I think I'll give middlecoin a go for a few days. I had been using https://ltc.nushor.net/index.php
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I might too but what does this actually mean in English?:
"Simply connect your scrypt miner to middlecoin.com:3333 or 8080 with your bitcoin address as your username, and any password"
:panic:
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Bang that as a .bat pointing at cgminer
timeout /t 30
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_USE_SYNC_OBJECTS 1
cgminer --scrypt -I 19 --thread-concurrency 21712 -o stratum+tcp://coinotron.com:3334 -u USERNAME -p PASSWORD
above is what I use.
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:o
:dunno:
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Middlecoin just paid me my first 0.006 Bitcoin, not bad for 8 hours.
Eagle, there are plenty of guides on the net to follow. If you're still stuck tonight I'll have the time then to help. Goodluck.
And find out exactly what GFX card you have. The settings to use vary wildly depending on the card you're using.
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Is my Radeon 6870 still any good for this?
I might give middlecoin a go if it cashes it for me.
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Is my Radeon 6870 still any good for this?
I might give middlecoin a go if it cashes it for me.
It should get you 300~330kh/s. As a comparison I got 510kh/s from my 6950 unlocked to 6970 and now getting 1475kh/s from my crossfire R9 280X.
My current performance is getting me on average $15 a day. So by my calcs your card would only get you about $3 a day. You decide if that's worth it.
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Probably not, that's why I gave up in the end.
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I should see what our energy smart meter reckons the computer uses on full load...probably not worth it in the end.
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I'm getting 0.04 bitcoins/day
which was £19 a day 2 days ago
but with bitcoin prices dropping it's down to about £12 a day now
looks like the price will drop right back down tbh :-(
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Prices have already started to rise again. No one really knows what will happen.
I'll carry on mining and if the value goes up again then I'll have made some money, and if not, well at least my games play smoother :P
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there's a limited number of them, so as long as people don;t start to decide they're worthless made up crap then the price should keep rising...
but if you look at the price over the last 4 years/year/3 months you have to assume the recent high prices aren't going to stick
I'll keep mining them anyway... but not going to spend any money on mining them faster etc...
there's been a spike in trade volume today, which normally results in a price increase... I'll be looking for the prices to peek in the next few days to sell... but tbh I'll probably be at work when it happens and miss it :-)
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This is working out quite well thus far, 13.8% of a Bitcoin in 4 days and Bitcoin value back upto $700~.
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have you sold any before ? know a decent place ?
got £56 in 4 days so not bad... might as well leave it going :-)
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What graphics card are you using?
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7990 :-)
my old card was iffy, so I went to upgrade, wasn't going to get a 7990 but couldn;t find a decent card in stock with a matching waterblock in stock... so ended up with this :-)
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Ahh that explains it then, you'll soon have your money back :ptu:
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I'm guessing a GeForce 650 tti isn't up to scratch for this...
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I'm guessing a GeForce 650 tti isn't up to scratch for this...
it'll use more £ in power than it makes you
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I bought a usb 3 card for my microserver on saturday and i should have a Bi Fury ASIC arriving today. total spend so far just under 400 quid.
the microserver needed using, and im the sort of person who regrets missing the boat with stuff. so if it stops me moaning in a few years time its well worth a little spend.
i do now need an energy meter, so that i can work out how much its going to cost me to mine a coin. can you still get them for free off your energy provider?
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I think they might give them out to oops now. If you're with British gas you could always see if they will upgrade you to a smart meter if you want to go down that route?
Sent from my GT-I9300 using Tapatalk
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Dodgecoin is where it's at.
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Dodgecoin is where it's at.
Do you know the guy that created it? ;D
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I've been mining a few alts on and off, got 1LTC and 33FTC, though the latter I can see being fairly worthless tbh.
You still switching straight to BTC with middlecoin knighty/Walrusbonzo?
If you want to sell BTC best place I know of is localbitcoins.com, they provide an escrow service basically.
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yeah I'm still on middlecoin
got about £250 in 2 and a bit weeks... going to sell asap
looked at local bitcoins but couldn't be arsed with it tbh... trying bitstamp now but they rejected my ID so i need to go through the verification process again (apparently a perfect quality 10megapixle photo of my drivers license isn't good enough!)
bitcoin back up to $1000 so now is a good time to sell I think.... it might go up more.... but eventually everyone is going to realise it's made up money and it'll plummet.... or some bank will announce there own version and kill it etc. etc.
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I'm doing a mixture of Middlecoin and LiteCoin mining.
I'm holding out at least until I need the money to buy a house later this year, this will hopefully get me the last £1,000 or so a bit quicker.
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Just wait for bitcoin ATMs Knighty :D
http://video.foxbusiness.com/v/3003062781001/rising-demand-for-bitcoin-atm-machines/#sp=show-clips
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Now trying middlecoin, not having to bother with an account is v nice :cheers:
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yeah :-)
payouts are way down right now.... but they're still much better than mining bitcoins directly
I just sold up, got £250 for 14days worth of mining :-)
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Where did you cash out in the end?
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mt.gox
i sold the coins, but I'm still waiting for verification before I can transfer the £££ out into my bank :(
I might start selling half and keeping half incase it goes up more :-o
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I've just started trading in other coins this week, thus far very profitable. I'm increasing my BitCoin holding much quicker than from the mining, but still mining. Basically I'm making 2~3 times as much doing my own trading than using Middlecoin.
Right now over on the worlds worst website, coinedup.com you can buy Fedora Coin/TIPS. It'll be a big hit when it's on other exchanges. I've tripled my stock in a day from trading and mining, but the trading is the bulk of that increase. Value has also doubled since I bought in at breakfast yesterday. Expecting it to increase another 2~3 times in the coming days/weeks.
Fingers crossed. ;D
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If anyone fancies getting involved. Get the Wallet here - https://cryptocointalk.com/topic/2371-fedoracoin-tips-information/
Give me your address and I'll send you 5,000 TIPS. Then you can start churning it on CoinedUp.com as well.
Each time I've sold my TIPS for DOGE, sold the DOGE for LiteCoin and then sold the LiteCoin for TIPS I've come out with 8%+, one time I made 20%. Obviously you need to do maths and check the buy and sell walls to see what a safe profit margin is likely to be. The only reason this appears to work is that people selling DOGE to buy TIPS are willing to pay way too high. They obviously don't do maths.
TIPS is almost certain to rise in the coming days, especially as it's due to be added to other much better exchanges.
You have nothing to lose, these 5,000 TIPS are free :) P.S. I have millions of them.
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Fedora Coin Tips just had takeoff on Cryptsy. I'm up 300% already and many of us expect the price to go much higher :)
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http://www.zdnet.com/ebay-uk-to-allow-bitcoin-trades-but-only-in-classifieds-for-now-7000025380/
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Well this is a fun ride, the stock tanked to even below my buy in price. But I could see what was happening. Someone was manipulating the market last night, pushing the price down to feed some rather large buy walls.
Now the pump has started and I'm back to 75% profit again...... Where will it end?
:rock:
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I'm feeling like I'm missing a boat here, can anyone point me in the direction of the relevant mining script / a decent how to?
Sounds like something I should be at least playing with.
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what gfx card do you have ?
download this for a wallet https://multibit.org/
download this for a miner... http://guiminer.org/guiminer-scrypt.html
(it's not the fastest miner... but there's not much difference between them and this one is a piece of cake to use/setup)
go to https://litecoin.info/Mining_hardware_comparison to check out how many hash you'll get out of your card, and find the right settings for your card (or tell me what you have and I'll find it for you.... it's a pita the first time)
then go herehttp://www.middlecoin.com/ and start mining :-)
(point miner at eu.middlecoin.com on port 3333, set your user name to your wallet address, and type anything in as a password because it's not used)
then just leave it mining and forget about it... it'll probably take 48 hours before you get your first payout... you don;t need to leave your wallet open, you can just fire that up for 5 min here and there and it'll collect your payments for you)
that's the easiest way to do it... it'll mine whatever coin gives the best profit ratio at the time, moddlecoin then sells those coins, buys bitcoins, then sends you the bitcoins once every 24hours (min payout of 0.01)
best place to sell them I've found so far is mtgox.com BUT... I'm till waiting for my account to be verified so I can withdraw money from the site... it's supposed to take 20days but it's been more like 30 so far...
(not too worried about them ripping me off because they're making millions/month legit anyway)
I started just after Christmas and I've made about £600 so far... I wasn't even going to bother but my nephew set it up... and I quite like the idea of my OC working away while I'm not on it :-)
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So according to that site, I'd get 882 hash for my card.
What sort of $$ would that net me?
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Firstly heres a silly article I wrote on BTC http://www.chasethedevil.co.uk/britcoin-saga-banking-sector-warns-britons-on-bitcoin/ I have to pimp it sorry ;)
Are you keeping some BTC now then knighty?
I'm writing a whitepaper on BTC atm (serious not silly) nobody has asked me to mind, but the potential is mahoosive.
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So according to that site, I'd get 882 hash for my card.
What sort of $$ would that net me?
1400hash got me £600 since the 17th of december...
but I keep forgetting to turn my miner on, and I run it at 700hash while I use the pc
I'm not keeping any of my coins... I'm selling them all
#I don;t think bitcoin will fail... I just don't ever see it becoming mainstream... I might start keeping some.,,
main problem I see with it is, for it to become properly mainstream, countries/banks/financial institutions are going to have to accept it as currency... and why would they do that when they'd have to start from nothing and buy them from a few geeks who would now be worth millions... (can;t remember numbers, but a small % of people own a large % of coins)
instead, they could set up there own electronic/world/decentralised currency... where the people who already have all the money get to decide how it works (and get to make the rest of us trade them real cash for it).... or whatever
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Thanks for the guide, quite close to having it running now. Unfortunately my hardware is woeful so its more theoretical at the moment.
What hardware gets you 1400kh/s? Thats huge judging by the hardware comparison.
Logically, if 1400 gets you ~ £500pm then dedicated ASIC mining hardware looks very attractive. 25Mh/s would equal >£9000pm
https://alpha-t.net/product/viper-scrypt-miner-25mhs/
Any of you considering a punt on dedicated hardware?
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I've got a water-cooled 7990... I flashed the bios so there's no power limit now (it's limited to about 500watts stock) but I haven't bothered over clocking it (2 cores, each getting 700hash)
I'll post up my middlecoin graph when I get home and have the link ;)
stay way from the ASIC mining stuff.... they only mine bitcoins, and the bitcoin difficulty is so high it'll take forever to get your money back (ir ever)
bitcoins are sha256, which ACSI/FPGA/whatever can mine really fast
litecoins/didgecoins etc.. are scrypt (a different kind of cryptography) especially made to be hard to mine with anything other than a GFX card
(they use a bit of gfx card ram, where bitcons use next to none)
asci for scrypt coins are starting to come out... but they're crap right now... it'll be a while before they're profitable, and as soon as they are they'll be sucked up by bitcoin millionaires running in data centres who will kill the profitability of scrypt coins...
then some other type of coin will come out, so you can mine that with a gfx card (and on and on)
I keep getting tempted by setting up a gfx mining rig with 5 cards in it... and priced it up a few times... it could do well... or something could change after a week and it would be worthless... it's too hard to say
(check this for profitability of mining bitcoins directly http://www.bitcoinx.com/profit/)
if you stick with middlecoin (of one of the other pools like it) they mine whichever coin is most profitable at the time, sell it for bitcoins and then send you the bitcoins... it's risky to hold onto no-name coins, there's loads of them and there prices are very volatile
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Woohooo 0.00000095 Btc!! :panic:
That ASIC I linked to is for mining scrypt, I think it will be one of the first out. A work colleague got in on the pre-order, not due to be delivered for couple of months, I'll be very curious to find out if it can deliver on the performance promises, if so I'll be following on with an order for myself.
I like this, going to have to work out what hardware is best for me to get more involved.
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this is me
http://middlecoin2.s3-website-us-west-2.amazonaws.com/reports/1P5LkSiDaz1Ee2bxDXKvp8BPKBApAMubVL.html
A work colleague got in on the pre-order, not due to be delivered for couple of months,
Nooooooooooooooooooooooooooo!
it's pretty much accepted as a massive scam :-(
if you google street view there address... it looks like a chip shop with an "alpha technology" sign over the door instead of a chip shop sign :(
if they do come out... then they might pay out pretty well...
problem is when things like this came out for bitcoins... the people selling them held onto them and ran them for months before posting them out... chances are the same thing might happen again :-(
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ASIC pre-ordering is expensive gambling, your queue place is paramount, that's if they even deliver the goods then assuming they run at the first advertised speed you have the brutal difficultly level to contend with.
If you're going to mine alts you might do OK, but there are absolutely no certainties.
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Noted, the guy's aware of the gamble he's taking. Will be interesting to see if it pans out.
this is me
http://middlecoin2.s3-website-us-west-2.amazonaws.com/reports/1P5LkSiDaz1Ee2bxDXKvp8BPKBApAMubVL.html
How should this be read? Trying to do some maths on kh/s into BTC's average but failing to do so.
I'm thinking of buying an R9 280X 11221-00-40G (http://www.amazon.co.uk/Sapphire-GDDR5-Retail-Pci-E-Graphics/dp/B00FOQZZAK/) (740kH/s) and trying it in an old rig I've got. Hopefully I'll at least break even on the investment if it runs for a month (£220 on Amazon at the moment).
Any pointers?
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it's just a graph of my payouts... it would be better if I mined at the same rate all the time... but I'm always pausing it, putting it on half etc.. so it's hard to read
£220 is a good price, and you should get it back in a month.... but it's still a gamble either way
things to watch out for... you'll need a decent psu in the computer (or one for the rest of the build and one for the card) and it's going to be noisy... fans will be clost to 100% 24/7
now I think about it... I'm tempted again to go buying lots of cards.... :-o
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now I think about it... I'm tempted again to go buying lots of cards.... :-o
4 of those cards (£880), a quad Xfire mobo (£90) and a decent 1100w PSU (£150) is about as good as it gets in a single rig £/kH from what I can see. About 3000kh/s for £1200ish.
Annoyingly I've just been investigating my parts collection and the ~unused mobo I was going to use wont post so it raises the entry cost for me. Also not sure I have anywhere I can both run a screaming rig and keep it cool. Safety wife and inquisitive toddler be dammed.
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I keep getting tempted by setting up a gfx mining rig with 5 cards in it... and priced it up a few times... it could do well... or something could change after a week and it would be worthless... it's too hard to say
Whatever you spend on a system you will get most of the cost back via Ebay if it all goes wrong, remember all that stuff i sold of yours!
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you can run 6 cards in one rig... pciex1 slots work just as well for mining
yeah you're right Jamie... I might take the plunge :-o
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Just set this up out of curiosity, and my poor old gpu only getting 190k/hps.
Anyway, is it no normal for the whole computer to run dog slow during mining? and have the occasional artifact on screen?
GPU temp has stabilized around 58c.
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yeah, that's pretty normal
what intensity are you running at ?
turn it down a bit and it'll be much better but you'll lose some hash
at intensity 13 I get 700hash/core and slow/artifacts (if i run both cores like that)
at intensity 12 I get 400hash/card but can;t even tell it's running
but... at 190hash, you'll be tight for cost of power used to cash from coins
(depending on your card of course)
EDIT: actually, it's not that bad, 250watts 24/7 is under £1/day
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yeah, that's pretty normal
what intensity are you running at ?
turn it down a bit and it'll be much better but you'll lose some hash
at intensity 13 I get 700hash/core and slow/artifacts (if i run both cores like that)
at intensity 12 I get 400hash/card but can;t even tell it's running
but... at 190hash, you'll be tight for cost of power used to cash from coins
(depending on your card of course)
EDIT: actually, it's not that bad, 250watts 24/7 is under £1/day
on intensity 18.
Am I right in having this as my username:
14eCRRRLi7TgAf5bVDTtY9surWms7of9aq
its a HD7770 so pretty lame, I have a solar setup so during the day it'll cost me nothing even this time of year about 800-1200w its makes on a cloudy day.
this is quite interesting, whats regarded as the best value gpu for doing this?
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yes I think so...
http://middlecoin2.s3-website-us-west-2.amazonaws.com/reports/14eCRRRLi7TgAf5bVDTtY9surWms7of9aq.html
should show you what you're doing... but it can take a while before it works the first time (24hours sometimes)
the graph thing is a bit naff, sometimes goes flat/doesen't update... but it's only the front end that bugs out, the pool still works properly
https://litecoin.info/Mining_hardware_comparison
a 7950 or 7770 are best for price/power to hash...
but they won;t have as much resale value as a r280
and prices or used 7950/7970 are silly high on ebay!
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Setting mining up for perfection is very hard, it took me days to get it exactly right. It appears that what settings work for one person don't work for someone else. In my case I found the same settings for identical GFX cards in the same PC gave me different results. Also, clocking too high can reduce performance, so you may find that you need to underclock to get best performance.
I'm using CGMiner 3.7.2 with these settings :-
-Q 2 -I 13 -g 2 -w 256 --thread-concurrency 8193 --lookup-gap 2
I'm also using a tweaked version of the scrypt130511.cl file which gives me about an extra 20k on both GPUs. If someone wants to try my tweaked code you may, but you will find that your optimal clock speeds may be different.
Running dual XFX R280X Black Editions that have default clocks of 1080/1550. I've downclocked one to 1052/1500 and the other at 1072/1500. Any higher on the GPU clocks and performance drops. 1MHz either way on mem clocks and performance falls through the wall. There really does seem to be a "perfect" setting for each and every setup out there. I've also reduced the GPU voltage on both cards to 1125mv and 1131mv, this has reduced the power draw to about 220w each rather than 250w each. Running temps are also much lower, both cards barely hit 70C which means the fans on auto are at about 2500rpm making it quiet enough to sleep in the same room.
This gives me 740k and 750k on my two cards, with absolutely no slow down or lag when using my PC.
I have experienced this lag before though when I was using my 6950 unlocked to 6970. The best settings for that were :-
-I 18 -g 1with the high intensity comes high lag. Fortunately for my new setup, intensity of 13 is the best option, any higher and performance drops and hardware errors creep in.
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cgminer --scrypt -I 13 --thread-concurrency 21712
Whenever I use my pc I leave that running, occasional artifacting but nothing to stop usability :)
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Want: http://www.amazon.co.uk/gp/product/B00HDP6TPA/
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I have 0.00172492 BTC apparently, whatever that means :dunno:
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I have 0.00172492 BTC apparently, whatever that means :dunno:
98p :-)
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Want: http://www.amazon.co.uk/gp/product/B00HDP6TPA/
Better one here for cheaper - http://www.scan.co.uk/products/asrock-h81-pro-btc-intel-h81-s-1150-ddr3-sata-iii-6gb-ssata-raid-pcie-20-(x16)-d-sub-(vga)-hdmi-atx
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Want: http://www.amazon.co.uk/gp/product/B00HDP6TPA/
Better one here for cheaper - http://www.scan.co.uk/products/asrock-h81-pro-btc-intel-h81-s-1150-ddr3-sata-iii-6gb-ssata-raid-pcie-20-(x16)-d-sub-(vga)-hdmi-atx
Who also accept bitcoin http://www.scan.co.uk/info/bitcoin
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Want: http://www.amazon.co.uk/gp/product/B00HDP6TPA/
Better one here for cheaper - http://www.scan.co.uk/products/asrock-h81-pro-btc-intel-h81-s-1150-ddr3-sata-iii-6gb-ssata-raid-pcie-20-(x16)-d-sub-(vga)-hdmi-atx
What exactly makes a Bitcoin motherboard a Bitcoin motherboard?
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cheap, with lots of PCI-E slots (x1 speed ports are good enough) and and bare minimum of everything else (to keep it cheap)
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Want: http://www.amazon.co.uk/gp/product/B00HDP6TPA/
Better one here for cheaper - http://www.scan.co.uk/products/asrock-h81-pro-btc-intel-h81-s-1150-ddr3-sata-iii-6gb-ssata-raid-pcie-20-(x16)-d-sub-(vga)-hdmi-atx
Who also accept bitcoin http://www.scan.co.uk/info/bitcoin
Awesome!
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For those of you still interested in mining. Here are my top tips.
1. Download a BlackCoin wallet - http://www.blackcoin.co/
2. Install it.
3. Join the BlackCoin Multipool - http://blackcoinpool.com/
4. Start mining.
5. Receive daily BlackCoin payouts.
6. Keep it in your wallet and earn interest.
7. Watch the price rise and rise over the coming days, weeks, months. Check it out on www.mintpal.co.uk
In year, I have no idea where it'll be, but I'm 100% positive it'll be worth it.
Goodluck.
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I've dropped from getting about $20 a day to $3 a day
lost £500 when Mt.Gox dissapeared :(
about given up tbh :(
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Admittedly, mining isn't that profitable anymore. But the potential for this coin is massive.
It's Proof of Stake now, so you can only mine it by holding it in your wallet, this is not intensive, doesn't require GFX cards etc.
The mining pool will switch to other profitable coins and then dump them on the market. Essentially sucking in their value into BlackCoin, it's like a Black Hole.
When the concept for this started, the value went 10 fold in 2 weeks. The pool has changed hands, they're rebranding it, bug fixing and it's just come out of closed beta.
This coin will 10 fold again, I'm sure. During the concept it was pulling as much as 10GH/s, this creates around 50 bitcoin buy pressure on the value of BlackCoin, pushing it up.
Don't give up now, give this a go for even a week, hold the coin in your wallet and forget about it even, come back in a few months.
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https://cryptrader.com/charts/mintpal/bc/btc
Need anymore convincing?
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ok... I'm mining it... but I don't see how it has any value ?
or why anyone would pick it over bitcoins / other coins ?
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They all have value while Bitcoin does.
You can't mine BC anymore, it's purely proof of stake. While you mine on that pool, you're mining other coins, they're being sold for BC. This will give the coin perceived value and that should only go up. Once more people notice it, things should only improve.
So mine for a week and then hold if you want to quit mining. Just hold them coins in your wallet and keep the wallet open and unlocked if you want to earn interest.
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They all have value while Bitcoin does.
You can't mine BC anymore, it's purely proof of stake. While you mine on that pool, you're mining other coins, they're being sold for BC. This will give the coin perceived value and that should only go up. Once more people notice it, things should only improve.
So mine for a week and then hold if you want to quit mining. Just hold them coins in your wallet and keep the wallet open and unlocked if you want to earn interest.
I'm giving it a bash, though
"How many coins will there be?
There is no fixed amount."
is of genuine concern :-\
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will, how many bc are you getting for 24/hours ?
iirc we were pretty close on returns before
it's about 2000bc/btc right now... so I'm still wondering if its worth it...
I see how it has perceived value... if we're mining other coins to buy black coins, all those buy orders push the price up... but it's not real value
ok... no coins have real value... but at least people are invested enough in bitcoins to want them to keep value....
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They all have value while Bitcoin does.
You can't mine BC anymore, it's purely proof of stake. While you mine on that pool, you're mining other coins, they're being sold for BC. This will give the coin perceived value and that should only go up. Once more people notice it, things should only improve.
So mine for a week and then hold if you want to quit mining. Just hold them coins in your wallet and keep the wallet open and unlocked if you want to earn interest.
I'm giving it a bash, though
"How many coins will there be?
There is no fixed amount."
is of genuine concern :-\
It shouldn't be, inflation is 1% and that's fixed, forever.
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will, how many bc are you getting for 24/hours ?
iirc we were pretty close on returns before
it's about 2000bc/btc right now... so I'm still wondering if its worth it...
I see how it has perceived value... if we're mining other coins to buy black coins, all those buy orders push the price up... but it's not real value
ok... no coins have real value... but at least people are invested enough in bitcoins to want them to keep value....
I'm getting around 40BC per 1MH/s, I'm not mining it with both cards all the time, but I'd say 80% of my daily hash is going to it.
Mining this now won't make you much profit, if any right now, but it has the potential to make much more in the future. Previously, before beta testing the new site, it was pulling over 10GH/s, this gave the pool 20~30BTC buy power a day, the price shot up due to that. Have patience.
I know in the crypto world a day or a week can seem like forever, but this time it is something to be patient with.
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I got my first 24hours worth of minimy payment (mining most of te time)
got 69.5 bc
at 2000bc/btc that's a bitcoin/month which is pretty good :-)
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I got my first 24hours worth of minimy payment (mining most of te time)
got 69.5 bc
at 2000bc/btc that's a bitcoin/month which is pretty good :-)
Nice!
I'll mine BC for a bit, I was mining MAX but the block reward halved, I've been putting a few spare quid into BTC now and again also.
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According to people I follow on Twitter, two big whales have bought in and intend to push it to 50k satoshis. Even without this help, the coin value should go up, in theory. It's already gained 20% today.
I hope this works, I'm in the top 750 BlackCoin richlist. lol
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I got my first 24hours worth of minimy payment (mining most of te time)
got 69.5 bc
at 2000bc/btc that's a bitcoin/month which is pretty good :-)
That's not bad, you may get less today, value has gone up 20%.
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Follow me on Twitter, from there you'll be able to follow some of the same people invested in this coin.
Knowing what others are doing can be very valuable in this game.
@walrusbonzo.
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wait... I typo'd into calculator
it was 20,000 bitcoins / blackcoin, not 2,000
it's about 15,000 now
which sucks... it'll need a hell of a jump to be profitable?
numbers from
https://cryptrader.com/charts/mintpal/bc/btc
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Currently it's no more profitable than mining any other coin, but as the value goes up, the coins you got the day before are worth more.
The pool is picking up, more users now, and SHA256 has been added.
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I've been researching a lot into mining recently, I'm just annoyed with myself that I am about 9 months too late to get the ball rolling with building a mining rig and as already mentioned, it's simply not profitable anymore. (And the fact that I no longer have the spare funds to spend on mining components lol).
Liam
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True. If I didn't already have the gear to do it I absolutely would not bother.
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FYI for those mining BlackCoin - https://docs.google.com/presentation/d/1zKEHZ1Nh23NTtuW96B488fHB0boHJMH8CUMnGBho1ns/preview?sle=true#slide=id.p
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I hope you're still mining for BlackCoinPool
BlackCoin value just hit a new high.
Black Friday has started - http://www.blackcoin.co/mining/blackfriday-the-official-launch-of-blackcoinpool-bonus-details/
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I hope you're still mining for BlackCoinPool
BlackCoin value just hit a new high.
Blak Friday has started - http://www.blackcoin.co/mining/blackfriday-the-official-launch-of-blackcoinpool-bonus-details/
Yep, a solitary 7950 mind :lol:
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Well after having to send back 1 of my R9 280X due to a faulty fan and receiving a refund. I've just bought 3 x 7950 on Ebay.
So soon to have 1 x 280x, 3x 7950 and 1 x 6970 :P
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I've given up on mining black, someone send me there address and I'll send the 193black coins I have ;)
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If you've given up mining Black, I hope you've given up mining everything because the BlackCoin pool is currently the most profitable multipool there is.
http://poolpicker.eu/
Just hold your black, don't give it to anyone! ;) The number of miners in the pool has grown, this has caused more buy pressure on the markets. Coin value will go up, it is going up. The pool also now has a mining hardware giveaway to attract more miners.
Keep your wallet open when you use your PC, get 1% interest per year.
This coin is going places compared to others. It's entered the top 20 by market cap and for the last 4 weeks has been in the top 5 for trading volumes.
I will of course hold it for you and when it's worth a load you can have it back. I've created a receive address just for you - B5Q8N3py4S5XRSAfk3RG8Ch53MYgxb58hn
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I've given up on mining black, someone send me there address and I'll send the 193black coins I have ;)
Err just sell them on cryptsy? https://www.cryptsy.com/
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You'd be better off keeping.
If you really want to sell, I'll have them.
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The pool hash rate has at the very least, doubled today, that means BlackCoin buy pressure will also double. BlackCoin will go up.
And then probably back down after a few whales dump their load, :thumbdown: But then the pool will carry on buying, whatever the cost. :thumbup:
The only way is up.
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I#ll try mining for another 24 hours and see what the returns are like
when it was 20,000 bc to 1 bitcoin its not worth doing
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Going by the fact we've almost hit 10,000 satoshis, it'll be 10,000 BC for 1 BC.
Those you hold are now worth double what they were when you mined them.
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that still puts me at 140days/bitcoin :(
(actually, it's worse that that, because as the price goes up, I'll be receiving less for my mining work?)
maybe if it doubles in price again....
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It'll happen, just a matter of time.
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It jumped up 20% overnight, at an all time high! :cheers:
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Now up 40%. I wonder where it'll fall and settle before the next jump.
Now at 12th for market cap - http://coinmarketcap.com/
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maybe if it doubles in price again....
Expect significantly less BC today, as you hoped yesterday, it's value has now doubled.
You see why I told you to hold and keep mining? By mining you are helping to drive the value up. The pool has almost hit 4GH/s, that's 20 bitcoin of buying power, daily!
Over 1,000 bitcoins worth of trading in BlackCoin in the last 24 hours, on one exchange.
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Hey Knighty, are you happy now? It's worth over 3 times what it was two days ago! :w00t: :w00t: :w00t: :w00t:
http://coinmarketcap.com/bc_7.html
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honestly.... not really, it's getting better tho :-)
as always... I missed the good times at the start... saw someone who was getting 5000bc/day at the start with 1 mining rig :-o
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5,000 a day? WOW :o
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if anyone wants some mining stuff, my little brother has split up his rig
already sold a few bits, this is what he's got left
https://docs.google.com/spreadsheets/d/1yCcjDHAF0Km4rLm1A2sYatX9EmIsHzDUvwtPm3AmOS8/edit?pli=1#gid=0
:-)
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At this rate, it won't be long before 1 BC = $1. :w00t:
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Well, I've made more money in the last 4 days than 2 months work.
Cheers
:ptu:
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Well, I've made more money in the last 4 days than 2 months work.
Cheers
:ptu:
Cheers WB, I've left my solitary 7950 on this most of the time and I have £50 worth at the current rate which I'm more than happy with.
Oh and if the above is in reference to 'on paper' profits, I would try not to count on that until you press sell! :) ;)
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Well, I've made more money in the last 4 days than 2 months work.
Cheers
:ptu:
Cheers WB, I've left my solitary 7950 on this most of the time and I have £50 worth at the current rate which I'm more than happy with.
Oh and if the above is in reference to 'on paper' profits, I would try not to count on that until you press sell! :) ;)
Wise words, I know I know. Because literally a few minutes after I posted that someone dumped massively and it dropped 30%. :o But now it's already back up. ;D
This is some crazy sh*t right now.
http://www.blackcoinstats.com/
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feck... i should have kept mining
just transferred my bitcoins into cryptsy to trade for black coins... only got 0.5 so not much to lose
EDIT: I've got just short of 1200bc now
I'll rid it for a few days then switch back to bit coins
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I hope you've kept an eye on it, it's absolutely tanked this morning!
I've just sold half my stock. :'(
But it's dropped 50% more since, good time to buy back in :P
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nope, it tanked while I was afk :(
when I transferred into cryptsy and converted to bc I had about 0.6bt worth... before I went to bed it was up to 0.75.... now it's 0.4 :s
fingers crossed it'll go up again.... I've pretty much given up on coins so I'm just messing around tbh
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I'm sure a whale or two will push it back to 100k satoshi, they've been playing with everyone today :(
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I've got from 0.7btc worth to... 0.2 :-)
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Relax and hold. How many sats did you buy in at?
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Looks like a new pump has started, almost double what we've sat at all day.
I hope you have your exit strategy, I've revised mine after realising I could have been buying a house next week if I'd sold at the top :panic:
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I bought in right before the peak
only put ~0.6bit coin in, so it's not a massive loss/gain for me either way
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I've set a sell order to get me out if I get back up to 0.6btc worth... long short but worth a go
as the price drops, mining gets more profitable... so I can see the value going up/down like this for a while yet
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I think we'll go there and beyond Knighty, if you don't mind losing 0.6btc you shouldn't mind making some. Expect it to go higher this time around than last.
I still say, hold :)
Good luck.
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Some interesting news - https://finance.yahoo.com/news/blackcoin-rolls-fantastic-features-value-071557419.html?soc_src=mediacontentstory
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cancelled my auto sell @ 0.0006
need to put a new one in... not sure how much to go for... thinking 0.0009 but not sure :-o
I'm thinking more people will dump when the value comes up again
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so whats the deal with blackcoin, do you mine it? or just swap it for other coins?
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you point your minder at the black coin pool, it mines other coins, sells them for black coins, then sends you the black coins :-)
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You mine it and hold it, because they'll be worth much more in a few weeks and months. Trust me.
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alright, i apppear to be mining for that pool. using cgminer again on the mac.
is it still the situation where we'd be best off with a decent mining rig?
i never did get to the point where i understood cgminers output. i guess now is the time to work it out
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I don't think it's worth building a mining rig right now
if you've got something you can mine with, great, or if you need a new gfx card you might as well buy an AMD one that can mine too... but it's not worth buying stuff just to mine with
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Unless you have a massively invested interest in BlackCoin already, like Knighty says, no point building a mining rig, it's just not very profitable anymore.
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laptops been mining for 24 hours now with nothing showing in my blackcoin account. so im pretty sure i know why. cgminer dropped support for gfx card mining as of 3.7 and its now 4. something.
so if it is mining on cpu it'll be so unintensive as to be useless when it comes to being in a pool.
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Knighty, send me that BlackCoin you bought, I'll send you 0.6/0.7 BTC back. How many you got, 600~700?
My BlackCoin address is B5Q8N3py4S5XRSAfk3RG8Ch53MYgxb58hn
You didn't make the money on this that I did and in part feel responsible for you buying it.
What's your BTC address?
8)
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I sold up ages ago, got £50
don't worry about it, I'd already given up anyway
lost 1btc in MtGox and got pissed off / gave up after that
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Bummer dude. Sorry for your loss :(