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Bitcoins (and other crypto currencies)
- Thread starter Addicted
- Start date
http://go.bloomberg.com/tech-deals/2013-04-15-explaining-bitcoin-without-buzzwords/
Didn't realise anyone had replied ^^
It is profitable (but not BTC), mining LTC at the moment, earning about $7 a day, but it's all dependent on how much it's worth - so if it spikes, or goes up, then I earn more (and there's a huge chance its going up for various reasons).
There are many many people who have setup computer farms purely to mine these coins, and if they go anything like Bitcoin, which they probably will, there's a ridiculous amount of money to be made.
It works out at roughly 5 months (4 months + 1 extra month just to allow for difficulty increases in block mining) to earn back what you invest (for example a £1,200 rig), then anything over that is pure profit.
Didn't realise anyone had replied ^^
It is profitable (but not BTC), mining LTC at the moment, earning about $7 a day, but it's all dependent on how much it's worth - so if it spikes, or goes up, then I earn more (and there's a huge chance its going up for various reasons).
There are many many people who have setup computer farms purely to mine these coins, and if they go anything like Bitcoin, which they probably will, there's a ridiculous amount of money to be made.
It works out at roughly 5 months (4 months + 1 extra month just to allow for difficulty increases in block mining) to earn back what you invest (for example a £1,200 rig), then anything over that is pure profit.
Would one of the dell servers suffice for this? I've some with quad core xeons laying around.
This also. Who is benefiting from the work these farms are doing and what are they farming to earn the coins?
In other words what tasks are all these PCs performing?
Made nearly a grand on these in the past month or so. Got another $2500 waiting in the exchanges to buy some - just waiting for the right time. Wish I got in yesterday at $54 (Now $86). Right ballache having to send money off to Solvenia each time and that, always sets the fraud alerts of at the banks.
What I've been doing is buying them in bulk through there and selling them off on localbitcoins.com at a premium. Usually about £5-20 more than what they're usually worth. So making money with now risk atm.
What I've been doing is buying them in bulk through there and selling them off on localbitcoins.com at a premium. Usually about £5-20 more than what they're usually worth. So making money with now risk atm.
Mining is pointless these days due to the massive rigs people are buying just do it, the boat has sailed....
What method are you using to transfer funds over, TransferWise -> BitStamp ?
Am indeed, used blockchain.info before they closed it down and now I have to f**k about with that
Am indeed, used blockchain.info before they closed it down and now I have to f**k about with that
Ahh you must be hitting some heavy fees now then?
I've been tempted to sell on Localbitcoins, how do you do it, bank transfer or literally meet up?
Think I'm going to invest in a mining rid more than anything.
I've been using Transferwise for my SEPA transfers - only costs a few quid! Unlike your bank which will charge £50/60. http://transferwise.com/u/f126 - my referral link if you're interested
- it's very simple, but adds an extra day to the process.Just been doing bank transfers with LocalBitcoins, very easy to do and they save the amount in Escrow until you see the funds in your account. Because bank transfers are not able to be charged back, it makes this very easy to find the funds and then just release the funds to the buyer. Usually buy/sell coins with in a few minutes
I did it through SEPA also!
So presumably each time you sell a coin, bank transfer to your bank and then you have to transfer it back through transferwise ?
So presumably each time you sell a coin, bank transfer to your bank and then you have to transfer it back through transferwise ?
bitcoin is largley (though obviously not exclusively before anyone argues) used for money laundering with a load of get rich quick'ers getting involved and causing the value to fluctuate.
the launderers dont care because as long as there is something to buy then sell they can launder... doesn't matter how much a coin is worth as long as they get clean cash at the end.
bit coins are more of a commodity than a currency imo
however, google silkroad, it's the most famous bit coin black market afaik if you are interested at all.
Without a doubt.
Cryptocurrency is here to stay, but I have NFI which one it will be, it may not have been developed yet.
Sounds about right, running a 7970 and 7950 24/7 at the moment, costing about £1.30 a day in electric
Should have a dedicated rig of 4x 7950's in the next few days so I can stop stressing my main pc!
Will be worth it though I think, very very very profitable.
Sounds about right, running a 7970 and 7950 24/7 at the moment, costing about £1.30 a day in electric
Should have a dedicated rig of 4x 7950's in the next few days so I can stop stressing my main pc!
Will be worth it though I think, very very very profitable.
With the rate that coins are being issued going down and the number of people trying to get them going up, I guess you need to make your money back pretty quick if you are going to get a return as it will go beyond viable pretty soon for the smaller miners?
Nope, I sell all of my coins through LocalBitcoins bypassing the need to get funds transferred by SEPA.
Depends how they fair on the markets tbh, they're fluctuating so much atm (although they are slowly increasing in value), so it's hard to say. Problem with Cryptocurrencies is their only value is what people believe it to be, there's nothing tangible to keep it at a certain value.
At current it will take around 4 months (this is taking into account an extra month to account for increase in difficulty as more start to mine) to return say £1200 worth of mining rig invested (including the reduction of power costs), about a month or two ago this was about half! The bonus with that is once its paid off you can do whatever you want, and plus you have the hardware to sell at the end as well if required which is a decent return back.
So while it's not profitable at all now to mine BTC there's about 6 other "decent" currencies at the moment, with one being released on the 16th of this month so there's generally always something else to mine, but it's all risk management of trying to work out which is going to give a return or not.
I realize that's a stupidly long post for that reply and doesn't directly answer it either, but because difficulty is based on current mining rates (the idea is x blocks can be mined every 15minutes), if there are more miners, the difficulty goes up.
To take an example, companies developed specific BTC mining hardware which was way more efficient than GPU's, as soon as they shipped BTC mining on a normal PC rig was no longer profitable, so people move to the next coin!
Oh, not used LBTC yet so confused how it works - presumably you have a £ balance (I guess they act as an escrow so can hold BTC/£ for people), and you just buy BTC back up at a cheaper rate (hopefully)?
Are you tempted to just start your own coin?
Its the fact that there is nothing stopping anyone from doing so that makes me think they are all doomed to failure in the not too distant future, I'd like the way the values have gone up to what happened with certainly technology stocks a dozen or so years ago (broadvision shares for example) where they just kept going up because of the fact that people all thought they would do so, but because the return was very small (in terms of divided versus invested amount) when they dropped they properly dropped, and in this case there is NO return in the way of a dividend etc and no solid asset underneath (gold reserves etc) so to me it just seems completely inevitable it will collapse at some point, but then again if there are enough people who strongly believe in it, I might be proved wrong.
If I had something beneficial which I could bring to the currencies then sure, I'd either join a team to create a new one (doubt I have the knowledge required to do it solo) or build it into an existing (much harder as I guess it needs to be very stable, probably impossible for big/changing features).
Well I think the thing that makes them successful (as all of it is open-source), is basically taking an existing working coin and adding functionality so for example Litecoin. It is going to work (I think at least as well as BTC) as there are 4x more coins, 4x more coins found per block (negates the first point, but still), transactions are "confirmed" about 4x quicker (better for everything).
I think you're right as well, it probably will collapse at some point, and certainly most of the early currencies will fall due to being too limiting, though I think it will be interesting to see what happens when we get a major retailer (for example) accepting one of these currencies, as at current there is a nice steady rise in retailers accepting them but they're all the kind of services/products you'd expect from something this techy (domains, VPNs etc).
Coin for pizza anyone?
https://bitcointalk.org/index.php?PHPSESSID=cbu9gd14fhp5tqav35vgq1gem7&topic=137.0
https://bitcointalk.org/index.php?PHPSESSID=cbu9gd14fhp5tqav35vgq1gem7&topic=137.0
The way the algorythm and network are constructed makes that not possible, just cause he created it doesnt help him create any more coins now any easier than anyone else.
With the code etc all being open source... It is impossible. However. I bet the earlier people have thousands upon thousands of coins and in theory could crash the whole system if they dumped everything on there - but that really isn't in their interest as it would make them worthless. If it was me I'll be constantly drip feeding my coins for cash to prevent the price from crashing.
Running a raspberry pi powered "rig" too, it hashes the same speed as 2.5 ATI 7950's, for much less cost, and about 1% power.
I have NFI tbh, it comes down to the type of processing (math).
Bitcoin uses a SHA-256 Algorithm, and so the USB stick is basically a chip designed specifically to do SHA-256 calculations really quickly. Difference with the GPU is that it's designed for much more than just SHA-256, and can do a whole host of things, hence the size, power costs etc.
Annoying thing is if I'd of got them a week earlier like other people (I was on holiday at the time), I could have sold them for more than double what I paid due to them being really hard to get hold of, particularly in the UK (then either bought twice as many, or the same amount and kept the profit).
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