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Bitcoins, anyone?

Discussion in 'Off Topic' started by stealthology, Aug 30, 2013.

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  1. Johan

    Johan Funds for M3 secured. Contingent on wife aproval.

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  2. Lloyd

    Lloyd Well-Known Member

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    I had a stockbroker friend tell me that a virus was discovered in Germany that hijacks computers while idle and makes bitcoins for the virusmaker.

    Edit............

    Not verified.
     
  3. deonb

    deonb Supporting Member

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    There were a few botnets that used to do that, but they've mostly been taken down. It's a waste to use a standard computer to mine bitcoin these days. You can buy a $1000 ASIC that's more powerful than 1000 computers.

    Spam is generally a more profitable use of a botnet.
     
  4. AudubonB

    AudubonB Mild-mannered Moderator Lord Vetinari*

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    Astonishing stuff, this. Tempted to put a bit of funds in bitcoins after that Tesla news. Hmmm
     
  5. yobigd20

    yobigd20 Well-Known Member

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  6. justdoit

    justdoit Member

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  7. NigelM

    NigelM Recovering Member

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  8. justdoit

    justdoit Member

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    I thought TSLA was volatile but this thing is crazy. Went to $675 then up to $875 in a matter of minutes and now back under $800. I haven't bought any and don't plan to anytime soon, but it's kinda fun watching it play out :)
     
  9. TSLAopt

    TSLAopt Active Member

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    This is the time to buy more, during this mini panic.
     
  10. justdoit

    justdoit Member

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    Don't think so. This thing went up like crazy just in the past month. There is way too much hype/attention right now. I had my dad text me and ask me what it was :) If there is one thing I learned from TSLA is that when there is too much hype be very careful. I remember right before Q3 ER a friend texted me and asked if he should get in for an ER play. I should have taken that as a sign and hedged.

    i'm definitely interested and going to take some time to learn more. Have an account setup with Coinbase (any other service you guys use and recommend?). But am going to take my time and wait till the hype dies down before I decide what to do.
     
  11. Mario Kadastik

    Mario Kadastik Active Member

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    Well I sold gradually on the way up (ran out at around $900 so didn't catch the peak) with average sale price of $700 (remember, I mined them all, never actually bought any). Now that it's tanking I hope it comes back and revisits the $100-200 range and stabilizes there for a while. I'll buy my BTC back and have 3-4x more than I had initially. Then when in half a year we get another news bubble I'll rinse and repeat ;)
     
  12. deonb

    deonb Supporting Member

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    The cool thing about mining is that it forces you to do dollar cost averaging. I just convert everything I mine to USD. Nothing to think about, so takes the stress of trading such a volatile commodity out of the equation. And I can feel good about at least having sold some coins at $1162.

    Of course you have the stress about miner delivery, but that's another story :).
     
  13. yobigd20

    yobigd20 Well-Known Member

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    What do you guys use to mine? Hardware at home? Big ASIC boxes? Or do you rent shared mining time on some servers?

    I thought about this like 2 years ago but thought it wasn't worth my time. Now I regret that. The difficulty level just seems to be way too high now to make it worthy. Sigh.

    The china news is bad though. They won't recognize/allow it. Really hurts credibility of it IMO and I think a lot of ppl were backing out based on that news. Then again, if you could buy a tesla with it then whose to say it's not worth anything.
     
  14. Mario Kadastik

    Mario Kadastik Active Member

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    Well I mine Litecoin, every 5 LTC is sent to conversion to BTC and once I reach 1 btc I withdraw to my wallet. There is no good service for automated conversion and withdrawal in EUR so for now I keep it in BTC and just convert at random points when I feel it's a good idea. Of course had I kept all BTC since I started in May I'd have had ca 60 of them now ;) at the peak of 1250 usd that's almost a Model S. Sadly I sold regularily in the summer making ca 12x less on them :/
     
  15. FluxCap

    FluxCap Active Member

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    What kind of machine do you mine with, Mario?
     
  16. Johan

    Johan Funds for M3 secured. Contingent on wife aproval.

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    Not using the supercomputers at CERN at night I hope? Is LTC mining still GPU based?
     
  17. Mario Kadastik

    Mario Kadastik Active Member

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    Well I use my own GPUs as well as am running a very low priority cpu miner on our datacenter. It only utilizes the idle cycles of cores that otherwise would idle at max power state anyway (because the adjacent threads are all running at max clock and hence the core can't power down). I've measured, there is no power draw difference between running and not running the miners and it's synced with management. But a large portion of the coins does indeed come from my own GPUs that I use for mining. And LTC is still quite well doable with GPUs. I think it's about 5x more profitable, if not more to mine LTC and then just exchange for BTC. I actually got **** out of luck as I held 484 LTC for longer term and as BTC skyrocketed I converted them to BTC (at 0.013 BTC / LTC). One day later the LTC/BTC rate ran to 0.06. I'd have gotten almost 5x as many BTC from the conversion. So instead of getting 6.3 BTC I'd have gotten 30 BTC and as the price rocketed to $1250 the next day it would have been worth ~$38000 or a good third of the price of Model S. Oh well, better not cry for lost opportunities...

    I have been contemplating creating a machine that runs 4x 7970 miners from one motherboard. It would pay for itself at current prices in about 1.5 months. After that it would net around 3-4k$ per month. That's assuming the LTC difficulty, the LTC/BTC rate and BTC/USD rates remain as they are. With the volatility the time that it will take to recoup the costs may well be 6 months instead of 1.5 or it could be 1 week ;) But that machine could do ~3MH for LTC and net around 3-4 LTC / day or ca 0.1BTC/day. But I don't really have the time to build a custom case and crawl the net to find PCI-E risers. If all the components would be available locally I might just do it.
     
  18. AudubonB

    AudubonB Mild-mannered Moderator Lord Vetinari*

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    Question for you bitcoin miners:

    Q: What key does a big bag of bitcoins strike when tossed down a 300 meter mineshaft?

    A: A flat miner.
     
  19. yobigd20

    yobigd20 Well-Known Member

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  20. wallet.dat

    wallet.dat Member

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    The news was initially thought to be bad, perpetuated by incorrect English translations of the news. Here's what it really means:
    http://www.reddit.com/r/Bitcoin/comments/1sbefw/chinese_investment_banker_sa

    Cliffs: The Chinese recognize Bitcoin as a commodity, not a currency. As such, it's not subject to all the regulatory constraints that are placed on currencies. People are beginning to digest this and the market is beginning to reflect this clarity.

    - - - Updated - - -

    None. I stopped mining Bitcoin back in early 2012. The barrier to entry is so high right now, I can't recommend anybody get into mining who doesn't already have deep pockets. It cost upward of $20K to mine at half the rate I was able to do with a single $140 video card two years ago. If someone was looking to get into mining now, I'd say go with mining Scrypt chains like Litecoin since you can build a 1+ coin/day rig for a couple thousand bucks.
     

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