Crypto Currency Mining & Graphics Cards - Page 2
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Onus said:
There are downsides, very definitely. I lost 2BTC myself when Mt. Gox croaked. Of course, people stand to lose a LOT more when the banksters' schemes unravel later this year. Ah, but all that is for News & Leisure, or perhaps another site entirely...Let's try and keep this one technical please.
Onus said:
The power used for hashing is the price of shedding the bonds of centralized control. There are pros and cons, and the debate will rage on until / unless our currency is once again backed by something tangible. Anyway, I think it is safest to assume that those who are here have already decided for themselves about the merits of crypto-currency.Why I don't keep coin in an exchange (or online wallet). I get in, exchange and cash out.
The creator of Coinbase was arguing the merits of keeping coin in it's hosted wallet while others argued the safest place is in ones personal wallet (Litecointalk I believe). I agree with the latter but it is cool that more and more major retailers are using it... although to keep in mind, banks (or exchanges) are designed to get your money nothing more.
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Reply to RussK1
Rustywasp
March 7, 2014 3:45:21 PM
cst1992 said:
Of course, they're not stealing the cards, I know that.But money doesn't absolutely transmute to the purchased goods.
Suppose tomorrow, gas is in short supply, so governments around the world will automatically ban those cars which consume a lot of fuel(like many exotic cars, as they only give a mileage of around 5 km/l or 12 mpg at most) and encourage cars running on solar power or electricity.
Because of guys that buy cards in such huge amounts, the retailers have driven up prices(even if cards are available) and those wanting to install r9 290's in their gaming rigs to play BF4 have to buy the card at very high prices.(Graphics cards aren't exactly cheap anyway, I had to save money for months to be able to buy a GTX650 card.)
[removed - watch the personal attacks.]
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Reply to Rustywasp
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jjb8675309 said:
Hey Russ how do you configure your payouts.... 1 coin, .5 coins, etc... what is your transaction model for going to USD, I'm finally accumulating a coupe litecoins and would like to know what is optimal...?I use a payout threshold of .05. Then use BTC-E or Bter (which ever has less fees) and sell LTC/BTC.
But if I were you, I would hold on to the coins until LTC jumps up in value then sell.
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Reply to RussK1
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Reply to truegenius
A simple google search of "How to mine bit coins" leads to quite a few guides that explain how to do it. It is real, it takes about like 2 hours to setup up (trial and error following the guide) and you can start mining for bitcoins right then and there with your current setup. You won't get much but it's not that hard.
I did it, got it set up on my computer, but then you know, i wanted to actually use my computer so i shut it down, but now I'm planning on building a dedicated mining PC maybe, just need around $800 bucks.
I did it, got it set up on my computer, but then you know, i wanted to actually use my computer so i shut it down, but now I'm planning on building a dedicated mining PC maybe, just need around $800 bucks.
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Reply to James Mason
Depends on what you consider. If you can trade it for paper currency and/or buy stuff with it wouldn't it be considered real?
In reality it's no different as far as value compared with paper currency (actually MORE valuable). They can all pop and flop... take the U.S. economy, it's about to do just that. There are many currencies around the globe that are pretty worthless and about as valuable as a wooden nickle.
In reality it's no different as far as value compared with paper currency (actually MORE valuable). They can all pop and flop... take the U.S. economy, it's about to do just that. There are many currencies around the globe that are pretty worthless and about as valuable as a wooden nickle.
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Reply to RussK1
Onus said:
There will be significant growing pains (i.e. losses for some) in cryptocurrency, but fiat currency is outright bogus, which the world is about to find out.Russ, at current rates, what's a conservative estimate of the weekly revenue from a HD7970 that mines LTC 24/7?
I wouldn't mine LTC but rather Vertcoin (VTC). Lets assume 800kH/s (400kH/s VTC) with a 7970 @ 300w with .15¢kW/hr
LTC = $50 a month profit.
VTC = $57 a month profit.
Give Me Coins is about to add it and there are no fees.
http://www.coinwarz.com/calculators
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Reply to RussK1
Onus said:
I'll look into that, although I suspect that LTC will be more stable; I've never heard of Vertcoin.It's adaptive and is ASIC resistant. The Tech behind it makes it highly interesting. I just wish well-known and trusted pools would add it...
https://vertcoin.org/
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Reply to RussK1
I think people are confusing Crypto-currency with "real" currency (i.e. dollars, which "represent" gold), it's much more accurate to say that crypto-currencies are just another stock market, and function in the same way, but make more sense as to how they actually work.
Stocks have value based on what people assign to them, they represent no real value.
Crypto-currencies have value based on what people assign to them, they represent no real value.
Dollars have a value based on the price of gold, or they used to, either way, their value is protected by your government.
Stocks have value based on what people assign to them, they represent no real value.
Crypto-currencies have value based on what people assign to them, they represent no real value.
Dollars have a value based on the price of gold, or they used to, either way, their value is protected by your government.
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Reply to James Mason
^True. Dollars used to be backed by gold, but that has not been true since Nixon took the USA off the gold standard in 1971. This has allowed rampant spending by all sectors. Very soon, people will realize that the emperor has no clothes, and global fiat currencies will croak croak CROAK! It won't be pretty...
(good luck to all)
One advantage to cryptocurrency is that it is inherently not controllable by a central authority (e.g. the Fed), so more of it cannot simply be created out of thin air at the whim of parasites addicted to spending.
(good luck to all)
One advantage to cryptocurrency is that it is inherently not controllable by a central authority (e.g. the Fed), so more of it cannot simply be created out of thin air at the whim of parasites addicted to spending.
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Reply to Onus
James Mason said:
I think people are confusing Crypto-currency with "real" currency (i.e. dollars, which "represent" gold), it's much more accurate to say that crypto-currencies are just another stock market, and function in the same way, but make more sense as to how they actually work.Stocks have value based on what people assign to them, they represent no real value.
Crypto-currencies have value based on what people assign to them, they represent no real value.
Dollars have a value based on the price of gold, or they used to, either way, their value is protected by your government.
That's a good analogy and pretty much how I see it. It's all about investing and trading at the right times. I kinda missed the boat a couple weeks ago. LTC was up and BTC down and I was going to trade but didn't... the following day BTC jumped $150 per...
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Reply to RussK1
RussK1 said:
Use BTC-E to sell LTC/BTC and use Coinbase to deposit USD into your bank account.Hey Russ how do you transfer from BTC-e to Coinbase... to checking I have an account on both sites and a bank account configured on coinbase. Not sure why this is so darn confusing to me but it just is. Could you give me a little more detail... thanks!
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Reply to jjb8675309
jjb8675309 said:
RussK1 said:
Use BTC-E to sell LTC/BTC and use Coinbase to deposit USD into your bank account.Hey Russ how do you transfer from BTC-e to Coinbase... to checking I have an account on both sites and a bank account configured on coinbase. Not sure why this is so darn confusing to me but it just is. Could you give me a little more detail... thanks!
The usual way to transfer coins is to cash them out to your wallet, then pay them out into an intake address in the other wise
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Reply to smeezekitty
jjb8675309 said:
So I take it Coinbase cannot take litecoin for USD but only bitcoin. Is there anyplace that you can trade litecoin for USD. Sorry if I'm missing something big here.https://www.cryptsy.com/
I use them to convert any type of coin to BTC as I've experimented with LTC/FTC/DTC. Sold a bunch of DTC (dogecoin) when they were a bit higher than now. It's like playing hte stock market but you're only trading some money you made that it cost you in power instead of real money on the stock market. If you are casually doing it, oh no, you bought a couple of video cards, market falls through, you stop, you sli and play games on ultra. lol.
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Reply to getochkn
Can someone clarify my assumptions?:
Crypto currency was virtual in the beginning but as soon as people started to treat it as real currency (e.g. exchanging goods for bitcoins) it actually became a "real" currency.
Depending on what country you live in I assume that the profit of this crypto currency mining should actually be taxed (something I think most are forgetting).
Isn't a bubble burst inevitable here? I mean when the finite cap is reached for a crypto currency won't the currency just plummet to the ground when people cannot mine that currency anymore? If no ressources are no longer put into maintaining the currency's "value" what happens then? I don't see how the demand for this currency will hold in the long run.
I'm not saying it's not worth mining at the moment since it seems like a fairly good business but in my personal opinion it's too much effort and environmental waste just to earn 50$/month.
As I see it this kind of currency either goes two ways: Either it dies out at some point as people loses interest (Eg. no more value is added to the currency) or it will end up getting regulated by the respective governments.
Crypto currency was virtual in the beginning but as soon as people started to treat it as real currency (e.g. exchanging goods for bitcoins) it actually became a "real" currency.
Depending on what country you live in I assume that the profit of this crypto currency mining should actually be taxed (something I think most are forgetting).
Isn't a bubble burst inevitable here? I mean when the finite cap is reached for a crypto currency won't the currency just plummet to the ground when people cannot mine that currency anymore? If no ressources are no longer put into maintaining the currency's "value" what happens then? I don't see how the demand for this currency will hold in the long run.
I'm not saying it's not worth mining at the moment since it seems like a fairly good business but in my personal opinion it's too much effort and environmental waste just to earn 50$/month.
As I see it this kind of currency either goes two ways: Either it dies out at some point as people loses interest (Eg. no more value is added to the currency) or it will end up getting regulated by the respective governments.
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Reply to Mahisse
https://btc-e.com/exchange/ltc_usd
Ltc exchange but untested
Yes but shhhh don't upset the crypto fanboys
Ltc exchange but untested
Quote:
Isn't a bubble burst inevitable hereYes but shhhh don't upset the crypto fanboys
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Reply to smeezekitty
smeezekitty said:
https://btc-e.com/exchange/ltc_usdLtc exchange but untested
Quote:
Isn't a bubble burst inevitable hereYes but shhhh don't upset the crypto fanboys
Well there's nothing wrong with a bubble if you know when to pull out of the game
. The question is rather will a bubble completely destroy the crypto currency or just cripple it for a time as any other bubble. -
Reply to Mahisse
It is a good question about what will happen to the price of bitcoins (specifically, as they are the most valued currently and the ones with a set limit) once they are all mined, as an extremely few amount of the people who mine them/trade them actually want them, they just want the cash they can get from the people who buy them, and thus place the value on them. Once the miners stop producing them, and thus stop selling them to the buyers, then who will buy them? Those who've amassed large sums of bitcoins will have trouble finding anyone who actually wanted to buy them besides themselves because they are "investors."
Or like the magic of how the stock market works, it just will. Because literally, the only way the stock market can work is through literal magic.
(Like, do any of you actually know how the stock market works? Like who/what decides the prices? Like how you can't sell your stock for you think it's worth, only for what the "market" value is, or how you can sell stock you don't own somehow.)
Or like the magic of how the stock market works, it just will. Because literally, the only way the stock market can work is through literal magic.
(Like, do any of you actually know how the stock market works? Like who/what decides the prices? Like how you can't sell your stock for you think it's worth, only for what the "market" value is, or how you can sell stock you don't own somehow.)
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Reply to James Mason
There is no inherent requirement for a "bubble" to cryptocurrency. Any asset, whether real or virtual, can experience bubbles.
What will keep the hashing networks operating is the tiny transaction fees that are included; the miners collect those fees when they process transaction hashes in addition to the new coins they generate from "mining."
As to whether or not it should be taxed, of course the parasites want to be able to get their hands on anything of value. The untraceable, decentralized nature of cryptocurrency transactions however does offer some protection from these would-be looters, and is one of the advantages of cryptocurrency.
What will keep the hashing networks operating is the tiny transaction fees that are included; the miners collect those fees when they process transaction hashes in addition to the new coins they generate from "mining."
As to whether or not it should be taxed, of course the parasites want to be able to get their hands on anything of value. The untraceable, decentralized nature of cryptocurrency transactions however does offer some protection from these would-be looters, and is one of the advantages of cryptocurrency.
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Reply to Onus
Onus said:
There is no inherent requirement for a "bubble" to cryptocurrency. Any asset, whether real or virtual, can experience bubbles.What will keep the hashing networks operating is the tiny transaction fees that are included; the miners collect those fees when they process transaction hashes in addition to the new coins they generate from "mining."
As to whether or not it should be taxed, of course the parasites want to be able to get their hands on anything of value. The untraceable, decentralized nature of cryptocurrency transactions however does offer some protection from these would-be looters, and is one of the advantages of cryptocurrency.
... And probably also one of the reasons why it could potentially hold it's value in the long run since it's practically untraceable. Making it the perfect currency to do illegal trading on the web, thus why I also think it's inevitable that it will be regulated by authorities if the currency keeps getting more and more established.
The stock market is not hard to understand since it's essentially comes down to supply and demand. The trick is to predict the demand before it actually exist, thus making the market really abstract in some cases since a prediction of a demand can end up being a self forfilled prophecy and the other way around, thus affecting the stock value with no real reason.
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Reply to Mahisse
Mahisse said:
... And probably also one of the reasons why it could potentially hold it's value in the long run since it's practically untraceable. Making it the perfect currency to do illegal trading on the web, thus why I also think it's inevitable that it will be regulated by authorities if the currency keeps getting more and more established.
And thus that makes anyone trading in it liable for money laundering, which is illegal everywhere basically.
Mahisse said:
The stock market is not hard to understand since it's essentially comes down to supply and demand. The trick is to predict the demand before it actually exist, thus making the market really abstract in some cases since a prediction of a demand can end up being a self forfilled prophecy and the other way around.
Right, but who's controlling the value of the supply.
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Reply to James Mason
"Money laundering" violates no one's rights. Assuming the money being "laundered" was earned honestly, that concealing its ownership or quantity has been made a crime was merely to serve the interests of financial game-players, or to expose it to looting (i.e. taxation) by parasites. That cryptocurrency can be kept out of dishonest hands is one of its strengths.
The "value" of the supply is determined by the free market. The quantity of the supply is determined by the algorithms on which the particular cryptocurrency is based. A particularly limited quantity is a weakness rather than a strength, because coins "lost" in any way are simply gone, *poof*; there is no recovery. This weakness is somewhat ameliorated by the fact that cryptocurrency can typically be transacted in very tiny fractional amounts.
The "value" of the supply is determined by the free market. The quantity of the supply is determined by the algorithms on which the particular cryptocurrency is based. A particularly limited quantity is a weakness rather than a strength, because coins "lost" in any way are simply gone, *poof*; there is no recovery. This weakness is somewhat ameliorated by the fact that cryptocurrency can typically be transacted in very tiny fractional amounts.
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Reply to Onus
getochkn said:
jjb8675309 said:
So I take it Coinbase cannot take litecoin for USD but only bitcoin. Is there anyplace that you can trade litecoin for USD. Sorry if I'm missing something big here.https://www.cryptsy.com/
I use them to convert any type of coin to BTC as I've experimented with LTC/FTC/DTC. Sold a bunch of DTC (dogecoin) when they were a bit higher than now. It's like playing hte stock market but you're only trading some money you made that it cost you in power instead of real money on the stock market. If you are casually doing it, oh no, you bought a couple of video cards, market falls through, you stop, you sli and play games on ultra. lol.
Thanks for the info. When I get home from work I will give Cryptsy a look. It looks like they will have crypto to USD soon!
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Reply to jjb8675309
So much for the idea that crypto cannot be government controlled: http://www.businessweek.com/news/2014-03-13/singapore-t...
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Reply to smeezekitty
Oh sure, the parasites can try all kinds of controls, but they will have no effect if people either ignore them, or if they never convert the cryptocurrency into fiat, but spend it directly. The anonymity of crypto is another strength. The parasites can thrash about all they like, but unless they have the means to take over at least 51% of a given hashing network, they're impotent; there's little they can really do about it. They can monitor the "conversion portals," so to speak, but that will just strengthen the market for the alternate currency.
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Reply to Onus
kamilstoch
March 18, 2014 12:54:02 PM
kamilstoch said:
Does anyone know about the prices of (for example) an R9 290 before it was completely inflated with this crypto-currency stuff?$399
http://www.amd.com/us/press-releases/Pages/amd-radeon-r...
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Reply to RussK1
kamilstoch
March 18, 2014 11:24:24 PM
toprock
March 19, 2014 2:41:39 AM
We get around 22500 k/hash with our x30 290 tower, nvidia cards just aren't worth bothering with IMHO.
The Nvidia 750Ti is good for the money VS like for like spend on ATI 280x and 290, but as you ultimately need more PCI-express slots and more nvidia cards for the same hash, the cost of motherboards, memory, cpus etc needs to be factored in and this increases the overall cost.
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The Nvidia 750Ti is good for the money VS like for like spend on ATI 280x and 290, but as you ultimately need more PCI-express slots and more nvidia cards for the same hash, the cost of motherboards, memory, cpus etc needs to be factored in and this increases the overall cost.
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Reply to toprock
toprock
March 19, 2014 2:44:25 AM
Mahisse said:
Onus said:
There is no inherent requirement for a "bubble" to cryptocurrency. Any asset, whether real or virtual, can experience bubbles.What will keep the hashing networks operating is the tiny transaction fees that are included; the miners collect those fees when they process transaction hashes in addition to the new coins they generate from "mining."
As to whether or not it should be taxed, of course the parasites want to be able to get their hands on anything of value. The untraceable, decentralized nature of cryptocurrency transactions however does offer some protection from these would-be looters, and is one of the advantages of cryptocurrency.
... And probably also one of the reasons why it could potentially hold it's value in the long run since it's practically untraceable. Making it the perfect currency to do illegal trading on the web, thus why I also think it's inevitable that it will be regulated by authorities if the currency keeps getting more and more established.
The stock market is not hard to understand since it's essentially comes down to supply and demand. The trick is to predict the demand before it actually exist, thus making the market really abstract in some cases since a prediction of a demand can end up being a self forfilled prophecy and the other way around, thus affecting the stock value with no real reason.
Concur, its all about intrinsic value, this is a superb read, but you'll need a coffee before you begin!
http://www.coindesk.com/bitcoin-intrinsic-value-alan-gr...
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Reply to toprock
toprock
March 21, 2014 2:12:16 AM
jjb8675309 said:
I'm pulling about 700 kH/s/gpu with my GTX780s for ~250w a pop. For me its worth it.Thats for two cards combined though right? at £800 cost? If you already own 780 SLI for gaming its a no brainer i guess, but when buying outright a single £200 280x can give 750k/h, particularly the Sapphire branded cards which mine well
http://www.aria.co.uk/SuperSpecials/Other+products/Sapp...
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Reply to toprock
toprock said:
Concur, its all about intrinsic value, this is a superb read, but you'll need a coffee before you begin!
http://www.coindesk.com/bitcoin-intrinsic-value-alan-gr...
Thanks for the good read.
What I found as an interesting piece in the article was this bit:
Quote:
... value that cannot be devalued unilaterally by a government (though as the recent drop in price in reaction to China’s official position on financial institutions trading bitcoin shows, governments certainly have a voice in Bitcoin’s future).I think this is a good example that bitcoins are not at all safe from government regulations. Also once all bitcoins are mined and available on the Bitcoin network what would stop governments/banks to buy all/big portions of the bitcoins, thus letting them to be able to decide the value of the bitcoins?
I'm really all pro the bitcoin technology but if the Bitcoin network is going to be established into something as big as the fiat currency network (more or less accessable to all globally) it will eventually be linked to the fiat currency, which it really already is and will eventually be just as depended on the same paramaters as the fiat currency. But it will still have advantages of being a 100% virtual currency, which will probably revolutionize the e-market as the article also mentions.
If I wasn't such a lazy bastard I would probably try bitcoin mining myself. I will probably regret I didn't in a few years, like I already regret that I didn't start mining when I first heard about it in 2011
There's no real limit for the bitcoin. As long as the Bitcoin network keeps growing it could potentially end up taking over the fiat currency as the most popular currency and turning the whole table around.
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Reply to Mahisse
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! seems like it is