Bitcoin Discussion Thread Part 2

DooKey said:
If it stays like that for long expect LOTS of folks to stop mining......
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Hopefully!

Don't panic, folks. Let's ride this thing out and see what happens.

...then sell big on the rebound!
 
During the weeked the following happened:

- Mybitcoin.com the largest online wallet site went dead, along with all the coins stored there and the site's owner vanished from the face of the planet. Estimated to have ~10k bitcoins.
- Bitomat the Polish bitcoin exchange and third largest behind mtgox and Tradehill lost all of its coins ~17k. The site owner was hosting the site, its wallet, and all backups of said wallet in an Amazon Web Services Elastic Compute Cloud server. The thing is the EC2 servers are virtual machines. For some reason (apparently to upgrade something or w/e) he took the site offline and the virtual machine was automatically reset so all the data, backups, etc went *poof*

Add to that the recent news that TradeHill stopped accepting Dwolla money transfers because those transfers were proven to be reversible (and several scammers were robbing TradeHill/Dwolla) and it all combines into a perfect storm of negative confidence in the market so investors pull out en masse. It is also possible that the stories behind the bitomat and mybitcoin incidents are merely cover stories and we just witnessed those coins being dumped into the market.

Anyways, I'm out of popcorn. Anyone need a refill? :D
It's a good thing I was too bearish to reinvest profits and stayed out for the most part. I kinda like seeing those cheap cheap coins. The markets might get a little more interesting as well since the barrier of entry is not as high anymore.

P.S: There is no way I'm going to stop mining lol, and I'm almost sure others won't either. This is all so entertaining I can't possibly stay completely out.
At this moment this image seems extremely appropriate:
justwhenithoughtiwasout.jpg
 
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Seemed to start when trade hill stopped taking dwolla but my guess is coincidence. I thought mtgox was much larger anyways.
 
Lorien said:
During the weeked the following happened:

- Mybitcoin.com the largest online wallet site went dead, along with all the coins stored there and the site's owner vanished from the face of the planet. Estimated to have ~10k bitcoins.
- Bitomat the Polish bitcoin exchange and third largest behind mtgox and Tradehill lost all of its coins ~17k. The site owner was hosting the site, its wallet, and all backups of said wallet in an Amazon Web Services Elastic Compute Cloud server. The thing is the EC2 servers are virtual machines. For some reason (apparently to upgrade something or w/e) he took the site offline and the virtual machine was automatically reset so all the data, backups, etc went *poof*

Add to that the recent news that TradeHill stopped accepting Dwolla money transfers because those transfers were proven to be reversible (and several scammers were robbing TradeHill/Dwolla) and it all combines into a perfect storm of negative confidence in the market so investors pull out en masse. It is also possible that the stories behind the bitomat and mybitcoin incidents are merely cover stories and we just witnessed those coins being dumped into the market.

Anyways, I'm out of popcorn. Anyone need a refill? :D
It's a good thing I was too bearish to reinvest profits and stayed out for the most part. I kinda like seeing those cheap cheap coins. The markets might get a little more interesting as well since the barrier of entry is not as high anymore.

P.S: There is no way I'm going to stop mining lol, and I'm almost sure others won't either. This is all so entertaining I can't possibly stay completely out.
At this moment this image seems extremely appropriate:
justwhenithoughtiwasout.jpg
Click to expand...
lol not gonna say "I told ya so" but this is exactly the kind of scenario that people were talking about. Hopefully enough people that have holdings will refuse to cash out this low, the alternative is people freaking out about the losses and trying to cut and run while they're still worth 8 bucks
 
well, hopefully people will drop like flies.. I will mine my brains out the the diff geos down.. and just hope to get the economy of BTC makes a spectacular recovery by March 2012 so I can cash out a down payment on a house, lol
 
Lol, I already got the house but I need to make a down payment on a truck next year. I guess the timing might just depend on the price of BTC.
 
flogge said:
Lol, I already got the house but I need to make a down payment on a truck next year. I guess the timing might just depend on the price of BTC.
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I wouldnt bet your life on BTC..

Ill have the money saved by then Ne ways, but if I could tack on another couple K that would be even more awesome.. or just use it for rennovations
 
A client just backed out of buying my old parts computer. I may have to sell a 6990 to make ends meet here :( Seems like I am only pulling .6 coins a day now at 1400 hash. Also, current price per coin is terrible.
 
Price seems to be inching back up, almost $10 again. As a brand new commodity with no direct relationship to the existing markets, I'm not surprised by some wild trade swings. Maybe after I have some to work with I'll try playing the market.
 
That was one hell of a rally. I had to fight my urge to buy in at $9. It's now back up to $10 again.
chartfu.jpg
 
So hard to tell with such a choppy market... Don't be surprised at a retesting of the low though & see about a bounce
 
I am comfortable in hoard mode, fortunately I cashed out enough for this months mining electricity at $14 and change.

Total network hash still growing at 1%/day...for now.
 
Mybitcoin.com the largest online wallet site went dead, along with all the coins stored there and the site's owner vanished from the face of the planet. Estimated to have ~10k bitcoins.
Click to expand...
Luckily that i transfered my coin to my PC client 2 weeks ago :D
 
I only used MyBitCoin once or twice when I first started. My coins now get stored locally on my PC up until I am ready to transfer to Mtgox and sell.

Pretty crazy what happened over the weekend though.
 
sethmo said:
I only used MyBitCoin once or twice when I first started. My coins now get stored locally on my PC up until I am ready to transfer to Mtgox and sell.

Pretty crazy what happened over the weekend though.
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Yeah, I keep everything local as well unless I'm trading.
I know it's not the same as issuance, but having a bunch of people store their decentralized currency in one location seemed counter-intuitive to the me.
 
The drop for $20 to $15, $15 to $13 and now $13 to 10 all seemed similar to me to me. Fall way down bounce back up a bit then stay level for a few weeks and then repeats.

I wonder how long this trends going to keep up.
 
jojo69 said:
network growth just went negative
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Sorry, I was just restarting my computer.

So I put a kill a watt in line with the case.

I get 230 watts idle with this:

i7-950
24 gb Ram
Rampage III Extreme mobo
2 sapphire 6990s
corsair hx1000watt PSU
7 Case fans
1050 watts without killing the extra java processes.

975 After killing extra processes.

Edit: I was only getting 1350 Mhashes at that wattage. Raising the available power by 5% through CCC yielded 1450. Also raised the Kill A Watt to 1040 watts.

I think my power is 11 cents a kwH.... eep.
 
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Fuck yes, outlier miners are pulling out. If they can't stand the heat they best get out the kitchen :D
 
Now the real question is who's ballsy enough to buy up their hardware? I'm not selling my farm but unless i can pickup hardware for dirt I'm not buying anyone elses farms up.

Come on $50 5830s lol
 
You are already too late lol. People have already been snatching that hardware up. If your new hardware costs allow you to reach or stay above the magical 2Mhash per dollar you are good to go. You know what time it is? Math time :D
 
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Lorien said:
You are already too late lol. People have already been snatching that hardware up. If your new hardware costs allow you to reach the magical 2Mhash per dollar you are good to go. You know what time it is? Math time :D
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Yep, got my $200 5870s. :cool:
 
Not bad. I raise you some brand new sealed in box $145 5850s :D
 
I stumbled upon the Amazon HD6950 1GB for $170 deal, this 5850 deal was from N C I X and I must admit I kept it to myself this time. There were others who got wind of it though and N C I X got wise to it and jacked up the price to $170 shortly after.
 
only looking at a profit of ~$350 in the next month QQ. I'm not going to complain too much about free money but I used to get that a under week lol.
 
People are pulling out but the tiny miner with 220MH/s (me :D ) keep on mining lol.

Gonna get the 6950 soon.
 
Eh, I'm just mining to subsidize the cost of my video cards for gaming. Unless they get close to costing more to power than they earn I see no reason to stop.
 
The excitement has passed it seems, and I do think this is the end of bitcoin. They'll always be worth SOMETHING, but I doubt they'll ever see $20 again. Ah well, at least I made a few bucks.
 
Lorien said:
I stumbled upon the Amazon HD6950 1GB for $170 deal, this 5850 deal was from N C I X and I must admit I kept it to myself this time. There were others who got wind of it though and N C I X got wise to it and jacked up the price to $170 shortly after.
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The $145 didn't even make it to RFD? I wish I had found that. I bought 5 brand new sealed in box Gigabyte 5870s from Newegg for $239 though just two weeks ago. That's almost $100 more than you for not that much extra hashing. What is your hashrate on 5850s? I get about 430 MH/s on 5870s.
 
Most 5850s can do ~375-400mhash. Definitely the card to get if you can find them for under $170.
 
Just made simplecoin a free pool, it will have to survive off donations.
 
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