Bitcoin Discussion Thread

Status
Not open for further replies.
computerpro3 said:
This piece of shit Corsair CX600 psu I got from microcenter is dropping to 11.65v under load measured via multimater. It's literally worse than my CX400. The mhash of my cards on the WHS is alternating between 250 and 100....plus random hard reboots.
Click to expand...

the WHS is the one using the CX430...? running two 5830s...? dude, that's a lot to ask of that PSU...
 
The cx400 was a beast though. The rest of the cx line hasn't been as good as the 400 was. Hell the v1 of the 430 wasn't even 80+ rated.
 
meme said:
Whether or not I become the president of the United States one day is pure speculation at this point, but it's pretty damned unlikely.

Bitcoins are either going to become a globally accepted currency, with each one worth $100,000+ dollars, or they're going to crash back to nothing. Since there is absolutely no reason to believe the former, the latter is much, much more likely.

Bitcoins are not a currency at the moment. They are a commodity which is experiencing a speculative bubble. The buyers are nearly all buying because they believe the price will continue to go up exponentially, not because they want to use bitcoins as currency. Everyone is buying because the price keeps going up, which makes the price go up more, which causes more people to buy. This can't go on forever.

While we don't know for sure how this will play out, that doesn't mean that the odds of it succeeding are 50/50, any more than the odds of me becoming president are 50/50. Especially when you take into consideration that dozens of new digital currencies will be started to compete with bitcoin (assuming it doesn't collapse very soon).
Click to expand...

I do agree that a crash is not unlikely. However, people have put time, effort, and cold hard cash into bitcoins. They will retain SOME value even if it's down to a dollar unless the feds really crack down on it.

That, however, is just my opinion and I could very well be wrong. Who would have ever thought they'd hit $30 USD? It's ALL wild speculation at this point. Fact is we have no historical reference for something like this to base predictions on.
 
To add to my previous post - I personally dont mind at all if quite a few tech-savvy people dismiss BTC as worthless. Honestly, the less new people that begin to mine, the more I stand to profit from it. So, thank you for not competing with me :)
 
Chihlidog said:
To add to my previous post - I personally dont mind at all if quite a few tech-savvy people dismiss BTC as worthless. Honestly, the less new people that begin to mine, the more I stand to profit from it. So, thank you for not competing with me :)
Click to expand...

yep if only we could get more people to stop mining the difficult would drop back down and we could all go back to making a few k a month. :D
 
SilverSliver said:
I created a worker and logged into it via GUIMiner. It keeps telling me problem communicating with bitcoin RPC a lot, and it goes idle quite a bit too.
Click to expand...

Most likely means the pool you are trying to connect to is super busy, having connection issues, or one of the pools getting DDoSed. I thought something was wrong the other day when I had a low output and went to look at the console view in guiminer and saw all the same type of messages. Since then though everything has gotten better and so has my production. This is generally why you should have 2 pool's setup so that when one is having problems you mine for the other.
 
Veeb0rg said:
This is true, There was a follow up that I'll try to find again where he explained the whole deal. It basically came down to a 4 pc farm with 5850's crammed into his bedroom and he was to lasy to put the window AC unit it.

http://www.bitcoinminingaccidents.com/?p=271

Apparently there is a whole site dedicated to "accidents" for bitcoins.. wow.
Click to expand...

Thanks for the link, good read, sad but funny.
 
meme said:
Whether or not I become the president of the United States one day is pure speculation at this point, but it's pretty damned unlikely.

Bitcoins are either going to become a globally accepted currency, with each one worth $100,000+ dollars, or they're going to crash back to nothing. Since there is absolutely no reason to believe the former, the latter is much, much more likely.
Click to expand...

Would you agree that there are more possible outcomes than your false bifurcation?


Bitcoins are a currency at the moment.
https://en.bitcoin.it/wiki/Trade

I've spent money at a handful of these shops.
 
LightningCrash said:
Would you agree that there are more possible outcomes than your false bifurcation?


Bitcoins are a currency at the moment.
https://en.bitcoin.it/wiki/Trade

I've spent money at a handful of these shops.
Click to expand...

IMO as long as there is an exchange to get BTC into other currencies there will always be a value to BTC. There are already a number of merchants that accept it so as long as the exchanges keep running its NP imo.
 
nxcess said:
damn being away on a job site and for this to happen. Would have loved to grabbed 2 5870 for that price
Click to expand...

Newegg has some 6950's for $230, at that price and then taking the $30 rebate into consideration they 6950's are a better deal imo. I just ordered 2, and will probably grab some more later this week. Plus 2 free games with each card that could be resold :)
 
coran007 said:
Newegg has some 6950's for $230, at that price and then taking the $30 rebate into consideration they 6950's are a better deal imo. I just ordered 2, and will probably grab some more later this week. Plus 2 free games with each card that could be resold :)
Click to expand...

In the long term I think people who buys these will be better off. 6950's will hold their value better to normal people and you can get a pretty nice Mhash out of them. I'm sitting right at ~400Mhash with mine.
 
Yeah the 6950s are probably the better buy, especially if you are looking for a gaming upgrade too, since its going to be beter than the 5xxx cards. I'm planning on unloading my cards shortly after the next difficulty level. I should have enough coins by then to buy myself a nice monitor and hopefully make a small profit on the cards. The heat and noise put off by these cards is getting a little out of hand, and I only have 4 cards running.
 
I grabbed a third 6950 MSI reference while it's still in stock at newegg. Given the shortage of the reference models, I can't imagine I'll lose value on it. After all, I bought my other two months ago and they've only gone up in price. Going to unlock it and throw it in my gaming rig. I figure if it doesn't pay for itself with bitcoins, at least I'll have trifire 6970's for battlefield 3.
 
Chihlidog said:
I do agree that a crash is not unlikely. However, people have put time, effort, and cold hard cash into bitcoins. They will retain SOME value even if it's down to a dollar unless the feds really crack down on it.

That, however, is just my opinion and I could very well be wrong. Who would have ever thought they'd hit $30 USD? It's ALL wild speculation at this point. Fact is we have no historical reference for something like this to base predictions on.
Click to expand...

Why would a bitcoin be worth a dollar?
 
meme said:
Why would a bitcoin be worth a dollar?
Click to expand...

Because the people that put real time and money into it will continue to trade in it, so I feel pretty strongly that it will retain some value. A dollar was an arbitrary low number I threw out to illustrate my point.
 
LightningCrash said:
Same question but switch the nouns... go!
Click to expand...

A dollar is worth money because it's the official currency of the united states, a wealthy nation of 300 million people. It is "legal tender for all debts, public and private". If I owe you money in the U.S., I can pay you in U.S. dollars and you have to take them as payment. If I try to pay you in bitcoins, you can refuse to accept them and insist on actual U.S. dollars. So, if I eat at your restaurant and, at the end of the meal, try to pay you in bitcoins, you can call the police and have me arrested if I don't come up with some real money.
 
meme said:
A dollar is worth money because it's the official currency of the united states, a wealthy nation of 300 million people. It is "legal tender for all debts, public and private". If I owe you money in the U.S., I can pay you in U.S. dollars and you have to take them as payment. If I try to pay you in bitcoins, you can refuse to accept them and insist on actual U.S. dollars. So, if I eat at your restaurant and, at the end of the meal, try to pay you in bitcoins, you can call the police and have me arrested if I don't come up with some real money.
Click to expand...

Please go away. =)
 
meme said:
A dollar is worth money because it's the official currency of the united states, a wealthy nation of 300 million people. It is "legal tender for all debts, public and private". If I owe you money in the U.S., I can pay you in U.S. dollars and you have to take them as payment. If I try to pay you in bitcoins, you can refuse to accept them and insist on actual U.S. dollars. So, if I eat at your restaurant and, at the end of the meal, try to pay you in bitcoins, you can call the police and have me arrested if I don't come up with some real money.
Click to expand...

or if you had no USDs the owner could decide to trade goods or services for what he would consider equal value...
 
wol-va-rine said:
because someone is willing to trade goods or services for 15 times that amount at this moment...?
Click to expand...

At this moment, the people involved in bitcoin expect the price to continue to go up exponentially. The price cannot go up exponentially forever. Once the price maxes out and the speculators realize that they can't make money buying bitcoins, why would anyone buy a bitcoin?

Markets do not price things at random, there are reasons why everything is priced the way it is. Why is a Bitcoin worth $15, and not $15,000 or 15 cents? If you can't answer that question, then bitcoins aren't worth more than a few cents.

I can tell you why gold, or soybeans, or corn are priced the way they are. Look at the cost of producing them, and you'll find they aren't priced at much more than that for very long, unless there is a serious shortage. The cost of producing a bitcoin is essentially nothing, since we can change the software to make as many of them we want, if we want to. Of course, this is treating bitcoin like a commodity.

If Bitcoin is a currency, then why is a bitcoin worth any particular amount of money? The value of a dollar or euro or yen is based on the economy of the country or countries which use that currency. A dollar can't be worth 100 euros, since 100 euros buys too much stuff in europe which could then be shipped back to the U.S. for a ridiculous profit.

But there's no rhyme or reason in how bitcoins would be priced. or how any of the other potential dozens of upcoming copycat digital currencies would be priced. There's no reason why any of them should be worth anything, ultimately, once the speculative bubble ends.
 
-Slacker- said:
I own a HIS hd4770 512mb, this one:

http://www.hisdigital.com/un/product2-437.shtml

Is there a way to downclock the memory below 600mhz and overclock the core above 830mhz (msi afterburner limit)?

For the core part, I tried upping the voltage, but the limit remains at 830.
Click to expand...

I wouldn't mess with the voltage, from my experience most cards that can overclock well will do it on stock volts...

go into MSIafterburner.cfg and change these two lines to look exactly like this, then you will be able to OC/UC...

[ATIADLHAL]
UnofficialOverclockingEULA = I confirm that I am aware of unofficial overclocking limitations and fully understand that MSI will not provide me any support on it
UnofficialOverclockingMode = 1

then to underclock the mem slide the mem all the way to the left (as low as it will go), apply, then close afterburner, open afterburner again and you will be able to underclock even more if needed...

*sometimes when you reopen afterburner the mem will say 1000 (or whatever the stock value is), don't be fooled, if you move it even just a little the lower mem clocks will start showing...
 
meme said:
At this moment, the people involved in bitcoin expect the price to continue to go up exponentially. The price cannot go up exponentially forever. Once the price maxes out and the speculators realize that they can't make money buying bitcoins, why would anyone buy a bitcoin?

Markets do not price things at random, there are reasons why everything is priced the way it is. Why is a Bitcoin worth $15, and not $15,000 or 15 cents? If you can't answer that question, then bitcoins aren't worth more than a few cents.

I can tell you why gold, or soybeans, or corn are priced the way they are. Look at the cost of producing them, and you'll find they aren't priced at much more than that for very long, unless there is a serious shortage. The cost of producing a bitcoin is essentially nothing, since we can change the software to make as many of them we want, if we want to. Of course, this is treating bitcoin like a commodity.

If Bitcoin is a currency, then why is a bitcoin worth any particular amount of money? The value of a dollar or euro or yen is based on the economy of the country or countries which use that currency. A dollar can't be worth 100 euros, since 100 euros buys too much stuff in europe which could then be shipped back to the U.S. for a ridiculous profit.

But there's no rhyme or reason in how bitcoins would be priced. or how any of the other potential dozens of upcoming copycat digital currencies would be priced. There's no reason why any of them should be worth anything, ultimately, once the speculative bubble ends.
Click to expand...

One thing to think about would be that in its current form BTC has a finite limit now and when all BTC are found. Currently if to many BTC are found to fast then the difficutlty goes up which slows down the generating of supply, creating more deman, thus the rising and lowering of prices. I realize that is a very very simple way of looking at it and many variables go into it but as with all things if enough people believe or trust in something it becomes something, whether everyone else agrees or not.
 
hrm, was doing solo mining of namecoins, then switched to pooled. Was not collecting much. Checked difficulty, has changed again, from 16k to 56k... :(
 
meme said:
A dollar is worth money because it's the official currency of the united states, a wealthy nation of 300 million people. It is "legal tender for all debts, public and private". If I owe you money in the U.S., I can pay you in U.S. dollars and you have to take them as payment. If I try to pay you in bitcoins, you can refuse to accept them and insist on actual U.S. dollars. So, if I eat at your restaurant and, at the end of the meal, try to pay you in bitcoins, you can call the police and have me arrested if I don't come up with some real money.
Click to expand...

Thanks, that's a lot of words but you didn't attempt to answer the question.

meme said:
At this moment, the people involved in bitcoin expect the price to continue to go up exponentially.
Click to expand...

This premise is incorrect and makes the rest of your post irrelevant.

You can't tell anyone why gold is "priced" the way it is, either.
 
Last edited:
coran007 said:
One thing to think about would be that in its current form BTC has a finite limit now and when all BTC are found. Currently if to many BTC are found to fast then the difficutlty goes up which slows down the generating of supply, creating more deman, thus the rising and lowering of prices. I realize that is a very very simple way of looking at it and many variables go into it but as with all things if enough people believe or trust in something it becomes something, whether everyone else agrees or not.
Click to expand...

bitcoins are set to be mined at a certain pace, that's why there are difficulty increases, no matter what the hashing power of the network difficulty increases ensure they all won't be mined too quickly (the last one will be mined in 2140)...
 
the BTC Guild servers can't keep up with the mining demands, lol, 1.7TH/s on 5 servers has turned into 2.1TH/s on 4 servers (UK server is down), they're all overloaded...
 
People all over the internet accept payments in paypal account balance rather than USD. Can you buy groceries with your paypal account balance? Hell no! Can you easily convert your paypal account balance to USD to buy groceries? Hell yes!

***Flash to the future*** People all over the internet accept payments in bitcoins rather than USD. Can you buy groceries with your bitcoins? Hell no! Can you easily convert your bitcoins to USD to buy groceries? Hell yes!

^^ If bitcoins replaced paypal as the standard internet currency, generally speaking, each bitcoin would be worth thousands of dollars based on current online sales volumes. The price is based on "how wonderful would it be to have x.xxxx% of the worlds online capital for yourself?" and "how much risk am I taking in predicting bitcoins will actually become the worlds online currency"...

Now sketch up a pros and cons list for paypal vs bitcoins and see which one will be the better currency for online use.

meme you're being silly :confused:
 
jiminator said:
hrm, was doing solo mining of namecoins, then switched to pooled. Was not collecting much. Checked difficulty, has changed again, from 16k to 56k... :(
Click to expand...

At their current prices, namecoins are worth less than bitcoins. Too many people mined them too quickly when they were worth 4x bitcoin value. They may restabalize, but it may take a little while.

And The spike to near $20 for bitcoins did happen this weekend as I thought it would. :)
 
ValeX said:
People all over the internet accept payments in paypal account balance rather than USD. Can you buy groceries with your paypal account balance? Hell no! Can you easily convert your paypal account balance to USD to buy groceries? Hell yes!

***Flash to the future*** People all over the internet accept payments in bitcoins rather than USD. Can you buy groceries with your bitcoins? Hell no! Can you easily convert your bitcoins to USD to buy groceries? Hell yes!
....
Click to expand...

You can get a paypal debit card and directly spend money in your paypal account. Somehow, they need to figure out a way to tie a debit card to a Bitcoin address.
 
I have what may seem like a stupid question about Bitcoins.

From reading the links in the OP, the only thing I've come across as to what a Bitcoin is or what mining results in is the following:

The computations done when mining are internal to Bitcoin and not related to any other distributed computing projects. They serve the purpose of securing the Bitcoin network, which is useful.
Click to expand...

So.... what is it? What's in the files that are being sold?
 
MrMike said:
I have what may seem like a stupid question about Bitcoins.

From reading the links in the OP, the only thing I've come across as to what a Bitcoin is or what mining results in is the following:



So.... what is it? What's in the files that are being sold?
Click to expand...

As there is no central authority, mining helps process transactions on the network. This is very computational heavy as each transaction has to be verified as well. So as the network grows in size, more mining power is needed.

Without miners, transactions would likely take days, weeks to complete.
 
x3sphere said:
As there is no central authority, mining helps process transactions on the network. This is very computational heavy as each transaction has to be verified as well. So as the network grows in size, more mining power is needed.

Without miners, transactions would likely take days, weeks to complete.
Click to expand...

So... a bitcoin is everything about bitcoins that happened up until that bitcoin or something like that?
 
did anyone catch that major drop into >$1/btc just now? i caught it on the way down and bought some btc at 10 and 7. tried to get in when it was lower but i think the site was overloaded.
 
Status
Not open for further replies.
Back
Top