Bitcoin Discussion Thread Part 2

damn straight, gogo litecoin. immune to asic/fpga (unless somebody starts building asic's with 2GB+ of memory), and more profitable to mine with GPU's than BTC right now
 
MtGox has suspended trading until 0200 UTC...the market is in a mass panic sell, BTC-e shows btc value at 100 and falling. Hopefully people snatch these things up when Gox comes back online and values return to the 150-200 dollar range.
 
hard to see how there will not be a pretty violent rush for the exit when trading resumes

could be one hell of a second chance to get in
 
hard to see how there will not be a pretty violent rush for the exit when trading resumes

could be one hell of a second chance to get in

Inversely, hard not to see investors flush with cash not rushing to buy with prices in the sub-100 zone. We know that MtGox issues are what drove prices down but, what is it that caused the prices to swell?
 
distrust of government issued fiat currencies

this whole episode is quite bullish for metals

So, going off just that, there's absolutely no reason why the value can't return to its previous high and quite quickly as people WILL be scrambling to eat up btc at such a low value.
 
Oh, absolutely, there will be a bottom to fish here though, and I would not be surprised if it takes some weeks to achieve the former highs.
 
http://www.businessinsider.com/nick-colas-investors-should-consider-bitcoin-2013-4

Folks, understand that big banks and their investment arms are beginning to get involved. This wasn't the case the last few years.


In other words, the bottom line on how far BTC dips is the low level at which the wealth management people are hedged at.

BTCs will never go down like they did in years past. The big boys will make sure of that.
 
Canadian Virtual Exchange, camp bx and bct-e seem to be stabilizing near 100
 
buck eighty? you news is so outdated right now =P
$88 atm moment.. dipped to $55 for a very short while

I turned 50 dollars of LTC into $180 with all of yesterdays crazy antics, woke up this morning and thought the floor was gonna be 2.35 and bought in. If I hadn't bought in at that point, I would have definitely swooped in when I saw BTC hit $50 range :(

Just hoping things return to the way it was about two days ago by this time tomorrow or Saturday.
 
I turned 50 dollars of LTC into $180 with all of yesterdays crazy antics, woke up this morning and thought the floor was gonna be 2.35 and bought in. If I hadn't bought in at that point, I would have definitely swooped in when I saw BTC hit $50 range :(

Just hoping things return to the way it was about two days ago by this time tomorrow or Saturday.

Don't buy, mine!

Also: http://techcrunch.com/2013/04/11/bi...e-newcomers-now-opening-20k-accounts-per-day/

Watch out for the scammers ~ http://techcrunch.com/2013/04/11/mt-gox-cross-site-scripting-attack-wipes-out-bitcoin-accounts/
 
My day trading experience:

Bought 3 LTC @ 4.07
Sold 3 LTC @ 4.2

Bought 5 @ 3.5
Sold 5 @ 3.51

I bought 5 last night. set the sell order when I went to bed with the prices around 3. damn did i get lucky.

lesson. pay for electricity. stash the rest.
 
Pretty soon it'll be negative profit paying for electricity to mine and cheaper to buy BTC with cash (unless your electricity is free). It'll take a couple months for people to quit and the difficulty to go down. It'll probably settle back down around 20 bux.

bitcoin-chart-dollars.jpg



Best time to buy will be the "Despair" phase.

bubblephases.jpg
 

I do mine, but I also trade a bit as well. I just RMA'd what I hope to be a defective motherboard (wouldn't run stable with more then 1 GPU) so my mining is down from x4 7950s and x3 6970s to just the 6970s. Getting ready to disassemble the 6970 system and put the 7950s to work though, that's about 2-2.4MH/s on LTC.
 
Pretty soon it'll be negative profit paying for electricity to mine and cheaper to buy BTC with cash (unless your electricity is free). It'll take a couple months for people to quit and the difficulty to go down. It'll probably settle back down around 20 bux.

bitcoin-chart-dollars.jpg



Best time to buy will be the "Despair" phase.

bubblephases.jpg

Scary how similar the two graphs are but going with that, I think we are in the despair phase, though it will be much clearer where we are once Mt Gox comes back online, be interesting to see how the market reacts when all those coins and cash become available again.
 
My dual Xeon's will be joining the party in a couple days with just a lowly 7770... Whats the best bang for the buck graphics setup for mining?

I have an I5-660 sitting here would it be worth setting something up SLI to mine on that?
 
@the i5 760, sure. This mining business doesn't rely on CPU power, only GPU.

As for best bang for your buck, it depends really on your budget.

Here are some charts.

7850s, 7950s, and 7970s are the best.

Don't bother with a 7870 unless you can get it for $200 or less.
 
There are 16000+ accounts in verification queue on MtGox, still a lot more money could be coming in. It may drop really low today but in the next few weeks I can see it definitely going back up to $100+
 
My dual Xeon's will be joining the party in a couple days with just a lowly 7770... Whats the best bang for the buck graphics setup for mining?

I have an I5-660 sitting here would it be worth setting something up SLI to mine on that?

Your CPU will get less than 1 mhash. You should see at least 50 out of the 7770....
 
charts are meaningless except after the fact. the problem is that everyone has access to them and the smart money will bet against the people placing orders based on a chart. I believe there was a huge collapse predicted a couple of years ago based upon what had been up to then reliable chart patterns. It never happened. Anyway if you get institutionalized investors getting in here then trading will become a problem for everyone else. They will put robotraders up that analyze tons of data from across the world and make bets based on it. Anyway good luck. :)
 
all of the exchanges need to disable API trading, this will kill the bots and hopefully get the prices back to nearly reasonable levels
 
All I've ever used to mine was my personal GPUs (two 7970s)

Free electricity helps - but it was painfully slow -- I made some good profit mining Litecoins but like an idiot sold most of them off before it boomed to $4.50+

It's all basically free money to me -- but it still stings that at the average height of the last week or two, I had about $500 in the exchange I use (btc-e) now? I have maybe like $136 worth.

I can't be that sad -- my actual invested dollar amount in the crytocurrency thing is $0.00

Still sucks knowing when to cash out I could have paid off 5% of my car instantly.
 
I have a friend with 33 bitcoins who was asking me to help him cash them out. I told him two days ago we should do it. Ahh but that was then....
 
actually they went almost an hour and a half before melting down

still really pathetic

server-down.jpg

Trade data evaporated at 21 minutes past the hour for me...

Twitter supposes one of the electrodes fell out of the potato
 
i think mtgox is done after the last 2 days they failed so bad. i been trading on btc-e and they havent missed a beat
 
i think mtgox is done after the last 2 days they failed so bad. i been trading on btc-e and they havent missed a beat

same here, made 70 dollars in the last 2 hours, about to double my money once LTC drops in price again lol
 
im confused what are the risks?

and why isn't anyone else building an asic?
is it hard?

The risk is a one and a half percent chance that when you bid it will reset the pool and you will lose 90% of your bid.


As far as ASICS, almost nobody is building them now. Avalon has produced about 12 units And butterfly labs claims to have one working prototype.
 
@ nitro: I'll take 293 vs 7673000.

@note: No big fab will dedicate any sort of line resources for something that is so inherently...unstable, like custom built virtual currency mining machines. You may be able to secure a contract for a small amount, but certainly not enough to supply the demand that BFL / Avalon generated.
 
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