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Bitcoin Discussion Thread Part 2

The rise over the last month has been almost entirely speculation driven, not demand driven (from looking at trading patterns). Whether it's a bubble, depends if the speculation is right or wrong.
 
Quisarious said:
The rise over the last month has been almost entirely speculation driven, not demand driven (from looking at trading patterns). Whether it's a bubble, depends if the speculation is right or wrong.
Click to expand...

Major investment firms are starting to speculate according to Forbes yesterday, and CNN ran an article today.

How can you use a volatile currency?

Speculation will kill bitcoin. Wild fluctuations stop it from being used by businesses. You can't give terms or hold BTC cash.

Even for things such as narcotics, it would be hard to pay bills if your "cash" suddenly lost 50% of it's value.

For the speculators, it's a godsend. You can make wild profits on the way up or down.

In the end, bitcoin has no assets to support it at any level. It can go to under a dollar, and there is nothing to stop it.
 
Did we just hit the bubble? $43 as we speak lol.

BTW. Looking to buy more bitcoins! I have $2,000 to work with this time.
 
This must suck for people that were hoarding coins. I cashed out at the perfect time.
 
Qinsp said:
Major investment firms are starting to speculate according to Forbes yesterday, and CNN ran an article today.

How can you use a volatile currency?

Speculation will kill bitcoin. Wild fluctuations stop it from being used by businesses. You can't give terms or hold BTC cash.

Even for things such as narcotics, it would be hard to pay bills if your "cash" suddenly lost 50% of it's value.

For the speculators, it's a godsend. You can make wild profits on the way up or down.

In the end, bitcoin has no assets to support it at any level. It can go to under a dollar, and there is nothing to stop it.
Click to expand...


just growing pains
 
I'm starting to get annoyed with this ButterFly Labs company... When I initially preordered it said initial shipments were to be in October. It's now March and they are just now finishing bumping their chip wafers. I have a preorder for a Jalapeno, 4500mhash for $150 or so
 
Yep, I don't know if everyone is just late to the party and weren't around when they delayed their fpga units a dozen times or if they just choose to remain ignorant to the fact that BFL cant hit a dead line.

I would have pre ordered an SC the first week if I thought BFL was capable of hitting their deadlines.
 
well, they did eventually deliver a very profitable FPGA product

this time around the Chinese outfit has beaten them to the punch big time.
 
I was tempted to put in a few hundreds towards a jalapeno unit or two from Butterfly Labs -- glad I didn't

Even if they started shipping -- from what I hear unless you are in the first wave of shipments, it's pretty much a wash in terms of getting a ton of return or profit in short order.

Personally I don't understand the business side of it myself - if I was sitting on a product that could generate thousands and thousands of dollars out of thin air in a relatively short amout of time -- why would I want to sell it?

Difficulty has been on the rise very quickly in the past week or two, thanks to the Avalon unit making it out the door and into the hands of people. Each day that goes by means less and less return on ANY butterfly labs unit.

I'll continue to mine on my lowly two 7970's -- electricity is free, currently mining litecoin and making 40% more than I would had I been mining bitcoin. *shrugs* it's free play money to me, I know I won't strike it rich and have 10's of thousands of dollars. Don't mind making enough to pay for my gasoline each month though.
 
https://forums.butterflylabs.com/bf...21-there-problems-asic-chips-3.html#post17536

BFL may also use less chips if they can achieve the promised speeds with less by overclocking.


My dedicated mining rigs with 5850's and 5830's

dsc01291t.jpg
 
canna said:
Well, I have been accumulating for a couple months and had 11.5 coins, just sold them off for $30.05 each. Not bad.

ASICs are taking over mining now, was a fun ride while it lasted!

Easily profited $850 or so USD after paying for the hardware and electric. So I ended up with:
2 - AMD 5770s
2 - AMD 5830s
1 - AMD 6950
1 - AMD Athlon x2 250, 2 GB DDR2 system
~$850 USD

Not a bad haul for free.
Click to expand...

Wish I would have held out until $45. Oh well, still I "won" with bitcoin.
 
So litecoin is more profitable to mine ATM. But my god is it taxing on my vid card.
 
A properly configured bitcoin miner will flog your GPU to the limit as well

crank up the fans, welcome to mining
 
Just checked the profitability calculator for litecoin and I could be making a lot more, is there a good exchange for selling litecoin or is it better to trade litecoin for BTC?
 
If anyone here is mining on BTCGuild there was a small issue overnight related to the 8.0-7.0 rollback.

The pool operator made a small error and miners were credited with very low difficulty blocks for under 2 minutes. A very few unscrupulous miners instantly cashed out and fled, depleting the pool's hot wallet and costing the operator several months of earnings.

The guild operator has been a very stand up guy, proactively refunding mistakenly large transaction fees (user fat finger error) in the past.

BTCGuild miners can help rebuild the operator's faith in humanity by pointing workers to btcguild_donate. There is also a donate wallet posted on the pool's webpage.

To clarify, BTCGuild is now processing payouts normally and there is no cause for alarm, just a call for honorable users to counterbalance the opportunistic fucktards among us.
 
master noran said:
Just checked the profitability calculator for litecoin and I could be making a lot more, is there a good exchange for selling litecoin or is it better to trade litecoin for BTC?
Click to expand...

btc-e.com seems pretty easy to sell litecoins at.
 
jojo69 said:
If anyone here is mining on BTCGuild there was a small issue overnight related to the 8.0-7.0 rollback.

The pool operator made a small error and miners were credited with very low difficulty blocks for under 2 minutes. A very few unscrupulous miners instantly cashed out and fled, depleting the pool's hot wallet and costing the operator several months of earnings.

The guild operator has been a very stand up guy, proactively refunding mistakenly large transaction fees (user fat finger error) in the past.

BTCGuild miners can help rebuild the operator's faith in humanity by pointing workers to btcguild_donate. There is also a donate wallet posted on the pool's webpage.

To clarify, BTCGuild is now processing payouts normally and there is no cause for alarm, just a call for honorable users to counterbalance the opportunistic fucktards among us.
Click to expand...

Greed. Some people in this world are ridiculous.
 
Legit question.

Is there any exchange I can buy bitcoins/litecoins without the hassle? I want to buy them straight up with my credit card or Paypal.
 
EdGaRRRRR said:
Legit question.

Is there any exchange I can buy bitcoins/litecoins without the hassle? I want to buy them straight up with my credit card or Paypal.
Click to expand...

Not that I have found, and i doubt they exist.
 
EdGaRRRRR said:
Legit question.

Is there any exchange I can buy bitcoins/litecoins without the hassle? I want to buy them straight up with my credit card or Paypal.
Click to expand...

No exchange that I know but you may be able to find a person selling on a forum, just be careful you dont get scammed


edit:

btc-e.com is awesome, sold my namecoins that I almost forgot about there for a quick 1.8btc. Also pointed my 3300 k/hash mining ltc over to http://ltcmine.ru.
 
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For fun I started mining today with my 7970. I've already earned .03 btc from my pool lol.
Looks like asics are going to kill casual miners very soon though. I was thinking about buying one of those butterfly $150 or even $650 units but who knows when I'd get it or if they've profitable with the change in rewards and jump in difficulty.

For mining I'm running my 7970 at stock speed and seeing about 540mh/s.
 
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looks like it is taking me almost 3 days to mine 0.1btc I highly doubt this is paying for my electricity.
 
robble said:
looks like it is taking me almost 3 days to mine 0.1btc I highly doubt this is paying for my electricity.
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Then your pool is doing it wrong. I've had a single 7970 running on BTCGuild over the past few days and have averaged .06BTC/day with PPLNS.
 
Just like the stock markets you really have to keep up with what's going on in the crypto currency world.

I got lucky and made a quick $400 when the price of Litecoins jumped to 75 cents each. I'm still kicking myself because I *could* have made around 750 dollars had I not sold off a bunch a few weeks ago "for fun"

Now the price is back down to ~ 50 cents per LTC. Definetly making more mining LTC with my two 7970's vs BTC.

Eithier way -- it's free money to me, I'm in an all bills paid rent situation. I miss the days of mining LTC with the difficulty of 15 - sucks that its soon to be 100. (I used to be able to mine about 2000LTC a month) now? maybe 300-400?

I have invested no actual money into buying or trading coins - but just like the stock market, there is a lot of money to be made if you know what you are doing (or you just happen to get lucky) Nobody really knows what the markets or what the value seems to be doing in the long run. The fact BTC is holding its value at $44-47 dollars is quite amazing.
 
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