Bitcoin Discussion Thread Part 2

jojo69 said:
holy fuck
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If I had waited all this time I could've cashed out my remaining 16 coins for a grand today. Oh well, I can't complain since I'm posting on the Dual 7970 triple 24" u2410s rig that paid for itself thanks for bitcoins.

P.S: Funny no one makes a news blurb when things go right with bitcoins (such as nearing the $60 barrier) but the moment anything even slightly negative happens the news go nearly viral.
 
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Went and checked how much i've mined since starting, close to 400 coins and most were sold for under $10

FUUUUUUUUUUUUU...
 
Kind of surprised how many folks did not see this coming. It is just a better idea. It is like the internet compared to the telephone system. Bitcoin, or something very like it, IS the future of digital commerce.
 
Im gonna have to start mining at night when my sleeping...the value of these things is just too high to pass up.
 
nxcess said:
if only i had free electricity, i'd do it
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You don't need free electricity, you just have to have equipment that mines faster then it costs in electricity. For instance, my system, though I have calculated to consume 1000w, if I mined just 12 hours a day (very doable...8-10 from sleep alone) i'd profit $216 a month after the cost of electricity...which in my area is 5 cents/KWh...I think that's pretty cheap electricity though.
 
Many areas are Tier Plan electricity. The more you use, the higher the rate. In our case, the top tier is 31 cents a kWh (plus taxes), and bit mining with computers would be negative flow.

And your equipment, especially if over-clocked, has a life expectancy that must be factored in.
 
Qinsp said:
Many areas are Tier Plan electricity. The more you use, the higher the rate. In our case, the top tier is 31 cents a kWh (plus taxes), and bit mining with computers would be negative flow.

And your equipment, especially if over-clocked, has a life expectancy that must be factored in.
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That's really shitty...and hella expensive on your electricity costs. I COULD factor in equipment costs but I wouldn't because, in my situation at least, I didn't buy it for the mining, I bought it for gaming and playtime. If I were to include it though, I have, I dunno can't remember, say $1200-1500 in GPU related stuff. That's only 6-8 months before getting a ROI...assuming the market doesn't take a plunge...which I anticipate it happening.
 
jojo69 said:
yeah I dunno

I keep expecting gravity to reassert itself, but this grind is just relentless
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I agree. My professor talks about bitcoins and he bought 10 coins back when they were only $30 bucks a piece. I was talking about how the ASICs were coming and the coins were gonna tank in value and here we are hitting $70+ and I feel like a moron, lol.

Though its possible that the value will keep going up as the ASICs come out and it becomes more difficult to be an effective miner and the number of miners shrink.
 
I'm sure there is some speculation but demand also seems to be driving the appreciation. ASIC miners won't necessarily dramatically increase the supply of bit coins as difficulty is going to go through the roof. Basically to be an effective miner you will have to go the ASIC route but like most gold rushes it usually isn't the miners that make the money in the end.
 
ASIC miners absolutely won't "dramatically increase the supply of bit coins", difficulty will increase like clockwork to keep us around one block every 6 minutes.
 
USMCGrunt said:
I agree. My professor talks about bitcoins and he bought 10 coins back when they were only $30 bucks a piece. I was talking about how the ASICs were coming and the coins were gonna tank in value and here we are hitting $70+ and I feel like a moron, lol.

Though its possible that the value will keep going up as the ASICs come out and it becomes more difficult to be an effective miner and the number of miners shrink.
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The rate of new bitcoins is set at ~7200/day. There can be fluctuations with rapid changes in network output, but only briefly as difficulty adjusts.

Compare this to the 10+ million bitcoins in circulation now.

Supply increases ~0.06% each day (and that % decreases each day, as the rate of new coins is constant, but overall supply is increasing). If price were simply a function of supply, price should drop by the same amount (at $20 price that's 1cent). Neither ASICS, nor any other change in network output, will have a significant supply/demand impact on prices.
 
I guess I wasn't very clear on what I was saying, but im also not nearly as smart/knowledgeable as Quisarious. I understand that bitcoins are discovered at a fixed rate which is controlled by the difficulty level. When I meant when I said their value could possibly go up as the ASICs come out is because the number of miners will go down as GPU mining goes away reducing the number of suppliers, which would reduce suppliers. Though again, Im definitely no expert.
 
Can someone help me please before I lose my sanity. I have an account at Deepbit and would like to cash in some of my bitcoin I've generated. Obviously I have a key/address (whatever you call it) from Deepbit. I know I need to go to an exchange like Mt. Gox to exchange the bitcoins into funds, but how do I tell Mt. Gox to receive coins from Deepbit that I've already generated? There doesn't seem to be a way to transfer from my Deepbit account to Mt Gox? Any help would be greatly appreciated.
 
freeloader1969 said:
Can someone help me please before I lose my sanity. I have an account at Deepbit and would like to cash in some of my bitcoin I've generated. Obviously I have a key/address (whatever you call it) from Deepbit. I know I need to go to an exchange like Mt. Gox to exchange the bitcoins into funds, but how do I tell Mt. Gox to receive coins from Deepbit that I've already generated? There doesn't seem to be a way to transfer from my Deepbit account to Mt Gox? Any help would be greatly appreciated.
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You need a client such as Bitcoin-Qt to transfer your coins over (assuming you have your wallet.dat saved).
 
SolidBladez said:
You need a client such as Bitcoin-Qt to transfer your coins over (assuming you have your wallet.dat saved).
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But how do I transfer the coins from Deepbit to the wallet? I now have my coin address automatically set for Mt. Gox on Deepbit but I have coins at Deepbit that were generated under a different wallet address and can't transfer them to another wallet. The exchanges seem to generate a new wallet address for you and won't let me enter the wallet address where my coins are!
 
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freeloader1969 said:
But how do I transfer the coins from Deepbit to the wallet? I now have my coin address automatically set for Mt. Gox on Deepbit but I have coins at Deepbit that were generated under a different wallet address and can't transfer them to another wallet. The exchanges seem to generate a new wallet address for you and won't let me enter the wallet address where my coins are!
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What exactly did you use to generate your addresses?
 
holy crap they just keep going up.

I bet there is a shitload of people kicking themselves in the ass for selling/using them a while ago.

I bought 2 when they were $25 to buy some other things.. now I wish I had kept them.

I also just turned my miner back on.
 
robble said:
holy crap they just keep going up.

I bet there is a shitload of people kicking themselves in the ass for selling/using them a while ago.

I bought 2 when they were $25 to buy some other things.. now I wish I had kept them.

I also just turned my miner back on.
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If it's any consolation, I sold 80 Bitcoins last year for a little over $2 each :(
 
This is all tied to people from Cyprus buying into bitcoins trying to save the value of their bank deposits before the government seized them as their economy collapsed. It's like buying gold but the advantage bitcoins have is that they can be broken down to 8 decimal places. You'd have a hell of a hard time trying to sell 1x10^-8 ounces of gold.
 
Well, for some reason im unable to mine anymore. Doesn't matter which miner I try to use. Tried 50Miner, and all four of the different miners it uses, both within the gui and outside of it as standalone miners. I tried guiminer as well. CGMiner is what I was using for a long time and then I upgraded to the latest version of 50Miner and since I did that (coincidence possibly), CGMiner crashes after a few seconds both within 50Miner and as a standalone. I went out and DL'ed the latest version of CGMiner and replaced the cgminer in 50miner with it and that made it pretend to work. In 50Miner, it started mining, it gave me a normal hashrate, my video cards are running some sort of load and create lots of heat but it never accepts any shares. I let it run for 6 hours and got zero shares.

DiabloMiner does the same thing but running it from the command line, it tells me its unable to connect to pool, 403 forbidden. I have reset my password with the pool to ensure I was linking up correctly but that hasn't fixed anything.

Any ideas? Should I create my own thread for troubleshooting this?
 
you running stratum yet? I know most of the getwork servers are offline now

what pool?
 
try swapping pools, I've got a 7970 giving me a headache and that's my next course of action
 
This price is insane. I bought some HD 7970s for folding but if bitcoin will give me a couple hundred $ per month, folding instead of mining is a huge waste of money.
 
jojo69 said:
you running stratum yet? I know most of the getwork servers are offline now

what pool?
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I dunno, lol....I am mining for 50BTC pool which I believe uses stratum but im not sure how/where that fits into the whole scheme of things.
 
robble said:
holy crap they just keep going up.

I bet there is a shitload of people kicking themselves in the ass for selling/using them a while ago.

I bought 2 when they were $25 to buy some other things.. now I wish I had kept them.

I also just turned my miner back on.
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Im not serious miner and have only been doing it for 6 months or so but I added up all the bitcoins Ive sold to date. 167 coins, worth over $15k! I sold most all of them under $30... I think I have about 13 today. Makes me sad :(
 
USMCGrunt said:
Well, for some reason im unable to mine anymore. Doesn't matter which miner I try to use. Tried 50Miner, and all four of the different miners it uses, both within the gui and outside of it as standalone miners. I tried guiminer as well. CGMiner is what I was using for a long time and then I upgraded to the latest version of 50Miner and since I did that (coincidence possibly), CGMiner crashes after a few seconds both within 50Miner and as a standalone. I went out and DL'ed the latest version of CGMiner and replaced the cgminer in 50miner with it and that made it pretend to work. In 50Miner, it started mining, it gave me a normal hashrate, my video cards are running some sort of load and create lots of heat but it never accepts any shares. I let it run for 6 hours and got zero shares.

DiabloMiner does the same thing but running it from the command line, it tells me its unable to connect to pool, 403 forbidden. I have reset my password with the pool to ensure I was linking up correctly but that hasn't fixed anything.

Any ideas? Should I create my own thread for troubleshooting this?
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Give this a shot - http://support.amd.com/us/gpudownload/windows/Pages/catalyst-uninstall-utility.aspx

Then reinstall drivers.
 
David_Schroth said:
Give this a shot - http://support.amd.com/us/gpudownload/windows/Pages/catalyst-uninstall-utility.aspx

Then reinstall drivers.
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I'll have to try this out....I saw someone was having issues in a forum somewhere with the Beta drivers (which I was using) so I uninstalled the beta drivers and installed the latest WHQL drivers...now CGMiner just sits there repeatedly saying Please Wait and all the others immediately crash...awesome...

I don't understand how it ran so flawlessly for....around a cumulative total of 48 hours and now its Satan digitally incarnate.
 
Using Bitcoin as a currency must be a serious fucking nightmare. Value fluctuates, transfers aren't instantaneous...
 
Looks like it rebounded a bit today before close...I think I saw it down to 85.

I would never invest my actual dollars into BTC just because of how unstable it is....though if I had done so a few years back, i'd have put a couple hundred in and have many thousands at this point...which would greatly benefit me...
 
I couldnt find any FPGAs for sale...only found ASICs for Pre-Order.

I preordered a BFL Jalepeno for $150...well see what happens.
 
nitrobass24 said:
I couldnt find any FPGAs for sale...only found ASICs for Pre-Order.

I preordered a BFL Jalepeno for $150...well see what happens.
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You won't see it for months. I was going to buy like 2 of them. But decided not too. Stupid BFL jerking everyone around.
 
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