Bitcoin Discussion Thread Part 2

travanx said:
I have a 7950 mining litecoins right now. Can I add a 7970? Or should I just get another 7950?
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You can mix the two but I'd opt for another 7950 as the price is hard to beat. Sell the game bundle, do any rebates, and you're left with a ~$200 card. :cool:
 
jojo69 said:
anyone paying close attention to Mr. Bernanke

still time to get into physical silver
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Well, I was there before it took off the first time and then bottomed out to $2. It's a little hard to be too sad with myself since there were quit a few times it all could have ended...Mt. Gox hack, Bitcoinica, Pirate, Bitfloor, MyBitcoin, GLBSE. Those were some pretty dark times where all I wanted to do was secure the thousands of dollars I invested in hardware and electricity costs.
 
Where's the bang-head-against-wall smiley? Cashed 19 out in Feb @ 20USD each, only have 7 left, with my trusty old 5870. Damn.
 
Rylan said:
I could buy a good sized house in cash with the 1700 coins I've mined in the past 2 years...had I not sold the vast majority at an average price in the single digits. Silly me. Who would have known?
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Same here... Sigh... Now I'm scrounging all the pools I was in for leftovers...
 
Huge merp here too.

whats a 6990 generate these days? Could scrounge togeather a 6990 and a 5870.... ?
 
about 600 for a 6990 without OC'ing and 350 for the 5870 without OC
 
from the ZH comments today

To those of you who believe Bitcoin is a bubble, watch and learn!

Watch as a foreign, deflationary predator is introduced amongst your fiat heard of sheep! The carnage will be absolute and beautiful! There is no putting this genie back in the bottle! The deflationary tiger does not care if you like him, does not care if you prefer gold and silver, does not care if you mock him. The only thing that you need to understand is the damage will be thorough and the gravitational pull will tear your universe apart. All the fiat bubble dreams torn to pieces. All of the suburban lives covered in the blood spatter left by the deflationary tiger!
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lol
 
1G/hash is worth about 0.07Bitcoins per day so at the going rate that's over $10 a day minus power costs which depends where you're at.
 
Also you can sell your BTC/LCT on BTC-E to USD, then transfer directly to PayPal
 
Kettchxxii said:
I havent checked the difficulty since like... two summers ago. Is that even worth turning on?
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I would recommend going to litecoin. The going exchange from LTC to BTC is roughly the same so LTC mining is about the same as BTC mining. I say mine LTC though because I think there is more room for LTC to grow and the difficulty is MUCH lower so you can stock up on LTC coins now. I can mine about .08BTC/day or I can mine about 14LTC/day. As I said I can trade my LTC for BTC and it would be roughly the same value, but LTC seems to be following a similar trend as BTC just at a lower rate.
 
nitrobass24 said:
Also you can sell your BTC/LCT on BTC-E to USD, then transfer directly to PayPal
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My only problem with using Paypal....and its kind of a shady one, lol...is that I heard Paypal will report any withdraws over 10k to the IRS....I would like my money tax free lol.
 
USMCGrunt said:
My only problem with using Paypal....and its kind of a shady one, lol...is that I heard Paypal will report any withdraws over 10k to the IRS....I would like my money tax free lol.
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That is true of any US based Financial Institution. Any deposit/withdrawal over 10k either as s single transaction or a combination will trigger a Form 104 Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through or to a financial institution, which involves a transaction in currency of more than $10,000. Multiple currency transactions must be treated as a single transaction if the financial institution has knowledge that: (a) they are conducted by or on behalf of the same person; and, (b) they result in cash received or disbursed by the financial institution of more than $10,000. (31 CFR 1010.311, formerly 31 CFR 103.22)
 
nitrobass24 said:
That is true of any US based Financial Institution. Any deposit/withdrawal over 10k either as s single transaction or a combination will trigger a Form 104 Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through or to a financial institution, which involves a transaction in currency of more than $10,000. Multiple currency transactions must be treated as a single transaction if the financial institution has knowledge that: (a) they are conducted by or on behalf of the same person; and, (b) they result in cash received or disbursed by the financial institution of more than $10,000. (31 CFR 1010.311, formerly 31 CFR 103.22)
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So the trick is to send no more then $9,999 a year to Paypal unless its going to far outstrip the tax rate. What WOULD be the tax rate on this stuff, 20%? 2 grand out of 10k is a lot more painful imo then 6 out of 30.
 
USMCGrunt said:
So the trick is to send no more then $9,999 a year to Paypal unless its going to far outstrip the tax rate. What WOULD be the tax rate on this stuff, 20%? 2 grand out of 10k is a lot more painful imo then 6 out of 30.
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a CTR has nothing to do with your taxes. Its part of the Bank Secrecy Act of 1970 and more recently the Patriot Act. Its sole purpose is Anti-Money Laundering.
 
All I know is that PayPal will send you a 1099-K if you take in $20,000 and have over 200 transactions in the fiscal year.
 
Same is true for Amazon Payments, Stubhub, etc.

1099k is what they have distributed to you, it does not account for shipping income, expenses, chargebacks, etc.
 
USMCGrunt said:
So the trick is to send no more then $9,999 a year to Paypal unless its going to far outstrip the tax rate. What WOULD be the tax rate on this stuff, 20%? 2 grand out of 10k is a lot more painful imo then 6 out of 30.
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The tax rate would just add to your current taxes. So if you made $60k at your job and add $20k from the paypal, you are in the $80k tax bracket. There may or may not be more to it. But that's a good estimate. Also don't do $9,999. I am sure that raises the same flags as adding $1 more.
 
USMCGrunt said:
I would recommend going to litecoin. The going exchange from LTC to BTC is roughly the same so LTC mining is about the same as BTC mining. I say mine LTC though because I think there is more room for LTC to grow and the difficulty is MUCH lower so you can stock up on LTC coins now. I can mine about .08BTC/day or I can mine about 14LTC/day. As I said I can trade my LTC for BTC and it would be roughly the same value, but LTC seems to be following a similar trend as BTC just at a lower rate.
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If you're getting only 0.08 btc a day you probably aren't getting 14 ltc a day with the same hardware.
 
what on earth are you guys even talking about?

taxes?

what even is that, some levy you are supposed to pay to the king or something?
 
master noran said:
If you're getting only 0.08 btc a day you probably aren't getting 14 ltc a day with the same hardware.
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Well, that's what coinotron is telling me I am getting...I have a hashrate of 1.4MH with litecoin....I can't remember what my btc hashrate is....oh...it bounced around but averaged about 1.1-1.2GH.
 
USMCGrunt said:
Well, that's what coinotron is telling me I am getting...I have a hashrate of 1.4MH with litecoin....I can't remember what my btc hashrate is....oh...it bounced around but averaged about 1.1-1.2GH.
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That is a very darn good hash rate for two 6970s. I can believe that rate is pulling in the coins you stated.
 
1.1 is way to high for a pair of 6970's unless you're on water with a retarded OC
 
robble said:
That is a very darn good hash rate for two 6970s. I can believe that rate is pulling in the coins you stated.
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It sure is but at this difficulty 1400 k/hash is around/less than 10 ltc.

edit: Looks like he's running three at 400-ish each, that's good considering I can't get my 7970's to hit 600 k/hash ea with guiminer.
 
robble said:
That is a very darn good hash rate for two 6970s. I can believe that rate is pulling in the coins you stated.
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Omegas said:
1.1 is way to high for a pair of 6970's unless you're on water with a retarded OC
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master noran said:
It sure is but at this difficulty 1400 k/hash is around/less than 10 ltc.

edit: Looks like he's running three at 400-ish each, that's good considering I can't get my 7970's to hit 600 k/hash ea with guiminer.
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Yes...I wish I was running that high on two cards...but im not. Im running that high on three cards, lol. Each one hits about 480-483kh/s.
 
Hey guys, quick question.

It's been a while since I've been into this, but say I wanted to put some cash into this, am I better off building a few mining rigs, or investing in bitcoin straight up?
 
rive22 said:
Hey guys, quick question.

It's been a while since I've been into this, but say I wanted to put some cash into this, am I better off building a few mining rigs, or investing in bitcoin straight up?
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Tough to say, no point in building a gpu mining rig for btc since the difficulty is going to shoot up once more acics show up, ltc seems like a good alternative to btc for gpu miners since the recent rally but it's too early to say if it's worth building a rig for it. Investing in btc seems like a good idea but you might lose some money if it crashes. Good idea might be picking up some 7000 series cards since they will hold there value if it's no longer worth it and they can mine when you aren't gaming. My main rig is always mining unless i'm gaming on it.

my 2 cents
 
Yea that's really the only thing i found...but I cant drill down to the detail i want. Even then its kind of a guess based on where the line is.

Looking for actuals. Like a historical trade history or something.
 
Whoa! I know bfl was saying they were having leakage, that could explain the lower output if they wanted to keep within power spec, but the price?! Money grab, for a product that even if it ships, seems to be backlogged at least a month and a half...
 
Kettchxxii said:
ok, syncing lite and bit coin wallets, have a 6990 i can 24/7 with. what now?
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I recommend using 50Miner and mining for 50BTC if your going to do BTC mining. If your out for litecoin, GUIMiner Scrypt is the program to go for and as far as pools go, I mine for coinotron and notroll.in. I've found BTC-e.com to be a good place to start in terms of trading coins between different crypto currencies/USD.


EDIT: Make sure you guys have proper power supplies. I had been running tri-fire 6970s with a 1000w PSU for...well since the 6970 released. Earlier today im in the other room and I hear a loud pop. I rush into the room and smell smoke and immediately shut the computer off. Took me a few hours to tear everything down but it looks like I got lucky as all the hardware looks intact...even the PSU looks ok. Took the cover off the PSU and snooped around inside but couldn't find anything burnt. Got the system reassembled and only have two cards running in it right now. Everything is working fine, turn mining on with one card everything ok. Try turning mining on with the second card and the PSU starts making weird electrical arcing noises. Needless to say, im shutdown till Newegg delivers my new PSU. Newegg psu calculator says I need a 1300w PSU...I don't understand how I ran for so long with such a power shortage and didn't burn anything up.
 
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Whoa there, if a PSU makes a pop like that it means somthing has blow inside, usualy the protection curcuits. The pop was what protected your hardware, but you don't get second chances, it could have well fired the whole system the second time you turned it on.

You gotta be careful will faulty PSU's, don't take no un-needed risks.
 
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