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Bitcoin Discussion Thread

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Chihlidog said:
Wow, BIG drop in price today. Still worth it but I hope this doesnt continue.
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If it drops below $10 just buy some. If it hits $10 I'll buy 50 coins. Even if they drop to zero it's only $500 that will be lost, but if they go to $30 again it'l be $1000 profit.
 
computerpro3 said:
If it drops below $10 just buy some. If it hits $10 I'll buy 50 coins. Even if they drop to zero it's only $500 that will be lost, but if they go to $30 again it'l be $1000 profit.
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IIf the value of bitcoins drops to 0, Ive wasted some electricity cost and some wear on my 5850, but I cant afford to lose 500 bucks on any investment. I already had the 5850 in my main rig so I started to mine, but my budget is pretty tight so I couldnt have purchased a card just to get in on this.Im just being opportunistic, but if the bottom falls out, eh, Ive lost nothing right now.
 
Chihlidog said:
IIf the value of bitcoins drops to 0, Ive wasted some electricity cost and some wear on my 5850, but I cant afford to lose 500 bucks on any investment. I already had the 5850 in my main rig so I started to mine, but my budget is pretty tight so I couldnt have purchased a card just to get in on this.Im just being opportunistic, but if the bottom falls out, eh, Ive lost nothing right now.
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The thing is, bitcoin shouldn't be viewed as an investment currently. Those that are trying to invest seriously in it are quite foolish. It's like investing in penny stocks, but even more volatile.

Valid views of bitcoin:

Hobby, lottery, trying to advance an alternate currency for political reasons.

If it's not one of those, you're doing it wrong.
 
I don't really think that is a big drop. I'd only be worried about a drop back to $1. Right now because there are still so many coins being mined it's really hard to have a stable price vs a closed system where there are exactly 21m coins.
 
Dallows said:
I don't have a lot of time to research it right now, but is there a little guide out there about using multiple computers to one account? Or do you just login with the same credentials for each instance of the mining program?
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That's fine. Most pools allow that. It makes it harder to 'track' for yourself tho. Like if a machine goes does, you can see it producing 0 on most pools' workers page. It's easy enough to just create a separate worker per machine.
 
Zink said:
I don't really think that is a big drop. I'd only be worried about a drop back to $1. Right now because there are still so many coins being mined it's really hard to have a stable price vs a closed system where there are exactly 21m coins.
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I agree. If I was going to get into this (which I might) my first goal would be to just pay off the hardware. Then as it when on whatever I managed to mine I might try to sell enough to pay for the electric, but keep the rest so I can sell when it's high.

Interesting game to play. It's like stocks.
 
computerpro3 said:
The thing is, bitcoin shouldn't be viewed as an investment currently. Those that are trying to invest seriously in it are quite foolish. It's like investing in penny stocks, but even more volatile.

Valid views of bitcoin:

Hobby, lottery, trying to advance an alternate currency for political reasons.

If it's not one of those, you're doing it wrong.
Click to expand...

My motivation is simply free hardware, to be honest. If I could never even turn this into actual USD I would be fine with that. But if I can click a button and in a few weeks trade in some bitcoins for credit at a store that sells PC hardware, then why the hell not. To be brutal about it, I'm just being greedy.
 
I only started a card working on this last night, so I know nothing in the grand scheme of things. My 6950 is reporting ~400Mhash/s at 940/1400@1.175vcore, temps are steady at about 75C. I tried lowering the memory clock all the way down to 345...it didn't seem to make a bit of difference, and this is my main rig, so if I can leave my gaming clocks set I'd be happy to just do that. I did find I had to raise the PowerTune limit in CCC or I'd max out at about 350Mhash/s.

I have also experienced a couple of crashes, seems playing video (vlc) and/or flash video doesn't work well with GUIminer (or perhaps all miners, I've only tried GUIminer since it was in this thread).

Question: I have an old nvidia card laying around (8800gts 512), would there be any way I can set it up to do all my 2d rendering in windows (videos, Aero ect.) while my 6950 mines? Just to make it more complicated I'd like to use the 6950 for gaming as well (I would obviously stop the miner to game).
 
Eh, why do things drop in value after a run up in price? Because lots of people are selling to lock in their profit.

You had this article yesterday:
http://www.smartmoney.com/invest/stocks/the-bitcoin-triples-again-1307638613180/?link=SM_inv_st_res

and other articles talking about "investigations". no doubt it all caused a bump in price.

So yeah, it will go down, maybe a lot, but then I suspect it will go back up again as they
receive more publicity and also if the government complains about something they can't
figure out how to tax.
 
Dark Shade said:
Any takers for a stable @ 900 core 5850 with reference cooler? Might just buy/sell instead of mining
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computerpro3 said:
If it drops below $10 just buy some. If it hits $10 I'll buy 50 coins. Even if they drop to zero it's only $500 that will be lost, but if they go to $30 again it'l be $1000 profit.
Click to expand...

Same here. I'd love to see brief drop to buy some more coins. Just sucks it takes so damn long to get money into an account to buy.
 
Any word on the [H] pool? I wanna get off deepbit. Looks like it's being DDOS'ed again.
 
For those looking at any of the exchanges, and particularly market depth, somebody just purposefully crushed the temporary value of bitcoins. A series of large buys regardless of price which was backstopped by several BTC ask orders. This looked like more than just profit-taking while the getting was good but a set up. Definitely some panic based liquidation from the miners or early investors as well.

More joys of a thinly traded market and it makes me feel good that my 30 coins from two weeks of mining don't have any immediate real world value to me. I learned I do NOT like a sudden 30% drop in price. Had this been an actual investment I believe I would be rather nauseous right now (even with the recovery to 23 while making this most recent edit). Can you believe Magic the Gathering Online Exchange is going to soon offer margin trading with this sort of silliness?!

Also gives me pause for the brief thought I entertained of setting up a new mining rig. FWIW I found a source that will sell new 5870's for about $260-ish shipped (at least until one of the major miner/rig lessors like Vladimir buys every last Cayman chip on the market).
 
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Parja said:
Same here. I'd love to see brief drop to buy some more coins. Just sucks it takes so damn long to get money into an account to buy.
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How long does it usually take? I'm guessing most everyone does the buying and selling through Mt Gox and then what funding method is fastest and easiest to use?
 
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Bitcoin was allowed to be discovered by politicians in the wrong way. If they'd been shown bitcoin as a way to take anonymous "contributions" and use them to do all the things politicians do, but don't want you to know about (hire protesters, online smear campaign, mistress(es), drugs, ect), they would be steadfastly ignoring it.
 
burningrave101 said:
How long does it usually take? I'm guessing most everyone does the buying and selling through Mt Gox and then what funding method is fastest and easiest to use?
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Depends entirely on what country you're in. Dwolla is about the best option if you're in the US right now, and a transfer from a bank account can take up to 3 days. Then the transfer to Mt. Gox from Dwolla will typically take another few hours.
 
the market will stabilize. Its like the stock market, once people see the price dropping investors drop out to max profit. Causing a temporary drop in value.

Either way I mine about 2 BTC a day. I will countinue to mine as long as prices of BTC do not drop below 5$. After that point i'd barely make any profit.

Its basically free to mine, minus the power bill. I have 4 computers, 3 with 5750's+790gx and 1 with a 6870. All computers draw less than 350watts or about 33kwh per day at 12.5 cents per kwh I pay about 4$ in electric a day.
 
I think I'm done mining, I can only do .5 BTC a day and can't compete with others, so I may just play the market.
 
Dark Shade said:
I think I'm done mining, I can only do .5 BTC a day and can't compete with others, so I may just play the market.
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With my 5850 I'm close to .7 BTC per 24 hours judging by what Ive done so far. But even if you're only doing .5, If a bitcoin stays stable at 25 or so, you're making 12 bucks a day doing nothing. Why quit?
 
Dark Shade said:
I think I'm done mining, I can only do .5 BTC a day and can't compete with others, so I may just play the market.
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what's to compete with...? that's still 15 BTC a month, you will kick yourself if the value rises back up and you haven't been mining in the interim...
 
OK, I've had it with the deepbit outages. Can someone suggest a pool to join until the [H] pool goes live? Im not sure what the advantages and disadvantages are. Thanks!
 
So I'm debating whether or not to build a rig for this. What do you guys think? It would be basic, maybe one video card for now.
 
ebduncan said:
most of them are being attacked atm. i also use http://www.bitcoinpool.com and its been up and down all day.

These hackers are getting annoying. This year seems every hacker is out in full force.
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Well the attacks are mainly coming from one group of russian hackers within the bitcoin community itself. They have been targetting Mt.Gox and pools that are getting dangerously close to controlling 50% of the total hashing power of the network.
The Mt.Gox attacks were due to it being the only exchange and had no competition. Think about it, all that decentralized currency was being funneled into a centralized exchange, Mt.Gox could exploit that monopoly to their own advantage. The attacks on large pools are to discourage people from joining them and thus keep their hashing power in check.

P.S: I should add that attacks on Mt.Gox have decreased maybe even stopped ever since TradeHill went live. They are now in direct competition with Mt.Gox.
The attacks on large pools continue for obvious reasons, since they keep growing every day. Most people join a pool simply because someone they know told them to or read it on a forum (just read this thread for proof of people recommending others to join the pool they are in). Ideally you want to join several pools, even if you have only 1 miner. You can simply split the load between them and still reap the same payout since all of it goes to your personal wallet anyways.
 
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wow you go over to the bitcoin forums and is all doomsday because omg the coins went form $30 to to$23 a coin not the fact that 2 weeks ago they where $8 a coin, but go ahead and sell and stop mining more for me
 
Is BTCGuild getting DDOS'd? I'm suddenly getting problems communicating with bitcoin RPC every few minutes.
 
So I followed a few guides on how to mine but I am getting stuck.

For now I tried Pheonix, but for some reason it will use 100% CPU and keep refreshing the connection message. It's nothing like they have in their main thread screenshot.

Also for some reason my bitcoin wallet started doing connections. Not sure what it does, there is no way to check it. I also only have a 4870 so not sure how profitable would that be but I would like to mine in my time off when I don't play anything. But I am having problems.

Anyone has a good miner that does not have problems and its easy to use? Is Bitcoin client (wallet) also suppose to mine or what?
 
whit a 4870 card you will use about as much power as you woudl make form the coins
 
OK, here comes the ultimate n00b question. I made a withdraw of my balance from deepbit, I used the bitcoin addy that the bitcoin client gave me. However, I dont see the balance in it. The application titled "bitcoin" IS the wallet, right? Im really confused on exactly where my coins are stored and how to access them. Sorry.
 
Chihlidog said:
OK, I've had it with the deepbit outages. Can someone suggest a pool to join until the [H] pool goes live? Im not sure what the advantages and disadvantages are. Thanks!
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when Deepbit has outages I just go solo, it's hit and miss but at least there's a chance to find a block and if you do it's all yours (50BTC), muahahahahaha...
 
Chihlidog said:
OK, here comes the ultimate n00b question. I made a withdraw of my balance from deepbit, I used the bitcoin addy that the bitcoin client gave me. However, I dont see the balance in it. The application titled "bitcoin" IS the wallet, right? Im really confused on exactly where my coins are stored and how to access them. Sorry.
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sometimes it takes a while to show up, especially with outages, usually it'll pop up in your wallet kinda grayed out, then it'll show up dark but it'll say "unconfirmed", after a while people in the network start to hash the transaction and it'll start adding "confirmed"s, also, if you're gonna send BTC to anyone or use them on Amazon.com wait for at least 1 confirmation before sending...

be patient, if Deepbit is being DDoSed your transaction might basically be stuck until Deepbit comes back on line, then it should show up...
 
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