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dwheatley
dwheatley
Joined: Nov 16, 2009
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April 9th, 2013 at 8:28:39 AM permalink
Are you in a mining pool?
Wisdom is the quality that keeps you out of situations where you would otherwise need it
bbvk05
bbvk05
Joined: Jan 12, 2011
  • Threads: 7
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April 9th, 2013 at 8:37:02 AM permalink
Quote: dwheatley

Are you in a mining pool?




He has to be. Otherwise his reward would be exactly 25BTC (highly unlikely) or 0BTC (highly likely).

Ahigh, be cautious with investing in mining hardware you don't need right now. The world is about to get turned upside down and graphics card machines will be completely obsolete.

I would pull your high end cards and put them in as few machines as possible. It lowers your power cost and increases profit.

Tips for people considering it:
-Raedon graphics cards only
-Get a x850 or higher Raedon card (59xx 69xx, 78xx+). A 6990 is way better than a 7750. The last three numbers are the most important.
-Only the graphics card matters. Otherwise the cheapest computer possible is desirable.
Ahigh
Ahigh
Joined: May 19, 2010
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April 9th, 2013 at 10:29:50 AM permalink
No I'm using https://mining.bitcoin.cz and cgminer on an Nvidia-based CPU with 60Mh/s.

It's not that fantastic compared to the giga-hash. I may get 1.5 Gh/s setup, I just don't know if I want to invest in mining bitcoins, but I probably will if the cost to run and cool my CPU is not prohibitively large compared to the money I can generate from it.
boymimbo
boymimbo
Joined: Nov 12, 2009
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April 9th, 2013 at 11:28:45 AM permalink
Quote: Ahigh

Ahigh's stuff



Wow, an intelligent post about something other than craps! Keep up the good work, Ahigh!

----- You want the truth! You can't handle the truth!
pacomartin
pacomartin
Joined: Jan 14, 2010
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April 9th, 2013 at 3:43:26 PM permalink
Quote: thecesspit

The total amount of bitcoin is limited, and cannot be easily added to. The amount added is not under control of one central reserve, but by the number of people wanting to mine coins.



If Bitcoins extend to USD$500,000 apiece then one satoshi or 0.00000001 * bitcoin will equal 1/2 cent. Since 21 million bitcoins * $500K = $10.5 trillion which is about 5-8 times the value of currency and coin in the USA or in the Euro. Since no one expects bitcoin to be on par with one of the largest currency of the world, there is plenty of divisibility to cover any future growth.

The possibility that bitcoins are a bubble or a fad is inherent in anything that returns that type of interest rate. But I would hesitate to call them a Ponzi scheme. The inherent nature of a Ponzi scheme is that you are holding something that by it's very nature is worth zero unless you get out in time.

There is some superficial relationship between Ponzi schemes and bitcoins, because as was pointed out there is no inherent value in a bitcoin. But stories of qualitative easing make you seriously wonder about the inherent value in central bank currencies. Although we are used to saying a country's currency is backed by the total value of the good and services of a country, the ease with which the government can create more money without a corresponding change in the "goods and services" of said country make the relationship look weak.
Ahigh
Ahigh
Joined: May 19, 2010
  • Threads: 87
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April 9th, 2013 at 3:57:47 PM permalink
My favorite thing about BitCoin is how so many people (including the media) say stuff that is absolutely untrue about BitCoins and report it as if they actually understand!

It's hilarious!

The resources for understanding BitCoin are all out there for anyone to go and see all the way down to the source code level.

The reason why it hasn't been more valuable, IMO, is because the understanding of the entire system of the BitCoin is so limited from a popular perspective.

Everybody wants to dismiss it and move on, but it's getting harder and harder to do that now as the value of the bitcoin rises.

Interesting stuff. It's like a currency being born watching the market cap of the currency rise from imagination in the anonymous creators' mind to small market cap to billions of dollars.
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 431
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April 9th, 2013 at 4:02:23 PM permalink
Quote: Ahigh


Interesting stuff. It's like a currency being born .



Too bad money and currency aren't the same thing. That
will be Bitcoin's downfall.

1. Money is unreal, meaning imaginary, intangible.

2. Currency is NOT money, but merely represents money.

http://www.uhuh.com/unreal/moncur.htm
"It's not enough to succeed, your friends must fail." Gore Vidal
Ahigh
Ahigh
Joined: May 19, 2010
  • Threads: 87
  • Posts: 5144
April 9th, 2013 at 4:16:00 PM permalink
Quote: EvenBob

Too bad money and currency aren't the same thing. That
will be Bitcoin's downfall.

1. Money is unreal, meaning imaginary, intangible.

2. Currency is NOT money, but merely represents money.

http://www.uhuh.com/unreal/moncur.htm



Great example of untruths:

You assert that bitcoin will have a downfall and that you know what it will be!

You assert that money and currency are not the same thing. This is actually true!

Did you read the thing that you provided?

Currency REPRESENTS money. Money has been created through the currency of BitCoin.

BitCoin is a currency.

The money has been created by means of the currency of BitCoin.

BitCoin is a "digital currency."

But thanks again for bumping up your post count and making more incorrect assertions from the perspective that you know more about what you're talking about than you actually do. I think there's a phrase for this behavior.

http://www.urbandictionary.com/define.php?term=talking%20out%20of%20your%20ass
bigfoot66
bigfoot66
Joined: Feb 5, 2010
  • Threads: 54
  • Posts: 1582
April 9th, 2013 at 4:21:16 PM permalink
Quote: pacomartin

If Bitcoins extend to USD$500,000 apiece then one satoshi or 0.00000001 * bitcoin will equal 1/2 cent. Since 21 million bitcoins * $500K = $10.5 trillion which is about 5-8 times the value of currency and coin in the USA or in the Euro. Since no one expects bitcoin to be on par with one of the largest currency of the world, there is plenty of divisibility to cover any future growth.

The possibility that bitcoins are a bubble or a fad is inherent in anything that returns that type of interest rate. But I would hesitate to call them a Ponzi scheme. The inherent nature of a Ponzi scheme is that you are holding something that by it's very nature is worth zero unless you get out in time.

There is some superficial relationship between Ponzi schemes and bitcoins, because as was pointed out there is no inherent value in a bitcoin. But stories of qualitative easing make you seriously wonder about the inherent value in central bank currencies. Although we are used to saying a country's currency is backed by the total value of the good and services of a country, the ease with which the government can create more money without a corresponding change in the "goods and services" of said country make the relationship look weak.



Well put.
Vote for Nobody 2020!
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 431
  • Posts: 24837
April 9th, 2013 at 4:23:13 PM permalink
Quote: Ahigh



You assert that money and currency are not the same thing. s



They're not.

"Bitcoin Isnít Illegal Because It Isnít Real Money"

http://www.extremetech.com/internet/152349-bitcoin-isnt-illegal-because-it-isnt-real-money
"It's not enough to succeed, your friends must fail." Gore Vidal

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