Bitcoins!

[twilyth]

they can be exchanged for a "few" different kinds of goods. At the moment, most of the market (i assume) is driven by speculation, but having a trading base, where people are willing to exchange it for dollars means it actually has a fairly decent chance of taking off as a currency. The US Gov. would probably try to shut it down in the future tho. Even if indirectly.

No, the DEA will just start busting people using Silk Road.

http://www.wired.com/threatlevel/2011/06/silkroad/

 

[meran]

haha can someone open games shop please

 

[xenocide]

they can be exchanged for a "few" different kinds of goods. At the moment, most of the market (i assume) is driven by speculation, but having a trading base, where people are willing to exchange it for dollars means it actually has a fairly decent chance of taking off as a currency. The US Gov. would probably try to shut it down in the future tho. Even if indirectly.

You just admitted my one concern, and the main reason I am staying out of this. The entire market is driven by speculation. Whatever BitCoins really are (they have to be something of value under the hood) they are only valuable so long as people desire them, and consider them valuable. At any given time a place like MtGox could stop buying and the entire market would sink. That $30 mark was probably the best time to sell, because even if it hits $100, what does it matter if all of a sudden the people buying them up stop? It becomes worthless.

I have seen the affects of market speculation in the real world, It never ends well...

 

[theonedub]

Theft? http://arstechnica.com/tech-policy/...ncy-500000-bitcoin-heist-raises-questions.ars

 

[theJesus]

Theft? http://arstechnica.com/tech-policy/...ncy-500000-bitcoin-heist-raises-questions.ars

From the article: "Rather than relying on a centralized database, the Bitcoin protocol allows any computer on the Internet to participate in the payment clearing process. At the end of each 10-minute round, one of the nodes is chosen at random to receive a payment for his contribution to the process. For this reason, participating in the clearing process is known as "mining" Bitcoins."

Finally, I fucking understand how the Bitcoins are actually generated.

 

[silkstone]

I'm still kicking myself for not starting back in February when i first heard about it. It wasn't really worth it for the cost of electricity and i never thought it would actually take off, i thought it was more like a proof of concept. In hindsight i could have built me a whole new rig with the coins i would have mined in those 4 months

Don'tcha just love hindsight, it always kicks you in the ass!

 

[theJesus]

Yeah, I wish I would have just went and bought as much as I could afford when I first saw this thread and they were just under $5. I could have quadrupled my investment, or more.

 

[silkstone]

I'm not too fussed that i never bought any with RL cash, as that is something i would never have done. but mining for them when they were like 20x easier, i should have totally jumped on that.
ATM i am just gonna mine for a month, see what happens with the market and cash out for that month. Either that or just eat the cost of the extra electricity i've been using if it fails within the month.
on another note i got my first full coin today. \0/ yay me!

 

[theJesus]

I came across too late for mining to be worthwhile, considering I have an NV card.

 

[meran]

it gets impossible to generate a coin now im using 6850+6770+5850 to get only 1 coin aday LOL

 

[AphexDreamer]

it gets impossible to generate a coin now im using 6850+6770+5850 to get only 1 coin aday LOL

You can always buy cheap and sell it when its high.

 

[meran]

well my paypal account take like 6% and i told my friends to buy when it got down to 10 but they refused haha

 

[meran]

where all these tera hash been in 2 days .?? it jumped to 11 from 6 in 2 days that's just impossible

 

[silkstone]

it gets impossible to generate a coin now im using 6850+6770+5850 to get only 1 coin aday LOL

That's still about $20 a day, not bad for doing nothing.

 

[LAN_deRf_HA]

Look at bitcoins' flaws. Make new digital currency without said flaws. Invest heavily. Profit $$$

 

[meran]

That's still about $20 a day, not bad for doing nothing.

i need to add a new graphic card every week to stay at this rate if the price stays 20$ acoin

 

[P1n3apqlExpr3ss]

where all these tera hash been in 2 days .?? it jumped to 11 from 6 in 2 days that's just impossible

Media Coverage.

 

[meran]

by the next year each block will be only 25 coins!!! holly

 

[n-ster]

i looked at this for about 30 seconds and it seems to be a get rich quick scheme for the people running it.

how many US DOLLARS have you been paid doing anything with it ? and how much did you pay to generate that income?

To respond to this now, My total has been a bit over 3000$, and the time my cards mined were a total of 23/7 (yes 23 lol) for about a month+ worth in total (ie: 30~40*23 hours)

I sold mostly at around 5.8$, so if I had waited till the high, I would have made over 18 000$ for 1 month of 2* 6870 mining o.o Electricity cost of my whole computer for the month, including a small amount of AC, was 40~50$... If I were to mine now, I'd have to say 60~75$ now though, as its Summer n hot n windows cant be open as allergy season

where all these tera hash been in 2 days .?? it jumped to 11 from 6 in 2 days that's just impossible

If after a difficulty increase, this is not actually real, only a flaw from the way the hashrate is calculated

 

[P1n3apqlExpr3ss]

If after a difficulty increase, this is not actually real, only a flaw from the way the hashrate is calculated

So what would be the un-inflated thash rate?

If anyone can or wants to, please check out a short guide I wrote over here : http://www.kitguru.net/forum/off-topic-forum/8332-bitcoins.html

Thanks
P1n3apqlExpr3ss

 

[n-ster]

So what would be the un-inflated thash rate?

If anyone can or wants to, please check out a short guide I wrote over here : http://www.kitguru.net/forum/off-topic-forum/8332-bitcoins.html

Thanks
P1n3apqlExpr3ss

you gotta wait a bit, by tomorrow it should be prtty close...

its already showing 10TH/s atm, my guess is that if it was 6~7 before the jump, it should be around 7.X

 

[xenocide]

Price is steadily falling. Not as bad as it was last week when they had a near-crash, but looking at the charts it's dropping about $.50 a day for the past 4-5 days.

 

[matteumayo]

Price is steadily falling. Not as bad as it was last week when they had a near-crash, but looking at the charts it's dropping about $.50 a day for the past 4-5 days.

Um, it was 19.4-19.8 for about 3 days steady. Just now it dropped a dollar.

 

[Wyverex]

Be careful guys - a trojan that targets bitcoin owners has been discovered

 

[meran]

seems all people got their eyes on bitcoin ,DDOS from one side and trojans from another