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Bitcoins!

Discussion in 'General Software' started by pantherx12, Feb 17, 2011.

  1. The Von Matrices

    The Von Matrices

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    Then that likely means that it all comes down to your configuration file and not your card. I know you've made changes since your last posts; what is are the settings you using at the moment and what is your hashrate?
     
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  2. THE_EGG

    THE_EGG

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    Yup took your advice and went digging through the internet and found a bat file that looked a bit like this but I changed a couple of figures to get optimum hashrate. This is what I ended up with.
    setx GPU_MAX_ALLOC_PERCENT 100
    setx GPU_USE_SYNC_OBJECTS 1
    cgminer.exe --scrypt -o stratum+tcp://www.coinotron.com:3334 -u THE_EGG.studentmoney280x -p password -I 13 -g 2 -w 256 --thread-concurrency 8192 --gpu-powertune 5 --gpu-engine 1080 --gpu-memclock 1500 --auto-gpu --no-submit-stale --scan-time 30 --shaders 2048

    Getting a hashrate of about ~740kH/s now :DDDDDDDDDD so damn happy
    So it turned out I just needed to add a few more flags :D
     
    Last edited: Mar 18, 2014
  3. R-T-B

    R-T-B

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    Some quick thoughts from an experienced trader:

    wafflepool.com. This pool is well reviewed and converts your scrypt hashrate straight to bitcoins. There is also middlecoin but I find them a bit sketchier. Wafflepool has always been outright honest as heck IMO.

    Once I mine, I put about 50% of my deposits here:

    https://btc-arbs.com/referral/rtb2011

    (yes, that's a refferal link, come on if you're signing up anyways throw a guy a bone. This is still sound advice. :) )

    They are paying what they say, at least at the moment. Check out this chart:

    https://btc-arbs.com/results.html

    Beats bank interest any day, eh? Daily interest on your balance, and easy liquidity (you can withdraw ANYTIME).

    It sounds to good to be true, I know, but it does work. This is why I don't recomend you keeping all your holdings there. 50/50 seems to diversify the risk. Technically, some elder bitcoiners have looked at it and said the model CAN work, but as always be careful with your money... don't put all your eggs in one basket. Still, as a tool in your porfolio, btc-arbs is awesome!

    EDIT: Please note, there is a 0.05 min deposit at BTC arbs and they take up to 6 hours to post deposits MANUALLY. Just worth noting that's normal for them, not scam behavior.
     
    Last edited: Mar 19, 2014
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  4. THE_EGG

    THE_EGG

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    I'll check it out on the weekend.


    Dumb question as I am a noob with mining but once I sell litecoins on an exchange for what is most likely bitcoins, how do I then sell those bitcoins for USD or AUD. And once I do that how would I actually get to the cash - is there a way to do that through PayPal or something?
     
  5. R-T-B

    R-T-B

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    Ah, that is a problem outside the US. I can't really advise there.

    In the US< we have coinbase.com, which is actually easier to setup than paypal and links to your bank like a charm. Outside the US, I can't comment because it's the wild west pretty much as far as I know.

    Anyone else want to comment who knows more about an exchange for the AUD?

    But yeah, start by converting them into bitcoins. Safe bet you'll need them in that form to finally get the cash.
     
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  6. The Von Matrices

    The Von Matrices

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    R-T-B is pretty much right. Mt. Gox used to offer BTC to AUD exchange but since they went down there's no large companies that offer it. I doubt that it will be long before one of the major exchanges expands to AUD to replace Mt Gox, but for right now you either have to take a risk with a small exchange or convert to another currency like USD and then convert to AUD.

    If you are willing to deal face to face you can also try localbitcoins.com/country/AU. I've never used localbitcoins but I've heard that it's a good community. Of course, as with any in-person trading there's some risk of meeting bad actors, but it's not much different than dealing with something like Craigslist. I would still keep your guard up if you choose to use that site and not use wire transfers for example.
     
    Last edited: Mar 19, 2014
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  7. R-T-B

    R-T-B

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    I'm also a buyer sometimes via people I trust and paypal, if you want to sell local (as in, in your forum local).

    ...Not sure I'm in a buying mood now, but check in later. I might be.
     
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  8. THE_EGG

    THE_EGG

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    OK well I found an Australian bitcoin market place thing. https://www.btradeaustralia.com/ It seems to have a good rep so I think I'll use it once I trade my LTC for BTC on an exchange (most likely Cryptsy) and then sell the BTC on bit trade Australia.
    Cheers for all your help guys :)
     
  9. R-T-B

    R-T-B

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    Best of luck!
     
  10. james888

    james888

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    I am glad it worked out.
     
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  11. torrentucci New Member

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    Bitcoins is amazing thing. If you just imagine that you pay your real money to get virtual Bitcoins that do not have any real value. It's the same as pyramide system. And this is a pyramid and the main problem is that one day it will falls. So people do not invest much into bitcoins, just order a small part that you need to pay for something.
     
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  12. R-T-B

    R-T-B

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    The analogy to a pyramid scheme is invalid because bitcoin does not need a dollar value to work, nor are you directly funding the initial earlier investors by buying in. Bitcoin is for certain destined to get knocked down a bit, we're seeing that now, but if you expect bitcoin to collapse, you're dead wrong.

    Also, bitcoins do have real value. You CAN buy things with them directly, therefore like it nor not, they are worth something.
     
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  13. Chevalr1c

    Chevalr1c

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    His last phrase is a good warning though.
     
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  14. NinkobEi

    NinkobEi

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    Spoken like a true captain of industry. I guess you're right about buying things though. Drugs, porn and illegal weapons are the three most common uses of Bitcoin. I wouldn't go down the street to try to buy some milk with a bitcoin though.

    People have been talking other people into buying worthless stock that they don't need for decades. I don't see how bitcoin is any different.
     
  15. R-T-B

    R-T-B

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    I've heard this said for quite some time, but have yet to see one article or statistic backing it up. With the closure of the Silk road, I find this dubious at best, at one time this was definitely true, but it has evolved far beyond a criminal currency, and I can almost promise you most people who aquire bitcoins do so as an investment vehicle, not to buy guns, drugs, or illegal porn. I'd actually be surprised if it even beats the USD in that regard in raw percentage used for such activities.

    Also, fun fact: In my town I can run down the street and buy a coffee with bitcoin. Not that I drink that shit, but yeah...
     
  16. NinkobEi

    NinkobEi

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    How many bitcoins does a cup of coffee cost? Out of curiosity.

    And there have been several sister sites. Project Black Flag, Atlantis. Just google it.
    This is an article about Project Black Flag where the owner took everyone's bits and ran.
    http://buttcoin.org/silk-road-repla...-closes-shop-owner-thanks-everyone-free-coins

    Also, as of yesterday MT Gox is declaring bankruptcy.
    https://www.mtgox.com/img/pdf/20140424_announce_qa_en.pdf
     
  17. R-T-B

    R-T-B

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    Varies day to day. I'm sure they are acting like most places and uses bitcoin as a payment transport medium, not an actual currency. Seems to be it's ideal role at this point in time, it grants us freedom from things like swipe fees and paypal. They likely use an autoexchanger like coinbase and just turn it into USD. Basically super cheap payment processing. And why not? Don't tell me mastercard and VISA are my friends or have my best interests in mind... that's a joke and everyone pretty much realizes that now.

    Lol buttcoin.

    Seriously, I'm well aware of Project Blag Flag and Atlantis. Ironically, Atlantis has been closed down longer than the Silk Road... and it took Litecoin, not bitcoin, just FYI.

    This still does nothing to support your claim that the majority of bitcoin transactions are criminal. That was once true, but I doubt it even touches the percentage of the USD used for drug related transactions these days, online or otherwise.

    Mt. Gox has been a joke nearly since it's inception, and few have used it since it froze affordable USD wire transfers over a year ago (nearly 2 years now, actually).
     
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  18. james888

    james888

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    On a sidenote, I am glad mtgox is going away. I never did like them, and glad there is now more competition offering a better product.
     
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  19. R-T-B

    R-T-B

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    I've always felt that way about Gox.
     
  20. THE_EGG

    THE_EGG

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  21. R-T-B

    R-T-B

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    Interesting, but I don't see why it's needed. What's so hard about scanning a barcode with a private key? Who doesn't have a mobile phone today and is using bitcoin? I'm willing to bet nobody.
     
  22. james888

    james888

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    For the people who are scared of new things. For the banks who want to ride the train too.
     
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  23. NinkobEi

    NinkobEi

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    If bitcoin is supposed to be the currency of the future, how do you expect people who can't afford a cell phones in developing countries to use it?


    I'm betting it's cheaper, easier, faster and a million times safer to use a visa than bitcoin. Tell me what would happen if the bit chain suddenly had to handle a million transactions in a day. Then tell me what would happen when there are a million in an hour. Bitcoin doesn't have the infrastructure to ever be anything more than an investment for get-rich-quick pyramid schemers, scammers and drug dealers.

    Good luck to the people who think they will ever get their money back from Mt. Gox, because it ain't happening. That is a huge percentage of bitcoins down the drain.

    Also Apparently banks are cracking down on any sort of CNY to BTC avenue, including those "voucher" systems.
    [​IMG]
     
  24. THE_EGG

    THE_EGG

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    OK buddy I think I (perhaps we) can see you don't support Bitcoin - which is fine by me, it's your choice. Btw the whole chinese yuan and chinese market thing has been know for a while now. And well bad luck to those who had bitcoins stored/lost through MtGox, bitcoin is still quite an immature currency. Also Bitcoin transactions are generally free or have an extremely low fee associated with them and do not incur a monthly account holding fee. To be honest credit card fraud and identity theft has been going on for some time now, don't tell me it only happens to bitcoin owners/transactions. As far as an increasing number of transactions per day goes, that will no doubt increase over time but the infrastructure will also improve to keep up with this and perhaps even stimulate the economy as it may create jobs in the financial sector to deal with the increasing number of bitcoin transactions.

    I read somewhere that bitcoin is gaining interest on wall street so that will be interesting to keep an eye on.

    My only concern with this is with the mining side of it. Does the money received from mining count towards a country's GDP? if so then it will inevitably become taxed (where it isn't already taxed). I could be wrong, but I think it is already taxed in America?? not sure though.
     
    Last edited: Apr 25, 2014
  25. NinkobEi

    NinkobEi

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    I'm glad I am coming across clearly then! Yes I find bitcoin to be an awful thing and actively suggest to people not to use it. Do you know what happens when someone steals my credit card/bank card? I get a call telling me it has been stolen and they send a new one via mail, all charges (if any) are reimbursed and the guy who stole it normally goes to jail. Guess what happens if someone steals your bitcoin wallet. Also guess what happens if the bank I have money stored in goes bankrupt. Let me tell you it turns out nothing like the Mt. Gox situation. People are estimated to lose a total of $500 million dollars from Mt. Gox. That has to go down as one of the bigger losses in history, I would think.
     

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