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Bitcoins!

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I've read some assessments with the idea that the market value of bitcoins will stay about the same because while the amount of new bitcoins being generated will decrease, the overwhelming majority are already in circulation. There's not much in the way of precedent when it comes to bitcoins however; it's the grand open currency experiment.

I guess we'll see come December.

All I know is that I was seeing $300+ power bills and $250/month income...:banghead:
I completely agree. Bitcoin is a grand experiment and does not follow the typical rules.
 

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with bitcoins trading at over $100 i just realized that i am sitting on a few hundred dollars from the beginning. however, i have no idea what i did to sign up with an account or how to retrieve them. lol
 

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with bitcoins trading at over $100 i just realized that i am sitting on a few hundred dollars from the beginning. however, i have no idea what i did to sign up with an account or how to retrieve them. lol
Money, cars, mansions, girls, luxury yachts... The finer things in life. You missed out bro.
 

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Money, cars, mansions, girls, luxury yachts... The finer things in life. You missed out bro.
damnit. BITCOOOOOOOOOIIIINNNNNNNNNNSSSSSS!!!!!!!!!!

back in 2011 reading through some of the older bitcoin threads, a high-end 5000 series amd gpu could mine about 700 coins per month. coins were worth $1.05. Some people on these forums will have made 100x their money...
 
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if I had kept my bitcoins I would be 60+k richer
 
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I had 8 bitcoins that I had put in tradehill before they closed down. I sold them, with the intention of buying them back as the price was going down, but the site closed and I lost them all :(

I finally got a refund from them of 0.22 bitcoins
 
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I had been somewhat interested in BitCoins a while back. It's not a bad gig if you've got 7000-Series Radeons or even 5000-Series & 6000-Series with a little more lost on power usage. Sadly, Nvidia's architectures aren't ideal for hashing and my 2 480's wouldn't do much in terms of profitability after you factor out the insane heat.

And then I found these:
https://products.butterflylabs.com/homepage/5-gh-s-bitcoin-miner.html

Along with a forum thread that indicated that while Butterfly labs had begun shipping, they're backed up 60,000 units on preorders alone. Maybe if I had found out about these months in advance, I could've gotten my hands on one, but as it stands, the bitcoin mining landscape will be radically altered by the time a new order ships. If the 5 GHashes/S and 30W power consumption can be verified, they're going to dramatically increase 'difficulty'. I did some calculations based on current trade values/difficulty and these units can pay for themselves after about 2 weeks.
 

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if I had kept my bitcoins I would be 60+k richer
it amazes me how many people JUST ON THIS FORUM ALONE would have tens of thousands of dollars had we actually saved our bitcoin wallet files. lmao. but who knew...
 
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I had an inkling, but after losing a bunch of my bitcoins and with the price crashing, I kinda lost interest.

I would have probably cashed out at $20 anyway, as I am sure a lot of other people did/would have.

There are serious technical issues with Bitcoin and it isn;t really suited to wide adaptation, but as a small scale market, I'm sure it will only become more popular.
 
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I really regret not buying a bunch back when I first started reading and they were worth $5-$10 like I had originally considered doing . . . But at the time, I didn't have much in the way of a job and investing a couple hundred dollars would have been too risky. God damn I fucking missed out. :(
 
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lol when I started it was 80cents :(
 
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I'm sure there are.many people around with very deep regrets. But it's not like you can see into the future. I personally thought they would take much longer to take off.
 
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When it comes to Bitcoins the answer is simple: look but don't touch.

Also there is this. I'm sure the TPU F&Homers feel the same way.
http://www.gizmodo.co.uk/2013/05/th...-computer-network-is-being-wasted-on-bitcoin/
The World’s Most Powerful Computer Network Is Being Wasted on Bitcoin
Eric Limer -

Bitcoin mining machines are insane powerhouses, and they’re only getting crazier. How much power is getting sunk into the digital cryptocurrency? More than the world’s top 500 supercomputers combined. What a waste.

According to Bitcoin Watch, the whole Bitcoin network hit a record-breaking high of 1 exaFLOPS this weekend. When you’re talking about FLOPS, you’re really talking about the number of Floating-point Operations a computer can do Per Second, or more simply, how fast it can tear through maths problems. It’s a pretty common standard for measuring computer power. An exaFLOPS is 1018, or 1,000,000,000,000,000,000 maths problems per second. The most powerful supercomputer in the world, Sequoia, can manage a mere 16 petaFLOPS, or just 1.6 per cent of the power geeks around the world have brought to bear on mining Bitcoin. The world’s top 10 supercomputers can muster 5 per cent of that total, and even the top 500 can only muster a mere 12.8 per cent.

And that 1 exaFLOPS number is probably a little low. Because Bitcoin miners actually do a simpler kind of maths (integer operations), you have to do a little (messy) conversion to get to FLOPS. And because the new ASIC miners — machines that are built from scratch to do nothing but mine Bitcoins — can’t even do other kinds of operations, they’re left out of the total entirely. So what we’ve got here is a representation of the total power spent on Bitcoin mining that could theoretically be spent on something else, like real problems.

Because of the way Bitcoin self-regulates, the maths problems Bitcoin mining rigs have to do to get more ‘coin get harder and harder as time goes on. Not to any particular end, but just to make sure the world doesn’t get flooded with Bitcoins. So all these computers aren’t really accomplishing anything other than solving super difficult and necessarily arbitrary puzzles for cyber money. It’s kind of like rounding up the world’s greatest minds and making them do Sudokus for nickels.

Projects like Folding@Home and SETI@Home use similarly networked power for the less-pointless practices of parsing information that could lead to more effective medicines or finding extra-terrestrial life, respectively, and either are hard-pressed to scrounge up even half of a per cent of the power the Bitcoin network is rocking. And with specialised Bitcoin-mining hardware on the rise, there’s going to be an army of totally powerhouse PCs out there that are good for literally nothing but digging up cybercoins.

It’s incredible to think about the amount of power being directed at this one, singular purpose; power that’s essentially being “donated” by thousands of people across the globe just because they have skin in the game. It’s by far the most computational effort that has ever been devoted to a single purpose. And sure, Bitcoins are fine and all, but can you imagine what we could do if this energy was put behind other tough problems? We’ll you’re going to have to because so long as mining Bitcoins can earn you money and folding proteins can’t, it’s pretty clear which one is gonna get done. [The Genesis Block via Digg]
bitcoin, computers, computing power, supercomputers
 
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I pretty much immediately think the same thing when Bitcoin mining is brought up by my friends. I'd much rather see the resources go to projects like WCG and F@H. I knew there was a lot dedicated to mining, but I had no idea it was such a massive amount. Maybe when GPU mining is completely obsolete thanks to the ASICs and FPGAs people will recognize the value their GPUs represent to the various compute projects. Convincing them to shoulder the electricity costs without additional benefit of income from mining is probably the biggest obstacle.
 
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I pretty much immediately think the same thing when Bitcoin mining is brought up by my friends. I'd much rather see the resources go to projects like WCG and F@H. I knew there was a lot dedicated to mining, but I had no idea it was such a massive amount. Maybe when GPU mining is completely obsolete thanks to the ASICs and FPGAs people will recognize the value their GPUs represent to the various compute projects. Convincing them to shoulder the electricity costs without additional benefit of income from mining is probably the biggest obstacle.
Gpu mining is still good for a little bit with the prices where they are. I can't imagine it being good much longer with asics coming though. Once gpu mining really becomes obsolete I wonder what will happen too all the cards. I wonder how many will be put into folding/crunching just because they have them. I wonder how many good cheap gpu's will flood the market too.
 
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My big question is has the cost in power/hardware been eclipsed by the gains yet? If not then this seems like someone mining for fools gold.
 
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My big question is has the cost in power/hardware been eclipsed by the gains yet? If not then this seems like someone mining for fools gold.

Look at the green line. As long as that is above .2 is is quite profitable for me to mine. Thats just power costs. I am useing hardware I already had.
 
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hmm if only nvidia didnt suck at this
 
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I hope everyone is watching, Bitcoin is crashing hard as we speak.
edit: crap its stabilized
 
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Bitcoins are stabilizing. The problem was everyone was/is treating them as an investment. I know I did. I bought at $7 and sold at $220. Never mined a single coin, all transactions through mtgox.com. Was quite a profitable and crazy ride. Now that they have semi stabilized I see this being more of a currency and less of a high risk/high yield stock.


For those that are interested there is a new coin out called LiteCoin. Check it out.
 
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Bitcoins are stabilizing. The problem was everyone was/is treating them as an investment. I know I did. I bought at $7 and sold at $220. Never mined a single coin, all transactions through mtgox.com. Was quite a profitable and crazy ride. Now that they have semi stabilized I see this being more of a currency and less of a high risk/high yield stock.


For those that are interested there is a new coin out called LiteCoin. Check it out.
I doubt we have seen the last of crazy spikes.

Litecoin is not new at all.
 
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Now that they have semi stabilized I see this being more of a currency and less of a high risk/high yield stock.
Um, they are definitely high risk. Have you paid attention to them over the past month? They *will* crash sooner or later. If you think they will go back to $250 I think you are kidding yourself. No, there's really only one direction for this artificial currency to go.

edit: for the love of god don't encourage people to buy in to this - or any other type of false currency. Scamming 101 - this will end badly.

edit 2: welp, looks like it is back to crashing. over 5% loss in the last 2 hours
 
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Um, they are definitely high risk. Have you paid attention to them over the past month? They *will* crash sooner or later. If you think they will go back to $250 I think you are kidding yourself. No, there's really only one direction for this artificial currency to go.

edit: for the love of god don't encourage people to buy in to this - or any other type of false currency. Scamming 101 - this will end badly.

edit 2: welp, looks like it is back to crashing. over 5% loss in the last 2 hours
Because the Fed issues real currency? I think you need to change your adjectives.
 
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Because the Fed issues real currency? I think you need to change your adjectives.
I'm open to suggestions. At least the fed can back-up its currency.

edit: the price of bitcoins has now fallen 10% today. How does that stack up to the dollar?
 
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I'm open to suggestions. At least the fed can back-up its currency.

edit: the price of bitcoins has now fallen 10% today. How does that stack up to the dollar?
The dollar has the fed stabilizing it from such swings. Bitcoin being unregulated, 10% is nothing but another day. Talk to me when there is a 25-30% drop in one day.