Bitcoin

[skotosa]

Thats all assuming you have m0mchil's GPU miner setup and your bitcoin setup.

 

You have to get those two working first before you can even worry about joining a pool.

 

If you need help setting those up or getting a miner working in general let me know and I'll do my best to help you out.

 

once thats all straight you can worry about setting an account and pick up from the above post I made.

[Guest Funktion]

ziggomatic, what's youre average khash/s?

[skotosa]

ziggomatic, what's youre average khash/s?

 

 

 

Usually 327040 Khash/s Running at 950/1255 (Core/Mem)

 

You can use this to see how long and what chance you have at generating blocks for what Khash/s you have.

 

http://www.alloscomp.com/bitcoin/calculator.php

Edited February 19, 2011 by ZiggomaticV17

[kokoon]

Made my first 50 and just generated another!

 

When the exchange rate is right i'm cashing out :)

I hope you're still holding. Another week at this pace and you can retire just from the first 100btc that you soloed!

 

So, what do you guys think? Anybody seriously in? How much longer till it stops? Crashes?

[Guest the anonymous forumite]

Bitcoins will probably be increasing value until june 2013, the month which MTGox will start trading Litecoins. Not that it's gonna crash hard like it did in the past, just go down reasonably.

[azatoth]

I heard about some goon that suffered a heat stroke and brain damage from having a massive rig of GPU's mining bitcoins running in his room.

[zazen]

It hit $250 per bc today

 

The whole thing is very interesting, especially because there's no consensus on whether its the future of money or a huge folly.

 

I'm betting on the software engineers over the economists. Compare y2K to 2008.

[Guest Iain C]

 

 

 

I heard about some goon that suffered a heat stroke and brain damage from having a massive rig of GPU's mining bitcoins running in his room.

 

That story is included in this amusingly biased history of Bitcoins: http://buttcoin.org/history

 

I hate libertarians more than almost anything else, so this is really all I need. The more of them that lose their life savings or give themselves (more) brain damage the better.

Edited April 10, 2013 by Iain C

[mcbpete]

What did you do. WHAT . DID . YOU . DO - http://bitcoinity.org/markets

[kokoon]

What did you do. WHAT . DID . YOU . DO - http://bitcoinity.org/markets

 

I know :(

poor poor mtgox. they're being hammered so hard right now. they're completely incompetent.

I can't do ANYTHING. bitstamp is down. bitcoinity is down. even bitcointalk is down...

[Guest the anonymous forumite]

going up again

[kokoon]

fuck this shit, I don't have the nerves. it's not going up again, the prices we're seeing from mtgox are now hour and half old. absolutely fucked up.

[DerWaschbar]

I'm not surprised that the infrastructure wasn't ready for the madness that's going on.

[kokoon]

i'm off. can't watch this. managed to lose (only) 2btc while buying high and selling low. like a pro.

[BCM]

i've got 0.275 bitcoins

 

update, i've now got 0.27921

Edited April 10, 2013 by BCM

[pcock]

i dont understand this atall, how does a currency that you can ''mine'' by overclocking graphics cards work?

[mcbpete]

Yeah I've never really understood the concept at all - even after watching an explanation video I'm still like, but how is that making money ? And why does it go up and down (and at such extreme rates). We make a long number (somehow) and then what gets done with it.

 

The whole thing has eluded me for years.

[Ego]

The system needs miners to do the cryptographic computations needed to complete the transactions. Those miners get rewarded for it. Even when the difficulty rises way beyond the current difficulty level it should still be feasible to mine because of transaction costs. It's an ingenious way to inject bitcoins into the system and rewarding those who are contributing to it.

 

The value is so unstable right now because the hype has a lot of people speculating. I hope it'll be more stable soon because it's impractical to buy stuff with it at the rate it's changing now.

Edited April 11, 2013 by Ego

[Plarkreluke Banloboh]

Well I suppose it is an attempt to distribute the inital coins partly like a lottery while also rewarding computing effort. Previously the amount of calculating required meant that more money would be spent on electricity than the coins are worth but I don't know if that is true now that the price has skyrocketed.

[Guest Iain C]

The price is unstable because this is a bubble and a crash is inevitable. People are just waiting for it, and they're clearly terrified. Fear and greed rule all financial markets.

[Plarkreluke Banloboh]

With or without Bitcoin, I see bubbles and crashes being bigger and more frequent between each cycle. In an accelerating information economy the rate of change increases.. those who thrive are most flexible, adaptable to new conditions and cool under pressure - but this is equally true of ideas, memes, fashions, music formats, etc, etc..

 

If you think about why money replaced barter in the first place, it was because it was a more efficient system. Now a peer-to-peer exchange governed by mathematical truths, which doesn't rely on corrupted regulatory bodies is far more efficient than a rigged and over-complicated financial system. That's evolution.

[Guest Iain C]

I'm not an economist so I'm wary of just jumping into this debate, but my understanding is that the appeal of (at least, fiat) currency isn't that it's efficient - but that it's backed by the government. That's what gives people confidence in its value. Bitcoin doesn't have that.

 

This whole idea that "less regulated = more efficient = objectively better" seems like poisonous libertarian thinking to me.

[Plarkreluke Banloboh]

Bitcoin was created as a response to shaken public confidence in government backed monetary systems. Specifically the 2009 bailout of the banks.

[Guest Iain C]

I understand that. But I don't see how bitcoin is any more safe or stable, given the insane price fluctuations and the fact that by far the largest broker appears to be running their operation on a graphing calculator connected to a 36k modem.

 

Sent from my Galaxy Nexus using Tapatalk 2

[kokoon]

mtgox is a shit