Bitcoin discussion and news
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spacemonkey
I Love Noodles
The most I had was 250 at one point. I still made a decent amount of cash so I'm not too bothered. Everyone is constantly banging on that they wish they were in the 'early adopter crowd', but I would argue we still are. If you stopped 100,000 people on the street and asked them what bitcoin is, maybe a handful might know, less than that would actually have any. All that's lacking is the infrastructure around it. The code is as beautiful now as it was on day 1.
spacemonkey
I Love Noodles
I'll buy it off you for market value.
Do you take my offer or wait for it to hit $100? The eternal problem with bitcoin.
junglevip
Marijuana leads to heron
I work out that it would cost me about 4 quid a day in electric at 1 kw/h. I have a monster of a radeon gaphics card and if I could get 0.25 a day at £50 a coin I'd be 8 quid up. Sane?
spacemonkey
I Love Noodles
If you can manage to get 0.25 a day, definitely go for it! But I'd be surprised with the level of difficulty now whether you'd get close...
As soon as these badboys get on the market, you're pretty much fucked. https://products.butterflylabs.com/
ExtraRefined
Better than you at everything you love
Here's a fun fact; if you'd bought £100 in Bitcoins when Camoflauge first mentioned them back in December 2010, they'd be worth £35,000 today.
junglevip
Marijuana leads to heron
If you can manage to get 0.25 a day, definitely go for it! But I'd be surprised with the level of difficulty now whether you'd get close...
As soon as these badboys get on the market, you're pretty much fucked. https://products.butterflylabs.com/
Yeah, just did another check on things and it would cost me about £400 in electricity to to get a coin solo mining. Any ideas on pooled mining? The card is Radeon 5770
joustmaster
offcumdun
I used pooled mining back in the beginning of things. It was pretty easy to set up. And got a good return.
I used these people, I think http://mining.bitcoin.cz/
Here are some stats on cards:
https://en.bitcoin.it/wiki/Mining_hardware_comparison
Idaho
blah blah blah
I've done a bit of buying and selling of btc over the last few weeks. Mainly just to get to know the market and what it's all about.
It's interesting, and there are lots of little things going on. A lot of demand in the UK but supply difficulty is proving a steady supply of punters who are willing to pay well over Gox spot price.
Is it a bubble? The future? A pyramid/ponzi scheme? Tulip mania? A genuine new currency? Overpriced? Underpriced?
My conclusion - a mix of all these things. Bitcoin will be defined by the two phases, before the bubble, and after. And we are in the bubble right now. IMO, right at the start.
This is how bubbles play out:
And I believe we are just under the media attention point. The internet hasn't had a global lottery/pyramid/ponzi phenomena and btc is ripe to be it. Partly because as a system it's pretty good. It could have long term potential for all kinds of things - but that's the long term. In the short term it would only take one country to get a rush on it to trigger a wider mania.
One of the features of the market is that every week or two, big holders dump coins onto the market. Not too large, but certainly large enough to affect the price. The pattern has been repeated at least 3 times. A big sell (perhaps equivalent to 5 times the total orders for that day, that sucks up the available buy orders, then 5 minutes later another big sell which pulls the price down 20%. It's as if they are deliberately creating mini "bear traps" to shake out the doubters, while keeping a lid on the price. It's unregulated, so there are cowboys at work pulling trading tricks that they would not get away with on the FTSE, NASDAQ, etc.
I have a little stash of coins, nothing more than I can afford to lose, and am going to ride the boom and try and sell before the top. I have a basic reputation on a few trading locations and a gox account, so I should be able to divest quickly. Who knows. It's a gamble really.
It's interesting, and there are lots of little things going on. A lot of demand in the UK but supply difficulty is proving a steady supply of punters who are willing to pay well over Gox spot price.
Is it a bubble? The future? A pyramid/ponzi scheme? Tulip mania? A genuine new currency? Overpriced? Underpriced?
My conclusion - a mix of all these things. Bitcoin will be defined by the two phases, before the bubble, and after. And we are in the bubble right now. IMO, right at the start.
This is how bubbles play out:
And I believe we are just under the media attention point. The internet hasn't had a global lottery/pyramid/ponzi phenomena and btc is ripe to be it. Partly because as a system it's pretty good. It could have long term potential for all kinds of things - but that's the long term. In the short term it would only take one country to get a rush on it to trigger a wider mania.
One of the features of the market is that every week or two, big holders dump coins onto the market. Not too large, but certainly large enough to affect the price. The pattern has been repeated at least 3 times. A big sell (perhaps equivalent to 5 times the total orders for that day, that sucks up the available buy orders, then 5 minutes later another big sell which pulls the price down 20%. It's as if they are deliberately creating mini "bear traps" to shake out the doubters, while keeping a lid on the price. It's unregulated, so there are cowboys at work pulling trading tricks that they would not get away with on the FTSE, NASDAQ, etc.
I have a little stash of coins, nothing more than I can afford to lose, and am going to ride the boom and try and sell before the top. I have a basic reputation on a few trading locations and a gox account, so I should be able to divest quickly. Who knows. It's a gamble really.
joustmaster
offcumdun
I think some one posted this picture, 2 years a go, on this thread!This is how bubbles play out
spacemonkey
I Love Noodles
It was certainly posted on reddit when the price went from $4 to $15. We have no idea where on this graph bitcoin is...
youngian
Well-Known Member
Initial layperson observation is that any ecommerce site will have to keep slashing the Bitcoin price inorder to keep the parity with a conventional currency or else why would you buy anything with it if its value is rising?
Except for exchanging with the currencies it is rising against, so no different from 17th century Tulip mania and not a revolutionary challenge to 'ponzi scheme FIAT currency.'
Except for exchanging with the currencies it is rising against, so no different from 17th century Tulip mania and not a revolutionary challenge to 'ponzi scheme FIAT currency.'
joustmaster
offcumdun
The prices on silk road are tied to the dollar. So as the exchange rate rises the Bitcoin price for each item falls.
Idaho
blah blah blah
It's more similar to ponzi than tulips. Tulips are useless as a means of exchange or wealth storage, and are not divisible.
Idaho
blah blah blah
Currently worth about £30. Will be worth about £40 by the end of this week...and then what?
junglevip
Marijuana leads to heron
If you can manage to get 0.25 a day, definitely go for it! But I'd be surprised with the level of difficulty now whether you'd get close...
As soon as these badboys get on the market, you're pretty much fucked. https://products.butterflylabs.com/
Thought you might be interested.....
http://bitcoinmagazine.com/bitcoin-developer-receives-first-butterfly-labs-asic/
Epona
Sonic: 1 Nov 2006 - 8 Jan 2022
I looked into it a while back and decided the electricity bill plus noise and heat from the GPU probably wouldn't be worth the effort. The 5850 I was considering using for it has extremely noisy fan and gets hot quickly, so if you just have a stock fan you might need to consider better cooling (more efficient and quieter) if you want to run it 24/7 under any sort of stress.
It surely still would have been more economical to BUY them in the first place rather than mine them?
ExtraRefined
Better than you at everything you love
Depends when. There were points, especially in the last big runup, where mining was far more profitable than buying
grit
an ugly force for good
Its been a long time since that was the case
electroplated
off minehead
so if I wanted to buy some bitcoins today, where would I go? mtgox won't load at the moment.
ExtraRefined
Better than you at everything you love
What in particular?
You sign up to a pool, point your miner at their server, and get sent ฿0.0001 per day for each megahash/sec of hashing power you have.
You sign up to a pool, point your miner at their server, and get sent ฿0.0001 per day for each megahash/sec of hashing power you have.
joustmaster
offcumdun
140 USD per coin
oooh
oooh
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