Bitcoins/Litecoins/Virtual Currencies

You suckas can't handle this mediocre hash rate.

Vinen_sl said:

Article in question:Bitcoin Falls Below $900 - Business Insider

And lol@ the bablefish level translation.

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That site isn't really Baidu. Its a Cloud Hosting/IT Security company joint venture...

To translate this into American equivalent, it would be similar to GoDaddy announcing they would no longer be accepting BitCoins.

Though the trend of more places announcing they will not accept bitcoin should shake consumer confidence... especially for non chinese people banking on chinese people wanting bitcoin.

I have been asking my chinese friends around Shanghai about bitcoin recently... none of them have any idea what it is nor have they heard of any of these announcements...

I certainly think bitcoin will stick around and more and more retailers will begin to accept them, if for nothing else the low to no transaction fees. I think as soon as someone make can come out with an easy to use merchant terminal and payment system we'll see widespread adoption of bitcoin as a payment system

Arative_sl said:

I certainly think bitcoin will stick around and more and more retailers will begin to accept them, if for nothing else the low to no transaction fees. I think as soon as someone make can come out with an easy to use merchant terminal and payment system we'll see widespread adoption of bitcoin as a payment system

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They're gonna have to split them or something if they do start becoming widely accepted - 0.0003 bitcoins for a five dollar BLT or whatever it was I was reading in the article about the first Subway accepting them is going to be too annoying for too many people to futz with.

It's the low dollar stuff that promotes most transactions - and above $5-10 per BTC "ugly fractions" are gonna screw things up for mass adoption outside of the geek sectors.

Vaclav_sl said:

They're gonna have to split them or something if they do start becoming widely accepted - 0.0003 bitcoins for a five dollar BLT or whatever it was I was reading in the article about the first Subway accepting them is going to be too annoying for too many people to futz with.

It's the low dollar stuff that promotes most transactions - and above $5-10 per BTC "ugly fractions" are gonna screw things up for mass adoption outside of the geek sectors.

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A type of bitcoin credit card with a merchant terminal would solve the small transactions. Something like that with the issuer handling all the conversions to currencies would speed adoption. What merchant wouldn't want to get out from under current credit card transaction fees without really changing their process much?

Vaclav_sl said:

They're gonna have to split them or something if they do start becoming widely accepted - 0.0003 bitcoins for a five dollar BLT or whatever it was I was reading in the article about the first Subway accepting them is going to be too annoying for too many people to futz with.

It's the low dollar stuff that promotes most transactions - and above $5-10 per BTC "ugly fractions" are gonna screw things up for mass adoption outside of the geek sectors.

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That's a tiny and easily fixed problem (just give fractions names...)compared to the real problems bitcoins have.

Here's an updated chart.
So now resistance 900, support 400. I got pretty lucky. Didn't realize the cfd's I bought expired daily, so got outfor a small profit. Looking to short into 900 now for a test of those lows 400-450.

The topping of pattern at the highs looks like a pefect setup for a breakout fwiw. Will try and buy 400-4550 hoping it can breakout again.

Arative_sl said:

A type of bitcoin credit card with a merchant terminal would solve the small transactions. Something like that with the issuer handling all the conversions to currencies would speed adoption. What merchant wouldn't want to get out from under current credit card transaction fees without really changing their process much?

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Yeah... that sounds like a great idea! To cover the costs of the card issuers, they could charge small transaction fees. Then to protect the users against fraud, they could charge the merchants small transaction fees. The issuer could call themselves something like
Virtual Internet Service Association or VISA for short...

I'm so confused by this shit...

a_skeleton_03_sl said:

Finally got one of two Litecoin rigs up and running well.

It is upstairs where it is warm. When I move it downstairs into the garage it will drop 20 C and I can bump the intensity up a bit.

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Eeew... it makes me sad to see such nice cards being abused so heavily. Hashing at sub 50 percent maximum while running super hot. I feel like I'm witnessing a dog owner kick the shit out of his dog.

Here is my ghetto example of how I added my temporary 3rd GPU. These are all 7950s.

BTFD!!!

a_skeleton_03_sl said:

Yeah I am working on tweaking them. That was just getting up and running. I need to figure out some things to really maximize them.

If you have some suggestions for a .conf let me know

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I can give you a hand once you get the open-air setup and solve the heat issue. Scrypt tweaking can be a huge pain in the ass and its absolutely not worth the time until we can be sure that they won't just shut down in a mini-inferno due to heat.

I just put a box fan up against my case and stuck it in my closet since it's loud as fuck, dropped the temperature like 20 degrees.


Itlan, what questions you got?

I'm considering mining litecoins as a small side project and to see if I can ever turn a profit. How hard is this to do for someone who has never done it before? I'm looking at dropping around $1600 give or take a few hundred, but I have no programming experience and I've only helped build one computer. Is there any good step by step I can follow? What would you guys suggest I do?

Where should I start, and what hardware should I consider?

I just looked this up today and running a 3 card setup was within your cost budget. By my quick calculations, it would take over 3 months to recoup the money if LTC price and difficulty remained the same. You would hope the cost will go up to offset the difficulty increases, but it's not guaranteed. If the coins increase in value exponentially like they have over the last few months, your returns would be significantly higher by simply investing in LTC coins vs hardware and time to mine them.

Xasten_sl said:

I'm considering mining litecoins as a small side project and to see if I can ever turn a profit. How hard is this to do for someone who has never done it before? I'm looking at dropping around $1600 give or take a few hundred, but I have no programming experience and I've only helped build one computer. Is there any good step by step I can follow? What would you guys suggest I do?

Where should I start, and what hardware should I consider?

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Setting up a LTC mining rig is going to be more than a small side project and the impending meteoric rise in difficulty makes any type of profit prediction completely contingent upon LTC eventually rising in value.

You don't need programming experience but you do need to feel comfortable putting a rig together from components. My understanding is that finding good mining GPUs is really difficult right now.

By the way, on paper, setting up a rig isn't a big deal. However, I know that I spent a LOT of time fiddling/tweaking with mine before I got it into any stable configuration... and it STILL consumes a lot of my attention. Making sure its hashing fine, making sure the pool is stable and honest, etc etc. Just about twelve hours ago one of my cards just lost a fan. Had to figure out a new configuration to deal with the new heat problem... but this card is living on borrowed time now.

EDIT: What does power cost where you are? There was a pretty sad photo someone showed on reddit back in May -- dood got a 3 GPU setup running and blew his power up into an expensive tier and wasn't very happy with his $1000 USD electric bill. Obvious lack of prior planning. I'm willing to bet that had he held all his coins he would still have turned a profit but I doubt he held 100 percent through the months of sub $4 LTC.

Xasten_sl said:

I'm considering mining litecoins as a small side project and to see if I can ever turn a profit. How hard is this to do for someone who has never done it before? I'm looking at dropping around $1600 give or take a few hundred, but I have no programming experience and I've only helped build one computer. Is there any good step by step I can follow? What would you guys suggest I do?

Where should I start, and what hardware should I consider?

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I was a total mining newb and was able to set it up with no issues, hardest part was understanding the script settings to make it churn out as much as possible for what cards I had. If you can build the PC and have a decent idea how scripting works this should be a no brainer. If you do not there are tons of videos, forums and how-to's on how to set up the scripts which is by far the hardest part and it still isn't that hard.

Use this site to figure out the best hash rate/card ratio for what you want to spend.Mining hardware comparison - Litecoin Wiki

Keep in mind your chip and ram don't need to be shit since it will be nothing but GPU power you're using. 4gb of ram is recommended(from the forums I read) and of course the more PCIe slots the board has the more cards you can run simultaneously.

Then you'll need to pick up a mining program(cgminer or equivalent) and pick a pool. Once you get it going then just start tweaking the script to pump out the max hash-rate.

EDIT: on a side note, both of my cards were found on craigslist for almost 1/3 the price everyone is asking for them. Always a good place to start if you're trying to find a hard to find/expensive older card.

I assumed that it'd be better for me just to straight up buy some lite coins, but I had to ask. It sounds like an interesting hobby, and I'd learn a lot. However, it sounds like a bit more than I can chew.