Bitcoins/Litecoins/Virtual Currencies

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Crone

Crone

Bronze Baronet of the Realm
9,714
3,211
Eidal_sl said:
I've got a handful of friends that send me every tiny anti-bitcoin article or news item they can find, along with some "prob should get out now" reminder. They're ALL bitter that they didn't listen to me a year ago when I said they should get some. They're bitter, jealous, and just want to watch BTC lose because the idea that they themselves missed the boat is just disgustingly intolerable to them.
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I'm bitter and jealous!! Hiss!! Scowl!! better get out now, it might fail!!
wink.png


Serious question though... has the speed in which you can mine bit coins slowed down as the price increases? If not, is mining now much more profitable, than it was when they were $10 per coin?

I'd think at the prices now, mining would be a very lucrative business.
 
Arative

Arative

Ahn'Qiraj Raider
3,063
4,771
Crone_sl said:
I'm bitter and jealous!! Hiss!! Scowl!! better get out now, it might fail!!
wink.png


Serious question though... has the speed in which you can mine bit coins slowed down as the price increases? If not, is mining now much more profitable, than it was when they were $10 per coin?

I'd think at the prices now, mining would be a very lucrative business.
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The network hash rate is way up with the advent of ASIC and it had continued to climb. I got 3, 5 gh/s at the end of July. I was making .5 coins a day. Difficulty is up so much, I am now making 0.0044 coins a day. If I wasn't getting free electricity at work, I would have turned them off a long time ago. Difficulty is now at 2.6 billion. I would guess that if the price falls below a certain threshold, lots of people will turn their ASIC's off. Sure if you have the money to buy ASIC's you might make some money but only large scale operations would really be a good business now and even that will not last. Don't forget, that in a few years the reward will halve again to 12.5 coins per block, so you'll see a lot of people drop out of mining then.

I really think the only people making money on bitcoins are those that buy and sell, pool operators (guessing) and the exchanges.
 
Eidal

Eidal

Molten Core Raider
2,001
213
Crone_sl said:
I'm bitter and jealous!! Hiss!! Scowl!! better get out now, it might fail!!
wink.png


Serious question though... has the speed in which you can mine bit coins slowed down as the price increases? If not, is mining now much more profitable, than it was when they were $10 per coin?

I'd think at the prices now, mining would be a very lucrative business.
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My R9 280x and 7950 make about .02 BTC a day. It was definitely faster when I started back in April, about .07 a day as I recall. However, that was back when they were $100 a piece instead of $700. I suspect mining profit will continue to decrease as more rigs come online and people stop throwing money into retarded scamcoins. Dogecoin's market cap is ludicrous.

Anyone who was mining 1-2 years ago would have had an exponentially better gain than me though. The people who mined seriously in 2009-2012 AND managed to not panic-sell during any of the crashes are millionaires now, easily.
 
Crone

Crone

Bronze Baronet of the Realm
9,714
3,211
Ok, so it has gotten more difficult to mine the coins. I figured a system was in place for something like that. Good to know.

Hey, if I'm going to be bitter, at least I'll know what I'm bitter about. haha
 
Mist

Mist

REEEEeyore
<Gold Donor>
31,379
23,801
Eidal_sl said:
My R9 280x and 7950 make about .02 BTC a day. It was definitely faster when I started back in April, about .07 a day as I recall. However, that was back when they were $100 a piece instead of $700. I suspect mining profit will continue to decrease as more rigs come online and people stop throwing money into retarded scamcoins. Dogecoin's market cap is ludicrous.

Anyone who was mining 1-2 years ago would have had an exponentially better gain than me though. The people who mined seriously in 2009-2012 AND managed to not panic-sell during any of the crashes are millionaires now, easily.
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Millionaires if they could actually get that kind of money cashing OUT of bitcoin.
 
T

Torrid

Molten Core Raider
926
611
What makes you think they can't? Exchanges need people to sell the coins for buyers to buy them-- exchanges aren't the ones selling the coins, they just conduct the transactions.

The current market cap of bitcoin is somewhere north of 7 billion.
 
Eidal

Eidal

Molten Core Raider
2,001
213
Mist_sl said:
Millionaires if they could actually get that kind of money cashing OUT of bitcoin.
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This happens more frequently than you'd think, except it doesn't happen on an exchange. People looking to work with these sums handle their trades off an exchange. Forgot the name of it, but there is a company to facilitate large buyer/sellers. Regardless, 1mil is 1500 coins... I'm pretty sure if you wanted to pay coinbase fees they'd be glad to dump those off for you over an appropriate time span so as to not buck the price.
 
Tuco

Tuco

I got Tuco'd!
<Gold Donor>
47,825
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Depending on what the price does today I'll probably buy in some more tonight or tomorrow.
 
Arative

Arative

Ahn'Qiraj Raider
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4,771
I have a little over $600 at campbx but the price hasn't dropped there at all, like it has on mtgox. I'm guessing since they have suspending ACH's deposits and withdrawals, volume is really light on the site.
 
Tuco

Tuco

I got Tuco'd!
<Gold Donor>
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I could see that being beneficial, ex if they have regulations on mtgox type websites to have some level of standards of security as well as ensuring they aren't spending the bitcoins on cocaine.

It could also be very harmful, ex if they require business to track and submit bitcoin expenditures to the local, state and federal government as a way to ensure taxation and fees.
 
Arative

Arative

Ahn'Qiraj Raider
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I suppose they could regulate exchanges that operate in the US. No way they could do anything about exchanges overseas.
 
Falstaff

Falstaff

Ahn'Qiraj Raider
8,435
3,380
Bitcoin down to ~US$340 on Mt. Gox.

someone give me a walkthrough on how to get in this game.
 
R

rinthe_sl

shitlord
102
2
Eyashusa_sl said:
Bitcoin down to ~US$340 on Mt. Gox.

someone give me a walkthrough on how to get in this game.
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Take out some cash from your wallet, then light it on fire... Congratulations! you are now in the bitcoin game!

When this goes sub $10, I'm getting an 'I told u so' avatar.
 
Rangoth

Rangoth

Blackwing Lair Raider
1,787
1,899
I guess this proves I know shit about the market but I just don't get it. I mean the idea of crypto-currency I get...and I mostly even get bitcoin as far as what it is and wants to be....

What's confusing to me is all this volatility. In general over the last few years it seemed to be growing in acceptance(not talking about market value), but if vendors or those accepting bitcoins as payment start to jump ship over all this flucatuation would it not become completely worthless? Or at least just a closed loop circle trading? I never really read the entire history of it but it seems like the only thing that allowed it to get this far was the fact that a huge drug market sprung up allowing for the purchase of actual goods.

Now in reality I do not think it's going away and in time it probably will stabilize and become accepted but fucking A if these exchanges don't get shit under control no legit business are going to want to participate.
 
Arative

Arative

Ahn'Qiraj Raider
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4,771
There are more and more exchanges coming up. A big issues was when MTGOX controlled a large part of the exchange market, they still do have a large market share but less than it was last year. The price on MTGOX is $470 currently but over at BTC-E, its $657, at campbx its $670. MTGOX isn't the only game in town, though it does get the most media attention.

The issues are being able to withdrawal and deposit money to any of these exchanges, it should be as simple as an ACH but there is so much uncertainty with bitcoins, it is scaring banks. You can still send a money order or personal check to campbx though.
 
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