Bitcoins/Litecoins/Virtual Currencies

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Passenger_sl

shitlord
104
0
Arative_sl said:
Bitcoin is at $209. Bubble has got to pop sooner rather than later.
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I find this doubtful. The current queue on Mt.Gox is somewhere around 15,000 - 20,000 people. As soon as any substantial dump occurs (1500+ coins), they are instantly bought up. There are way too many people trying to buy and hold vs. those that are interested in unloading quickly. I wouldn't be surprised that it keeps creeping upward until something unusual happens. In addition, I am curious to see how the introduction/availability of litecoins on Mt.Gox will affect bitcoins.
 
T

Torrid

Molten Core Raider
926
611
Celestein_sl said:
Just wanted to say that that is completely false
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I can only repeat what I've read as this stuff is over my head, but supposedly FPGAs and ASICs will at least be far less effective miners. Litecoin was supposed to be the CPU friendly coin when it was developed.

What is Litecoin?
Litecoin is a cryptocurrency that uses an alternative, memory hard hashing algorithm called scrypt that was devised by mathematics' prodigy Colin Percival. The algorithm utilizes SHA256 and a stream function called salsa20 to force devices that mine it to either use a lot of memory or use dramatically more ALU cycles to perform a hash. With the parameters used in Litecoin's implementation of scrypt (N = 1024; p = 1; r = 1), each thread uses approximately 64-128 KB depending on the settings for lookup_gap and thread_concurrency in the mining program when mining with a GPU. Because GPUs have such fast memory (bandwidth in the hundreds of GB/s) and roughly 128-512 KB of RAM per stream processor, they are ideal for mining Litecoin. This requirement for fast memory in order to mine quickly results in Litecoin being FPGA and ASIC resistant; although ASICs may one day come out for Litecoin, they are not expected to garner the same performance increases as for Bitcoin (two orders of magnitude more efficient).
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https://bitcointalk.org/index.php?to...502#msg1256502

Litecoin uses scrypt as a proof-of-work scheme. Scrypt adds memory-intensive algorithms to reduce the efficiency of the kind of parallelization that GPUs offered in early Bitcoin mining. This led to Litecoin primarily being mined with CPUs at the beginning. CPU-based mining has been challenged by the appearance of more energy-efficient GPU-based mining around July/August of 2012 bringing a roughly ten-fold increase in network hashing strength. GPUs are currently the dominant Litecoin mining technology.
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https://en.bitcoin.it/wiki/Litecoin
 
Arative

Arative

Ahn'Qiraj Raider
3,050
4,739
Passenger_sl said:
I find this doubtful. The current queue on Mt.Gox is somewhere around 15,000 - 20,000 people. As soon as any substantial dump occurs (1500+ coins), they are instantly bought up. There are way too many people trying to buy and hold vs. those that are interested in unloading quickly. I wouldn't be surprised that it keeps creeping upward until something unusual happens. In addition, I am curious to see how the introduction/availability of litecoins on Mt.Gox will affect bitcoins.
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Well it does have all the classic signs of a bubble, its got to pop sooner or later.
I don't think there are any merged mining pools. I know BTC guild won't mine both bitcoin and litecoin, mostly because litecoin is cpu friendly. He did do namecoin for a while but that's a dead project so he dropped that. I would imagine that having litecoin at mtgox will be like any other currency trading.
 
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Torrid

Molten Core Raider
926
611
If I'm reading this right, some dude set up a buy order for 9073 coins at $212.12. That's a 2 million dollar buy order.
 
Arative

Arative

Ahn'Qiraj Raider
3,050
4,739
Torrid_sl said:
If I'm reading this right, some dude set up a buy order for 9073 coins at $212.12. That's a 2 million dollar buy order.
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Aren't there suppose to be investment funds getting in on bitcoin now? Could be someone doing that.

Anyone know any details on coinlab taking over mtgox for US and CA customers?
 
R

Renault

N00b
134
1
As someone who hasn't followed Bitcoin for quite awhile I'm curious, is GPU mining still efficient enough that people are buying high end video cards to mine all day and then paying them off in a reasonable time frame?

I remember reading about it when GPU mining was first starting out but it didn't seem like it would be long term sustainable for an individual user.
 
Alkorin

Chancellor Alkorin

Part-Time Sith
<Granularity Engineer>
6,051
6,036
Renault_sl said:
As someone who hasn't followed Bitcoin for quite awhile I'm curious, is GPU mining still efficient enough that people are buying high end video cards to mine all day and then paying them off in a reasonable time frame?

I remember reading about it when GPU mining was first starting out but it didn't seem like it would be long term sustainable for an individual user.
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More so now than ever before, yes, but we're in dangerous territory as ASICs are poised to jump into the market en masse any time now. Then again, "any time now" has been hanging over our heads for months, so...
 
Arative

Arative

Ahn'Qiraj Raider
3,050
4,739
At the current price, gpu mining is still worth it. At current prices I'm making $400 a month with my 1 g/h. I do have 3 jalapeno's on order, so hopefully they ship soon. I wouldn't buy a GPU just to mine but if you're going to do some gaming, might as well get one that will help pay for itself.

When BFL hits the market, maybe not so much. Of course they would actually have to start shipping soon. Right now Avalon is the only ASIC game in town and they control the price. There is ASICminer that is suppose to be bringing quite a bit online shortly. They have 7 T/H online right now. They are either going to sell ASIC miners or sell shares.
 
Alkorin

Chancellor Alkorin

Part-Time Sith
<Granularity Engineer>
6,051
6,036
ili_sl said:
The money is in making&selling the Mining Hardware, not mining.
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This is kind of like saying "if you own the bank, you're in a good position to make money". No shit?

Edit: Coins taking a bit of a tumble right now. Down to under $200.
 
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Passenger_sl

shitlord
104
0
Alkorin_sl said:
This is kind of like saying "if you own the bank, you're in a good position to make money". No shit?

Edit: Coins taking a bit of a tumble right now. Down to under $200.
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Word on Reddit is that bots are pumping massive amounts of small transactions into Mt.Gox and overloading it. In addition quite a few bitcoin based websites are going down as well. Just the weekly ddos attack that we have seen many times before. The only possible benefit for the regular Bitcoin user would be to be able to pickup cheaper coins, anyone that is selling at this point thinking the entire market is crashing is delusional.
 
Alkorin

Chancellor Alkorin

Part-Time Sith
<Granularity Engineer>
6,051
6,036
Trying to buy a bit to sell later, and Mt.Gox is so fucked up that I can't. Bah.
 
gogusrl

gogusrl

Molten Core Raider
1,362
105
You mean 150$
smile.png

Hope it drops down to 20-50$ so I can load up.
 
Alkorin

Chancellor Alkorin

Part-Time Sith
<Granularity Engineer>
6,051
6,036
Yeah, it's gonna rebound. Too bad all my BTC related earnings are at Mt.Gox, and it's essentially unresponsive.
 
Alkorin

Chancellor Alkorin

Part-Time Sith
<Granularity Engineer>
6,051
6,036
I just put in an order at $115.42. Man, how far is this gonna fall today?

Edit: Looks like it ended up stopping around $105. I jumped in and bought at $140 as my $115 order never went through (thanks to Mt.Gox's issues). It's back at $200 and climbing now.
 
M

MossyBank

N00b
542
5
Do you guys trade on BTC-E? I made an account there and dropped some litecoins into the address that they generated for me so I could trade with them, and they never showed up in my 'finances' tab. I checked the addy with a block chain explorer and the coins are in there, but not showing up on my account. Anyone else have this problem?
 
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