I mined a few BTC back in the day when it was still possible, sold most of them when it hit $1k, held a few and now its over $7K each. Pretty crazy, anyone else mining or trading?
Who else is riding this Bitcoin crazy train?
- Thread starter NinjaKnight
- Start date
2 real possibilities for bit coin, 10 years from now 1 mil per coin. 10 years from now worth 0. Not a place to put real investment $$ but if you have some play money to waste on play money it could make a lot of people wildly rich.
Agreed. I have people at work talking about (or already have) getting into Bitcoin. That should tell you the end is near. These guys have no understanding of the technology and only see the price going up. They don't even know what a Bitcoin Wallet is.
I don't know the technical details well enough, but the block chain technology seems pretty robust. I'm curious to see what happens when Quantum Computers become more widespread. Could you spoof a block chain with a quantum computer?
On the economics side, fixed supply currencies don't do well in economic downturns. The inability to increase the supply can create deflation once credit defaults (a reduction in supply) occur. Cryptocurrencies have a place as an alternative for those who want to keep their privacy, but they'll never become the standard currency.
I had to dust off the old mining hardware after BTC hit $7,500 today. My GPUs are useless of course so I bought four 1070's for shiggles. Making about $7 a day mining altcoins and getting paid in BTC, fun hobby that heats the basement for free.
I'm by no means an expert on block chain, but I'm fairly certain you can't spoof past chains even with quantum computers simple because of the fact that past transactions are coded in the main chain at millions of locations, so unless you can change all those (you can't) it's pretty fool proof.
I think you're right. I did a little research after my post and the fact that the ledger is mirrored in multiple locations would make it extremely expensive to spoof. You'd have to have 51% of the computing power to rewrite the chain and validate it. Quantum computers might get you there but as of 2015, computing power was 13,000 times the top 500 supercomputers combined. Seems completely impractical to try; but that might change if the price gets high enough (>$1mill).
That's true, I was wrong about it being impossible. If you had more than 51% of the hashing power you could write your own chain. But if someone had that much computing power I'm sure they could hack just about any other financial system as well.
I haven't even look at the latest price-performance metrics for GPUs. It used to be that AMD Radeons had the best result. Has that now flipped to nVidia with the latest GTX 1000 series, especially the 1060 or 1070 units?
I completely missed the boat on several of the crypto currencies. I should have gotten in years ago, when the investment would have been a major payoff.
Radeons have great hashing power but not that great efficiency. 1060s aren't that great anymore, 1080s are the new hotness but they are double the price of 1070s.
All I know is that crypto-currencies drove the price of AMD GPUs up, especially before the 900 and definitely the 1000 series.
I only mentioned the GTX 1060 because I picked up a pair at MicroCenter for $130/each (almost half the price of what most want for them today), along with a pair of used GTX 970 cards (I've upgraded to 980 Ti and then a 1080), and I have several, spare 3GHz+ i5 Mini-ITX boxen to put them in.
Yeah the pair of 1060s will making you a dollar or two a day, if you have a 1080 that will get you more than both 1060s. Download Nicehash if you want a simple way to mine at first, it's incredibly brainless to get going, they take 3-4% off the top but it's pretty worth it imo
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I have four (4) i5 Mini-ITX systems not being used, which I was considering putting my two (2) GTX 1060, one (1) GTX 970 and one (1) GTX 980 Ti into.
I also have a 5th system, an i7 Mini-ITX system with a GTX 1080 that is my main, portable gaming cube. I could use it as well.
Hit up whattomine.com and it will give you estimates on how much each GPU will make. If you spread out your gpus across all those different computers you will end up losing money on electricity though, I built a dedicated rig to attach all 4 of my 1070s, so I'm only paying for electricity for 1 CPU, PSU, motherboard etc.
Ahhh, makes sense. I guess I could find an inexpensive, full size ATX mainboard with 4x PCIe slots.
They make risers so you utilize all the PCI-E slots and if you enjoy the small risk of burning down your house due to Chinese QC.
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It's over $10,500 now. if you would have bought at $10k yesterday and sold today you would have made $500. 5% return in 24 hours ain't too bad.
Chinese are building large bitcoin mining factories next to the power plants in remote areas. I was shocked by the amount of electronic components they had purchased. When they were asked to pay full amount before the parts were shipped, they didn't complain.
Yeah, it's no secret they are behind the vast majority of BTC mining. With the nearly free energy costs from the vast hydroelectric dams they have built, and all the corruption and cheap components and labor and the fact that BTC is blind to national boarders, its no surprise.
Russia is doing this too. Warehouses full of nothing but computers for mining. Shady stuff going on here...
Not shady at all, that's exactly how this works. You need massive computing power to mine and verify transactions. People are doing it in the US too, just not as large a scale because we have better ways of making money (normal jobs).
No I get that. But the idea that our enemies specifically governments are jumping so hard into this is concerning.
Cliffs:
- Computers use cryptography to provide integrity for an electronically traded currency ("crypto currency")
- People value and trade that "currency" as any other commodity, money, bond, etc...
- Buying/selling - like any commodity, you want to buy low and sell high
- Mining - which is a computationally intensive "service" one can provide to verify/protect the integrity of the currency, and receive compensation for
Do you ride this train into the ground? Have you established a point where you sell or sell a portion?$17,500![[banana]](https://ct.yimg.com/mr/uploads/891/1682178.gif "banana [banana]")
Already sold off most, I'm hanging on to these last few as a sort of lotto ticket. Could go back to zero or to a million bucks as McAfee said.
Good luck hah. I wish I got into this 5 years ago when I was thinking about it. hindsight yada yada
Yeah thanks. No one knows if it's "too late". BS was just complaining about "missing the boat" a few weeks ago when it was 10K, if he would have bought some then he would have a 60% gain.
And you don't have to buy a whole BTC of course, a lot of people don't know that. You can buy down to the 9th decimal, less than a penny.
I've had co-workers come up and talk to me about Bitcoin. They don't know anything about it but it keeps going up so they're going to buy. That's usually a sign we're near the peak.
Yup. Random ass ppl that have no idea wtf a blockchain is trying to "get rich quick".
Yep.
Altho the futures launched by CBOE yesterday were a lot higher than expected. It was a surprise to a lot of people.
Bumping this thread (that I obviously didn't start according to wayne) because I don't start any threads) to give a shout-out to all you who bought LTC a week or more ago. It shot up 5 fold in a month.
