Cryptocoin Mining?

[Chiropteran]

It's hard to say what will happen. This could mirror the crash from 2011, where the days after the crash saw value sit at $15 a bit before slowly falling further down to $4 or so at the lowest, and then slow recovery back to $10. Of course if I knew for sure that value would continue to slowly drop until the equivalent $40 or so, I'd sell all my coins now for $115 and re-buy later. But the problem is I can't know that, and it might just turn around and start going up. I feel like there are probably a lot of people willing to buy if price drops to $99, the psychology of buying in the double digits knowing value could go back up to $250+ in a week is strong.

Right now I think i'm just going to hold all my coin, whether it takes a week or a month or a year- though if the value continues to bounce from $180-$110 I'll certainly play around and sell a few coin at the high end.

And LTC, I think will generally follow BTC value. If BTC recovers LTC probably will also. I think the main market for LTC is using it to buy and sell BTC, so they are closely linked in value.

 

[Qianglong]

Anyone here wants to gamble a bit on LTC by buying the coins with cash and then sell it when the value goes up? Better odds than vegas I'll say!

 

[philipma1957]

It's hard to say what will happen. This could mirror the crash from 2011, where the days after the crash saw value sit at $15 a bit before slowly falling further down to $4 or so at the lowest, and then slow recovery back to $10. Of course if I knew for sure that value would continue to slowly drop until the equivalent $40 or so, I'd sell all my coins now for $115 and re-buy later. But the problem is I can't know that, and it might just turn around and start going up. I feel like there are probably a lot of people willing to buy if price drops to $99, the psychology of buying in the double digits knowing value could go back up to $250+ in a week is strong.

Right now I think i'm just going to hold all my coin, whether it takes a week or a month or a year- though if the value continues to bounce from $180-$110 I'll certainly play around and sell a few coin at the high end.

And LTC, I think will generally follow BTC value. If BTC recovers LTC probably will also. I think the main market for LTC is using it to buy and sell BTC, so they are closely linked in value.

this why I just sold them when I earned them. when a crash happens at most I have 1 or 2 coins on hand. right now I am earning about .45 coins a day. that comes to 45 bucks if coins are at 100 usd. My power is 16 cents a k watt or about 10 bucks a day.

so at 100 a coin my net is about 35 bucks.
at 200 a coin 80 bucks a day.
at 300 a coin 125 a day.

I run into trouble at 50 a coin.

my net would be about 12 dollars.


to me the correct price is about 80-110 a coin . based on current hash rate and block size. I wonder if it will go under that.

 

[thilanliyan]

Nice crash lol. Trading halted on Gox I believe. LTC went down with it as well...arghhh!

 

[ultimatebob]

Nice crash lol. Trading halted on Gox I believe. LTC went down with it as well...arghhh!

It's still trading on BTC-E... I saw the BTC price get as low as $50 today.

Ah... nothing like a good old fashioned market panic for the sheer entertainment value.

 

[loccothan]

i like it i have 0.00651 now and i will dig for some more tHX bro

 

[markyh]

Nice crash lol. Trading halted on Gox I believe. LTC went down with it as well...arghhh!

Arse. Jinxed. On my first two days of mining too, bloody typical. At least I only bought 1 x HD7950 which can still make money above $0.18 p/kwh energy costs.

I toyed with jumping on and a whole new mobo rig and 3 x 7950 straight away for £900+ investment but common sense got the better of me. Looks like i will be concentrating on lowering my power vs k/hash rate mining LTC now to maximise cash return vs energy costs.

M

 

[Silverforce11]

Meh, price will flip back up just as fast. Volatile.

 

[Chiropteran]

I'd take the BTC-E price with a grain of salt, I've heard they had all kinds of problems yesterday. Basically they had the same sort of lag as mtgox, but there was indication of it, so attempted trades just wouldn't work. I can imagine anyone with BTC still on that exchange would probably want to dump and get out asap, because the exchange is garbage.

edit:

also, https://www.bitcoinstore.com/ seems to still be offering at $120 per BTC value. If you can really buy BTC from btc-e for $65 or so, that is a steal, you could get some very nice computer hardware for about half price.

 

[blastingcap]

The fact of the matter is that nobody knows where on the chart we are right now with absolute certainty and accuracy. We're obviously somewhere in the Mania or Blow off phase, but beyond that, we don't know.

 

[hokies83]

Cant wait till my 2 50 GH/S Asic machines get here and prices go back up over 200$.

 

[TheUnk]

Cant wait till my 2 50 GH/S Asic machines get here and prices go back up over 200$.

How many months do you have to wait for your used hardware?

 

[hokies83]

How many months do you have to wait for your used hardware?

My New hardware should be in here in a month or 2.

 

[Elfear]

Nice crash lol. Trading halted on Gox I believe. LTC went down with it as well...arghhh!

Good thing I just bought another 7970. :\

 

[thilanliyan]

My New hardware should be in here in a month or 2.

Or six

Good thing I just bought another 7970. :\

I bought another 2 7950s, 2 weeks ago lol. I'm holding on though...no point in selling at such a big loss. I have confidence things will rebound, although it may be slow.

I wonder what will happen when Gox comes back online. :'(

 

[ultimatebob]

Good thing I just bought another 7970. :\

Oh well... just think now nice Crysis 3 will look on it when you set up your new SLI gaming rig

 

[markyh]

In litecoin mining in a pool what is considered to be a poor stale/invalid share rate?

10%, 5% 1% less than 1%. My mining with coinotron 3am to 8pm gave a 5% stale/invalid rate, but this was stock VGA settings and 508 k/hash.

Have now mangaed to get my msi 7950 running @ 627 k/hash and 66 degrees since 9pm (45 mins ago and it has pulled in 51 shares with 2 invalids/stales, so around 4% rejected.

Anyone run high k/hash and zero rejects?

M

 

[hokies83]

Or six



I bought another 2 7950s, 2 weeks ago lol. I'm holding on though...no point in selling at such a big loss. I have confidence things will rebound, although it may be slow.

I wonder what will happen when Gox comes back online. :'(

Maybe donno but with 100GH/s i can retire. at 30

 

[Imouto]

My New hardware should be in here in a month or 2.

Sit tight.

 

[fustercluck]

I hath never noticed this thread before! Interesting stuff. If only I knew what I was doing. It's a lot to take in at first.

I leave my computer on all the time, so it's idle a lot doing nothing. Also use it as white noise when I'm trying to sleep so the louder the better

Anyways, I'm trying to get a thing set up. Got an account at MaxBTC, using GUIMiner, got my bitcoin wallet up and going (I guess). GUIMiner I've got some questions about, I put my pool username as the username, I assume that's right. For 'device' it shows [0-0 Juniper] and below that it has my CPU, I don't understand that. Don't know what CPU affinity is but the 0 box is checked. Not sure what to do for flags but gonna start using -v -w 128

Running on an intel i5-3570 and a radeon hd 6770 on win 7 64 bit.

Will probably never get into this mining thing but thought I'd give it a try anyways since I'm bored

 

[pm]

In litecoin mining in a pool what is considered to be a poor stale/invalid share rate?

10%, 5% 1% less than 1%. My mining with coinotron 3am to 8pm gave a 5% stale/invalid rate, but this was stock VGA settings and 508 k/hash.

Have now mangaed to get my msi 7950 running @ 627 k/hash and 66 degrees since 9pm (45 mins ago and it has pulled in 51 shares with 2 invalids/stales, so around 4% rejected.

Anyone run high k/hash and zero rejects?

M

I don't get zero rejects, but usually it's under 5% using Stratum to Coinotron. Usually 2-3%.

How the heck did you get 627kh/s at 66C on a 7950? I'm sitting at about 550kh/s at 80C (with fans maxed too) and I spent a while tweaking too so I can appreciate how much tuning that must have taken you.

 

[arkcom]

4% is pretty good. Use the stratum pools to get a little better.

 

[pm]

I hath never noticed this thread before! Interesting stuff. If only I knew what I was doing. It's a lot to take in at first.

I leave my computer on all the time, so it's idle a lot doing nothing. Also use it as white noise when I'm trying to sleep so the louder the better

Anyways, I'm trying to get a thing set up. Got an account at MaxBTC, using GUIMiner, got my bitcoin wallet up and going (I guess). GUIMiner I've got some questions about, I put my pool username as the username, I assume that's right. For 'device' it shows [0-0 Juniper] and below that it has my CPU, I don't understand that. Don't know what CPU affinity is but the 0 box is checked. Not sure what to do for flags but gonna start using -v -w 128

Running on an intel i5-3570 and a radeon hd 6770 on win 7 64 bit.

Will probably never get into this mining thing but thought I'd give it a try anyways since I'm bored

CPU affinity is which cores it should use. I always check all of the boxes. Those flags look right. Juniper is the code name of the 6770 FGPU. You should hash at ~200Mh/s - check that the server side is seeing that too. So that's like $50/month. If you don't mind the heat and the noise, then this makes perfect sense. $50 isn't a lot but it's better than $0.

 

[fustercluck]

CPU affinity is which cores it should use. I always check all of the boxes. Those flags look right. Juniper is the code name of the 6770 FGPU. You should hash at ~200Mh/s - check that the server side is seeing that too. So that's like $50/month. If you don't mind the heat and the noise, then this makes perfect sense. $50 isn't a lot but it's better than $0.

ah thanks for the info!

I hit 'start' a while ago but nothing is going on yet, I may have missed a step. It still says "Starting..." in GPUMiner. It's not connecting for some reason. Also it says " no JSON object could be decoded" whatever the hell that means.

 

[hokies83]

What pools u guys like im in Slush's pool.