Cryptocoin Mining?

[wand3r3r]

Its confirmed, I just lost 8 BTC through the MotherF**** MTGOX MY USD$ somehow mysteriously converted to BTC and transferred to an unknown address when I tried to withdraw to my bank account Completely heartbroken

Maybe some of you nice folks here can spare me some BTC

How is that even possible? Don't you control what happens with your account there?

Edit: Why not leave this thread here? I for one haven't ventured into distributed computing yet. I think mining will be relevant to GPUs as the new copy cat style pyramids evolve. It doesn't need to be stickied anyway imo.

 

[ultimatebob]

For the record, I wasn't the one who made the request. That said, I have no objection since this thread should have stayed in Distributed Computing in the first place.

I made the request to move it. It seems out of place here, now that people aren't using video cards to mine Bitcoin anymore.

That, and most of the recent posts aren't really about mining anymore.

 

[chihlidog]

I've got an odd problem ... trying to mine, once I throttle up my gpu then it throttles back down, it sticks at 400mhz. I'm using the stock CCC. WOnt throttle up or down after that till I restart my PC.

Nervous that I finally fried my 5850. Anyone seen this happen?

 

[24601]

I've got an odd problem ... trying to mine, once I throttle up my gpu then it throttles back down, it sticks at 400mhz. I'm using the stock CCC. WOnt throttle up or down after that till I restart my PC.

Nervous that I finally fried my 5850. Anyone seen this happen?

It means your video card drivers crashed too many times in succession (over the limit set by the drivers)

It means your settings are unstable.

 

[ultimatebob]

I've heard stories about USD disappearing from both BTC-E and MtGox. Since the exchanges are basically unregulated, there basically isn't a damn thing you can do to get your money back.

 

[Chiropteran]

Primecoin more than doubled to $2.1 and Peercoin up to $2.26 Exciting stuff.

 

[Tempered81]

I've heard stories about USD disappearing from both BTC-E and MtGox. Since the exchanges are basically unregulated, there basically isn't a damn thing you can do to get your money back.

Got any more exciting FUD?

 

[Chiropteran]

I've heard stories about USD disappearing from both BTC-E and MtGox. Since the exchanges are basically unregulated, there basically isn't a damn thing you can do to get your money back.

Uh, it's pretty easy to just spend the bitcoin directly at bitcoinstore.com or buy giftcards at gyft or whatnot. Difficulty in getting USD out of the exchange exists, but the idea that you won't be able to spend your bitcoin at all is pretty absurd at this point.

Worst case scenario, you buy $500 amazon.com giftcards from gyft and then sell them for 95% cash value and lose a couple dollars in the exchange.

 

[Chiropteran]

Considering that video cards are no longer fast enough to suitably participate in (and profit from) Bitcoin, I've had a request come in that this be moved over to the Distributed Computing forum. Are there any objections to this?

-ViRGE

I don't care either way, although as some point out GPU are still useful for some cryptocoin mining, if not bitcoins. It may still make more sense to move this thread and create a new "litecoin mining" or whatever thread for GPU-related cryptocoin mining.

 

[gorobei]

I don't care either way, although as some point out GPU are still useful for some cryptocoin mining, if not bitcoins. It may still make more sense to move this thread and create a new "litecoin mining" or whatever thread for GPU-related cryptocoin mining.

given that most of the bitcoin talk here is more about the trading strategies and exchanges i dont know that it even belongs in distributed.

a new Alt-coin thread with a faq on how to get started might be appropriate for VCG. though it seems most of the altcoins values are still tied to and swayed by bitcoins.

 

[Chiropteran]

http://dustcoin.com/mining

Made the switch to Peercoin mining on my ASICs, edging out bitcoin by 7% as of current values and difficulties.

Back to mining primecoin on my home CPUs. Primecoin is hard to calculate ROI because there isn't a simple value like mh/sec, but since it's getting so damn cold I like the waste heat anyway, so why not? Also, primecoin up to $3.50 now. Temptation to sell my stash is rising.

 

[ultimatebob]

Uh, it's pretty easy to just spend the bitcoin directly at bitcoinstore.com or buy giftcards at gyft or whatnot. Difficulty in getting USD out of the exchange exists, but the idea that you won't be able to spend your bitcoin at all is pretty absurd at this point.

Worst case scenario, you buy $500 amazon.com giftcards from gyft and then sell them for 95% cash value and lose a couple dollars in the exchange.

Yeah, I unloaded my coins by buying gift cards and stuff at one of the survival stores that takes Bitcoin. I just wish that I would have waited a bit longer, as I unloaded most of it when the price for BTC slightly over $100.

I'm thinking that I should hold onto a few Litecoin, though, just so see if they ever become popular.

 

[Chiropteran]

I don't want to deal with the tax implications of cashing out, so it's a built-in incentive to hold onto my cryptocoins.

 

[pm]

I don't want to deal with the tax implications of cashing out, so it's a built-in incentive to hold onto my cryptocoins.

It's my understanding that the US government hasn't figured out how to tax them.
https://en.bitcoin.it/wiki/Tax_compliance

So that makes it interesting because it could be worth cashing out now where you could pick the most tax advantageous system (hobby income, intangible personal property, investment income, or currency) and then in the event of an audit, just explain your thinking and your answer should be justifiable since the tax code doesn't cover "mining" a virtual currency.

It's entirely possible that the tax code will revised next year to cover Bitcoins and the new statutes will be worse than the current "pick the best one and then justify it" approach.

In any rate, when in doubt, I always listen to the wise words of Warren Buffet who said at the Berkshire Hathaway shareholder's meeting this year (paraphrased) "Never consider taxes when you are making an investment decision. If you think it's a good investment, then invest. If you think it's bad, then sell. Figure out the taxes later because with Congress as going as they are, it's hard to know what the tax laws will look like in the future anyway".

 

[ultimatebob]

given that most of the bitcoin talk here is more about the trading strategies and exchanges i dont know that it even belongs in distributed.

a new Alt-coin thread with a faq on how to get started might be appropriate for VCG. though it seems most of the altcoins values are still tied to and swayed by bitcoins.

Maybe we should start a new thread specializing in BBQCoin mining... we can corner the market in it before anyone else

We better hurry, or we'll lose out to this guy:

http://online.wsj.com/news/articles/SB10001424052702304607104579210051252568362

 

[Chiropteran]

http://coinmarketcap.com/
litecoin $14.55
peercoin $2.70
namecoin $7.04
primecoin $3.94


It's like a delayed reaction to the BTC price surge, all the alt-coins are increasing in value dramatically. I have about 100 namecoin just from merge mining bitcoin on BTC guild, looks like they are actually worth something now.

 

[24601]

Lulz, my stash of coins from mining is up to 5.5K USD.

Wonder how high this thing will go.

Wonder if I do a 10k withdrawal from BTC-E the feds/banks will take all of it.

 

[thilanliyan]

I vote to keep the thread here.

I think lots of people are still alt-coin mining with GPUs.

 

[IEC]

I vote to keep the thread here.

I think lots of people are still alt-coin mining with GPUs.

I'm definitely mining LTC...

 

[pm]

Yeah, I'm mining LTC with GPUs. But I don't really care where the thread lives.

 

[ultimatebob]

Eh... maybe we should just rename the existing thread to "Cryptocoin mining".

 

[ultimatebob]

I'm definitely mining LTC...

Yeah, it just spiked. Dammit... I should have mined more of them when they were 4 cents

 

[24601]

Yeah, it just spiked. Dammit... I should have mined more of them when they were 4 cents

Still mourning my opportunity cost of ~6000 USD selling 300 litecoins @ .80 USD

 

[chihlidog]

I'm looking now at XPM. I dont like flogging the crap out of my aging 5850, makes me too nervous. I feel more confident in my i5-750's ability to stand up to the usage beating it will take.

I'm hoping that LTC mining will still be profitable come Januarys ince I'll be building a new rig, at that point I'll set my 5850 to it full time and if it blows, no huge loss, and I'll set my new GPU (likely the R290) to mine.

It's kind of exciting to see all the cryptos spiking. I only have that .4 btc leftover from mining years ago. I'm still resisting the temptation to use it now, since I think BTC has a long way to go up yet. I hope.

 

[njdevilsfan87]

I don't understand how this market is being held up. There are millions of dollars worth of cryptos being mined now every day. It has to around 4-5X of what it was 2-3 weeks ago, since difficulty hasn't reacted much to the 3-10X increases of prices yet. I'm now at $50/day mining LTC as of this second, the highest I've ever been.

I'm getting frustrated now because I wanted to buy back in LTC, but no way at these prices. It's going to be hell when it finally corrects, whenever that will be. If I remember correctly, BTC went from $20 to $3. If China really is doing this, and that doesn't happen, at least it's going to be a good few months of GPU mining. I'll be upgrading with my profits just in case.