Cryptocoin Mining?

[Torn Mind]

Ordering by the truckload. wow. Everyone wants to be their own central bank.

 

[geokilla]

Are people only trading on coinedup.com? I'm looking to get rid of my LTC. Though I have less than 1... Not quite sure what to get rid of them for either.

 

[hawtdawg]

Dogecoin is the only one keeping its value. Dogecoin is the new backbone of cryptocurrency. And honestly, after being in the game for so long, the fact that this is the case, to me spells the end of the cryptocurrency craze. \Why would anyone take it seriously after realizing that any asshole can make a coin based on the meme of the week?

 

[wand3r3r]

^ It's only ~$10,000 if he bought during the major sales this fall. I doubt it's the end of the world for him, and who would mine and consider one drop the end of it? It's a cyclical pattern thus far.

The only pain I feel is for those who have bought coins at $1200. Then again if they wait long enough I won't be surprised to see it fly by that again someday.

 

[nwo]

not to mention premined and almost impossible to sync the wallet uke:

I synced my wallet and I am actually getting decent hash rate. I run it on my OCEd i7 4770k on 8 threads. Considering that it is a brand new coin, it's supposed to generate coins fairly quickly.

In the meantime, I'm back to mining primecoin on my i5s.

^ It's only ~$10,000 if he bought during the major sales this fall. I doubt it's the end of the world for him, and who would mine and consider one drop the end of it? It's a cyclical pattern thus far.

The only pain I feel is for those who have bought coins at $1200. Then again if they wait long enough I won't be surprised to see it fly by that again someday.

Pretty much this ^

If he had 10 grand to throw into a GPU investment, it means it was like pocket change to him. Certainly not the end of the world, especially since they still have decent value and he would still be able to sell them and break even considering 280s/280Xs are still out of stock and/or extremely overpriced.

I highly doubt that this is the end of cryptos. They will eventually recover, but nobody knows when or how quickly that will happen.

 

[xodusgenesis]

I don't see cryptocurrency ending anytime soon, unless it gets hacked. I for one love the fact that it's outside the realm of politicians and governments. It's also fairly anonymous so no NSA spying on me. Plus no transaction fees. The ones that are really afraid are the banks and processing merchants like MasterCard and Visa.

 

[f1sherman]

The only ones taking ANY crypto-currency seriously are those who are already in, and regulators. Bitcoin itself can't seem to make decisive step forward and 5 years later still remains speculation and fringe trade fueled currency.

Why judge meme-coin by higher standards

 

[blastingcap]

If he had 10 grand to throw into a GPU investment, it means it was like pocket change to him.

Not necessarily. They profiled miners before in news stories where many miners were barely making it and in debt, so just because someone is in a gambling mood and buys lots of GPUs doesn't mean it's "pocket change" to them. Electric costs can run in the thousands per month with dozens or hundreds of GPUs and related equipment, too, so the actual costs are way more than the cost of the GPUs. Then there is rent, CPU, RAM, motherboard, PSU, ventilation costs, etc. Hopefully those profiled miners cashed out of BTC at a good price.

Basically they were gambling. Sometimes you win more than you lose, sometimes you lose more than you win. Some lucky miners did okay, but as competition heats up, everybody's profitability goes down. In the long run, the main winner is the house (in this case the electric company). AMD is like the company that sells slot machines and casino tables so they do ok too. This is pretty typical. In the 1840s gold rush in California, the big winners were banks and merchants selling pickaxes and shovels and denim jeans. Some of them turned into companies you may have heard of (Wells Fargo, Levi's).

 

[Arkaign]

I don't see cryptocurrency ending anytime soon, unless it gets hacked. I for one love the fact that it's outside the realm of politicians and governments. It's also fairly anonymous so no NSA spying on me. Plus no transaction fees. The ones that are really afraid are the banks and processing merchants like MasterCard and Visa.

I don't think you quite understand the full capabilities of the NSA

I don't really worry about it or care much at all (I don't send/receive anything that would be interesting in the least to those folks), but I have one rule for you :

If you send ANYTHING online, it can, and almost certainly IS collected and analyzed by the NSA. Assuming that it's anonymous is a very very risky proposition.

 

[Accord99]

^ It's only ~$10,000 if he bought during the major sales this fall. I doubt it's the end of the world for him, and who would mine and consider one drop the end of it? It's a cyclical pattern thus far.

He got those during roughly in the spring, after the first great Litecoin bubble, so he should be still well in the black.

 

[f1sherman]

Anonymous? "no NSA spying on me" WTH.....
Straight from the horses mouth:

Understanding Bitcoin traceability

Bitcoin works with an unprecedented level of transparency that most people are not used to dealing with.
All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network.
Bitcoin addresses are the only information used to define where bitcoins are allocated and where they are sent.
These addresses are created privately by each user's wallets.

However, once addresses are used, they become tainted by the history of all transactions they are involved with.
Anyone can see the balance and all transactions of any address.

Since users usually have to reveal their identity in order to receive services or goods, Bitcoin addresses cannot remain fully anonymous.
For these reasons, Bitcoin addresses should only be used once and users must be careful not to disclose their addresses.

 

[xodusgenesis]

I don't think you quite understand the full capabilities of the NSA

I don't really worry about it or care much at all (I don't send/receive anything that would be interesting in the least to those folks), but I have one rule for you :

If you send ANYTHING online, it can, and almost certainly IS collected and analyzed by the NSA. Assuming that it's anonymous is a very very risky proposition.

True but the NSA needs to know wallet addresses to follow the transaction chain and then put that address to a face. Much harder than just having a bank hand over transactions and account info.

 

[blastingcap]

True but the NSA needs to know wallet addresses to follow the transaction chain and then put that address to a face. Much harder than just having a bank hand over transactions and account info.

It's easier than you think. I'll leave it at that.

 

[f1sherman]

True but the NSA needs to know wallet addresses to follow the transaction chain and then put that address to a face. Much harder than just having a bank hand over transactions and account info.

Oh I'm sure they can trace it to particular pools (your wallet)

Then compare that with map of IP connections to those pools, and figure it out from there , whaddya think :hmm:

 

[Torn Mind]

I don't see cryptocurrency ending anytime soon, unless it gets hacked. I for one love the fact that it's outside the realm of politicians and governments. It's also fairly anonymous so no NSA spying on me. Plus no transaction fees. The ones that are really afraid are the banks and processing merchants like MasterCard and Visa.

So it is cash reinvented but with a transaction history.

Also, elite hackers should be able to get their fingers on the wallets floating around. If you're connected to the Interwebz, you're at risk.

 

[Kallogan]

Epic picture . I got only one R9 290 to mostly mine early coins at low diff, my case isn't hopeless yet i guess.

 

[blastingcap]

People don't seem to realize that something that is computationally expensive today will be computationally cheap a decade from now for the same reason that the iGPU in an Intel CPU is as powerful as the highest-end discrete GPU from several years ago. Your transaction history is forever.

 

[SithSolo1]

He's on the Hardforums and started mining Litecoins with those back in May. All costs have been covered for months.

 

[taq8ojh]

Heh, DOGE difficulty went down. That makes no sense at all.

 

[blastingcap]

He's on the Hardforums and started mining Litecoins with those back in May. All costs have been covered for months.

I wasn't talking about any one particular miner. I was responding to another poster who claimed that $10k is pocket change for anyone going down that road (and $10k isn't even accurate considering the cost of CPU, mobo, PSU, RAM, other associated equipment, anything else like warehouse rental costs, and the accumulation of unrecoverable electric bill costs). Some miners are True Believers and went into debt mining. Anyone attempting to pull the same stunt today is bearing a LOT more risk, due to higher GPU prices and much higher coin prices; the probability of another huge ramp up in prices grows less with each ramp up. At some point sovereign countries are going to get the message and clamp down on it, just like China.

If you mine or buy coins, you do it at your own risk--miners have almost as much risk because hardware resale value is going to plummet along with coin value and you accumulate unrecoverable power bill expenses; I did a breakeven analysis earlier in this thread or another related one, and basically after about a month of mining, you bear the same risk as someone who simply bought the coins and with far less upside in case of a quick rampup of prices, with the exception of those who were going to buy the GPU anyway for something like gaming. Treat cryptocoins like gambling and never gamble more than you are okay with losing in case it goes to zero.

 

[SithSolo1]

Heh, DOGE difficulty went down. That makes no sense at all.

My guess is that with most of the major pools offline the global hashrate has fallen far enough for the difficulty to revert due to the decrease in block rate solves.

 

[geokilla]

Are people only trading on coinedup.com? I'm looking to get rid of my LTC. Though I have less than 1... Not quite sure what to get rid of them for either.

bump

My guess is that with most of the major pools offline the global hashrate has fallen far enough for the difficulty to revert due to the decrease in block rate solves.

Ya there hasn't been a reliable pool.. Thank God for backups.

 

[f1sherman]

Heh, DOGE difficulty went down. That makes no sense at all.

It's at 4h difficulty retarget window.
Forget about diff. Pay attention to Total Network. I have to say I'm surprised it's still picking up at rather slow pace

 

[taq8ojh]

http://doge.pool.webxass.de seems pretty stable. 1800+ workers active. And blocks are flying.

 

[blastingcap]

How do you pronounce "doge" anyway? Like "dog" or "doggie"?