Cryptocoin Mining?

[v8envy]

Have you actually seen any of this money? And how do you know that later down the road the govt doesn't come with their hand out asking you to return the money or the bank finds out that the money you received was from a fraudulent account.

Because the money is currently sitting in a savings account I made just for this purpose. It will be reported to the IRS, and that's what the gov't really cares about. This was an experiment, and on a per hour basis probably cost me as much as your entire rig.

Anyway, the money comes from real, honest to goodness accounts in real banks secured by FDIC. No, really. Any dollars appearing in my account were at one point paid in by someone wanting to speculate with bit coins.

This is in no way different than doing FX or even OTC trading.

 

[blastingcap]

I think the analogy, such as it is, would be more like:

higher gas prices -> increased Prius sales -> helps Toyota stock

vs

BTC mining -> drives up 5xxx sales -> helps AMD stock.

Your pizza thing is a non-sequitur.

That said, not enough people know about BTC, and most of them buy old 5xxx stock that AMD probably sold for cheap to get rid of inventory, so I doubt that BTC mining will appreciably help AMD stock. AMD stock would need something more like Bulldozer being a smashing success to go up. Heck, they don't even have a CEO yet, after HOW many months?

Someone tell me when this is supposed to helps AMD's stock ? lol
Its currently at a 6 month low.
The idea that this is good or bad for AMD, is (here comes the car analogy) the same as a Prius (good gas mileage) is good for Pizza delivery. It does not really factor.

 

[v8envy]

Someone tell me when this is supposed to helps AMD's stock ? lol
Its currently at a 6 month low.
The idea that this is good or bad for AMD, is (here comes the car analogy) the same as a Prius (good gas mileage) is good for Pizza delivery. It does not really factor.

Has AMD reported quarterly earnings including June 1 - 30? I don't think so. Also, keep in mind that the whole bitcoin market has a *market cap* of under 120 million dollars. It's so tiny analysts would ignore it even if they were aware of it.

However, the retail impact of an unexpected sellout of previous generation ATI hardware could be big enough, if projected forward, to move the stock price several % in each direction.

The current Greece thing depressing all markets is an unforseen fundamental event. Unforseen e.g., if someone actually did do what I outlined.

 

[obidamnkenobi]

Have you actually seen any of this money? And how do you know that later down the road the govt doesn't come with their hand out asking you to return the money or the bank finds out that the money you received was from a fraudulent account.

I have only read about bitcoin mining, but thought you could pretty easily trade your bitcoins for USD on a number for markets right now? So 'seeing' any real money shouldn't be a problem..

And I don't see how the government can claim anything It's just people trading goods for money. If someone want's to pay me $100 for a turd in a box on craigslist that's not illegal as far as I know, even if they are being stupid. It's almost as if you don't know what you're talking about... :hmm:

 

[OILFIELDTRASH]

I have only read about bitcoin mining, but thought you could pretty easily trade your bitcoins for USD on a number for markets right now? So 'seeing' any real money shouldn't be a problem..

And I don't see how the government can claim anything It's just people trading goods for money. If someone want's to pay me $100 for a turd in a box on craigslist that's not illegal as far as I know, even if they are being stupid. It's almost as if you don't know what you're talking about... :hmm:

You're right. I don't know what I'm talking about when it comes to bitcoins. I am smart enough to know a scam when I see it though. Don't tell me you believe this BS. Running a program on your computer is going to earn you money. Sorry I wasn't born yesterday. This is nothing more than a scam.

 

[Dark Shroud]

Have you actually seen any of this money?

In the last week I've converted Bitcoins into $300 USD that I used to get work done on my car.

I don't expect free money but as long as I cover my share of the power bill and can get some more hardware out of this I'm good.

I'm looking at this mother board for my Bitcoin system: ASUS Sabertooth 990FX AM3+

That way I can use it in a normal system when I'm done with Bitcoin mining. I already have one of these unopened that I didn't pay for to run in it. If I can unlock a core I'm golden. I intend to use Bitcoins to pay for a Bulldozer CPU and a quality PSU to run them.

 

[NoStateofMind]

You're right. I don't know what I'm talking about when it comes to bitcoins. I am smart enough to know a scam when I see it though. Don't tell me you believe this BS. Running a program on your computer is going to earn you money. Sorry I wasn't born yesterday. This is nothing more than a scam.

 

[dust]

In the last week I've converted Bitcoins into $300 USD that I used to get work done on my car.

I don't expect free money but as long as I cover my share of the power bill and can get some more hardware out of this I'm good.

I'm looking at this mother board for my Bitcoin system: ASUS Sabertooth 990FX AM3+

That way I can use it in a normal system when I'm done with Bitcoin mining. I already have one of these unopened that I didn't pay for to run in it. If I can unlock a core I'm golden. I intend to use Bitcoins to pay for a Bulldozer CPU and a quality PSU to run them.

You're imagining things!

 

[chihlidog]

Why try to convince him it's real? I've made money on it, if he chooses not to, cool with me. Doesnt affect my profit.

 

[Dark Shroud]

You're right. I don't know what I'm talking about when it comes to bitcoins. I am smart enough to know a scam when I see it though. Don't tell me you believe this BS. Running a program on your computer is going to earn you money. Sorry I wasn't born yesterday. This is nothing more than a scam.

Then stop posting in this thread and leave the rest of us alone. I haven't reported you, yet, but there's a limit to this. I at least find it amusing that Nvidia fans can't accept their cards are not good at this, I find no amusement in your posts.

 

[blastingcap]

Then stop posting in this thread and leave the rest of us alone. I haven't reported you, yet, but there's a limit to this. I at least find it amusing that Nvidia fans can't accept their cards are not good at this, I find no amusement in your posts.

Chill out, people like him are doing you a favor. The more new miners, the less money old-timers make. You should be THANKING him.

 

[Cuhulainn]

Okay, though I don't think its a scam, and in fact have a 5830 on its way to my house, I'm not too confident that this is going to be a very profitable arrangement. BTC is under $15 again.. doesn't it need to be stable/continue increasing in value for mining to continue to be profitable?

I'm looking at something like a 1.3 million difficulty level by the time I start mining. I only need to pay off the cost of shipping for the 5830 (I traded my GTX460 for it), but I'm becoming more skeptical by the second that this is going to be profitable for more than a month or so more.

Thoughts?

 

[Vesku]

Just make sure to pay taxes on earnings and it will be fine. Not a scam but a currently unregulated commodity with the associated risks and rewards.

 

[OILFIELDTRASH]

Then stop posting in this thread and leave the rest of us alone. I haven't reported you, yet, but there's a limit to this. I at least find it amusing that Nvidia fans can't accept their cards are not good at this, I find no amusement in your posts.

Report me for what? Expressing my opinion. Maybe I should report you for promoting bitcoining (aka ponzi scheme).

 

[ultimatebob]

I bought a Radeon 6870 for my old gaming rig just to give this a try. I'm convinced that Bitcoin is a passing fad, but if I can mine about a dozen or two of these things by the time the bubble bursts, my new video card is paid for.

If not, I still have a nice video card. It's Win-Win!

 

[hi87]

Report me for what? Expressing my opinion. Maybe I should report you for promoting bitcoining (aka ponzi scheme).

How is it a ponzi scheme? Do you even understand how a ponzi scheme works? Bitcoins are a virtual currency (without central authority) mostly driven by speculation. A lot of commodities traded by investors these days are fueled by speculation. For example, oil prices in the US have sky rocketed due to speculation by investors.

People shouldn't be allowed to express their opinions unless they have some sort of clue on what's going on. You remind me of tea bagging right wingers who calls Obama a communist/fascist.

 

[chihlidog]

I bought a Radeon 6870 for my old gaming rig just to give this a try. I'm convinced that Bitcoin is a passing fad, but if I can mine about a dozen or two of these things by the time the bubble bursts, my new video card is paid for.

If not, I still have a nice video card. It's Win-Win!

This right here is the correct attitude to have. The people investing a lot of money into mining rigs thinking theyre going to make thousands (or more) are the ones that this will end badly for. The rest of us that are just being opportunistic stand to grab a nice bonus and walk away happy.

 

[Madcatatlas]

This right here is the correct attitude to have. The people investing a lot of money into mining rigs thinking theyre going to make thousands (or more) are the ones that this will end badly for. The rest of us that are just being opportunistic stand to grab a nice bonus and walk away happy.

Why does there have to be a "correct attitude" to it?

Whatever route you go, its a choice you make. A sensible person will weigh and balance risk versus reward according to his/her own situation and resources.

 

[wbynum]

For those that are going to report BTC income to the IRS, remember to deduct the cost of the equipment from your earnings. I would assume this includes the cost you paid a long time ago for any old hardware (motherboards, etc) you are using for mining.

I'm no tax expert so if this advice is incorrect, someone please speak up.

BTW: OILFIELDTRASH, you are showing your stupidity more and more with every post you make about bit coins.

 

[Aikouka]

Just make sure to pay taxes on earnings and it will be fine. Not a scam but a currently unregulated commodity with the associated risks and rewards.

How exactly do you claim something like this? For example, if I bought BTC at a 13:1 ratio and sold them at a 19:1 ratio, should I actually claim this similar to a 1099-B (stock sale)?

 

[chihlidog]

Why does there have to be a "correct attitude" to it?

Whatever route you go, its a choice you make. A sensible person will weigh and balance risk versus reward according to his/her own situation and resources.

Most people arent fair and sensible. Left and right, people are yelling "scam scam scam, this is a ponzi scheme and people are gonna get owned", etc. All Im saying is that whatever happens, people with this kind of attitude have nothing to lose.

 

[chihlidog]

For those that are going to report BTC income to the IRS, remember to deduct the cost of the equipment from your earnings. I would assume this includes the cost you paid a long time ago for any old hardware (motherboards, etc) you are using for mining.

I'm no tax expert so if this advice is incorrect, someone please speak up.

BTW: OILFIELDTRASH, you are showing your stupidity more and more with every post you make about bit coins.

I dnt think it's taxable at all, and I dont think they can make it retroactively so.

I've worked craigslist in the past to get ahead. Starting out with a $300 and slowly trading up and up and up, I ended up with a $1400 amp. Do I report that as income?

It's a grey area and I think since it isnt legislated (yet, anyway) that we cant be held liable for income tax from it.

 

[Suspicious-Teach8788]

is this worth experimenting with on my old 4850?

 

[chihlidog]

is this worth experimenting with on my old 4850?

Honestly, it really isnt. I havent tried it on my old Visiontek 4850 but Ive read the numbers. It really isnt worth the power cost.

 

[ViviTheMage]

I don't get it, what is this bitcoining stuff?