Cryptocoin Mining?

[spinejam]

World's First Virtual Heist? BitCoin User Loses $500000

‎Mtgox.com seems to be offline again.

OUCH!

 

[dac7nco]

Life sucks, eh?

 

[Aikouka]

I bet the decline had something to do with Silk Road being temporary offline and closed to new registrations. Now that it is back up (and the black market that uses BTC seems to be doing fairly well now), I imagine prices will remain at least somewhat more stable. BTC had that incredible growth after the "public" articles/news came out about Silk Road.

I have to admit... I don't feel too great knowing that the main boost to the e-currency is pretty much a website peddaling illegal wares. What happens if the feds take this site down? Will the Bitcoin conversion rate tank?

It's good that Bitcoins are starting to be used for gift cards, but the real benefit in getting gift cards (in my opinion) stems from the fact that they are "free" after you generate enough BitCoins. I mean... why would I pay for a gift card in Bitcoins that I have to purchase with cash when I could just buy the gift card in cash. The only benefit I could get is if my BTC appreciate in value before I spend them.

Also, once there is a fast way to get USD into MtGox (or other similar ways to buy BTC within a few hours), I imagine prices will increase. It's such a PITA to buy BTC now, and eventually it won't be feasible for the average user to continue mining BTC (unless it is met with a proportional increase in USD value). Once you can quickly, easily, and safely buy BTC with USD, I imagine many people will opt out of mining and continue on with that route.

I guess my question is... why do you think people will want to buy BTC when mining becomes too process intensive? The big reason a lot of people seem to want to mine them is because it ends up being such a good return on investment... especially if you started a few months ago (and waited to cash in)! But like I mentioned above, what benefit do I gain from buying Bitcoins and then buying something versus just buying the item in cash. The only benefit that I can see is that BTC can appreciate like stocks, but unlike stocks... what truly backs a BTC? I may consider investing in Nintendo now if I think their WiiU will be successful, but the outlook for BTC doesn't look great given the boom was from the sale of illegal drugs and effectively a "gold rush" mentality.

World's First Virtual Heist? BitCoin User Loses $500000

‎Mtgox.com seems to be offline again.

Hmm I'm assuming the person had to have allinvain's IP address to perform the hack and given the user posts on message boards, the board would log his IP (similar to how Anandtech logs our IPs when we post). Is it possible that either (a) the message board got hacked (b) a moderator/administrator abused their power to view the IP and used that in nefarious ways?

Although, maybe they also used a sort of phishing attack and stole the wallet.dat file/information using a trojan. I'd hope someone savvy enough to start Bitcoining early on wouldn't be so easy to dupe though.

 

[soccerballtux]

It works, now, there is a bit of a delay between the groups when it comes to sending the money. It shouldn't take more than a few hours. You just have to remember that Mt Gox tells everyone to use Dwolla so they're probably flooded with transactions.

Just remember that every time you send money to Dwolla they'll take $0.25 from the transaction as a fee. So it's better to do fewer larger amounts if you're a penny pincher like I am.

dude you're pinching quarters
not pennies

what a fracking noob.

 

[pcm81]

dude you're pinching quarters
not pennies

what a fracking noob.

I'd argue that he is pinching 25 pennies.

 

[Dark Shroud]

dude you're pinching quarters
not pennies

what a fracking noob.

That's pretty damn insulting considering you don't know me or my current situation. I'll give you a hint, I'm currently unemployed as are several of my neighbors. To be blunt there are no jobs open in my area. So Bitcoins are my only stable revenue with the occasional temp job.

Right now it's taking me over 12 hours to transfer money to & from Mt Gox through Dwolla. I've missed several buying opportunities on hardware & when Bitcoins dropped down to $13 all I had was a stack of Bitcoins & no cash available.

Edit: And just because it annoyed the hell out of me my power was knocked out by a storm at 5am this morning. It was out for several hours so I'm not even going to earn a single Bitcoin today.

 

[Acanthus]

I just don't get it, if you stay anonymous no one would know how many bitcoins you have.

If you were talking about all of your "bitcoin swag" on the internet then you're making yourself a target.

Simply don't talk about it. If you do, don't talk about it on an IP that is shared with the computer that has that wallet. Your security is your anonymity.

 

[NoStateofMind]

That's pretty damn insulting considering you don't know me or my current situation. I'll give you a hint, I'm currently unemployed as are several of my neighbors. To be blunt there are no jobs open in my area. So Bitcoins are my only stable revenue with the occasional temp job.

Right now it's taking me over 12 hours to transfer money to & from Mt Gox through Dwolla. I've missed several buying opportunities on hardware & when Bitcoins dropped down to $13 all I had was a stack of Bitcoins & no cash available.

Edit: And just because it annoyed the hell out of me my power was knocked out by a storm at 5am this morning. It was out for several hours so I'm not even going to earn a single Bitcoin today.

I would hope he was joking. Otherwise it was uncalled for.

 

[Dark Shroud]

I don't know him so it's hard te tell, I don't think he was joking through.


On a different note Superbiz.com certainly takes their sweet time in shipping orders. I've gotten too used to Newegg & Tiger Direct shipping orders very quickly.

 

[OVerLoRDI]

Mmmm new difficulty. 877226.

 

[OVerLoRDI]

Projected difficulty next bump is in the 1.5 million range. That is insane.

The estimates are based off of the average solve rate at that difficulty. This difficulty has not been going on for very long, you have to ignore the estimates for about 24-48 hours before they start to make any sense. You need a reasonable sample size to make any reasonable estimate

 

[x1222]

This is very interesting. On estimate, how much $$ are you guys making with 1 x 5850 per week?

 

[Aikouka]

This is very interesting. On estimate, how much $$ are you guys making with 1 x 5850 per week?

I make about .8 BTC a day with a 5870 and a 6950 (6950 isn't on all the time). So you'd probably make near .4 a day since the 5850 is a bit weaker. So you're looking at 2.8 coins a week at ~$17-20 a pop.

 

[Muyoso]

I don't know him so it's hard te tell, I don't think he was joking through.


On a different note Superbiz.com certainly takes their sweet time in shipping orders. I've gotten too used to Newegg & Tiger Direct shipping orders very quickly.

What kind of hardware are you running where you feel confident spending your savings on video cards while unemployed? I am only at 655Mhash/s and at the current difficulty I would be lucky to make 110 dollars a week and a week is about all this difficulty will last. I take from your comment that you have video cards that haven't arrived yet. You do realize that it will take you at least a month just to pay back hardware at this point right? And that is if we are very lucky with small difficulty increases.

 

[Cuhulainn]

I make about .8 BTC a day with a 5870 and a 6950 (6950 isn't on all the time). So you'd probably make near .4 a day since the 5850 is a bit weaker. So you're looking at 2.8 coins a week at ~$17-20 a pop.

Is that .8 BTC/day already adjusted for the new difficulty? If not, you'll have to estimate a good bit lower than this.

 

[Muyoso]

Is that .8 BTC/day already adjusted for the new difficulty? If not, you'll have to estimate a good bit lower than this.

At the current difficulty a 5850 overclocked can do ~.4 bitcoins a day.

His combo of a 6950 and 5870 could pull ~.86 bitcoins a day if both were overclocked.

I SHOULD be pulling ~.75 bitcoins a day on my 5850 and 5830, but I have mined 1.66 bitcoins today so far.

 

[Aikouka]

Is that .8 BTC/day already adjusted for the new difficulty? If not, you'll have to estimate a good bit lower than this.

I'm not too sure how much it is affecting me... block processing speed doesn't seem too bad:

http://www.btcguild.com/blocks.php

EDIT:

And I'm pulling in the same BTC per block completed... so :|.

 

[notty22]

Others are picking up the story with more unverified details.
Alleged $500,000 Bitcoin heist raises questions


http://arstechnica.com/tech-policy/...tm_source=rss&utm_medium=rss&utm_campaign=rss

 

[NoStateofMind]

What kind of hardware are you running where you feel confident spending your savings on video cards while unemployed? I am only at 655Mhash/s and at the current difficulty I would be lucky to make 110 dollars a week and a week is about all this difficulty will last. I take from your comment that you have video cards that haven't arrived yet. You do realize that it will take you at least a month just to pay back hardware at this point right? And that is if we are very lucky with small difficulty increases.

Not a bad idea to invest profits to gain more profit is it?

 

[Dark Shroud]

What kind of hardware are you running where you feel confident spending your savings on video cards while unemployed? I am only at 655Mhash/s and at the current difficulty I would be lucky to make 110 dollars a week and a week is about all this difficulty will last. I take from your comment that you have video cards that haven't arrived yet. You do realize that it will take you at least a month just to pay back hardware at this point right? And that is if we are very lucky with small difficulty increases.

Right now I'm running on the PC in my sig and I have a HD 5770 on the way that was a gift. Meaning that my main hardware is already paid for. Besides buying more cards the only parts I actually need for a mining rig are a motherboard & power supply.

In short I was lucky that my hardware was already paid for and I've been doing this just long enough that I've paid my bills. So now I can invest in more hardware. Those items will take me about a month to earn depending on the difficulty.

 

[Keysplayr]

None of this is going to end well.

 

[Muyoso]

Not a bad idea to invest profits to gain more profit is it?

Right now I think it is, unless of course you are spending a TON of money and bringing a TON of equipment online. I was going to add a new card, but by the time its paid off it would add 15 dollars a week by my estimates, and by then I will be done mining.

 

[Muyoso]

Right now I'm running on the PC in my sig and I have a HD 5770 on the way that was a gift. Meaning that my main hardware is already paid for. Besides buying more cards the only parts I actually need for a mining rig are a motherboard & power supply.

In short I was lucky that my hardware was already paid for and I've been doing this just long enough that I've paid my bills. So now I can invest in more hardware. Those items will take me about a month to earn depending on the difficulty.

Yea, if your hardware is already paid for and you are getting it as a gift then you are set. Do you mine in a pool? I ask because I have had insane luck with one pool and mediocre luck with another. Deepbit kept giving me connection issues but was giving me a rather steady 1BTC per day payout. I switched to bitcoins.lc and this place is insane. Since I moved there on Sunday morning, I have mined 5.92 bitcoins over 4 days. Today alone I mined 1.965 bitcoins, and half of the day has been at a 55% higher difficulty. I don't know what is going on, but its awesome. Running a 655Mhash/s setup using a 5850 and 5830 btw.

 

[3DVagabond]

None of this is going to end well.

Because?

 

[Muyoso]

Because?

Look at his sig:

Member of Nvidia Focus Group

/jk