Cryptocoin Mining?

[ultimatebob]

FeatherCoin just went live on BTC-E... now the real fun begins!

 

[markyh]

Jus returned from the flicks and my worker had stopped. It seems www.give-me-ltc.com pool is down? Can't get their website.

Anyone know anything? Was working fine when I left @ 7.30pm (GMT).

Anyway switched to litecoinpool.org to mine LTC overnight until it's back up, managed to get an account there after a 3 week wait.

M

 

[BallaTheFeared]

Went down like 30-45 minutes ago, you should setup a fallback/failover pool.

 

[markyh]

you should setup a fallback/failover pool.

Hmm. How do you do that in GUIminer-scrypt Alpha? I have give-me-ltc, coinotron and now litecoinpool tabs all set up and working but can see to settings tab ot tickbox to activate automatic backup changeover it one pool stops working.

Using CGminer backends with GUIminer BTW if it helps.

M

 

[x3sphere]

FeatherCoin just went live on BTC-E... now the real fun begins!

I had 35,000 FeatherCoins and sold them for like 20 LTC per 1K

Thought I was getting a good deal at the time... lol, oh well.

 

[ultimatebob]

The good news for LiteCoin miners is that the difficulty looks like it's going to go down by over 100 over the next few days because a lot of people are switching over to mining FeatherCoin.

The bad news is that all of those new miners are going to cause FeatherCoin difficulty to double.

The ugly news is that someone else has already started another altcoin based off of Litecoin called ChinaCoin, or CHN.

OK... this is just getting silly now. I guess I could see the appeal of having a national cryptocurrency, but isn't the point of this stuff that it can be traded with anyone anywhere???

Six months from now, we'll probably have other boutique currencies like CyberEuros competing against CryptoYen and BitDollars. If we're lucky, they might be worth 5 cents a piece. Meanwhile, we'll have about a dozen people here mining Bitcoin with their $20,000 specialized ASIC's and actually making some real money.

 

[Mir96TA]

I can feel the ASIC are play! Difficulty: 10076293

 

[markyh]

The good news for LiteCoin miners is that the difficulty looks like it's going to go down by over 100 over the next few days because a lot of people are switching over to mining FeatherCoin.

The bad news is that all of those new miners are going to cause FeatherCoin difficulty to double.

LOL. i assume Feathercoin is on the same SH256 as Bitcoin, hence ASICS killing it? What is the current difficulty compared to Bitcoin?

Pretty much if any sh256 bitcoin gains value traction so pool owner will kill it with a 51% attack after selling all their stock to keep the value of BTC safe. Happened already with another coin.

Sell as soon as you mine of convert into BTC asap is my advice.

M

 

[ultimatebob]

LOL. i assume Feathercoin is on the same SH256 as Bitcoin, hence ASICS killing it? What is the current difficulty compared to Bitcoin?

Pretty much if any sh256 bitcoin gains value traction so pool owner will kill it with a 51% attack after selling all their stock to keep the value of BTC safe. Happened already with another coin.

Sell as soon as you mine of convert into BTC asap is my advice.

M

It seems that all of the new crypto currencies coming out now (FeatherCoin and ChinaCoin included) are scrypt based. Basically, they are all clones of Litecoin.

 

[Rikard]

It seems that all of the new crypto currencies coming out now (FeatherCoin and ChinaCoin included) are scrypt based. Basically, they are all clones of Litecoin.

If we have a new LiteCoin clone once a day, I do not see how they all will be sustainable. There needs to be some sort of innovation and problem solved for them to have lasting power. They will probably just be pump'n dump coins, then they die when miners move to the new coin-of-the-week. It is actually a bit scary to see how little information there is about the new coins and their creators and people switch over to them without second thought. I think there will be some major scams coming up in the near future. Are people really this naive, or am I just too cynical?

 

[pandemonium]

Perfectly reasonable to assume there's an issue with altcoins popping up and not having much validity to them (the irony of them having validity is pretty awesome, given the level of acceptance - or lack there-of - being registered publicly).

It's only natural that certain coins will gain traction and others will fail. It's all risky at this point; same as any investment.

 

[Chiropteran]

Coinlab guy suing Mtgox guy, both are members of the bitcoin foundation (ultimately a meaningless organization but it still reflects poorly on bitcoin). I think some of this leaked and was the cause of the crash that started yesterday. In the long term I don't have much doubt that the value will bounce back up, but this could push the price down a bit lower before that happens. I don't feel like gambling though, so I'm just going to hold my coins.

 

[KentState]

Coinlab guy suing Mtgox guy, both are members of the bitcoin foundation (ultimately a meaningless organization but it still reflects poorly on bitcoin). I think some of this leaked and was the cause of the crash that started yesterday. In the long term I don't have much doubt that the value will bounce back up, but this could push the price down a bit lower before that happens. I don't feel like gambling though, so I'm just going to hold my coins.

If it dips around $50-60 a share, I would gamble a little at that point. Of course, I will have to see how quickly it's trending before jumping in.

 

[TheUnk]

haha was the "Oh bitcoin you so crazy." always on the bitcoinity market page?

 

[TheUnk]

Glad I sold what I had last week. It was just enough for me to break even should I decide to sell my mining rig assuming 25% loss on eBay.

 

[markyh]

If we have a new LiteCoin clone once a day, I do not see how they all will be sustainable. There needs to be some sort of innovation and problem solved for them to have lasting power. They will probably just be pump'n dump coins, then they die when miners move to the new coin-of-the-week. It is actually a bit scary to see how little information there is about the new coins and their creators and people switch over to them without second thought. I think there will be some major scams coming up in the near future. Are people really this naive, or am I just too cynical?

I'm sure many will pop up but personally I have no interest in mining any altcoin until I can instantly exchange it into BTC then BTC into FIAT.

Without an exit to FIAT they are all worthless becuase my energy company and computer hardware e-tailers dont accept cryptocurrency.

It it makes more $$$ a day in BTC than BTC or LTC mining I will be all over it until the difficulty take's it out of the picture.

Will look to switch mining to feathercoin tonight an cash out daily to BTC if it still makes sense vs litecoin.

M

 

[ultimatebob]

I'm sure many will pop up but personally I have no interest in mining any altcoin until I can instantly exchange it into BTC then BTC into FIAT.

Without an exit to FIAT they are all worthless becuase my energy company and computer hardware e-tailers dont accept cryptocurrency.

It it makes more $$$ a day in BTC than BTC or LTC mining I will be all over it until the difficulty take's it out of the picture.

Will look to switch mining to feathercoin tonight an cash out daily to BTC if it still makes sense vs litecoin.

M

Here is the mining profitability chart:

http://dustcoin.com/mining

FeatherCoin is off the charts compared to other crypto right now. It's riskier, though, since the guys who got in early could dump their huge holdings and drop the value in half in a matter of minutes.

 

[hokies83]

cannot get feather cin going heh.... got the wallet...

 

[hokies83]

Atm it makes 8x what BTC does

 

[ultimatebob]

cannot get feather cin going heh.... got the wallet...

Ooh... you have NVidia cards. That makes things a bit tricker.

Try this new NVidia "Cuda Miner" for Litecoin... it's supposed to be faster than the OpenCL miners:

https://bitcointalk.org/index.php?topic=167229.0

 

[hokies83]

I have both...

3 7950s 2 7850s and 4 680s.

 

[frowertr]

Well I just pulled the trigger on $1200 worth of hardware for a litecoin rig. Went with 3 7950's to start out. If it ends up being worth it, I'll expand. If it ends up not being worth it, I'll keep two of the 7950's for crossfire and sell the extra one.

I figure even if I lose all $1200 worth of equipment that will be one of my *better* investments if you know what I mean...

 

[TheUnk]

Looks like China is gonna blow a big bubble

 

[markyh]

Looks like China is gonna blow a big bubble

link please ?

M

 

[markyh]

cannot get feather cin going heh.... got the wallet...

I'm up and running with FC today since lunchtime. Had a try yesterday evening but gave up beause every pool I tried was crap. Wouldn'y connect to stratum, huge stales (30-40%) on non stastum or just fell over and froze after 15 mins on guiminer scrypt.

Awful experience compared to LTC which was a breeze. Seen some rumours on various FC forums that all FC pools are under various DDOS attacks the last few days?

Anyway did some more research and managed to get an account with one of the bigger pools, fc.dontmine.me, and it seems to work now. Stales are about 2% with statum, slightly higher than LTC pools i use, but fee is 0.2%, so very low.

Interestingly all FC pools only appear to be PPLNs with 120 confirms before payment only. Never used this before for BTC/LTC and man is it slow to pay out or what!!

However as my mining rig is 24/7 I will stick with FC for a few days an see what comes out of it.

I suspect only a few weeks on FC before difficulty vs FC/$ makes it on par with LTC or below for profitable mining but might as well dig it out while it's worth more.

Gonna keep the 1st 100 FC just in case the dump the rest daily into BTC via BTC-E to "cash out" as i go.

M