Cryptocoin Mining?

[Chiropteran]

Has anyone had any experience buying computer hardware with bitcoins? There is an outfit called Memory Dealers out of California that seems to sell computer hardware for bitcoins on part of their sites? Good? Bad? Others?

Thanks

They own or are related to https://www.bitcoinstore.com/

I've bought from bitcoinstore.com a couple times, had no issues and products arrived quickly.

 

[Chiropteran]

It's only $.43 per mBTC, I feel the price is extremely reasonable and sane

I wouldn't count on it crashing. It might crash, or this might just be a bump before heading to $2000.

Historically, each run up bitcoin value has gone up tremendously. In comparison, simply going from $250 up to $450 is a relatively small jump in value.

$1 high, crash to $.50.

$32 high (60X higher than previous low), crash to $4 (higher than previous high)

$260 high (65X previous crash low), crash to $50 (higher than previous high)

$450 high? (9X higher than previous crash low point). Maybe, but I think value could potentially go a LOT higher before the next crash. If it follows past patterns, I'd expect to see a value around $2500 before crashing to around $900.

Meh, doesn't really matter to me. I think that most evidence points to the idea that simply holding your bitcoin for the next 10 years is a much better idea than cashing out at any given price.

 

[thilanliyan]

Yeah, I'm fairly certain LTC is gonna crash too, but I'm going to hold mine because I think it will go higher eventually than the $4.1x value it is right now.

 

[AnonymouseUser]

It's only $.43 per mBTC, I feel the price is extremely reasonable and sane

I wouldn't count on it crashing. It might crash, or this might just be a bump before heading to $2000.

Historically, each run up bitcoin value has gone up tremendously. In comparison, simply going from $250 up to $450 is a relatively small jump in value.

$1 high, crash to $.50.

$32 high (60X higher than previous low), crash to $4 (higher than previous high)

$260 high (65X previous crash low), crash to $50 (higher than previous high)

$450 high? (9X higher than previous crash low point). Maybe, but I think value could potentially go a LOT higher before the next crash. If it follows past patterns, I'd expect to see a value around $2500 before crashing to around $900.

Meh, doesn't really matter to me. I think that most evidence points to the idea that simply holding your bitcoin for the next 10 years is a much better idea than cashing out at any given price.

Agreed. If and when it crashes I doubt it will drop below $200 ever again, and it's far from a big gain yet.

The problem most people have is looking at the wrong chart. You need to look at the weekly chart, logarithmic scale, to see how small the gain really is right now. It has potential to hit $1000 within weeks, but you definitely need to protect your investment and not jump in 100% right now. If BTC breaks above $448 soon, jump in and hang on for the ride, but don't hold if it crashes below $400 afterwards.

Take a look at this chart (weekly, logarithmic scale) and you'll see it's only closed below the 25-week moving average once. It's a beautiful chart, and it may even be forming a pennant formation right now which is a continuation pattern for when it breaks above it's most recent high.

 

[OCGuy]

Well...those 2x 5850s making over 1 btc per day in 2011 paid for themselves.

 

[OCGuy]

Im getting into pure currency speculation by dumping one of my 5850s and buying coins with the proceeds.

Iol

 

[pandemonium]

L2Edit.

Edit: See how easy it is?

Edit #2: I'm expecting another drop this weekend then rise the same as last. And away it goes! @440 and rising. Expect the fall in the evening if the trend remains true.

 

[wand3r3r]

The prices are through the roof! I haven't been following since the last rise in April.

Is it far more difficult now than then to mine with a GPU?

 

[pandemonium]

Don't even bother without a farm of ASICs. You'll waste your time/money/effort. The efficacy of GPU mining officially died in about March/April when the public started getting wind of BTCs.

If anything, look into an altcoin.

 

[Chiropteran]

If anything, look into an altcoin.

I like this site for seeing how the various altcoins are doing relative to eachother:

http://coinmarketcap.com/

Personally, I really like primecoin as an altcoin with potential. Litecoin was originally supposed to be CPU-only, but eventually some creative programmers wrote GPU miners for it that were faster than the CPU miners, so that difference disappeared. Now litecoin sells itself as a coin without ASICs, but eventually ASICs can be written to mine litecoin just the same as bitcoin ASICs exist today.

Primecoin is somewhat unique in that it's algorithm has proven to be very hard to implement on anything but a CPU. Several have tried to create a GPU miner and failed (even some forum drama because one programmer collected a lot of BTC in donations before eventually giving up).

Right now, I believe primecoin is one of the only CPU-only mined coins, which makes it interesting.

Of course, that doesn't help if you want to GPU mine. For GPU mining I think litecoin is still the best option, but I haven't used my GPU to mine in a long time.

 

[suklee]

What's a safe way to store away my mined bitcoins for the next decade, or more? I still have my mined coins (from 1.5 years ago) in one of the pooled miners and haven't touched them since.

 

[Chiropteran]

What's a safe way to store away my mined bitcoins for the next decade, or more? I still have my mined coins (from 1.5 years ago) in one of the pooled miners and haven't touched them since.

Install the bitcoin-qt wallet, send the coins from the pool to yourself once your wallet is working.

Encrypt the wallet with a very long pass-phrase, like "she sells bitcoins at the seashore plox please diet pizza" it doesn't really matter exactly what it is as long as it's something you can remember, it's sufficiently long, the words are at least partially random, and it helps a lot if at least one word is a made up word not in a dictionary. If you must, write it on a piece of paper and store it in a safe, but never ever use the same paraphrase anywhere online and never type it into your computer unless you are actually moving your bitcoins, and even then make sure you scan extra well to be sure you have no keyloggers.

Then you shut down bitcoin-qt, go into your appdata/roaming/bitcoin folder and copy wallet.dat into dropbox, microsoft skydrive, or google drive or better yet, all three. And keep a local backup too.


Or you can use a paper wallet, but there are potential risks involved in the printer storing the image and such. My above method is pretty safe.

 

[VulgarDisplay]

I'm still looking for what the best way to sell coins in the US is. I'm going to cash out now. I have them all at MTGox right now, but do they not buy them from you in the US?

 

[Binky]

I'm still looking for what the best way to sell coins in the US is. I'm going to cash out now. I have them all at MTGox right now, but do they not buy them from you in the US?

Make a coinbase account and connect it to your bank account. The fee varies as BTC prices fluctuate, but I think it's generally around 5% to sell and transfer to your bank account. Coinbase automatically sends dollars to your bank account when you sell - they don't hold currency other than BTC.

 

[VulgarDisplay]

Make a coinbase account and connect it to your bank account. The fee varies as BTC prices fluctuate, but I think it's generally around 5% to sell and transfer to your bank account. Coinbase automatically sends dollars to your bank account when you sell - they don't hold currency other than BTC.

Any horror stories of them emptying bank accounts after gaining access? All this stuff makes me very nervous.

 

[chihlidog]

What pools is everyone using at the moment? Tried working for some of my old pools but they wont connect. Any of them still going strong?

 

[Silverforce11]

Litecoin is the one to go to if you're on Radeons, its still profitable. But pretty low due to the high electricity prices for me.

It's better just to dump $400 and buy around 100 coins, hold it for 6 months and it will prolly jump to $50 a coin..

 

[Chiropteran]

What pools is everyone using at the moment? Tried working for some of my old pools but they wont connect. Any of them still going strong?

I use BTCguild. Pretty reliable and the fees are reasonably low.

 

[Chiropteran]

Okay, bitcoin at $650, still going strong, but what is even more shocking to me is litecoin doubling in value overnight, to $8.70 per LTC

Peercoin has also been increasing lately, it just passed $1 for the first time.

Primecoin hasn't been gaining like the other altcoins, which is unfortunate for me given that I have a few of them.

 

[thilanliyan]

Keep going LTC!!

 

[pm]

Keep going LTC!!

Well that was quick... back down to $5.50. I went to all-chains.info, and it wasn't listed there, and then went to btc-e where every time I hit refresh it dropped another $0.50.

[Edit]
And now it's back up to $7.70... in like 10 minutes...


It's always funny seeing these prices, and this difficulty. I remember when I was mining like 40 litecoins per day and selling them for something cheap like $0.15 each and thinking "$180 per month, this is awesome". Since Jan/Feb. I have mined and sold thousands of LTC at prices than were less than $0.20 each. And now I have more compute power, can mine 2 per day and they are worth $8 and probably headed upwards. It's amazing how it's changed and it's amazing how much money I'd have if I'd never sold them.

 

[thilanliyan]

^As for LTC, I've been holding since March. I actually bought some as well instead of mining. I hope it gets to about $20-$25 at least.

 

[pm]

^As for LTC, I've been holding since last March. I actually bought some as well instead of mining. I hope it gets to about $20-$25 at least.

Yeah, I have something like 80 LTC... but only because prices in Sept were so low that I decided to just hold and since then I never got around to selling them. But I think if I looked at my litecoin wallet, that I've mined something like 3000 litecoins... maybe even more. Which would get me a nice car based on today's prices if I'd held.

 

[Tempered81]

$760 LTC $8.00

Dang.

 

[Silverforce11]

Hehe.. $1000 by this years end, said it in Feb!! Once the chinese are onboard, this is what happen, demand skyrockets, supply is always limited.. GG and PHUCK ME for not buying heaps when it was $30 each.