Cryptocoin Mining?

[Tempered81]

I've seen people say 10,000 value estimate. And that Winklevoss twin said 100x when it was at $400 value. So that's a $40,000 value estimate.

Looks like $1,000 is coming soon though. Holy cow!

 

[Tempered81]

Probably going to peak around $1000 and crash after that, then take a year to stabilize.

 

[note235]

hmmm im trying multipool to mine altcoins but my calculations show that just mining LTC will make me around 3-4x what using multipool does. Anyone noticing the same?

 

[thilanliyan]

Probably going to peak around $1000 and crash after that, then take a year to stabilize.

I thought that was going to happen at $500 :\

 

[KentState]

My ASIC miner might actually pay off if the prices keep going up. Crazy how my video card was doing roughly 800MH/sec and making .01 BTC every 5 hours and now my 7.7GH/sec one takes more than 24 hours to make the same amount. I really don't see anything that can mine quick enough with the difficulty increasing so quickly and the lead times on new equipment.

 

[Silverforce11]

Probably going to peak around $1000 and crash after that, then take a year to stabilize.

Demand is going up exponentially, supply dwindling. Even at its peak, 21M coins is not much for the amount of $$ people wish to move around anonymously.

In Feb I strongly felt $1000 each at this years end is more than likely. I now feel that next year's end, $10,000 each is more than likely. But now its hard to get on since you need a lot of spare cash around to purchase many coins.

 

[njdevilsfan87]

Well, doubled my hardware upfront + electricity running costs thanks to this rise. I've sold my LTC, but whatever I mine now since it is pure profit, I will be waiting until $20 to sell. If LTC drops back to $4 at some point, I may even just buy back as many as I can with what I've made now.

I really wish I had gotten in on this earlier, but something is better than nothing. My Titans have been paid for. :biggrin:

 

[Chiropteran]

GG and PHUCK ME for not buying heaps when it was $30 each.

You say that now.

A year ago, people were saying that about not buying at $4 before it jumped to $30. And before that, people were saying that because they didn't buy for $.05 before it jumped to $1.

In a couple years bitcoin will be $250,000 and we will be looking back saying "why the hell didn't we buy them when they were only $900 each?"

 

[Chiropteran]

Demand is going up exponentially, supply dwindling. Even at its peak, 21M coins is not much for the amount of $$ people wish to move around anonymously.

In Feb I strongly felt $1000 each at this years end is more than likely. I now feel that next year's end, $10,000 each is more than likely. But now its hard to get on since you need a lot of spare cash around to purchase many coins.

Not to mention, 21M is at the end of the line. Currently only some 12M or so have been mined, and it's theorized that many of the earliest mined coins were lost because people just didn't care about them when they weren't worth anything.

 

[Silverforce11]

You say that now.

A year ago, people were saying that about not buying at $4 before it jumped to $30. And before that, people were saying that because they didn't buy for $.05 before it jumped to $1.

In a couple years bitcoin will be $250,000 and we will be looking back saying "why the hell didn't we buy them when they were only $900 each?"

I fully understand that. But in May I was literally one mouse click from buying a heap of coins.. I cancelled because my wife did not agree to "waste money on a useless hobby".

Now its priced too high and beyond my "spare cash" purchasing power to acquire, say, 100 coins as an investment. Soon it will be out of the price range for the average person to even consider trading on it.

ps. I showed her the price this morning and had a discussion.. should have seen her face. Regret.. its a bitch. heh

 

[24601]

Still regretting the 300 Litecoin I sold at 0.80 USD way back when to help finance my cards.

 

[Chiropteran]

Now its priced too high and beyond my "spare cash" purchasing power to acquire, say, 100 coins as an investment. Soon it will be out of the price range for the average person to even consider trading on it.

It's just a psychological thing. Hopefully soon the powers that be will start to really push mBTC as the unit to talk about, and suddenly bitcoin will seem cheap again.

Since my mining days are limited, I've switch to an investment strategy. Really just a savings plan of sorts. Buy $20 worth of bitcoin every week at coinbase. It's real easy to setup an automatic buy like that that repeats weekly without even needing to think about it. It doesn't really matter whether $20 is a bitcoin, or a 1/10th of a bitcoin, or 1/10000th of a bitcoin. Just a way to average out your investment over time, putting in about $100/month.

It's less than I spend eating out for lunch, so it's not enough to alarm the wife, but if bitcoin does continue to move like it has been it will have some nice results in 5-10 years.

 

[24601]

It's just a psychological thing. Hopefully soon the powers that be will start to really push mBTC as the unit to talk about, and suddenly bitcoin will seem cheap again.

Since my mining days are limited, I've switch to an investment strategy. Really just a savings plan of sorts. Buy $20 worth of bitcoin every week at coinbase. It's real easy to setup an automatic buy like that that repeats weekly without even needing to think about it. It doesn't really matter whether $20 is a bitcoin, or a 1/10th of a bitcoin, or 1/10000th of a bitcoin. Just a way to average out your investment over time, putting in about $100/month.

It's less than I spend eating out for lunch, so it's not enough to alarm the wife, but if bitcoin does continue to move like it has been it will have some nice results in 5-10 years.

Playing with GPUs is far more fun .

 

[pandemonium]

It's just a psychological thing. Hopefully soon the powers that be will start to really push mBTC as the unit to talk about, and suddenly bitcoin will seem cheap again.

Since my mining days are limited, I've switch to an investment strategy. Really just a savings plan of sorts. Buy $20 worth of bitcoin every week at coinbase. It's real easy to setup an automatic buy like that that repeats weekly without even needing to think about it. It doesn't really matter whether $20 is a bitcoin, or a 1/10th of a bitcoin, or 1/10000th of a bitcoin. Just a way to average out your investment over time, putting in about $100/month.

It's less than I spend eating out for lunch, so it's not enough to alarm the wife, but if bitcoin does continue to move like it has been it will have some nice results in 5-10 years.

This is honestly the best idea at this point. Play it safe and seeing how BTC doesn't appear to be dropping anytime soon, may as well start throwing some change at it and you're bound to come out ahead no matter what; thinking long term.

I'm tempted to invest heavily in LTC and hope the same trend happens. I'm not certain how many cryptocurrencies will be accepted in mainstream - and willing to guess only a few. BTC is paving the way and only a few altcoins will be able to ride along.

 

[24601]

The best thing about LTC is that a huge entity with a large stake in the current fiat currency system can easily disrupt BTC with a large investment in ASICs.

Scrypt is just much harder to brute force as it takes a huge amount of actual labor to set up large scale.

 

[pandemonium]

Anyone following along with official adoption of cryptocurrencies will be interested in seeing how this goes down:

The US Senate Committee on Banking, Housing and Urban Affairs is holding a hearing titled The Present and Future Impact of Virtual Currency on Tuesday (19th November).

The Subcommittee on National Security and International Trade and Finance and the Subcommittee on Economic Policy will meet in open session with a witness panel including representatives from the digital currency space.

The witness panel comprises of:

Jennifer Shasky Calvery, director at the Financial Crimes Enforcement Network
David Cotney, commissioner of banks at the Massachusetts Division of Banks
Anthony Gallippi, co-founder and CEO of BitPay
Chris Larsen, founder and CEO of Ripple Labs
Sarah Jane Hughes, university scholar and fellow in commercial law at Maurer School of Law, University of Indiana
Paul Smocer, president of BITS at Financial Services Roundtable
The hearing will take place from 15:30 – 05:30 in room 538 at the Dirksen Senate Office Building in Washington, DC and will be webcasted live.

This is the second of two hearings on digital currency scheduled for next week, the first being held by the US Senate Committee on Homeland Security and Governmental Affairs on Monday 18th November.

United States Senate Committee of Banking, Housing, & Urban Affairs Hearing link.

All hearings are webcasted live and will not be available until the hearing starts.

 

[pandemonium]

Also: Big crash for BTC. Down to 570 now.

Edit: And back up to 600.

Edit #2: Now back down below 570. It's crazy trying to keep up with this thing!

 

[pm]

I tried to move my BTC last night to sell it and it took over 90 minutes to get the first confirmation and over 2 hours for the transaction to be complete. That, in my opinion, is the biggest obstacle to BTC becoming a mainstream currency - it's too slow.

 

[Zargon]

yes, the transactions can take quite a while to be confirmed

 

[pandemonium]

Yeah, I just wish the altcoins aren't primarily dependent on BTCs price since there aren't [many/any] exchanges that operate FIAT>that coin. I'm looking at altcoins, but their prices are so hinged on BTC so there's no point until a market opens that option up.

Once it does: boom.

 

[pandemonium]

Watched the witness panel for the Senate and all great points and broadened enlightenment was being established. Senator Carper's closing quote and statement was fitting.

I couldn't help notice...

...my future wife being all facially expressive, overly interested, and gorgeous behind the second panel. Must. Get. Her. Name. I know, I know: she's already married. Probably to one of the panel members.

 

[Chiropteran]

That woman is actually Satoshi Nakamoto.

 

[philipma1957]

That woman is actually Satoshi Nakamoto.

LOL nice one!


I have gotten so wrapped up with these coins I am paying no attention to most of the other forums. I started in 2012 about july. I read this thread. went to bitiminter. used 1 7950. and kept on adding gear. Holding coins wold have been easy and made more money. but plowing coins back into gpus. got me up to 13 pc's 23 gpus' and 3400 watts an hour. all for 13gh. now 6 of these red fury sticks are about 20 watts and 13gh. I have 4 of them and get about 8.5gh from them


https://bitcointalk.org/index.php?topic=323021.0 note to mods if this link is not allowed please delete it. they are sold out and I am not looking to sell them.

I just want to show the from april 2013 to nov 2013 we came a long way.

 

[Bryf50]

LOL nice one!


I have gotten so wrapped up with these coins I am paying no attention to most of the other forums. I started in 2012 about july. I read this thread. went to bitiminter. used 1 7950. and kept on adding gear. Holding coins wold have been easy and made more money. but plowing coins back into gpus. got me up to 13 pc's 23 gpus' and 3400 watts an hour. all for 13gh. now 6 of these red fury sticks are about 20 watts and 13gh. I have 4 of them and get about 8.5gh from them


https://bitcointalk.org/index.php?topic=323021.0 note to mods if this link is not allowed please delete it. they are sold out and I am not looking to sell them.

I just want to show the from april 2013 to nov 2013 we came a long way.

I looked into the Red Furys and found they would take ages to make any significant profit. Even that profit relies on Bitcoin staying at like $500+. And by that time when the cost of device is covered the difficulty will be so high that they'll be near useless. Basically its just as much of a risk as buying Bitcoins directly. That said the online profitably estimators differ wildly so maybe I'm wrong.

I still run a few Block Erupters that I'll keep going until the power costs out-way the revenue but they're basically making pennies at this point.

 

[Silverforce11]

We've come a long way but the journey is just beginning. Once a critical mass is reached in terms of market-wide adoption and acceptance by major stores/banks, then we will reach the crazy phase (as if it isn't going up like crazy enough already!).