Cryptocoin Mining?

[IEC]

Regularly?! I thought you only had to backup once and you're good to go

By the way, I am up to almost 500k AKC now, so it's definitely an improvement over yesterday :awe:

When you are mining three new cryptos a week you have to remember to backup the wallet.dat for each. If you don't and something happens to it you become sad panda (my panda wallet.dat is hosed, but it's worth enough that I'll poke around and try to recover the private keys...)

 

[SunnyD]

Regularly?! I thought you only had to backup once and you're good to go

By the way, I am up to almost 500k AKC now, so it's definitely an improvement over yesterday :awe:

Generally it's a good idea to have MULTIPLE backups.

 

[nwo]

Generally it's a good idea to have MULTIPLE backups.

You mean on different sources, right?

When you are mining three new cryptos a week you have to remember to backup the wallet.dat for each. If you don't and something happens to it you become sad panda (my panda wallet.dat is hosed, but it's worth enough that I'll poke around and try to recover the private keys...)

Yep, I got my LTC, doge, AKC, and XPM wallets backed up. But I just wanted to make sure that unlike disk or data backup, a wallet backup will pretty much "update" itself (referring to the transactions/balance).

 

[SunnyD]

You mean on different sources, right?

Yes

 

[njdevilsfan87]

I honestly wonder if Bitcoin has another bounce left in it, or if the reputation hit is so vast that it won't recover ever to the full extent. I also wonder, and almost feel it predictable, that the speculators/investors who want to gamble on such things will (or have) move away from the volatility of Bitcoin to emerging coins. A de-coupling of Bitcoin from future coins would go a long way towards keeping the movement alive, otherwise if Bitcoin dies, they all die by association (not taken seriously by the business community, or worse : seen as a criminal enterprise by the Western governmental powers).

Barring any government intervention shutdown type activity, I have no doubt it will see over $1000 again. People have a very, very short term memory in this market. My question is - how low do we go? Yes, I could buy in today at $630 since I'm so confident it will go past $1000 again the future. But I could also wait, and possibly buy at $400 (or maybe even less, who knows), and then make even more!

So is MAX still giving the highest returns for BTC at this moment? It's gone down some but I"m still getting double what I would be getting mining for Doge.

Price tanked a bit today, so I'm not sure. I bought in some MAX earlier (not much, just putting some of that mining profit back into the coin), and left some high sell offers at mcxNOW. I'll probably just forget about them, and hope for some kind of future pump to blow through those sell offers. Though every day that more coins are mined, it may become less and less likely for that happen. I'm looking at others alts myself for the time being also I'm also just bored of mining MAX. Either that or I will continue to mine it and convert into BTC+DOGE as long as it's more profitable.

 

[Attic]

Barring any government intervention shutdown type activity, I have no doubt it will see over $1000 again. People have a very, very short term memory in this market. My question is - how low do we go? Yes, I could buy in today at $630 since I'm so confident it will go past $1000 again the future. But I could also wait, and possibly buy at $400 (or maybe even less, who knows), and then make even more!

"Bulls get paid, bears get paid, pigs get slaughtered"

 

[slashbinslashbash]

You mean on different sources, right?



Yep, I got my LTC, doge, AKC, and XPM wallets backed up. But I just wanted to make sure that unlike disk or data backup, a wallet backup will pretty much "update" itself (referring to the transactions/balance).

Yes and no.

If you just have one main address that you use for receiving your mining proceeds, with the occasional transfer out, you should be ok.

However, most transactions generated by the default client also generate an extra address. (Assuming you are not sending exact totals of previous inputs.) This is known as a "change" address.

So let's say you have 35225 DOGE, which you received all in one withdrawal from your mining pool, and your wallet has no other transactions. You want to send 30000 DOGE to somebody. Your wallet client will send that 30000 DOGE to somebody else, and send the remaining 5225 DOGE to a new address. This address actually belongs to you, and the private key is stored in your wallet.

The wallet client will automatically create 100 addresses to start with. This is plenty for most people. Once an address is used to create change, a new address is created, so you always have 100 available and ready to go at all times. The private keys for all 100 of these addresses (plus any previously used addresses) are all stored in your wallet.dat. However, they are pretty much hidden from the end user.

So, if you have an old backup of your wallet, that has since been used for more than 100 outgoing transactions, chances are that your current wallet has some new addresses in it, beyond the first 100 stored in the original wallet.dat. They may not hold much, if anything; most people use one main receiving address, and the extra "change" addresses only hold dust. But, it could add up.

So yes, you need to make backups of your wallet(s) on a fairly regular basis. The original Bitcoin-Qt client does this, as do all clients based on the Bitcoin-Qt code (Doge, Litecoin, etc.). For oddballs like NXT, I don't know.

https://en.bitcoin.it/wiki/Change
http://www.reddit.com/r/Bitcoin/comments/1c9xr7/
http://bitcoin.stackexchange.com/qu...ansaction-outputs-when-sending-to-one-address
http://bitcoin.stackexchange.com/questions/4239/what-exactly-happens-when-a-new-wallet-is-created

 

[thilanliyan]

There's a good old regular offline wallet that always the best option. Assuming you haven't already seen it, someone linked it for me earlier, it's here, under "Wallets". Click on the "Windows" link.

Thanks!! I didn't see that link a couple of days ago...I only saw the online wallet.

 

[nwo]

Yes and no.

If you just have one main address that you use for receiving your mining proceeds, with the occasional transfer out, you should be ok.

So, if you have an old backup of your wallet, that has since been used for more than 100 outgoing transactions, chances are that your current wallet has some new addresses in it, beyond the first 100 stored in the original wallet.dat. They may not hold much, if anything; most people use one main receiving address, and the extra "change" addresses only hold dust. But, it could add up.

I only have one main payment address per cryptocoin. I keep it backed up on a USB stick and I have all the wallets (same address) on all my computers, although I keep them all open on only one PC for all the incoming/outgoing transactions.

I was unaware of the 100 transaction rule. Thanks for sharing. Learned something new and very important today.

 

[Mark R]

Regularly?! I thought you only had to backup once and you're good to go

By the way, I am up to almost 500k AKC now, so it's definitely an improvement over yesterday :awe:

Your wallet will create a new address, and send coins to it every time you send. This is deliberate to obfuscate who owns what coins.

Basically, you need to completely drain an "input" to an address when sending. To get around this, wallet creates a new address and sends the "change" to that.

E.g. You receive a payment of 10k AKC to AddressA1. You then send 2K AKC to AddressB1. Your wallet sends 2K to AddressB1, and creates a new AddressA2, and sends 8K to that.

If you don't backup your wallet regularly, then you may not have the private key to AddressA2 backed up.

In practice, the wallet pre-generates its change addresses and private keys. So when you backup a wallet file, it should have about 100 key pairs in stock. However, if you make over 100 payments between backups, you run the risk of having unbacked-up private keys.

 

[thilanliyan]

So what happens with the Doge fork? Are my coins worthless?

 

[nwo]

Is the 100 transaction rule/key for outgoing transactions only or do the incoming transactions count towards that as well?

 

[Piotrsama]

So.... if you restore your wallet with an old backup... you might end up losing money?

 

[x3sphere]

Is the 100 transaction rule/key for outgoing transactions only or do the incoming transactions count towards that as well?

Yes, although creating any new addresses manually affects the keypool as well. You can change the keypool cap to something much higher, like 1000, although with multiple wallets I find it's easier just to leave it alone and backup regularly.

So.... if you restore your wallet with an old backup... you might end up losing money?

Yes.

 

[frowertr]

So what happens with the Doge fork? Are my coins worthless?

Not necessarily. Are you on the 1.5.1 client? If not, you need to upgrade before you send them anywhere. Make sure you backup your wallet first.

If you are still mining, make sure your pool is on the correct fork or you WILL lose any coins from mining that wrong fork.

 

[thilanliyan]

Not necessarily. Are you on the 1.5.1 client? If not, you need to upgrade before you send them anywhere. Make sure you backup your wallet first.

If you are still mining, make sure your pool is on the correct fork or you WILL lose any coins from mining that wrong fork.

No I'm not mining DOGE anymore...just have some coins from a while back.

Thanks for the tip.

 

[nwo]

\
If you are still mining, make sure your pool is on the correct fork or you WILL lose any coins from mining that wrong fork.

How do I check?

I'm using fast-pool for doge.

 

[AnonymouseUser]

How do I check?

I'm using fast-pool for doge.

Master list of pools on the correct fork.

 

[T_Yamamoto]

CSC got a nice pump. I got in and went from .00112 to .00126 (BTC).

 

[nwo]

Master list of pools on the correct fork.

Good stuff, thanks.

 

[SunnyD]

CSC got a nice pump. I got in and went from .00112 to .00126 (BTC).

Oh dear god, he thinks he's an expert now.

 

[nwo]

I like to sit back, relax, and let my GPUs do all the work rather than play the trading game.

 

[manko]

I've been casually following this thread for a few years and know I missed the boat, but I never had a decent AMD card to get into mining. I still don't, but it looks like cudaminer is worth a try. I know the golden days of mining are gone, but I'm interested to see how it works and maybe earn a few cents more than cost of electricity.

For someone just starting out with the basics of setting up a wallet and starting to mine, is Middlecoin a good place to start? Or is Wafflecoin or another pool somewhere else a better option? I also see discussion of altcoins like Maxcoin, dogecoin and litecoin but I'm not up on all the ins and outs of the markets and conversion to BTC, so I would rather keep things simple for now.

Are there any recommended secure email providers that you are using for Bitcoin related communication?

If I plan to get more serious about mining, it sounds like the USB ASICs are the way to go rather than investing in AMD GPUs solely for mining. Is that right? Are the ASICs flexible in terms of being able to update them to work with future currencies or do they only work with a fixed set of existing currencies?

 

[frowertr]

Looks like Darkcoin is making some waves. But reading through the official Bitcoin Talk thread gives me a headache. Seems like they made that coin "overly complicated". Anyone doing anything with it?

 

[IEC]

Wow, Vertcoin has really dropped in value.