Cryptocoin Mining?

[x3sphere]

So what's going to happen to the world of mining after what happened today?

It's still very profitable... I bought another 3 x r290 a few days ago don't regret it. Worst case ROI at current prices for me is like 90-120 days. I'll probably make it back much sooner by jumping on certain coins before they hit exchanges.

 

[JBT]

So what's going to happen to the world of mining after what happened today?

What did happen today? The market dropped, and has recovered. The value to USD went from over 100 to sub 20 a few years ago. A much larger drop by % than what happened over the last few weeks. If anything I see it gaining ground now that Gox is out of the way. Perhaps this will smarten folks up to leaving lots of coin on an exchange and treat it as cash like they should.

 

[broken_pixel]

Funny how people are crying BTC is done, I guess most of the people in this thread do not remember when BTC was only 10 cents.

Hint:

Stop looking to Gox for BTC worth.

 

[IEC]

Hopefully crash and burn so I can finally buy an AMD card for a sane price.

Sorry, but if you had your life savings in coins I don't know what to tell you.

Nope.

 

[nwo]

Hopefully crash and burn so I can finally buy an AMD card for a sane price.

Crash - yes. Burn - no. Recover - yes.

It's happened too many times before in the past, so there is no reason to believe that the prices are going to be falling forever, they will recover sooner or later.

If you have patience and faith you can make pretty good $$$$$.

 

[chimaxi83]

Hopefully crash and burn so I can finally buy an AMD card for a sane price.

Sorry, but if you had your life savings in coins I don't know what to tell you.

Good luck bro. Hope you're really patient.

 

[Z15CAM]

Interesting Reading:

Andrew Jackson Vs Federal Reserve Banking: http://en.wikipedia.org/wiki/History_of_the_Federal_Reserve_System

Zeitgeist Addendum (2008) - Great Documentary on Currency - ENJOY: http://viooz.co/movies/5362-zeitgeist-addendum-2008.html

Every dollar you have under Federal Reserve Banking is a Debt and a Monetary System designed to keep us SLAVES?

 

[Brekyrself]

Funny how people are crying BTC is done, I guess most of the people in this thread do not remember when BTC was only 10 cents.

Hint:

Stop looking to Gox for BTC worth.

Exactly. Also another reason why people should start looking into alt's that are trying to create a decentralized exchange. Hint hint...BitShares.

 

[Subyman]

What did happen today? The market dropped, and has recovered. The value to USD went from over 100 to sub 20 a few years ago. A much larger drop by % than what happened over the last few weeks. If anything I see it gaining ground now that Gox is out of the way. Perhaps this will smarten folks up to leaving lots of coin on an exchange and treat it as cash like they should.

Yeah, I don't really see the doom and gloom. We've gone through much worse than Gox. MtGox has effectively been closed since November, why did people think BTC was only be traded for ~$90 on there? It's because the exchange self imploded. Too bad MtGox tried to blame it on Bitcoin instead of their short sighted authentication system. Too many blog and tech sites ran with MtGox's side. I wish LTC would decouple from BTC though, it gets annoying that BTC-ony exchanges going down so strongly affects the price of LTC.

 

[ultimatebob]

Funny how people are crying BTC is done, I guess most of the people in this thread do not remember when BTC was only 10 cents.

Hint:

Stop looking to Gox for BTC worth.

I remember the last time it dropped below $5 in 2011... and that was because the MtGox account list got hacked and the hackers caused a panic sell.

Funny... The more things change, the more they stay the same.

Even after that incident and the numerous DDOS attacks that shut down the site, they still somehow remained the #1 currency exchange for Bitcoin. So, yeah, I don't feel a lot of pity for the people who were stupid enough to continue sending that site hard currency.

 

[slashbinslashbash]

I just saw an interesting post in a MtGox thread from April of 2013 (transcript of IRC chat between questioners and MagicalTux, who I guess was/is an employee of MtGox... I have taken out extraneous info):

[12:29] <keymone_> MagicalTux tell me why are you not using more mature exchange system?
[12:29] <keymone_> like milleniumit or something
[12:30] <keymone_> the one that is behind london stock exchange
[12:30] <keymone_> why reinventing the wheel especially when you see the incoming exponential usage growth
[12:30] <@MagicalTux> keymone_: does it handle ddos attacks well?
[12:31] <keymone_> yesterday press release said it was not due to ddos
[12:31] <keymone_> it's 2 separate problems, solving 1 is already a huge progress
[12:31] <@MagicalTux> keymone_: we are already solving this
[12:31] <bit14> @MagicalTux: why exactly would a ddos affect the matching and execution engine?
[12:31] <@MagicalTux> bit14: overloading system cpu
[12:31] <@MagicalTux> ddos are not all about cpu
[12:32] <bit14> @MagicalTux: wouldn't the front end and execution engine be on different machines?
[12:32] <@MagicalTux> bit14: not yet
[12:32] <bit14> @MagicalTux: wow, well, then that explains everything

WTF. I developed exchange systems in 2004 that had the frontend separated from the backend. I was just a dumb kid just out of college, but I knew at least that much about web app security.

https://bitcointalk.org/index.php?topic=172991.msg1801451#msg1801451

 

[Z15CAM]

WTF. I developed exchange systems in 2004 that had the frontend separated from the backend. I was just a dumb kid just out of college, but I knew at least that much about web app security.

You got it: Never trust a 3rd Party GUI Anti-Virus App or MS Backup when you can Backup with 1.32MB DOS Boot GHOST.EXE.

Other then for updating STINGER (CMD) or MalwareBytes (GUI) I've never used an Anti-Virus app for that last 20 Years and never had a problem with Viruses & Browser Hi-Jacking - NOT saying I did not get infected where I dared = Simple DOS Boot into GHOST.EXE. Over-Right the OS and up and running within 10 minutes with a GHOST.EXE Boot

PS: I do depend on Win32 ERUNT.EXE for Registry Backups & learn how to use Win7 & 8 System Prep in conjunction with GHOST for System Migration onto any Hardware. MS System-Prep is only a Cog they implemented to protect transferring Win over platforms within in 3 Times thus invalidating OBBS Authentication - Warning a Repair over-write kills Sys-Prep. You still got got 2 Authentications left the 1st Enablement.

 

[Mark R]

I just saw an interesting post in a MtGox thread from April of 2013 (transcript of IRC chat between questioners and MagicalTux, who I guess was/is an employee of MtGox... I have taken out extraneous info):

MagicalTux is CEO of MtGox.

If you look through some of the IRC logs and some of the bitcoin mailing lists, you'll get a pretty good idea of the kind of show that he was running.

There are a few IRC and forum chats from developers who applied for jobs at Mt Gox. Some of them are incredible (obviously not possible to verify, but even so). For example, one guy applied as a web developer and while he was making pre-interview inquiries, withdrew his application for the job after realising that they didn't even have a staging/test platform; they made changes and tested developments on the live system.

 

[IEC]

Their development "process" (lol) is pretty much textbook of what not to do. Including making changes on the fly on the production system, and as mentioned above having the same machine being the front end AND the back end... is it any surprise they were constantly having major issues for their entire existence?

 

[slashbinslashbash]

MagicalTux is CEO of MtGox.

Hahaha wow... that makes it even worse.

For example, one guy applied as a web developer and while he was making pre-interview inquiries, withdrew his application for the job after realising that they didn't even have a staging/test platform; they made changes and tested developments on the live system.

Sad to say, but maybe if that guy had been hired then perhaps part of the collapse might have been prevented, and the thefts discovered sooner.

 

[AyashiKaibutsu]

Hahaha wow... that makes it even worse.



Sad to say, but maybe if that guy had been hired then perhaps part of the collapse might have been prevented, and the thefts discovered sooner.

Generally, a new guy coming in doesn't have the clout to change the direction of a company like that.

 

[IEC]

Generally, a new guy coming in doesn't have the clout to change the direction of a company like that.

Yup. Never going to save a sinking ship when the indifference and ineptitude starts from the very top and is systemic. Though the dev could probably have made out with a bunch of BTC without anybody noticing... LOL

 

[Z15CAM]

Does this Bitcoin set back effect the Hash Rate Vs accumulating Litecoins mining with AMD GPU's?

 

[Attic]

As usual I was totally wrong about where I thought the market would go.

Given the type of problem Gox presented and just how poor they were run while being a major exchange, this price level comes across as a strong sign for BTC IMO.

 

[IEC]

Gox was already priced in (IMO, hindsight 20/20). Yesterday's "panic selling" was most likely induced in order to pick up "cheap" BTC. It worked

 

[JDG1980]

As usual I was totally wrong about where I thought the market would go.

Given the type of problem Gox presented and just how poor they were run while being a major exchange, this price level comes across as a strong sign for BTC IMO.

To be honest, I think a lot of people are breathing a sigh of relief that this nonsense is at least finally over. It's gone, the sunk costs are written off, everyone can move on now. At this point, dealing with the remnants of Mt.Gox is a matter for the civil courts, and possibly the criminal justice system as well.

 

[MrK6]

TBH I think people saw the ineptitude at mt.gox awhile ago and have been pulling their money away since. Most U.S.-based folks moved on a months ago.

 

[IEC]

Bitcoin ATMs now live in two states in the U.S.A.

http://mashable.com/2014/02/25/bitcoin-atm-new-york/

Meanwhile, for Mt. Gox they got served with a federal subpoena.

 

[x3sphere]

TBH I think people saw the ineptitude at mt.gox awhile ago and have been pulling their money away since. Most U.S.-based folks moved on a months ago.

About a year ago they started having issues with withdrawls (not bitcoin, but fiat), that's when I took my money out. Fiat withdrawls took like months to go through unless you had a Japan bank account. So why anyone continued to use them, knowing this, is beyond me.

I know some big traders continued to use Gox because the trading fees were less there if you held a large number of Bitcoin (like 1000+). But there was no reason to use them if you weren't a whale.

 

[slashbinslashbash]

I know some big traders continued to use Gox because the trading fees were less there if you held a large number of Bitcoin (like 1000+).

LOL. I wonder if they implemented this "feature" when they discovered that they were missing so many BTC that they would be screwed if all of those people tried to withdraw. :biggrin: