*** CRYPTO-CURRENCY MINING SYSTEMS: GET DAT $$$$ ***

[silversurfer]

Thats awesome, leep going

Spoiler

This what an AMD card might get. I think nvidia gets about 100, so still not good even when 'working'

its value is virtual rubbish.

Its useful in countries with a malformed currency. If interst rates go to 10% tomorrow and/or the world starts getting serious and swears off bailouts and so on, Im sure it'd trash bitcoins. Just like it finished the gold run of 1980 but that took cash rates of 20% APR, we're a long way off

 

[booyaka]

No its showing as 2 x gtx 690 up to 10kh/s now

ouch i get 380kh/s from a 6950 @ 6970 speeds.

 

[Make]

Thats awesome, leep going

Spoiler

This what an AMD card might get. I think nvidia gets about 100, so still not good even when 'working'

Its useful in countries with a malformed currency. If interst rates go to 10% tomorrow and/or the world starts getting serious and swears off bailouts and so on, Im sure it'd trash bitcoins. Just like it finished the gold run of 1980 but that took cash rates of 20% APR, we're a long way off

Gold is physical though. If the world really ***** up, no-one can afford to buy a computer. Or mobile data. Or whatever is required to use bitcoins to buy anything. Not to mention their value is based on the USD still, or can you buy something with bitcoins now for 10 coins and not have it increase when Bitcoin->usd value goes up?

In countries with malformed currency it is not good as you cannot be sure what your bitcoin is worth tomorrow, just like a million on zimbawe can be worth a billion the next day (usually the other way around).

What I am saying is, it is way too unpredictable, and continues to be so unless it is adapted by a country and not related to dollars in any way.

 

[Roady]

Gold is physical though. If the world really ***** up, no-one can afford to buy a computer. Or mobile data. Or whatever is required to use bitcoins to buy anything. Not to mention their value is based on the USD still, or can you buy something with bitcoins now for 10 coins and not have it increase when Bitcoin->usd value goes up?

In countries with malformed currency it is not good as you cannot be sure what your bitcoin is worth tomorrow, just like a million on zimbawe can be worth a billion the next day (usually the other way around).

What I am saying is, it is way too unpredictable, and continues to be so unless it is adapted by a country and not related to dollars in any way.

If the world '***** up' then what worth is gold?

The majority of currency today isn't physical coinage... The banks don't exactly keep a physical representation for all of the money banked within them!

You can buy things with %virtual%coin, people place value upon %virtual%coin, therefore %virtual%coin has worth and value - much the same way as physical currency, at least to individuals.

Buying things with virtual currency will become as easy as using Paypal - in some instances it is already (maybe even easier in others).

 

[Rannoch]

Yes was mining bitcoin, made the mistake to stop mining bitcoin.

Fortunately I had mined a couple, and sold them at the recent highs, only wished I had continued as I'd have had probably nearly 10 bitcoins by now. Hence now I am mining litecoins and won't be stopping because who knows, this time next year litecoins could be worth $500 or $5, that's the gamble, in it to win.

I agree, may as well mine when you have the hardware. Glad I got that 7990 when you had it for £450.79 inc delivery on the 17th October.

 

[deshepherd]

From today's Guardian

Bitcoin plummets as China's largest exchange blocks new deposits
The digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency following a crackdown on third-party payment firms

At publication time, the value of one bitcoin on BTC China stands at ¥2,630 (£266.02), down from a high of ¥7,395 (£741.70) in late November. Bitcoin has dropped against other currencies in the same period, falling from £750 to £300 in the UK and from $1242 to $480 in the US.

Is the bubble bursting?

 

[Nelly]

From today's Guardian

Bitcoin plummets as China's largest exchange blocks new deposits
The digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency following a crackdown on third-party payment firms

At publication time, the value of one bitcoin on BTC China stands at ¥2,630 (£266.02), down from a high of ¥7,395 (£741.70) in late November. Bitcoin has dropped against other currencies in the same period, falling from £750 to £300 in the UK and from $1242 to $480 in the US.

Is the bubble bursting?

Looks like all the doley bums will have to start looking for jobs again...

 

[silversurfer]

So long as the people themselves can use it then the system is intact. The bar will effect large movements of currency but they can still use personal bank accounts and of course cash to swap BTC?

 

[whitetop]

From today's Guardian

Bitcoin plummets as China's largest exchange blocks new deposits
The digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency following a crackdown on third-party payment firms

At publication time, the value of one bitcoin on BTC China stands at ¥2,630 (£266.02), down from a high of ¥7,395 (£741.70) in late November. Bitcoin has dropped against other currencies in the same period, falling from £750 to £300 in the UK and from $1242 to $480 in the US.

Is the bubble bursting?

that was only due to people hacking and stealing bitcoins, one town in the us just used bitcoin it helped them out a lot till a hacker came along and stole billions of bits.

read up about it as the media said bitcoin unhaclible then next day it was hacked.

 

[SqualidChimp]

http://www.bbc.co.uk/news/technology-25428866
I sold some bitcoin for GBP about one and a bit weeks ago (after the high of ~1200USB:1BTC, when it went down to like 790USD). Now it's value is a third of what it was. As more and more ASICs come online in the new year, and energy prices here go up and up, I find it harder to justify the pretty unstable "profitability".

 

[Puppetmaster]

http://www.bbc.co.uk/news/technology-25428866
I sold some bitcoin for GBP about one and a bit weeks ago (after the high of ~1200USB:1BTC, when it went down to like 790USD). Now it's value is a third of what it was. As more and more ASICs come online in the new year, and energy prices here go up and up, I find it harder to justify the pretty unstable "profitability".

No one mines bitcoins with GPU's, only ASICs. If you were talking about Asics for LTC, they are ages away.

 

[Hotwired]

that was only due to people hacking and stealing bitcoins, one town in the us just used bitcoin it helped them out a lot till a hacker came along and stole billions of bits.

read up about it as the media said bitcoin unhaclible then next day it was hacked.

You mean people have been scammed.

I'm not seeing bitcoin being "hacked" but confidence trickery on the weak points of exchanges, 3rd party software, trojans and people.

If you cant get into the safe you let the owner open it then rob them.

 

[fordypaul]

I still think this (bitcoins) is a crock of pooh and I am happy to sit back and watch!

Hopefully some will gain, most will lose but tech suppliers will sell stuff so they will win 100%.

Judge in time is how I see it!

 

[lollox]

From today's Guardian

Bitcoin plummets as China's largest exchange blocks new deposits
The digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency following a crackdown on third-party payment firms

At publication time, the value of one bitcoin on BTC China stands at ¥2,630 (£266.02), down from a high of ¥7,395 (£741.70) in late November. Bitcoin has dropped against other currencies in the same period, falling from £750 to £300 in the UK and from $1242 to $480 in the US.

Is the bubble bursting?

not a great time to start flogging mining systems

 

[ACE01]

not a great time to start flogging mining systems

To be fair, my fairly low hashing power of 1.3MH netted me £14.57 equivalent value of BTC yesterday at today's exchange rate (exceptional day, I admit), so for someone who will use the machine for gaming etc as well as mining, this still can pay out, even factoring in the couple of quid energy cost.

 

[Gibbo]

To be fair, my fairly low hashing power of 1.3MH netted me £14.57 equivalent value of BTC yesterday at today's exchange rate (exceptional day, I admit), so for someone who will use the machine for gaming etc as well as mining, this still can pay out, even factoring in the couple of quid energy cost.

The market was in shock yesterday, at the news from China. The value dropped like a lead weight, wished I had filled my boots and purchased loads of litecoins when they had dropped to nearly $10 in value.

Right now they are back up to $17.

People need to start grasping the fact that this whole bitcoin/litecoin is just like the stock market, it reacts to news in the exact same way.

Canada have just accepted this currency as well, which is helping todays figures.