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Old 11-28-2013, 03:06 PM   #726
RastaMon
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Yeah, I think I might buy/make a litecoin mining rig this weekend. I gotta read up on what's best, any pointers?
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Old 11-28-2013, 03:27 PM   #727
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Ati video cards. Fry's/newegg/micro center. Buy them. Look for cheap 7950's as they are on the way out. Best bang for thebuck IMO
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Old 11-28-2013, 03:37 PM   #728
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Ati video cards. Fry's/newegg/micro center. Buy them. Look for cheap 7950's as they are on the way out. Best bang for thebuck IMO
seems like 7950's are nearly impossible to find?
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Old 12-02-2013, 02:45 PM   #729
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seems like 7950's are nearly impossible to find?
They are all bought up as well as the new r9 280x's which use less power then the 7950's and hash much faster around 740~ hash.
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Old 12-02-2013, 02:52 PM   #730
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They are all bought up as well as the new r9 280x's which use less power then the 7950's and hash much faster around 740~ hash.
http://www.newegg.com/Product/Produc...82E16814202061

That guy?
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Old 12-02-2013, 02:55 PM   #731
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So you are saying if I already have a gaming rig with 2 x HD7950s I should start mining with it?
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Old 12-02-2013, 03:00 PM   #732
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So you are saying if I already have a gaming rig with 2 x HD7950s I should start mining with it?


Your electric bill will be more than the coin you eventually mine in a few years.
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Old 12-02-2013, 03:10 PM   #733
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****ing miners. I just want a damn 7950 or better for <$200.
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Old 12-02-2013, 03:38 PM   #734
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So you are saying if I already have a gaming rig with 2 x HD7950s I should start mining with it?
Yep. I'd get the cash back out about as quick as you can though

https://litecoin.info/Mining_hardware_comparison

https://www.litecoinpool.org/calc?ha...2&currency=USD

As for how long any of this will by viable

I just bought a decent video card to try mining LTC on. If the bottom falls out, well, then my wife inherits a newer card than she's currently using.
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Old 12-02-2013, 04:14 PM   #735
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****ing miners. I just want a damn 7950 or better for <$200.


I just bought mine on eBay, $208.xx shipped. Now I have two.

Thanks for the other info.
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Old 12-02-2013, 04:46 PM   #736
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Clearly I am missing something. That chart says if I put up a $46,000 initial investment into 10 of these ASIC units (good for 600GH/s each), I'd be clearing $2.9 million USD every month. (minus electric bill etc).

If it's that easy, why isn't everyone doing that, and who in their right mind is running the bitcoin exchange site? "Here's a check for 3 million USD. Thank you for the bitcoins. Dude .. wait ... what are these things actually good for again??"

It's interesting that the people manufacturing these units are actually selling them to the public. If it's that profitable, why bother manufacturing them for sale, just make them for yourselves and mine millions every month and retire in a year. What do you need this business of selling circuitry for? And also interesting that the only payment option on their site is USD.

I seriously want to meet the guy that will write me a real check for 2.9 mil in exchange for some bitcoins.

Last edited by jim_newton; 12-02-2013 at 05:01 PM.
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Old 12-03-2013, 11:48 AM   #737
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Old 12-03-2013, 11:49 AM   #738
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College kid made $24,000 just from holding up this sign on Live TV from College Game Day

http://hsrd.yahoo.com/_ylt=ApzlYpbyI...mlxEDaLpXfH74-
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Old 12-03-2013, 12:07 PM   #739
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He took his payment in dollars? The fool!

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Old 12-03-2013, 03:49 PM   #740
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Noob question, what's the advantage of running GPUs over CPUs?
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Old 12-03-2013, 03:52 PM   #741
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More processors.
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Old 12-03-2013, 04:02 PM   #742
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How is one 1000Mhz core per card better than running 8 4Ghz cores on a single chip?
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Old 12-03-2013, 04:17 PM   #743
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Originally Posted by 340Duster View Post
How is one 1000Mhz core per card better than running 8 4Ghz cores on a single chip?
Much of a GPU's performance comes from a very parallel architecture - they can perform many, many mathematical operations simultaneously. In terms of pure arithmetic operations which can be performed in parallel, a GPU can perform better by several orders of magnitude.

Your CPU, while operating at a higher clock speed, would never be able to perform the calculations required to render 3D graphics the way a GPU can.
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Old 12-03-2013, 04:19 PM   #744
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Much of a GPU's performance comes from a very parallel architecture - they can perform many, many mathematical operations simultaneously. In terms of pure arithmetic operations which can be performed in parallel, a GPU can perform better by several orders of magnitude.

Your CPU, while operating at a higher clock speed, would never be able to perform the calculations required to render 3D graphics the way a GPU can.
Ahha. Thanks.

themoreyouknow.jpg
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Old 12-03-2013, 04:48 PM   #745
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AKA, a CPU does stuff you don't need for mining. So although fast.....doing stuff besides mining means slow for mining.

At least that's what my teenage son tells me.
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Old 12-03-2013, 05:51 PM   #746
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I haven't seen a parabolic rise like this over such a small time frame since the peak of the Nasdaq/dotcom bubble in 1999. So far, I have yet to find a compelling reason why bitcoin is the exception to everything else in the history of ever, to explain why it isn't going to collapse in the near future. I welcome anyone to show me any example of something increasing 9,000% in price in one year which didn't collapse soon afterwards. I have no idea when the bitcoin bubble will burst and know better than to try to predict when it will occur. The only thing I am certain of, is that it will occur.
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Old 12-03-2013, 05:55 PM   #747
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Originally Posted by masskillingspree View Post


I haven't seen a parabolic rise like this over such a small time frame since the peak of the Nasdaq/dotcom bubble in 1999. So far, I have yet to find a compelling reason why bitcoin is the exception to everything else in the history of ever, to explain why it isn't going to collapse in the near future. I welcome anyone to show me any example of something increasing 9,000% in price in one year which didn't collapse soon afterwards. I have no idea when the bitcoin bubble will burst and know better than to try to predict when it will occur. The only thing I am certain of, is that it will occur.
When this thread is bumped I check to see if the inevitable "Great Bitcoin Depression" has begun
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Old 12-04-2013, 08:33 AM   #748
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Interesting read for that conspiracy theorist in you!

http://www.businessinsider.com/why-b...iminal-2013-12

Quote:
Why Bitcoin (And Other Cryptocurrencies) Will Inevitably Become Tools Of The Rich, Powerful, and Criminal
E.J. Fagan Dec. 3, 2013, 2:04 PM 6,342 28

Last week, an op-ed that I wrote for The Baltimore Sun prompted a lot of very strong reactions, both positive and negative. I argued that efforts to make Bitcoins functionally anonymous are very dangerous, because money laundering is inherently very dangerous.

To summarize my argument: transnational crime is a global business valued in the hundreds of billions of dollars, and criminals need a way to easily launder, move, and invest that money to make it worth the risk. I brought up two examples—rhino poaching and human trafficking—in the op-ed, but there are dozens more crimes (including drug trafficking and weapons smuggling) to which you can refer.

There is a very strong, very vocal online contingent that supports the idea of a cryptocurrency. Their most common reaction to the op-ed went something like this: people who are oppressed by human rights violations need anonymous money transfer in order to… do something. It’s not actually clear what the something is.

I understand the intuitive appeal of money transfers that no one can trace, but we don’t have to talk about it in the abstract. There are a lot of places in the world where you can move money around with functional anonymity. Anonymous shell companies and secrecy jurisdictions like the British Virgin Islands and Mauritius make it relatively easy to conceal your identity, especially in developing countries with little to no anti-money laundering capacity. Zerocoin—the technology I argued against in my op-ed—would make this problem significantly worse, but anonymous financial transactions already harm the world on a daily basis.

The evidence is clear: the ability to conceal movements of money is not a tool of the little guy. Those nameless oppressive governments, that bitcoin proponents oppose, are filled with corrupt officials that absolutely adore financial opacity. Tunisia has been struggling to trace the 11bn hidden abroad by the Ben Ali regime for more than three years with little success. We may never find the majority of the Gaddafi regime’s hidden money, estimated to be as much as $80 billion. Contrary to what some Bitcoin supporters espouse, anonymous financial transactions are undeniably a tool of oppression. It should be no surprise that Russia and China, two of the biggest money laundering hubs in the world, are some of the fastest growing markets for Bitcoins.

This is what modern-day oppression looks like. Dictators, corrupt public officials, and their supporters are getting vastly wealthy, while the people in their countries live in poverty. We try to prevent Western financial institutions from accepting money from these types of people (called Politically Exposed Persons or PEPs in anti-money laundering parlance), but financial secrecy makes it very difficult to do so effectively. People in developing countries suffer as a result.

In fact, I’d argue that one of the biggest differences between a developing and a developed country is the level of control over its own financial system. If I am a public official in the United States or Europe, and I want to steal a billion dollars from a public project, I am going to have a very tough time doing it without exposing myself to law enforcement. Under the status quo—including, to a certain extent, transactions using bitcoin—money transfer leaves a paper trail. Zerocoin is dangerous precisely because it is designed to leave no paper trail. Large amounts of money can just disappear into thin air.

It doesn’t stop at corruption, oppression, and transnational crime, either. Imagine going through a divorce, only to find that all of your mutual bank accounts are empty, the money has disappeared, and your former spouse refuses to disclose what happened to it. Or, imagine that after being the victim of fraud, law enforcement convicts the fraudster, only to find that all of his assets have disappeared, with absolutely no paper trail. Anonymous shell companies already enable these scenarios, but Zerocoin would make it worse.

To completely dispel the myth that anonymous financial transactions are a tool of the little guy, our rigorous economic research—led by a former senior IMF economist—conclusively demonstrates that unrecorded financial transactions significantly exacerbate income inequality: making the rich richer and the poor poorer. They are a tool of both political and economic oppression, with serious socio-economic consequences.

The thing about financial opacity is that it is impossible to limit its criminal uses. If you can use an untraceable payment system to buy small amounts of LSD from Silk Road, someone else can use it to buy a sex slave or move a $10 million kickback to an offshore bank account. And they will use it because they have hundreds of billions of dollars to move, and—under the status quo—they sometimes get caught (although not often enough).

Does Zerocoin have any benefits that justify allowing these kinds of harms? I haven’t heard anyone make that case. So here’s the challenge to supporters of anonymous money transfer: Make an affirmative case for it. Give examples of where we’ll all be better off if people can make untraceable peer-to-peer money transfers. Tell us how you are going to be substantively less free in a world where financial paper trails exist.

E.J. Fagan is Deputy Communications Director at Global Financial Integrity, a research and advocacy organization based in Washington, D.C., dedicated to studying and curtailing illicit financial flows.
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Old 12-04-2013, 09:00 AM   #749
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When this thread is bumped I check to see if the inevitable "Great Bitcoin Depression" has begun
That's why I'm here...
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Old 12-05-2013, 02:02 PM   #750
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China banned banks from using it
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