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Old 04-09-2013, 02:54 PM   #376
jargon
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I'm betting this is Stanford's wily ploy to ramp up the Folding at Home effort (i.e. "mining") and make some cash on the side.
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Old 04-09-2013, 02:57 PM   #377
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Quote:
Originally Posted by RastaMon View Post
Sure but the idea is still there. I still think it's only a matter of time. I'm not saying this is a bad thing though, I for one, welcome decentralized currency.
Bitcoin, Namecoin, Devcoin, Litecoin, Solidcoin, Ixcoin, PPCoin, Terracoin...
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Old 04-09-2013, 03:53 PM   #378
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Quote:
Originally Posted by sonomaxj View Post
Bitcoin, Namecoin, Devcoin, Litecoin, Solidcoin, Ixcoin, PPCoin, Terracoin...
+1.

To the person who originally asked, all tehse virtual currencies ^ already exist. Bitcoin (BTC) and Litecoin (LTC) are the most popular at the moment.

There are wikis on both if you'd like to learn more about the differences.


To answer someone who asked me what setup I am going with, I am setting up rigs that roughly all look like this:

mobo w/ 3 pci express 16x (some Biostar, some MSI, Z77 boards)
intel chip/ram/refurb hdd
3x MSI Twin Frozr Radeon 7950
3x pci express 16x risers

with the 3x 7950's, each rig will pull about 1.8 MH/s for LTC, and ~1500 MH/s for BTC...

@ an estimated 400 difficulty for LTC, (its at 233 right now, I am assuming it will hit 400 by the time my hardware arrives), each rig should make $150 per week (using $4 LTC/USD current rate); going down as difficulty increases. I am hoping to have my hardware completely paid off within 90 days. I realize that LTC is even more volatile than BTC, however, I have a personal belief that LTC will see eventual growth-- even if the current $5 bubble pops temporarily. Other people, obviously, would disagree and call me stupid.

Here is a calculator for LTC if anyone wants to play around: http://www.litecoinpool.org/calc?has...difficulty=400
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Old 04-09-2013, 03:54 PM   #379
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Quote:
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Well, I took the plunge. I am in for some hardware with some buddies at work. Sucks that shipping is gonna take so long that another difficulty increase will happen by the time we get the hardware, but whatever. My personal strategy is going to be a mix of mining BTC and selling to pay off initial investment, and mining LTC and holding them to wait and see if they explode again or increase in value.

Anyone want a game code for Bioshock Infinite + Crysis 3?
I'm interested if you're not using those codes. PM me if they're still available.

I'm guessing you ordered 2 cards to go into your mining machine?
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Old 04-09-2013, 03:59 PM   #380
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Quote:
Originally Posted by DeusExMachina View Post
Are you doing pool mining?
Sorry, forgot to answer this part.

I have not decided what pool, if any, to join yet for my LTC mining.

If i use my hardware for BTC, I will definitely join a pool as I would just be a tiny tiny tiny blip in the grand scheme of things.

LTC, however, has not seen as much adoption yet, so I could try solo mining for a week or two to see how it goes.

Regardless, I need to do a lot more learning about pools, how they work, how their payout schedules compare, what stats they provide, etc.
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Old 04-09-2013, 04:00 PM   #381
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Originally Posted by Vekrander View Post
I'm interested if you're not using those codes. PM me if they're still available.

I'm guessing you ordered 2 cards to go into your mining machine?

I am going to run 3 cards per machine.

I have a LOT of codes to sell, I'd rather not divulge the exact number...
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Old 04-09-2013, 04:01 PM   #382
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Slush's pool is where I mine with my 7970. I get about 580MH/s. Add in my 5750 on my media PC and I'm up to 690 or so combined. I mine in Slush's pool. They take 2% of the coins they mine and distribute the rest to the pool. They pay once you hit .05 BTC or more and I have received my first .05 so I think I'll stick to it there.

Received my 7970 about 5 months ago, 1 week before they announced the never settle bundle with all the extra games.
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Old 04-09-2013, 04:12 PM   #383
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I wouldn't mess around with LTC from what I've read.

A few people who managed to buy BTC during the intentional crash/hack may have made a few hundred K.....
Awesome although I think BTC is going to face prolonged stability issues for a few years. I'm wondering what happens when farmers and people w/ botnets realize they will make more money trying to crack it then from farming. Whats legally to stop an organized profiteering group from creating a convincing business model?
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Old 04-09-2013, 04:20 PM   #384
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Quote:
Originally Posted by Chewyguru View Post
Whats legally to stop an organized profiteering group from creating a convincing business model?
Not sure exactly what you are trying to say, here?
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Old 04-09-2013, 04:20 PM   #385
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Quote:
Originally Posted by visibiliti View Post
Anyone want a game code for Bioshock Infinite + Crysis 3?
YES!


Quote:
Originally Posted by Vekrander View Post
I'm interested if you're not using those codes. PM me if they're still available.
****!!!
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Old 04-09-2013, 04:21 PM   #386
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^ lol, I went back and edited my post.. I meant to say does anyone want to buy the game codes... I can't just give them all away for free!


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Old 04-09-2013, 04:23 PM   #387
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You bait-and-switching sonofabitch.
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Old 04-09-2013, 04:24 PM   #388
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Funny you bring B&S into a thread on BTC... I'm sure that is what half of OT thinks about it....
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Old 04-09-2013, 04:28 PM   #389
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Quote:
Originally Posted by visibiliti View Post
+1.

To the person who originally asked, all tehse virtual currencies ^ already exist. Bitcoin (BTC) and Litecoin (LTC) are the most popular at the moment.

There are wikis on both if you'd like to learn more about the differences.
Cool, I assumed there had to be more, I've just only read about bitcoin. I can see this market becoming very saturated quickly, but I can also see bitcoin standing the test of time due to name recognition and the way it works.
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Old 04-09-2013, 04:36 PM   #390
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Quote:
Originally Posted by visibiliti View Post
^ lol, I went back and edited my post.. I meant to say does anyone want to buy the game codes... I can't just give them all away for free!



Dang! And there I was scrambling to reply "me me me!". Doh!
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Old 04-09-2013, 05:03 PM   #391
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Quote:
Originally Posted by visibiliti View Post
Not sure exactly what you are trying to say, here?
Why not create a legal business breaking the blockchain for profit?
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Old 04-09-2013, 05:40 PM   #392
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Quote:
Originally Posted by visibiliti View Post
^ lol, I went back and edited my post.. I meant to say does anyone want to buy the game codes... I can't just give them all away for free!


IBTL

IByouneedtogetvendorstatustosellonnasioc
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Old 04-09-2013, 05:43 PM   #393
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Quote:
Originally Posted by Chewyguru View Post
Why not create a legal business breaking the blockchain for profit?
i wonder how viable that would be. seems like its a lot easier just to crack logins for online wallets I think we are at millions of dollars of stolen coins that way already
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Old 04-09-2013, 05:51 PM   #394
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i wonder how viable that would be. seems like its a lot easier just to crack logins for online wallets I think we are at millions of dollars of stolen coins that way already
I don't fully understand the inner workings myself yet, I'll admit it. But as far as breaking the block chain goes, I was under the assumption that a single party has to stroll in with > 51% of the total network computing power...
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Old 04-09-2013, 05:58 PM   #395
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Quote:
Originally Posted by visibiliti View Post
I don't fully understand the inner workings myself yet, I'll admit it. But as far as breaking the block chain goes, I was under the assumption that a single party has to stroll in with > 51% of the total network computing power...
it may be less or more, but yeah, to overload the network and have yourself become the authority you have to account for the majority of the traffic that is processing the chain.

thats why I think its just easier to attack the exchanges or online wallets and get the user ids and password of the traders and just suck out their coins.
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Old 04-09-2013, 06:09 PM   #396
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I have setup a pool if anyone wants to join in http://netcodepool.org/statsAuth
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Old 04-09-2013, 06:32 PM   #397
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Quote:
Originally Posted by visibiliti View Post
I don't fully understand the inner workings myself yet, I'll admit it. But as far as breaking the block chain goes, I was under the assumption that a single party has to stroll in with > 51% of the total network computing power...
Yes but with the way people have been coming out with far more efficient means/methods of farming and the ramping up of the tech someone could theoretically overpower the net if they had a method 1000 times more efficient and a enough capital / production facilities access to beat the tech to market. It would be highly strategic how and when to hit the network but it would be a far more thorough method to make more BTC at once. Say up to 25% of all BTC in one shot.

We've heard of the exploits of peoples personal computers and online accounts, had services that were questionable at best disappear with peoples BTC and seen malicious speculation game the market. With the latest things I've heard about tracing people via online exchanges etc. my opinion has changed as to the stability of the market over time and to a greater degree the viability of it as a whole.

source: I know nothing about this stuff.
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Old 04-09-2013, 06:37 PM   #398
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Didn't read.

How long to mine 1 bitcoin on average (gaming) comp. How much is one bitcoin worth in $bucks?
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Old 04-09-2013, 06:49 PM   #399
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Originally Posted by Tilapia View Post
Didn't read.

How long to mine 1 bitcoin on average (gaming) comp. How much is one bitcoin worth in $bucks?
depends on the pc and the difficulty level when you start out

at ~60GH/s and 100watts of energy you'll maybe make 3btc/day but the longer you do it the harder it becomes to generate. the custom SoC/FPGA chips that will do 50GH/s cost $2500

https://products.butterflylabs.com/h...oin-miner.html

http://www.bitcoinx.com/profit/

last price at mtgox was

Last price:$235.39900 = ***3647;1
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Old 04-09-2013, 06:52 PM   #400
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What is break even point then considering electricity?

Why wouldn't a mega corp do this?

And if it gets harder (meaning takes longer?) there would be a point of diminishing returns right?
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