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Old 11-18-2013, 07:27 PM   #651
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I love seeing my technically intelligent but not practically intelligent Facebook friends suddenly want to get on the Bitcoin bandwagon. "It's up from $300 to $600 in one week, lets buy graphics cards!!!!"
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Old 11-18-2013, 08:16 PM   #652
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this ish is cray cray.
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Old 11-19-2013, 08:47 AM   #653
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http://www.businessinsider.com/bitcoin-map-2013-11

sorry if this is a repost.

your welcome if its not.
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Old 11-19-2013, 12:44 PM   #654
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Originally Posted by jpicheva View Post
How does one go about investing in Litecoin? Must you buy at least one Bitcoin to use in exchange?
Yeah, it's not exactly easy/clear how to get litecoin. You can download the wallet/processing thing and start mining though.
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Old 11-19-2013, 02:02 PM   #655
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I have $28 on my coinbase account. I forgot about it
$61.29
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Old 11-19-2013, 03:31 PM   #656
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I came across this on Amazon. Is it worth it? I have an uncle who does this so I was thinking about picking up a couple for him.

ASICMiner Block Erupter USB 330MH/s Sapphire Miner

http://www.amazon.com/ASICMiner-Block-Erupter-USB-Sapphire/dp/B00CUJT7TO
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Old 11-19-2013, 03:38 PM   #657
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I came across this on Amazon. Is it worth it? I have an uncle who does this so I was thinking about picking up a couple for him.

ASICMiner Block Erupter USB 330MH/s Sapphire Miner

Amazon.com: ASICMiner Block Erupter USB 330MH/s Sapphire Miner: Computers & Accessories
all i've done here is copy paste an amazon review, and for that, i'm sorry

Quote:
This thing gets very hot, be sure to have some air moving across it.

It does perform SHA-2 hashes at 330 mega hashes per second. However, I'm skeptical of its 2.5 watt power claims. This thing is very hot.

IT WILL NEVER PAY FOR ITSELF. Bitcoin difficulty is continuing to climb. Difficulty just hit 510,929,738 and is forecast to hit 657,648,393 in 13 days. Difficulty == bad news for mining hardware.

If you have a USB Block Erupter right now, it is expected to produce ~0.008 BTC this month (about $2 worth of bitcoin) if run 24/7 in a mining pool. It's bitcoin production will continue to decline in ~30% increments as the bitcoin difficulty rises every 12 to 15 days. I suspect this USB Block Erupter could produce around 0.04 BTC during it's useful life (~6 months). The only hope for recovering your investment is if bitcoin's price rises dramatically.

I bought one simply as a coffee-table/conversation item. This device appears to be at End-of-Life; the cost of manufacturing it is probably in excess of its current retail price. I just really wanted to have a strange ASIC chip; a custom designed SHA-2 monster (this one is labeled BE100) seems to qualify. They probably commissioned a End-of-Life process from TMSC or similar. It's hard to tell.

You could wait for the fire sale to continue. They sold for a lot more earlier this year (they were a lot more productive too). These USB Block Erupters will be that much more obsolete 14 days from now. Just be sure to get one before they are fully down stocked.
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Old 11-19-2013, 03:51 PM   #658
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I've had a miner running some old/crap hardware for several months now on my office machine. We don't pay for power.

Cashing out now on the .25 BC I've made clunking along at 100Mh/s.
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Old 11-19-2013, 03:52 PM   #659
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I still seriously have zero ****ing clue how this "currency" works. What in the **** is everyone virtually "mining", exactly, and why does it have any worth whatsoever? Or, is it normal to not have any ****ing clue about any of it and you just follow some step-by-step bull**** and start mining away? For whatever reason, bitcoins infuriate me. Mainly because I like to have at least a little bit of understanding of how **** works. I also don't understand how just letting your computer sit there and number crunch forever can generate any money. Why is that worth anything to anyone?
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Old 11-19-2013, 03:54 PM   #660
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I still seriously have zero ****ing clue how this "currency" works. What in the **** is everyone virtually "mining", exactly, and why does it have any worth whatsoever? Or, is it normal to not have any ****ing clue about any of it and you just follow some step-by-step bull**** and start mining away? For whatever reason, bitcoins infuriate me. Mainly because I like to have at least a little bit of understanding of how **** works. I also don't understand how just letting your computer sit there and number crunch forever can generate any money. Why is that worth anything to anyone?

I, for one, have no plans to mine. I'll just sit on my meager pile of coins and ride this thing out.
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Old 11-19-2013, 03:56 PM   #661
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Originally Posted by aod View Post
I still seriously have zero ****ing clue how this "currency" works. What in the **** is everyone virtually "mining", exactly, and why does it have any worth whatsoever? Or, is it normal to not have any ****ing clue about any of it and you just follow some step-by-step bull**** and start mining away? For whatever reason, bitcoins infuriate me. Mainly because I like to have at least a little bit of understanding of how **** works. I also don't understand how just letting your computer sit there and number crunch forever can generate any money. Why is that worth anything to anyone?
People pay for computing power all the time. However, I don't have any clue how "mining" somehow harnesses and/or aggregates certain functions.
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Old 11-19-2013, 04:03 PM   #662
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It all just seems made up, phony, and basically a figment of someone's anarchist imagination. "investing" in bit-coin is no different than playing roulette all night at the casino. Sure you may hit it a few times but unless you walk away at the right time, you're lose your shirt. The house always wins.
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Old 11-19-2013, 04:22 PM   #663
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Originally Posted by RastaMon View Post
What is Bitcoin? - YouTube

I, for one, have no plans to mine. I'll just sit on my meager pile of coins and ride this thing out.
Ok, I get that part of it. Yes, you are number crunching these "coins". But what backs these coins? Why is one bitcoin worth ~$600 USD for example? What drives that economy exactly? And, more importantly, once everyone goes "What is this **** really worth?" and the bottom falls out of it, how is that going to impact our real economy?
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Old 11-19-2013, 04:25 PM   #664
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Ok, I get that part of it. Yes, you are number crunching these "coins". But what backs these coins? Why is one bitcoin worth ~$600 USD for example? What drives that economy exactly? And, more importantly, once everyone goes "What is this **** really worth?" and the bottom falls out of it, how is that going to impact our real economy?
Rarity. Unlike the dollar which can just be printed infinitely, and isn't really backed by anything there will only be a max amount of bitcoins, kinda like gold. There's already a lot you can buy with them, not even counting pre silk road bust, and more and more merchants are starting to accept them. China is a huge buyer of them right now which is driving the current price spike.
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Old 11-19-2013, 04:28 PM   #665
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Originally Posted by cwb124 View Post
It all just seems made up, phony, and basically a figment of someone's anarchist imagination. "investing" in bit-coin is no different than playing roulette all night at the casino. Sure you may hit it a few times but unless you walk away at the right time, you're lose your shirt. The house always wins.
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Old 11-19-2013, 04:39 PM   #666
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Originally Posted by RastaMon View Post
Rarity. Unlike the dollar which can just be printed infinitely, and isn't really backed by anything there will only be a max amount of bitcoins, kinda like gold. There's already a lot you can buy with them, not even counting pre silk road bust, and more and more merchants are starting to accept them. China is a huge buyer of them right now which is driving the current price spike.
And bit-coins ARE backed by something? What exactly? What organization is backing bitcoin to give anyone any confidence in that kind of monetary system?

Also, since they are electronic, how can there only be a certain max amount of bitcoins? And no, it's absolutely nothing like gold, which you can actually pick up and hold in your hand. And let's not even get into the (lack of) security for bitcoin. It's already been hacked multiple times.
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Old 11-19-2013, 04:41 PM   #667
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And bit-coins ARE backed by something? What exactly? What organization is backing bitcoin to give anyone any confidence in that kind of monetary system?

Also, since they are electronic, how can there only be a certain max amount of bitcoins? And no, it's absolutely nothing like gold, which you can actually pick up and hold in your hand. And let's not even get into the (lack of) security for bitcoin. It's already been hacked multiple times.
The stupid, it burns.
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Old 11-19-2013, 04:42 PM   #668
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The stupid, it burns.
Solid retort from our residence pseudo-anarchist.
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Old 11-19-2013, 04:44 PM   #669
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Solid retort from our residence pseudo-anarchist.
What's the point of even discussing anything with you when you've shown you know absolutely dick about bitcoins?

For ****s sake, at least watch that 2 minute video before you start to type something.

Seriously, it's like roulette? Where does one even begin with that?
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Old 11-19-2013, 04:45 PM   #670
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Originally Posted by cwb124 View Post
And bit-coins ARE backed by something? What exactly? What organization is backing bitcoin to give anyone any confidence in that kind of monetary system?

Also, since they are electronic, how can there only be a certain max amount of bitcoins? And no, it's absolutely nothing like gold, which you can actually pick up and hold in your hand. And let's not even get into the (lack of) security for bitcoin. It's already been hacked multiple times.
Some of the Exchanges have randomly gone offline. Wallets get hacked all of the time. Bitcoin is waaaaay too volatile to be used as a currency, IMO. There are several reasons people don't use stocks to buy products in a store.
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Old 11-19-2013, 04:59 PM   #671
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Originally Posted by RastaMon View Post
What's the point of even discussing anything with you when you've shown you know absolutely dick about bitcoins?

For ****s sake, at least watch that 2 minute video before you start to type something.

Seriously, it's like roulette? Where does one even begin with that?
I meant investing in them and trying to make money. It's not like the game of roulette, but it's basically gambling.

http://www.forbes.com/sites/timothyl...tcoin-crashes/

That garbage crashes more than a Russian driver. Reaaaaaaaal stable thing you've got there.
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Old 11-19-2013, 05:07 PM   #672
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I meant investing in them and trying to make money. It's not like the game of roulette, but it's basically gambling.

http://www.forbes.com/sites/timothyl...tcoin-crashes/

That garbage crashes more than a Russian driver. Reaaaaaaaal stable thing you've got there.
Sounds like jealously, I'll let you know how much I profit when I finally decide to sell mine. Maybe I'll just buy gold with it since gold and bitcoin are diverging right now.


Also, this is good from that old article:
Quote:
If bitcoins are worth $500 in 2018, we’ll look back at Wednesday’s sell-off as a freak event that (like the other crashes that came before it) temporarily halted the rise toward the currency’s real value.
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Old 11-19-2013, 05:21 PM   #673
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Originally Posted by RastaMon View Post
Sounds like jealously, I'll let you know how much I profit when I finally decide to sell mine. Maybe I'll just buy gold with it since gold and bitcoin are diverging right now.


Also, this is good from that old article:

You sound a lot like all the pets.com investors in 1999. I imagine similar results will follow.
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Old 11-19-2013, 05:24 PM   #674
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You sound a lot like all the pets.com investors in 1999. I imagine similar results will follow.
pets.com
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Old 11-19-2013, 05:30 PM   #675
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Originally Posted by RastaMon View Post
Rarity. Unlike the dollar which can just be printed infinitely, and isn't really backed by anything there will only be a max amount of bitcoins, kinda like gold. There's already a lot you can buy with them, not even counting pre silk road bust, and more and more merchants are starting to accept them. China is a huge buyer of them right now which is driving the current price spike.
And yet the price of the dollar is infinitely more stable than the price of a bitcoin.

Funny how that works.
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