Bitcoin Discussion Thread Part 2

So im off at college now... dorm cost the same regardless of power draw... I have a 6950 I need to unlock (xfx reference).... I have a 5970 at home that will be coming back shortly and a 5870 asus top reference I need to rma lol...

as I have no income now... where do I start...
 
Guppy1509 said:
Well I just bailed out of Solidcoin... Made a whopping 0.17 BTC!!! lol
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I made 12 BTC....with a piddly G/hash. I managed to hop on the bandwagon at day 0, and ride it to 0.04 SC/BTC. I'm using the chart at coinotron to figure out which is more profitable and then in the future when I've broken even I should just leave it all pointed at BTC.
 
I really want to stick it out with Simplecoin, I really do. But this block from hell bullshit is about all I can take... That's twice now in the past month that a block has taken a week and 5GH/s hasn't made a single BTC. How is the "estimated time to find a block" calculated? With BTC struggling to stay over $8 these days, is difficulty going to go down again?
 
Spare-Flair said:
With BTC struggling to stay over $8 these days, is difficulty going to go down again?
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Looks like it. It would have dropped further down this last decrease but people prematurely brought back their rigs, making it go up to 14 T/hash, right at the last 20 blocks. That caused the decrease to go up by 20-30k .
 
jebo_4jc said:
Also, another question, what's a reasonable price I could get if I sold my 6870?
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Considering many people picked up 6870s during that newegg special w/3 free games I'm thinking $140-$150.
 
Patriot said:
So im off at college now... dorm cost the same regardless of power draw... I have a 6950 I need to unlock (xfx reference).... I have a 5970 at home that will be coming back shortly and a 5870 asus top reference I need to rma lol...

as I have no income now... where do I start...
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Disclaimer, I wrote this stuff:

What the heck a bitcoin is:
http://verrytechnical.com/living-with-software-the-bitcoin-expiriment/
(there are more in that series)
and:
http://www.pcper.com/reviews/Graphics-Cards/Bitcoin-Currency-and-GPU-Mining-Performance-Comparison

Unlocking that 6950:
http://verrytechnical.com/safely-unlocking-extra-shaders-in-reference-amd-6950-graphics-cards/

Also, I think it goes without saying that this thread is a good source of information :D I hope it helps!
 
Spare-Flair said:
I really want to stick it out with Simplecoin, I really do. But this block from hell bullshit is about all I can take... That's twice now in the past month that a block has taken a week and 5GH/s hasn't made a single BTC. How is the "estimated time to find a block" calculated? With BTC struggling to stay over $8 these days, is difficulty going to go down again?
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If you've been with the pool consistently for the past month, your income has been a good bit above estimate.

It's a small pool. If you're gonna be freaking out every time a block goes long (it's gonna happen fairly frequently), you might be better off in a larger pool.
 
Spare-Flair said:
I really want to stick it out with Simplecoin, I really do. But this block from hell bullshit is about all I can take... That's twice now in the past month that a block has taken a week and 5GH/s hasn't made a single BTC. How is the "estimated time to find a block" calculated? With BTC struggling to stay over $8 these days, is difficulty going to go down again?
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Well,there was a time when we have 3 hours block,and also some blocks in a day or two.That should make up for the 2 block from hell we're getting.

Considering the relatively small amount of hashrate,i say it's acceptable and understandable.
 
How many blocks do you guys at simplecoin pull in on average a month? My brother and I debated going solo with 5-6 GH/s but we thought it'd be to risky, so we were contemplating a smaller pool but we know that can be risky too.
 
mj112588 said:
How many blocks do you guys at simplecoin pull in on average a month? My brother and I debated going solo with 5-6 GH/s but we thought it'd be to risky, so we were contemplating a smaller pool but we know that can be risky too.
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There really is no benefit to mining solo.
SC keeps flipping from dry spells to lucky weeks, 11 found in August.
Currently, only the top 10-15 miners over 1GHash, and we could definently use and extra 5-6GH
 
I can't believe total network hash hasn't dropped yet with how far prices have fallen. If it gets down to $5 ill be at my break even point.
 
Those are the people who are in it for the long haul. Remember many people have been doing this for far longer than we have because they believe, and others because they are still making a profit. If I were a bolder person I'd buy in at $5 but I probably won't and will regret it later. Besides, we have been through lows like this before.

On another note. This is the kind of business that will go a long way in making bitcoins a good alternative to fiat currencies: http://cheaperinbitcoins.com
The site name explains it all. Buy things at a lower price simply because the transaction is in bitcoins.
Here's a good example: http://cheaperinbitcoins.com/product.php?productId=2512
ASUS 5850 for only 13.8 bitcoins. At current prices that's $89.7 for a brand new 5850,

or an ASUS 5870 for 25.3 bitcoins ($164.45) http://cheaperinbitcoins.com/product.php?productId=2513
I don't think anyone can beat those prices. Though you might want to verify they have them in stock since the site is pretty new.
 
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Kardonxt said:
I can't believe total network hash hasn't dropped yet with how far prices have fallen. If it gets down to $5 ill be at my break even point.
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Mine would be soon to follow! I was going to get 4 6870's, but I can't see any point to spend $700 right now! :(

I'm in the process of trying to figure out the bottom, so I can buy double, and see triple! :p
 
Yea, that's the only reason why I bought 8x6850's when it was at $10 a BTC, some would argue not a great idea but since difficulty went down i can make more BTC's than before. I Could see BTC doing amazing and also see them collapsing but for now i'm not to worried, like any stock market there is highs and lows. I'm in it for the long haul now. I've got about $1200 invested and at least I still have some tangible form of that investment with mining because I have the hardware where as stock investors don't have anything tangible and they can lose everything... at most I'll lose half
 
Lorien said:
On another note. This is the kind of business that will go a long way in making bitcoins a good alternative to fiat currencies: http://cheaperinbitcoins.com
The site name explains it all. Buy things at a lower price simply because the transaction is in bitcoins.
Here's a good example: http://cheaperinbitcoins.com/product.php?productId=2512
ASUS 5850 for only 13.8 bitcoins. At current prices that's $89.7 for a brand new 5850,

or an ASUS 5870 for 25.3 bitcoins ($164.45) http://cheaperinbitcoins.com/product.php?productId=2513
I don't think anyone can beat those prices. Though you might want to verify they have them in stock since the site is pretty new.
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Have you bought anything from them? I'm not sure I trust them with prices like that lol.

CC transaction fees are only a few % so while it should result in cheaper prices they shouldn't be ZOMG! cheaper.
 
IDK if anyone else has used BitPorium.com, I did and was very satisfied with their service.
I got a Corsair tx850 for a pinch over 10BTC!
 
Kardonxt said:
Have you bought anything from them? I'm not sure I trust them with prices like that lol.

CC transaction fees are only a few % so while it should result in cheaper prices they shouldn't be ZOMG! cheaper.
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No I haven't, so I can't vouch for them. They lock in the price of bitcoins per month (this month they're at $10) which is why you see those kinds of prices. Like I said, people should at least verify they have the things in stock before spending anything there.
 
mj112588 said:
Who runs simplecoin? and do you guys get paid from the blocks solved split amoungst everyone evenly?
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I run simplecoin :)

That said, the new servers and new code is getting closer to being released all the time. Once released I should have prop & pplns for solidcoins and btc. I'm working with Meni (creator of geometric scoring) also to include a few other pool scoring options.
 
Last time I moved one of my 2 miners back to BTCguild we had a block and another 3 hours later on SC.US. I Think I might do it again. I keep checking and finding nothing is agonizing. I guess my psyche needs to see results more frequently. Either way I need to stick with one strategy and call it good rather than skipping back and forth. Overall SC has been very good for me.
 
Mt. Gox/Bitcoin Prices has been falling consistently for a while now and I thought to let you guys know that there has been an influx of video cards on ebay and possibly other sites as well as some sellers here changing their minds. This is the best time we need to start forcing video cards down on our terms. Like all those 6990's that the bitcoin miners dried up? They're going to try and sell them at "bitcoin value" ie $200 above MSRP "because it's so great for mining!" even though they are used products.

The reason for this.
1. Bitcoin is plagued with scandal, security issues, people's bitcoins getting stolen, etc. The "market" is hugely unreliable. Bruce Wagner, the "promoter" of Bitcoins is actually a thief if you read deeply into the background. Through covert action of his own, he set up mybitcoin which was one of the largest amassed wallets to place your bitcoins. Then all of the sudden, the site shut down and they were "hacked". Then magically, "MyBitcoin" has everyone's wallet but only 49% of it, so where did the 51% go? Bruce Wagner. He is also a known fraud, a liar, and a possible pedophile. He advocated for the last bitcoin conference to be hosted in Pattaya, Thailand, one of the largest gay red-light areas and also known for underage male prostitution too. Now that's irrelevant.
There was a Polish pool that had their stuff stored on some server and the idiot host did not pay the $10 to keep redundancy so as a result the wallet ID was lost and hundreds of thousands of bitcoins were lost
2. Bitcoin is finite. As the difficulty to mine goes up, the harder it is to extract bitcoins even for the best GPU crunchers. So electricity usage goes up, profitability goes down. However with the bitcoin market prices now at 6.50 and falling, there is barely any profit to be made from this.
3. Bitcoin market is based off libertarian ideals which at times is just retarded. They have alot of paranoia in the community about Freemason's, Federal Government, survivalism, etc. Plus people keep trying to resurrect old & failed and constantly old & failed ideas and never new ones.

So hopefully people like us can bring those prices down to earth and make them more affordable for us. I do not accept the idea that we should be paying the price these cards were going for during Bitcoin's rise/peak. Especially when the 7xxx cards are coming around the corner and idealy these 5xxx/6xxx cards should be coming down in price, not keeping neck to neck with the next generation cards.

Edit:
You know what. Forget it, I don't care. I'm trying to give advice to the enthusiast community here but I guess I'm labeled "Bitcoin miner". Mods if you want to trash this or move it, go ahead.
 
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We're soon surpassing the length of the last block from hell :(

Come on guys! More power! More power!
 
Why are you posting this here? There is a bitcoin thread in the DC forum. I smell a troll.
 
So this is discussing a hot deal how?

Oh wait its a rant in the wrong forum.. Now I get it..
 
Lorien said:
Why are you posting this here? There is a bitcoin thread in the DC forum. I smell a troll.
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Because this is a potential hotdeal for us enthusiasts because so that when they start flooding the market trying to jump ship, we get the prices we want, not on their terms. I'm not on the bitcoin miner's side here.
 
Too late, bitcoiners already bought the hardware from those people jumping ship with their mining profits. Try again.
 
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