Search content
Sort by
Showing 20 of 26 results by miner2002
Question, if you had the technical ability and resources to create an ASIC miner, why in the world would you sell the tech?
The whole point of the ASIC, as I understand it, is that it's custom built for mining to provide insane speeds. If you build something like that, wouldn't it be more profitable to simply mine yourself? You could argue that you need to recover capital costs for your investment, but mining would accomplish this AND not create a bunch of competition for the tech you invented.
It seems to me that if you build a custom ASIC miner, you mine for a while with the hardware while you are developing even better tech, then sell off the stuff you have been using as "new" to the general public. You can almost even see this happening as all the ASIC's have a long wait time.
It seems to me like ASIC mining isn't going to be a highly profitable game unless you're the one developing the tech yourself. What am I missing?
The whole point of the ASIC, as I understand it, is that it's custom built for mining to provide insane speeds. If you build something like that, wouldn't it be more profitable to simply mine yourself? You could argue that you need to recover capital costs for your investment, but mining would accomplish this AND not create a bunch of competition for the tech you invented.
It seems to me that if you build a custom ASIC miner, you mine for a while with the hardware while you are developing even better tech, then sell off the stuff you have been using as "new" to the general public. You can almost even see this happening as all the ASIC's have a long wait time.
It seems to me like ASIC mining isn't going to be a highly profitable game unless you're the one developing the tech yourself. What am I missing?
Re: The biggest problem with bitcoin is these imcompetent exchanges
There's no reason to be upset about it, as another person mentioned it just shows how early we are in crypto and how much room there is to grow. You need to guard yourself against well known exchanges going belly up and running off with your coins. Only do trades in batches you can afford to lose.
What needs to happen is someone, who is willing to NOT be anonymous, goes offshore (Cayman Islands, etc) and works locally with that gov to establish some rules for how things will go. Then put together a team, also NOT anonymous, that includes people with experience running/maintaining true exchanges like BATS/NASDAQ/ETC. In addition, they'll need a team of programmers who can put together a website that can handle the volume and also provide support.
If you can do the above, you'll have a golden business, but that's going to take multi-millions of dollars and time to put it together correctly. Based on the market continuing to expand, you can bet someone is working on something similar to what I have described above as we speak.
What needs to happen is someone, who is willing to NOT be anonymous, goes offshore (Cayman Islands, etc) and works locally with that gov to establish some rules for how things will go. Then put together a team, also NOT anonymous, that includes people with experience running/maintaining true exchanges like BATS/NASDAQ/ETC. In addition, they'll need a team of programmers who can put together a website that can handle the volume and also provide support.
If you can do the above, you'll have a golden business, but that's going to take multi-millions of dollars and time to put it together correctly. Based on the market continuing to expand, you can bet someone is working on something similar to what I have described above as we speak.
Last few weeks I saw the sudden and big rise of the values of every coins no matter who are developers. That happened after the previous longer term big dump. Price is of the most importance for me.
If you're doing pure speculation, price / market cap are key indicators. If you're trying to make a long term bet on an Alt coin that has mainstream potential I believe you need a solid team, solid backers, and technological advances that make the coin more attractive than others.
One of the issues I see with Alt coins is that there are no solid backers (maybe I missed them?) that are backing a coin. IE We haven't had a major group that is well recognized step up and say "This is a coin supported by X". I understand the whole idea of coins is that there is no central group controlling it, and people here seem to be against anything main stream, but for coin to get widespread adoption I feel like having some big players for it could propel it to success. If a well recognized company or individual steps in and says "I see the future for this coin and I'm behind it" I think that would make a big difference.
In addition, I think there needs to be more transparency around WHO exactly is behind the coins creation. It seems like there's a new coin created with no indication of who specifically created it and is behind it. It's hard to trust a random coin by a random unnamed group of people. If you had a new coin created and knew exactly who those coins were created by and their background, I think that would make a big difference in the adoption of the coin.
If I'm missing it and there are some alt coins that have a great team (that I can know their name, what their background is, etc) and also some prominent backers please let me know.
Perfectly normal the estimate on all sites is based on how fast you solve each share. Sometimes you solve them sooner than average sometimes you solve them slower.
I remember worrying about the same thing when I had 200 mhs. Worry more about keeping it running 24/7 and watching your miner doesn't crash or hang
P's add a backup pool
I remember worrying about the same thing when I had 200 mhs. Worry more about keeping it running 24/7 and watching your miner doesn't crash or hang
P's add a backup pool
Thank you sir! I've got more power on the way, just trying to learn as much as I can while I'm waiting on parts!
nice apples to oranges math
OP--you're missing the fact that difficulty is about to spike like hell. Welcome to the arms race again.
Yes, it's better to buy but in some places *cough US cough* it's MUCH easier to buy mining equip than it is the coins.
In the case of GPU's you also have a hedge against a massive price drop.
OP--you're missing the fact that difficulty is about to spike like hell. Welcome to the arms race again.
Yes, it's better to buy but in some places *cough US cough* it's MUCH easier to buy mining equip than it is the coins.
In the case of GPU's you also have a hedge against a massive price drop.
I'm with you. I just got into this so I'm sure I don't know how bad the spike will be, but I would expect it to be much more difficult quickly as people see the potential. Worth the gamble in my opinion
I'm running an extremely consistent 220 khash rate locally. I am connecting to the CoinoTron pool and it seems to swing up and down on what it's reporting. Sometimes it will show less (down to 100 at times) and sometimes more (up to 300), but my rate is rock solid. In addition, it's accepting 99% so I don't think that's the issue.
Is this normal? Anyway to confirm they are receiving what they should?
Also, are there any better pools out there for mining alt coins?
Is this normal? Anyway to confirm they are receiving what they should?
Also, are there any better pools out there for mining alt coins?
Assuming a fairly low difficulty increase of 80%/month a block eruptor would make like $17 if it started mining today. Best prices on ebay are around $50. Well, assuming BTC hits like 3.5k it will break even. In which case it would have been better just buying bitcoins ...
You could have bulk purchased a while ago for less than that. Also if you use that logic (which is beyond any common sense), buying bitcoin is always better than buying mining equipment. Obviously almost in all cases it's better to buy bitcoins directly than mining equipment. People buy miners because they can't do basic maths. Are you among them?
With bitcoins, I agree with you. However, if Alt coin prices stays high, there's a good chance you can make an ROI or break even and then mine speculatively from there. With the jump in alt coin pricing over the last 30 days, I think we're in a different environment than before and the rules have changed.
I'll bump this thread up in 30 days and let you guys know how my investment did.
Yes, I have noticed difficulty going up as well. To be expected!
Even still, with money flowing into Alt coins I think mining will continue to be profitable even for GPU mining without a custom rig. Who knows, but looking at the current numbers I think I'll be able to at least break even. You can look at threads from early november talking about GPU mining being dead and not worth it, but with the rise in alt coin pricing I don't think that's the case anymore.
I think if you believe alt coins will have a place in the market going forward (which I do) then mining is worth the gamble.
Even still, with money flowing into Alt coins I think mining will continue to be profitable even for GPU mining without a custom rig. Who knows, but looking at the current numbers I think I'll be able to at least break even. You can look at threads from early november talking about GPU mining being dead and not worth it, but with the rise in alt coin pricing I don't think that's the case anymore.
I think if you believe alt coins will have a place in the market going forward (which I do) then mining is worth the gamble.
I'm using coinotron. Pretty easy to set up.
Does anyone else have recommendations for a different pool? I didn't put a ton of researching into the pool I selected so I'm sure there's better options.
Does anyone else have recommendations for a different pool? I didn't put a ton of researching into the pool I selected so I'm sure there's better options.
The reason I went with the 290 was because I don't want to JUST mine, I want to game as well so that aspect made the 290 more appealing to me. I had the GTX 770 and by simply switching to the 290 I'm going to get about 3x the performance when I am mining and slightly improved gaming performance.
If I set up another rig solely to mine, I'll go with a different card of course.
Personally I see bitcoin continuing to do well and Alt coins continuing to go up. With the current ROI of about a month, and the potential to mine other coins, it seems like a risk work taking to me!
You don't need a 290 for gaming.If I set up another rig solely to mine, I'll go with a different card of course.
Personally I see bitcoin continuing to do well and Alt coins continuing to go up. With the current ROI of about a month, and the potential to mine other coins, it seems like a risk work taking to me!
A 7950 is enough.
Not to go too off topic here, but that's a matter of personal preference. You don't NEED a 290 to game, but when you're playing BF4 a higher end card like the 290 makes a very noticeable difference.
You have every right to your opinion though
The reason I went with the 290 was because I don't want to JUST mine, I want to game as well so that aspect made the 290 more appealing to me. I had the GTX 770 and by simply switching to the 290 I'm going to get about 3x the performance when I am mining and slightly improved gaming performance.
If I set up another rig solely to mine, I'll go with a different card of course.
Personally I see bitcoin continuing to do well and Alt coins continuing to go up. With the current ROI of about a month, and the potential to mine other coins, it seems like a risk work taking to me!
If I set up another rig solely to mine, I'll go with a different card of course.
Personally I see bitcoin continuing to do well and Alt coins continuing to go up. With the current ROI of about a month, and the potential to mine other coins, it seems like a risk work taking to me!
I'm currently mining FTC coins on my gaming rig (Nvidia 770) and I'm getting close to 10 coins per day. I just ordered the R9 290 so I should be getting about 3 times the performance, or 30 FTC coins a day.
30 coins x 30 days = 900 coins x $1= $900
At $900/month, that is a massive ROI. I'll get the cash back for my whole rig in around a month if prices hold. I know I'm not taking into account energy cost, but even still, it should be very profitable.
If I were to invest in 5 similar rigs, I could be pulling in at least $2,500 / month if not more after energy expense which seems like a no-brainer.
Obviously if the coin prices on FTC drop that math doesn't work. Other than the risk of price drop, what am I missing? This just seems too obvious and too easy.
30 coins x 30 days = 900 coins x $1= $900
At $900/month, that is a massive ROI. I'll get the cash back for my whole rig in around a month if prices hold. I know I'm not taking into account energy cost, but even still, it should be very profitable.
If I were to invest in 5 similar rigs, I could be pulling in at least $2,500 / month if not more after energy expense which seems like a no-brainer.
Obviously if the coin prices on FTC drop that math doesn't work. Other than the risk of price drop, what am I missing? This just seems too obvious and too easy.
A more detailed fact contributes to my skepticism: are we so sure that having *every* transaction recorded and public is really a good thing? If in the future bitcoin will completely take over other payment systems (like everyone here hopes, and it very well could given its immense advantages), including cash, we will live in NSA's heaven: you recieve your wage on a certain address, which very likely will be tied by law to your identity, and you can't do anything anonymously with that money.
I'm still new here, but two things I see here.
1) your current bank account is just as traceable. You sign up for a bank account with your SS#. So my bank account and identify are directly tied and you can easily trace the money.
2) Would it not be easy to hide the money even if they knew it went to you?
Example: I get paid to my normal wallet A
I then transfer some BTC to a middleman wallet X who takes a small fee and transfers is to whatever wallet I tell him too (maybe in chunks to further hide).
My wallet B then gets funded through Wallet X. Becuase wallet X is moving funds all over the place, you would have no way of knowing that the funds that got sent to wallet B came from Wallet A originally, making those funds untraceable after a single hop.
>> -Someone break the encryption / somehow the system doesn't work the way everyone thought and fails entirely
Bitcoin algorithms can be changed. If needed, the core developers can hard fork the block chain. Is that a problem any more?
Bitcoin algorithms can be changed. If needed, the core developers can hard fork the block chain. Is that a problem any more?
This is one I just haven't researched enough. I have no idea what's possible, it's just in the back of my mind since I don't fully understand yet how it works. With that said, it's concerning the the "core developers" can still have an input. I was under the impression that once a crypto was put into place, it just ran it's own course with no input.
For the record, I have only been researching bitcoin/cryptocurrency for 4 days. Below is my analysis of what I believe are the key positives/negatives, and how I plan to trade based on those. I would love some feedback and for people to point out flaws in my analysis.
In short:
I believe in the long term potential of crypto currency. There are some potential negatives, but in some form or another I believe crypto will serve a material role in the economy. I believe we are still VERY early in the world of crypto. The total crypto market cap is 10billion (ish), which is frankly nothing, so I think we're still in the "early adopter" stage even if people have already seen huge returns.
I am not smart enough to trade the market. Based on my belief that crypto will have a long term role in the economy, my goal is to acquire coins and hold for the long term while reducing the risk of picking the wrong long term winner. Essentially, I want to pick a strategy that will diversify my holdings among coins knowing that many (and potentially all) of my investments will be worth nothing. If I invest correctly, and crypto really does take off, those few investments I held long term that were correct will more than offset the loses.
Long version:
BTC Advantages:
-No central control over the currency. Once you have crypto-currency, you control what you do with it
-Money can be sent anonymously
-Money can never be frozen or taken away from you
-3rd world countries with little to no banking access can now transact among themselves and hold currency without the need for a bank
-Money can be sent all over the world instantly
-Lower fees will reduce costs for business and lower cost of goods
-If/when people lose faith in Fiat, crypto will be an extremely natural alternative. If we get another Cyprus situation, why wouldn't you put your money into crypto? Better risk than leaving it in the bank
-People who are not getting returns via stock market, etc will be looking for yield, if crypto continue to soar people will jump in
-There is a natural floor in crypto due to illegal/other types of services. IE drugs, prostitution, hiding assets from a spouse, etc so there will always be some kind of future
Issues facing bitcoin/crypto:
-Government regs (minor risk)
-Large scale competitor enters market (google decides to make a coin)
-Large scale miner (google decides to dedicate a fraction of their power to mining all coins)
-Mainstream market never adopts crypto fully so it's never a transactional currency
-Mainstream market loses faith in the crypto as a currency and it solely functions as illegal/etc types of transactions
-Someone break the encryption / somehow the system doesn't work the way everyone thought and fails entirely
Trading Hypothesis:
-Crypto is still incredibly young and not established. Bitcoins are more of a store of value than an actual transacting currency. As cryptocurrency grows, there will be other coins created that lend themselves more towards mainstream transactions. I believe bitcoins will exist as a store of value (essentially gold), but other crypto's will take over the market because bitcoin can't handle becoming the main stream option for a number of reasons
-Crytocurrency will be used long term in the future in at least some capacity
-Other technologies/coins will likely replace or work beside BTC, need to diversify across coins, but keep bulk in the larger cap coins to reduce risk.
-Buy and hold rather than trade, you could trade yourself out of something that soars and then never be able to get back in at those prices (happened to people in BTC at least so far)
-As the market matures and there's a steady and safe way to get funds in and out of btc/alts, that will substantially increase market cap
Trading Plan:
-75% of purchased coin needs to be in top 10 market cap coins, if a coin falls off don't sell just continue to purchase top 10 until you get the % back in line
-25% BTC
-50% other top 10 market cap coins
-25% alt/speculative coins
-Get into some Alt coins, highest chance for some profit and prices are low so could hit some lucky wins (99% will probably be worthless)
-mine the coins that are easiest to mine with the most potential. Alternate each month/after a big block so that you can build up coins across the board. (Note: Using high gaming computer to mine, not large scale mining)
-Keep cash in reserve for big BTC price drops
If a large profit in an Alt coin?
Take profits equal to what was invested and move to new investment (new coins) and let the balance ride
In short:
I believe in the long term potential of crypto currency. There are some potential negatives, but in some form or another I believe crypto will serve a material role in the economy. I believe we are still VERY early in the world of crypto. The total crypto market cap is 10billion (ish), which is frankly nothing, so I think we're still in the "early adopter" stage even if people have already seen huge returns.
I am not smart enough to trade the market. Based on my belief that crypto will have a long term role in the economy, my goal is to acquire coins and hold for the long term while reducing the risk of picking the wrong long term winner. Essentially, I want to pick a strategy that will diversify my holdings among coins knowing that many (and potentially all) of my investments will be worth nothing. If I invest correctly, and crypto really does take off, those few investments I held long term that were correct will more than offset the loses.
Long version:
BTC Advantages:
-No central control over the currency. Once you have crypto-currency, you control what you do with it
-Money can be sent anonymously
-Money can never be frozen or taken away from you
-3rd world countries with little to no banking access can now transact among themselves and hold currency without the need for a bank
-Money can be sent all over the world instantly
-Lower fees will reduce costs for business and lower cost of goods
-If/when people lose faith in Fiat, crypto will be an extremely natural alternative. If we get another Cyprus situation, why wouldn't you put your money into crypto? Better risk than leaving it in the bank
-People who are not getting returns via stock market, etc will be looking for yield, if crypto continue to soar people will jump in
-There is a natural floor in crypto due to illegal/other types of services. IE drugs, prostitution, hiding assets from a spouse, etc so there will always be some kind of future
Issues facing bitcoin/crypto:
-Government regs (minor risk)
-Large scale competitor enters market (google decides to make a coin)
-Large scale miner (google decides to dedicate a fraction of their power to mining all coins)
-Mainstream market never adopts crypto fully so it's never a transactional currency
-Mainstream market loses faith in the crypto as a currency and it solely functions as illegal/etc types of transactions
-Someone break the encryption / somehow the system doesn't work the way everyone thought and fails entirely
Trading Hypothesis:
-Crypto is still incredibly young and not established. Bitcoins are more of a store of value than an actual transacting currency. As cryptocurrency grows, there will be other coins created that lend themselves more towards mainstream transactions. I believe bitcoins will exist as a store of value (essentially gold), but other crypto's will take over the market because bitcoin can't handle becoming the main stream option for a number of reasons
-Crytocurrency will be used long term in the future in at least some capacity
-Other technologies/coins will likely replace or work beside BTC, need to diversify across coins, but keep bulk in the larger cap coins to reduce risk.
-Buy and hold rather than trade, you could trade yourself out of something that soars and then never be able to get back in at those prices (happened to people in BTC at least so far)
-As the market matures and there's a steady and safe way to get funds in and out of btc/alts, that will substantially increase market cap
Trading Plan:
-75% of purchased coin needs to be in top 10 market cap coins, if a coin falls off don't sell just continue to purchase top 10 until you get the % back in line
-25% BTC
-50% other top 10 market cap coins
-25% alt/speculative coins
-Get into some Alt coins, highest chance for some profit and prices are low so could hit some lucky wins (99% will probably be worthless)
-mine the coins that are easiest to mine with the most potential. Alternate each month/after a big block so that you can build up coins across the board. (Note: Using high gaming computer to mine, not large scale mining)
-Keep cash in reserve for big BTC price drops
If a large profit in an Alt coin?
Take profits equal to what was invested and move to new investment (new coins) and let the balance ride
Same boat here to. Honest question, why do they have such tight restrictions? I would be happy to spend some time filling out a form, etc to prove that I'm not a bot, but the current set up just leads to people making worthless posts in the newbie area to "gain credibility" which really just takes away from the forums.
It seems like there should be some other measure or way to keep spam out. Just my 2 cents!
It seems like there should be some other measure or way to keep spam out. Just my 2 cents!
I agree...how many posts with "I'm new here" (including mine) do we really need to read
I'll put in my time doing dishes in the back if that's what they want from me!
If coinbase sucks (I have a pending transaction with them) what is everyone using to get USD to BTC? It seems like everyone hates every exchange so what is the go to place? BTC-E seems risky and impossible. Mt. Gox seems to have issues. What are the real alternatives?
Since we need to make a substantial post as newbie's, lets have some fun with it!
What is your goal with bitcoins/cryptocurrency? Everyone is here with a different goal in mind. Perhaps you want to day trade, don't believe in fiat, just want to learn, etc. So what is your primary purpose for being here?
Personally, my main purpose is to learn about crypto while I consider long term investment options.
What is your goal with bitcoins/cryptocurrency? Everyone is here with a different goal in mind. Perhaps you want to day trade, don't believe in fiat, just want to learn, etc. So what is your primary purpose for being here?
Personally, my main purpose is to learn about crypto while I consider long term investment options.
Same boat here to. Honest question, why do they have such tight restrictions? I would be happy to spend some time filling out a form, etc to prove that I'm not a bot, but the current set up just leads to people making worthless posts in the newbie area to "gain credibility" which really just takes away from the forums.
It seems like there should be some other measure or way to keep spam out. Just my 2 cents!
It seems like there should be some other measure or way to keep spam out. Just my 2 cents!