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Showing 20 of 32 results by mvoss
With the cost of BTC slowly dropping, I think more people that mine at home & pay their own electricity are gonna start dropping out. This will cause the diffifculty to go DOWN, like we saw a few months ago. Right now it's not the best time to build more mining rigs, but I built 1 simply because my main PC just crapped out and I need a new computer anyway. Since I am doing that, I decided to spend the extra couple of $$$'s to make it a strong BTC mining rig
Looks like a good service, but I prefer TradeHill, because they provide you with your own E_Wallet. I can transfer USD to TradeHill with Dwolla, then have BTC sitting in my TradeHill acct, and I don't have to transfer them to a wallet of my own which may or may not have compromised security.
Where have you been? You can no longer transfer funds into TH from Dwolla.
Looks like a good service, but I prefer TradeHill, because they provide you with your own E_Wallet. I can transfer USD to TradeHill with Dwolla, then have BTC sitting in my TradeHill acct, and I don't have to transfer them to a wallet of my own which may or may not have compromised security.
I want to buy some BitCoins with USD, WHY IS THIS SO DIFFICULT?!?!?!? First of all, forget eBay, they are $20 each or more. I heard MtGox is reputable & opened an acct, hoping to buy them there. But I can't. I need to "add funds" in first. (Why can't I just do that with a bank transfer to MtGox?) So, I opened a Dwolla account. It took 3 days for them to verify my checking account. Now that's finally done, I had to sit and wait another 2 or 3 days for the actual money to make it from my checking account to Dwolla (just shows up as pending till it cleared). Then someone told me that bitcoin7.com is a fast site to buy BitCoins. Knowing I had funds in Dwolla, I went to bitcoin7.com, clicked on the "add funds through Dwolla" link, and got the message "sorry, you we can not process funds through Dwolla now" Is this some kind of practical joke or something? Why is it so DAMNED hard to obtain BitCoins? Or do I just not know the way to do it like most of the non-newbies are doing it? I FINALLY obtained some BitCoins at TradeHill, but geez, the hoops you have to jump through to get any is like some big practical joke. My guess is that the difficulty in obtaining BitCoins is what's preventing them from growing in popularity. I'd really like to hear where the other members are buying their BitCoins...
Re: Price vs Difficulty Charts - indicators for buying or mining
If the price / difficulty ratio is so bad, even to say "near the lowest point it has ever been" then there must be people looking to sell their mining equipment. Who wants to sell me some? I can't pay U much, cuz mining profitability is near an all-time low, but I'll buy 
If I buy BitCoins using the site MtGox, will I be able to send those BitCoins to other peoples' addresses? Or is MtGox just a buy / sell site that treats BitCoins as an investment? If MTGox DOESNT let me send people BitCoins, which site does? I tried getting on Tradehill tonight, but it seems to be down...
I work a desk job. If I bought the best video card that fit in the thing (it's a decent system, I design tools with Autocad Inventor 3D modeling software) then mined all night while I wasn't there, no power costs. THEN, surely it is very profitable...
Except that you'd be stealing the electricity from your employer, not to mention that they would have claim to the bitcoins for providing the system, even if you provided the video card, assuming that your employer / network admin is ok with you making hardware changes.
If none of those things bother you and you're confident of getting away with doing it, then easy profit for you!
This may change things a bit: My father owns the company
I work a desk job. If I bought the best video card that fit in the thing (it's a decent system, I design tools with Autocad Inventor 3D modeling software) then mined all night while I wasn't there, no power costs. THEN, surely it is very profitable...
Is this a huge practical joke or something? I can't go ANYWHERE and buy BitCoins without opening an account, adding a bank account to that exchange site, waiting days to verify my accout, transfer funds in, then finally, almost a fucking week later, FINALLY get some BitCoins to call my own? REALLY?!?!? This is ridiculous. I've seriously never seen anything so challenging to buy. It's almost as if they make buying BitCoins really, REALLY hard to do, so no one wants to buy them. I haven't been this pissed of as I am now in months. 
A lot of people on this forum are talking about (in the last few days anyway) that it's a bad time to invest in new rigging equipment. Is that something that can be determined by 3 or 4 factors (power = 8 cents per KW hour, 1 BTC = roughly $14US, difficulty = a lot, rig building = $110)? Assuming all the variables stayed the same for the next few months, is it seriously a bad time to buy/add hardware now? I just bought a good video card cuz I wanted to upgrade my video card before I knew what a BitCoin was, but I am a little overzealous upon learning about BitCoin mining (brand new to me, I knew nothing 4 days ago) and can afford to build a decent 3 card system this week. 
Re: Price vs Difficulty Charts - indicators for buying or mining
I'm finding the Price over Difficulty chart the easiest to interpret. I've attempted to add some trendlines this time.
As you can see, the lower channel represents short term periods of bear markets. I like to think of it as the bargain basement.
From the current price of ~$3.50, a steep drop to the top of the bargain basement would be a drop to a price/difficulty ratio of 1:1. With current difficulty at ~150k, that would be a drop to $1.50. A drop to the bottom of the bear trap would below $1.00, to some $0.60-$0.70. That would be below the record low price/difficulty of some 0.7:1, in early april, when the price was around $0.70 and the difficulty was at 100k.
A steep drop doesn't seem likely. Already, the difficulty estimate looks like it could approach 200k next week. So if we see a drop over the next week, and the difficulty keeps rising, at $2.00 we'd be at the top of the bargain basement.
An even slower correction. Let's say over the next 4-6 weeks difficulty keeps increasing to 300k, and price declines to $3.00. We're again entering the bargain basement, ready for another surge to the top of the upper channel, from price/difficulty of 1:1 to 2:1, from $3.00 to $6.00.
Those are the pessimistic predictions. The most pessimistic is that we get caught in the bear trap for a while and difficulty growth slows. But we would expect to surge out of the trap eventually.
The more optimistic is that price continues sideways with small corrections while difficulty continues strong growth. In that case the ratio declines, approaching the bargain basement, but rallies from somewhere in between.
The most optimistic is that price increases from ~3.50 as difficulty increases, reaching $4.00 when difficulty is at 200k, and $6.00 when difficulty is at 300k. It crosses over and remains above the yellow line to either retreat eventually, or surge higher towards 3:1, 4:1 in parabolic growth and a return to the level of a bull market back in November.
As you can see, the lower channel represents short term periods of bear markets. I like to think of it as the bargain basement.
From the current price of ~$3.50, a steep drop to the top of the bargain basement would be a drop to a price/difficulty ratio of 1:1. With current difficulty at ~150k, that would be a drop to $1.50. A drop to the bottom of the bear trap would below $1.00, to some $0.60-$0.70. That would be below the record low price/difficulty of some 0.7:1, in early april, when the price was around $0.70 and the difficulty was at 100k.
A steep drop doesn't seem likely. Already, the difficulty estimate looks like it could approach 200k next week. So if we see a drop over the next week, and the difficulty keeps rising, at $2.00 we'd be at the top of the bargain basement.
An even slower correction. Let's say over the next 4-6 weeks difficulty keeps increasing to 300k, and price declines to $3.00. We're again entering the bargain basement, ready for another surge to the top of the upper channel, from price/difficulty of 1:1 to 2:1, from $3.00 to $6.00.
Those are the pessimistic predictions. The most pessimistic is that we get caught in the bear trap for a while and difficulty growth slows. But we would expect to surge out of the trap eventually.
The more optimistic is that price continues sideways with small corrections while difficulty continues strong growth. In that case the ratio declines, approaching the bargain basement, but rallies from somewhere in between.
The most optimistic is that price increases from ~3.50 as difficulty increases, reaching $4.00 when difficulty is at 200k, and $6.00 when difficulty is at 300k. It crosses over and remains above the yellow line to either retreat eventually, or surge higher towards 3:1, 4:1 in parabolic growth and a return to the level of a bull market back in November.
I'd love to see this chart with stats up to today (minus the scary June crash)
I'm getting around 440MH/s out of mine. I can't remember where I saw it, but there was a chart comparing MH/s, cost, and power consumption and the 5870 is THE card to get for MH/s vs. Power used.
If you add up the costs for a server (bare minimum)cpu- $30
ram- $10
psu- $150
mobo- $140 (if you know cheeper then this with 4 pci express then let me know)
hd- $15
PCIe x16 Extender Cable $12*4
5870 $190x4
= $1,153
(440x4)/1153=1.53 megahash per dollar(full server cost)
with 5830
5830 $110x4
= $833
(330x4)/833=1.58
So as long as you go the absolute cheapest route 5830 rig at 110 is better but not much so. If you add a case or more to the cost at all the 5870 at 190 will probably overcome the 5830.
The last price the 5830s was available at was $130, not $110. Using that figure the ratio comes out to 1.445 for the 5830 rig, so the 5870 rig is actually more economical.
Not that I would dream of buying new rigs right now!
Do me a favor, PLEASE link me to the $140 motherboard for sale with the 4 PCI x slots...
Now here's the million dollar question: Has that change decreased linearly, or exponentially? No seriously, I'm not trying to be a smart ass, does anyone know? Who's up for creating some XLS ?
if i was a druglord douchebag i prolly wouldn't need bitcoin.
You probably would. Properly used, it enables a 100% anonymous payment method for customers with internet access.
Why do you think silkroad dealers prefer BTC?
LOL @ SILK ROAD!
those noobs aren't druglords.
that site is shit. and soon to be gone.
How do you intend to shut down a site over TOR?
all it takes is staged buyers. but fortunately for silk road's sake it's too small and amateur to interest anyone with an agenda.
like i said - it's a shit site. with shitty overpriced drugs.
Overpriced? I disagree. Maybe the street drugs are, but the benzo's (Xanax, Valium) are about the same as I was paying from a "street pharmacist" that was giving me deals cuz he's been a friend of mine since before he started selling 'em...