Bitcoin Discussion Thread

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computerpro3

LightningRod
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Also appears that while using the 5830 in a dremmeled out 1x slot, overclocking causes some kind of power throttling. I can keep a constant 230mhash rate stock, but if i bump the voltage and overclock it alternates between bursts of 290mhash and 170mhash.
 

XBLiNKX

[H]ard|Gawd
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what mining pools should I use. I just started this I have been running BTC Guild and my stats are
0.33467172 BTC in the last 24 hours 596.52 MH/sec currently. I haven't had it running for 24 hours straight but is this good lol?
 

Veeb0rg

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I think I might just put the 5830 I 've got comming from newegg right on to ebay, hell, I might just sell both of em and do a little upgrading, my poor desktop is starting to show its age a bit.
 

Yakk

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Honestly, this looks like a classic dead cats bounce. I believe we will be in the single digits. If it hits $5, I might buy some.

Hmm, as I stated earlier today, market seems to suggest it should still be going lower, however any one of the big hoarders can manipulate the entire market at will, so who knows... if they want to sell some expect a spike maybe even to $20 or so (massive market volatility), just be ready for it.
 
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computerpro3

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Protip: Don't have your home theater system, projector, 2 computers with 4 5830's in them running bitcoin, all the lights on, and try to use the microwave.

Can't wait to own a house....dedicated AC for the HT and computer room.
 

96redformula

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Protip: Don't have your home theater system, projector, 2 computers with 4 5830's in them running bitcoin, all the lights on, and try to use the microwave.

Can't wait to own a house....dedicated AC for the HT and computer room.

That personal experience :). What was the end result?
 

wol-va-rine

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That personal experience :). What was the end result?

this is my guess...

750px-Black_flagsvg_.png
 

wol-va-rine

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someone should tip me. sapphire 6990s are in stock at the egg

Quantity limit 10 currently

ExcaliberPC is actually cheaper by almost $10 IIRC (EDIT: lol, OOS too)...

anyway, if you have $750.00 do you buy ~50 bitcoins or do you buy the 6990 and mine 30 or so bitcoins and have the card for teh gaming goodness...?

personally I'd buy the 6990, mine for a few months, pocket 30 or so bitcoins and then start playing S.T.A.L.K.E.R. again...
 

Parja

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Hmm, as I stated earlier today, market seems to suggest it should still be going lower, however any one of the big hoarders can manipulate the entire market at will, so who knows... if they want to sell some expect a spike maybe even to $20 or so (massive market volatility), just be ready for it.

Something funky is definitely going on. At any time, there's either about an $80k buy order at about $13/BTC or a similarly huge sell order at about $20/BTC. I've been watching from time to time throughout the day and it keeps switching.
 

Dallows

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So I'm just sitting here refreshing the newegg page waiting for the 5830s to come back in stock
 

Chihlidog

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So I'm just sitting here refreshing the newegg page waiting for the 5830s to come back in stock

I did that basically all day yesterday, only way I found out when they did. I ordered one for myself, THEN posted on here that they were back lol
 

Yakk

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Something funky is definitely going on. At any time, there's either about an $80k buy order at about $13/BTC or a similarly huge sell order at about $20/BTC. I've been watching from time to time throughout the day and it keeps switching.

YES!

First there's traditional TA (technical analysis), then there is my conspiracy theory (for fun) :

It only takes a very, very simple strategy and a couple of people with large accounts, or even just one person with a HUGE account (and we know those exist) to do this because the market is still so relatively small.

Somebody (or group) can flood the market to bring price down, then buy low from panic sellers. The market maker(s) decide when they are ready to reverse because they can then place a slightly higher buy for themselves for their own timed sell. Taking some small traders & the whole market along for the ride. This brings price up "artificially", then you sell those same coins again and bring the price down. The thing to remember is the bitcoin market is essentially lawless, so everything goes. Variations on this can be done with smaller steps to make it even more profitable as seen in the last few days. That is why I expect a continued decline then a relatively quick rise to maybe $20 because at one point somebody will want to prepare the market to sell at a profit.

Namecoin is an even smaller market and more pronounced, that is actually where I noticed the basic pattern first, probably because too many people were too eager for quick profits.

The linchpin is do some people have large enough combined accounts from the early bitcoin days to do this?
 

Chihlidog

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Is there a way to mine namecoins that is as easy as BTC? I dont have the confidence to start screwing with my settings. I know, I'm a retard. I'd like to just be able to use a client like with bitcoins.

Also, am I reading correctly that I need namecoins already to start mining them?
 

wol-va-rine

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YES!

First there's traditional TA (technical analysis), then there is my conspiracy theory (for fun) :

It only takes a very, very simple strategy and a couple of people with large accounts, or even just one person with a HUGE account (and we know those exist) to do this because the market is still so relatively small.

Somebody (or group) can flood the market to bring price down, then buy low from panic sellers. The market maker(s) decide when they are ready to reverse because they can then place a slightly higher buy for themselves for their own timed sell. Taking some small traders & the whole market along for the ride. This brings price up "artificially", then you sell those same coins again and bring the price down. The thing to remember is the bitcoin market is essentially lawless, so everything goes. Variations on this can be done with smaller steps to make it even more profitable as seen in the last few days. That is why I expect a continued decline then a relatively quick rise to maybe $20 because at one point somebody will want to prepare the market to sell at a profit.

Namecoin is an even smaller market and more pronounced, that is actually where I noticed the basic pattern first, probably because too many people were too eager for quick profits.

The linchpin is do some people have large enough combined accounts from the early bitcoin days to do this?

"Satoshi" (or whomever he is in real life) has at least, at the very least, 1.5 million BTC, so yeah, we know of at least one person that has enough...
 

Yakk

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Is there a way to mine namecoins that is as easy as BTC? I dont have the confidence to start screwing with my settings. I know, I'm a retard. I'd like to just be able to use a client like with bitcoins.

Also, am I reading correctly that I need namecoins already to start mining them?

I believe someone posted a guide already somewhere in this thread, but the short version instructions can be found here for pool mining.

FYI, as of recently namecoins now have a lower value than bitcoins for the first time when their price drop, just a warning on them
 

Chihlidog

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I believe someone posted a guide already somewhere in this thread.

FYI, as of recently namecoins now have a lower value than bitcoins for the first time when their price drop, just a warning on them.

I saw the guide, and Ive read a couple outside of this thread, and honestly it was stuff I wasnt comfortable screwing with, as I dont want to trifle with my wallet or miner. Im not good at much, but Im good at screwing up good things.
 

wol-va-rine

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I saw the guide, and Ive read a couple outside of this thread, and honestly it was stuff I wasnt comfortable screwing with, as I dont want to trifle with my wallet or miner. Im not good at much, but Im good at screwing up good things.

this...I had also read something and such about having only 48 hours to do something or else the namecoins would be lost forever...? and I had no idea what that was, so yeah...um...I'll just stick with something I know a little about rather than something that I know nothing about and would have a 50/50 chance of screwing up (and not knowing how I screwed up)...lol
 

Yakk

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this...I had also read something and such about having only 48 hours to do something or else the namecoins would be lost forever...? and I had no idea what that was, so yeah...um...I'll just stick with something I know a little about rather than something that I know nothing about and would have a 50/50 chance of screwing up (and not knowing how I screwed up)...lol

You do not need to have BITCOIN client itself loaded (and so no access to your local wallet) to mine namecoins.

To mine namecoins you can just use GUIminer (and your miner of choice). Follow the instruction for web site & port. Then you need to create a Bitparking Namecoin Exchange Deposit address. That address is what is only open for 48h or 1 deposit whichever comes first, then that address can no longer be used, and yes you lose whatever "batch" of namecoins you were working on if that happens.

After your deposit you are free to trade namecoins for bitcoins.

It was worth the hassle when the namecoin value was 4x that of a bitcoin, now they are worth the same or less.
 

Ualdayan

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YES!

First there's traditional TA (technical analysis), then there is my conspiracy theory (for fun) :

It only takes a very, very simple strategy and a couple of people with large accounts, or even just one person with a HUGE account (and we know those exist) to do this because the market is still so relatively small.

Somebody (or group) can flood the market to bring price down, then buy low from panic sellers. The market maker(s) decide when they are ready to reverse because they can then place a slightly higher buy for themselves for their own timed sell. Taking some small traders & the whole market along for the ride. This brings price up "artificially", then you sell those same coins again and bring the price down. The thing to remember is the bitcoin market is essentially lawless, so everything goes. Variations on this can be done with smaller steps to make it even more profitable as seen in the last few days. That is why I expect a continued decline then a relatively quick rise to maybe $20 because at one point somebody will want to prepare the market to sell at a profit.

Namecoin is an even smaller market and more pronounced, that is actually where I noticed the basic pattern first, probably because too many people were too eager for quick profits.

The linchpin is do some people have large enough combined accounts from the early bitcoin days to do this?

You mean just like the real stock market and the hedge funds toying with the retail investor every summer when trading volume slows. They see their chance to run everybody off, drive it down, media talks nothing but doom and gloom, buy cheap off the panic, then turn around and have the media suddenly shouting recovery so prices go back up and they can sell in the fall.
 

Ualdayan

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Sigh. Why can't I ever know about shit during the good times.

That's just it. You almost never know it's 'the good times' until those times have passed. I'd heard about Bitcoins, but back when you could easily get a bunch they were only worth pennies each. Who knew they'd go up to a buck, much less ever hit $20?
 

Yakk

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You mean just like the real stock market and the hedge funds toying with the retail investor every summer when trading volume slows. They see their chance to run everybody off, drive it down, media talks nothing but doom and gloom, buy cheap off the panic, then turn around and have the media suddenly shouting recovery so prices go back up and they can sell in the fall.

Or the mad rush at Forex calender events by the big banks...LOL... yes something like that... :D

I just find it really interesting to see it happening in a miniature world... sorta like looking at a bonzai... it's all there, just smaller.
 

traderj

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As long as the bitcoin market holds out for another 4-5 months I'll be happy. That's the estimated time to pay off my newest rig. Figured at $12 a btc to be safe.
 

Shlomo

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As long as the bitcoin market holds out for another 4-5 months I'll be happy. That's the estimated time to pay off my newest rig. Figured at $12 a btc to be safe.

Hope you took into consideration the difficulty jumps that will occur over that time...
 

Lorien

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How to make P.T. Barnum proud: Please bail me out - I'm an idiot bought mining gear at the peak

700$ electrician work, (individual circuits, breaking out circuits near a window for good airflow, etc)
100$ various fans
50$ tables/benches
80$ 16 port switch
10000$ computer equipment (6870 radeons, motherboards, semprons, 1000w power supplies, PCIe risers, ethernet cables etc)
40 hours work setting it up
(insurance, risk of fire/flood damage, massive heat generated, the 50 flies that are in my house because i opened a window near my set up to deal with heat)

Chicago electricity: 15c/ kWh (this is my #1 cost and its MAJOR)
 

meme

Limp Gawd
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If that happens .... well ..... I'll be absolutely speechless. Anything is possible, but THOUSANDS?

Bitcoins are a speculative bubble. Other than the thousand or however many per day which are used as tokens for drug sales, they're not really being used as currency. Almost all the buyers of bitcoins are speculators, hoping that the exponential price increases will continue.

The bubble grows and grows and grows until finally it bursts and the price crashes down to whatever these coins are really worth... probably pennies at this point, enough to support the drug sales and other illegal activiities being done with them.

The thing is, there's absolutely no way of knowing when the bubble will burst. It might be tomorrow, it might be 3 months from now. The price could go to $2000 a coin, or may never go above where it is right now. There is no way of predicting what will happen before this thing finally implodes.

There have also been periods of price stability in the past where the price stayed much the same for a month+, before the next period of rapid price growth. So, if you're involved in this, you won't be able to predict anything in the future. The one thing I can almost guarantee is that it's eventually gonna crash back down to nearly nothing. There's no reason for these bitcoins to be worth much of anything. They're the tulip bulbs of the 21st century, except tulip bulbs at least had some value.
 

wol-va-rine

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That's just dumb. $10k investment. Would never consider that in a million year.

he might have looked at one of those mining calcs that don't take into consideration the difficulty increases, still there is SO much FAIL in his post, what kind of cheap ass PSUs did he buy that he's buying "missing" cables from Amazon...? lol, good luck selling those...

with difficulty increases figured into the equation he'll make a total of about 130 bitcoins with that 3.5GH/s, but let's give him the benefit of the doubt and say 150, at the current market rate he will lose at least $3,000 on his half of the investment if he doesn't sell off some of that stuff, not nearly as bad as his first post alluded to, but still...

wow...

the bitcoin craze had really made some people go full retard...
 
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wol-va-rine

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Bitcoins are a speculative bubble. Other than the thousand or however many per day which are used as tokens for drug sales, they're not really being used as currency. Almost all the buyers of bitcoins are speculators, hoping that the exponential price increases will continue.

The bubble grows and grows and grows until finally it bursts and the price crashes down to whatever these coins are really worth... probably pennies at this point, enough to support the drug sales and other illegal activiities being done with them.

The thing is, there's absolutely no way of knowing when the bubble will burst. It might be tomorrow, it might be 3 months from now. The price could go to $2000 a coin, or may never go above where it is right now. There is no way of predicting what will happen before this thing finally implodes.

There have also been periods of price stability in the past where the price stayed much the same for a month+, before the next period of rapid price growth. So, if you're involved in this, you won't be able to predict anything in the future. The one thing I can almost guarantee is that it's eventually gonna crash back down to nearly nothing. There's no reason for these bitcoins to be worth much of anything. They're the tulip bulbs of the 21st century, except tulip bulbs at least had some value.

except that tulips had some value...? my bitcoins have already had some "value", find a brand new 6850 from Amazon for $45 ($25 after MIR) and get back to me, I'm confused though, bitcoins are said to only be used to buy drugs, so am I using this card properly...? it displays just fine, but am I supposed to take it out of my computer and smoke it or snort it or something...? how will a razor blade chop the heatsink into a fine powder...?

EDIT: and wait, I have a Dirt 3 code, maybe sell that for $20 and make it a $5 video card...? lulz...
 
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Yakk

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Other than not having a law saying bitcoins is a government endorsed (and therefore taxed) currency AND people mining, instead of the government printing it, I don't see any difference between it and cash. Weather you buy graphics cards, or whatever.

The idea of gold backing any given currency went out the window a good while ago with the accumulation of too much government debt, which it cannot repay. Unfortunately only a few countries like NZ, I believe, ever admitted bankruptcy.
 
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All forms of non-physically backed currency's are a bubble, they have to be, it's just a question of "can the bubble hold on" until the majority of people get on board. Once everyone is involved then it simply becomes the socially agreed upon item of value to trade.

US dollars are a "bubble." They are made of paper and trash metals that are backed by absolutely nothing and are printed freely by the Fed, yet everyone agrees they have value because everyone is already so heavily invested in them that it truly benefits each person to just keep the bubble going (for now). It seems maybe silly to bash bitcoins because they have no "real" value. At least there isn't a bitcoin government that prints trillions of extra bitcoins and steals value directly out of your hand :S

Don't worry about bitcoins being in a bubble, that doesn't necessarily mean there is a problem, that's literally the only thing that can occur on it's journey to becoming a real currency. The question is: can the bubble hold on and not crash until more people get involved. At this point the success or failure of bitcoin as a commonly accepted worldwide currency depends on how the masses perceive it's validity and safety.
 
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