I think what you two are talking about is fascinating. You buy a super computer, figure out how to run it's components to the max, without crashing it, kind of like Nascar drivers. Your car is the single most important thing. You just have to know how to handle it to get to the finish line without blowing it up, and you will get paid. Not much right now, but if the coins were ever to blow up over night like btc did you will be heavily rewarded.
Like I said, I find it fascinating
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"Only God can judge me. So either LOVE ME or LEAVE ME ALONE"
IG- Changethegame71 tell me more about how much you hate me, even though you know you can't help but follow me
Most likely why the world is full of hackers, and peppered with scammers.Originally Posted by JUSTIFIEDhomicide
Most likely why the world is full of hackers, and peppered with scammers.
wat
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"Only God can judge me. So either LOVE ME or LEAVE ME ALONE"
IG- Changethegame71 tell me more about how much you hate me, even though you know you can't help but follow me
Funny thing is, my set-up is really quite basic and is 12 months old.
What I've been thinking about doing is a an open milk-crate mining rig only.
I've priced it right down to the last detail and I'm looking at a cost of $4,500AUD to run six R9 290's off a single motherboard with dual PSU's. (the R9 290's are $550AUD each)
This should hash @ about 5.3MHS and even at the current crappy mining rates would gross about $45AUD per day ($1,350AUD per month gross)
But I'd expect them to average more then this, soon as the BTC price picks up again I think you can comfortably add 50% to this estimate.
Even if mining completely goes to shit I should be able to sell the GPU's for at least $400-$450 each so it's not a huge risk.
MtGox at 312, but other exchanges in the 660s -- more than double!
A guy flew all the way to Tokyo to protest the situation and demanded to meet with MtGox executives (which was denied).
http://invezz.com/news/forex/8877-fo...r-302-on-mtgox
This is actually a good point. Why hasn't MtGox issued a statement assuring everyone that all of their bitcoins really still exist?Despite the freezing temperatures, he today confronted MtGox’s CEO Mark Karpeles outside the exchange’s front door and demanded to withdraw his coins, but the answer was: “We can’t right now”. The most concerning thing is that Karpeles did not respond at all when Bruges asked him if the exchange still has everyone’s bitcoins.
“They haven’t answered anybody’s support requests, they seem to have just taken people’s money – they’ve taken my money”, opines the bitcoin trader. Burges says he’ll stay in Tokyo until next week, camping out at MtGox’s offices again if necessary.
They dropped to $220 not long ago on Mt Gox.
Gox has dropped $700 per BTC in less then two weeks. Other exchanges have only dropped about $200
I think it's fair to assume Mt Gox does not have all the BTC's that are in peoples accounts.
Last week I thought they did for sure but now I have big doubts.
On the other hand they could be pulling a rort, say nothing and buy up coins on the cheap.
Last edited by Salty_Aus; 02-16-2014 at 06:26 AM.
Highly recommend changing your password on MT Gox. Got an email this morning that the following logged into my account:
IP traces back to China. I've since deleted my account as I don't use it anymore.This is an email notification that your MtGox account has been logged-in to successfully.
Login Details:
Account ID: xxxxxxxxxx
IP Address: 114.80.91.181
User Agent: Mozilla/4.0 (compatible; MSIE 8.0; Windows NT 6.1; WOW64; Trident/4.0; chromeframe; SLCC2; .NET CLR 2.0.50727; .NET CLR 3.5.30729; .NET CLR 3.0.30729; Media Center PC 6.0; MAXTHON 2.0)
Connection Time: 2014-02-16 12:36:23 GMT
. Their reps response or lack thereof are about as an objective reason that something is wrong as it gets. There are probably many problems going on, but could one be that they were hacked and someone stole their bitcoins? Or these double transfers occurred leaving mtgox to cover the difference which they can't?
I know in crypto only exchanges it is a fraction of a percent. I haven't fucked with Gox in ages. 30% to get the money to an exchange is equally obsurd. No, it is far beyond it.I tried to purchase about half a bitcoin some months ago in the interests of day trading these swings but between the %30 transaction fees just to get the fucking money to an exchange and the 3% per trade, I finally just said fuck it and let it ride on LTC and dogecoins, which I continue to mine.
I consider none of it a viable long term strat and simply hope to get lucky and get out a house or two richer at some point and get out.
My friend, you're getting some really really bad advice when you only found these #s as a way to do business. Some "buddy" must have tried to middleman you somewhere if you read/were told it costs anywhere near 30% to get your money on an exchange.
You will never get past your biases. The non-working phoney market has a price that is way off yet the functional markets are the delusional ones ?
You should do op-ed's for a Murdoch rag.
Curiously have you noticed that all doge pools seem to pay out like 40% under what they should pay? Maybe it is DOS .. Maybe I should have looked into p2p.Pretty much been doing the same, have been mining Dogecoins about 60%-70% of the time as they're simply the most profitable... or were anyway till a couple of days ago.
What I've been doing is selling the Dogecoions as soon as I mine them and divesting into other coins that are not so profitable to mine, and selling these when the price peaks. Have just switched over to mining Coino for the time being.
http://www.coinwarz.com/cryptocurrency is a good site to figure what's the best to mine.
I was thinking about building an open milk-crate rig with 6 x R9 290's but not so sure I will now.
My gaming/mining rig.
Anyway, my point is don't trust coinwarz. It is a good place to look for the best things to mine but the results it displays can be way off.
Also I think anyone getting into the game is a bit ballsy at this point. Hardware prices are still overpriced and will be for some time. My local Frys still has no power supplies over 1k Watts, not to mention ATI cards. By the time profit is gone, any resale of these cards will be next to nothing. Summer is coming up if you aren't in Australia.. etc. goodluck..
How do you determine which will peak? Really, almost all altcoins have a general downward graph and I suspect that has a lot to do with the constant pressure of mining. It is an interesting approach you are taking but how do you figure out what is undervalued? With the exception of a few coins, the only peaks are due to being introduced to exchanges or pump and dumps.Pretty much been doing the same, have been mining Dogecoins about 60%-70% of the time as they're simply the most profitable... or were anyway till a couple of days ago.
What I've been doing is selling the Dogecoions as soon as I mine them and divesting into other coins that are not so profitable to mine, and selling these when the price peaks. Have just switched over to mining Coino for the time being.
I had never thought about this but I suspect you'd want to look for coins that have the correct properties for a pump and dump. Certain coins due to various properties will be a lot more likely to be pump and dumped. You're always always better mining at the highest return on your rig and then buying them up off the open market from what I've seen.
Also, if you look for certain coins. I was able to make about 5 times the daily return in the first 3 hours off PandaCoin. And thats without holding so near 0 risk.
When I first posted Gox's statement about transaction malleability here, I asked if people thought it was true, partially true (meaning a true statement but not the whole story), or false.
I asked this because I personally believed it to be partially true, and that is looking increasingly clear.
Transaction malleability is a real thing, of course, but the question is why the other exchanges have dealt with it mostly unscathed, while Gox still has withdrawals disabled and a price that has slipped to about 38% of the other major exchanges.
Gox also refuses to answer any real questions, and most disturbingly, does not seem interested in providing any form of proof or assurance that they really have the bitcoins they claim.
Whenever a company or individual is accused of wrongdoing, and their response is either silence or vague/evasive statements, that's almost 100% indicative that they are guilty. If you are innocent, you shout it from the mountaintops and bend over backwards to show proof of your innocence. Gox is pretty much doing the opposite.
Perhaps transaction malleability is the whole story, but not in the way Gox wants everyone to believe. Perhaps they had a massive amount of bitcoins stolen that way, and now they're trying to stall, Full Tilt style, and hope enough time passes to where they can buy them back somehow. Maybe they are even hoping their own price crashes enough to where it becomes cheap enough to buy back a lot of coins from people, thus extricating themselves from the situation.
Gox has now sufficiently scared everyone to where they will never be trusted again. If withdrawals are ever enabled, there will be a mass exodus, with people transferring their coins elsewhere and never touching Gox again. This will also create a likely crash on the other exchanges, as you have to imagine that a lot of people will just want to sell their bitcoins and GTFO out of this whole mess. This will be compounded by the people who bought very cheap coins on Gox and simply want to cash out immediately for a nice profit.
Either way, this situation doesn't look good. Best case, Gox gets back on its feet, enables withdrawals, and you will see a mass transfer-and-sell-off occur, crashing BTC prices. Worst case, it comes out that Gox is broke and its bitcoins gone, creating a big wave of public distrust of bitcoin, again causing a crash.
I have never believed bitcoin to have a sustainable future in its current form. It just isn't possible. It's too fragile, too vulnerable, too tempramental, and too dangerous for the US government to allow to continue unchecked and unregulated. At one point I thought that the future of bitcoin would involve a highly regulated situation which resembles today's anonymous and uncontrolled BTC economy, but now I'm thinking that a few years from now, people will discuss bitcoin the same way we talked about disco in 1984.
I've noticed about 40% of ALL pools underpay to some degree, and perhaps 10% do it really bad.
Pretty much been doing the same, have been mining Dogecoins about 60%-70% of the time as they're simply the most profitable... or were anyway till a couple of days ago.
What I've been doing is selling the Dogecoions as soon as I mine them and divesting into other coins that are not so profitable to mine, and selling these when the price peaks. Have just switched over to mining Coino for the time being.
http://www.coinwarz.com/cryptocurrency is a good site to figure what's the best to mine.
I was thinking about building an open milk-crate rig with 6 x R9 290's but not so sure I will now.
My gaming/mining rig.
Curiously have you noticed that all doge pools seem to pay out like 40% under what they should pay? Maybe it is DOS .. Maybe I should have looked into p2p.
Anyway, my point is don't trust coinwarz. It is a good place to look for the best things to mine but the results it displays can be way off.
Also I think anyone getting into the game is a bit ballsy at this point. Hardware prices are still overpriced and will be for some time. My local Frys still has no power supplies over 1k Watts, not to mention ATI cards. By the time profit is gone, any resale of these cards will be next to nothing. Summer is coming up if you aren't in Australia.. etc. goodluck..
Dogecoins for example I was with fast-pool for a while, I reckon they're ripping people off to the tune of about 20%-30% straight off the top... they had over 10,000 people mining so no way it can be variance. They charge 0% in fees to suck you in.
The coinwarz estimates are quite accurate, what you have to do is factor in how often the difficulty changes.
Also, don't look at the coins that have just had large difficulty changes if you want an accurate estimate.
A really good Dogecoin pool is www.doge.netcodepool.org
2% fees but this site does not steal a penny. Slight variance though with only 1,700 miners.
Last edited by Salty_Aus; 02-16-2014 at 01:25 PM.
Good point, I like to get familiar with just a few coins that have history of highs and lows, still a crap shoot.How do you determine which will peak? Really, almost all altcoins have a general downward graph and I suspect that has a lot to do with the constant pressure of mining. It is an interesting approach you are taking but how do you figure out what is undervalued? With the exception of a few coins, the only peaks are due to being introduced to exchanges or pump and dumps.
I had never thought about this but I suspect you'd want to look for coins that have the correct properties for a pump and dump. Certain coins due to various properties will be a lot more likely to be pump and dumped. You're always always better mining at the highest return on your rig and then buying them up off the open market from what I've seen.
Also, if you look for certain coins. I was able to make about 5 times the daily return in the first 3 hours off PandaCoin. And thats without holding so near 0 risk.
Last week I was buying lottocoin, week before it was grandcoin and will buy more of these this week. I still kinda like netcoin for trading bands.
Another thing to consider is which coins will be newly traded on Cryptsy, whenever they hit Cryptsy they usually take off.
You're right though, tons of coins just lose value and never spike.
I should read more about it. If they skim 30-40% on a midsized pool, thats a nice little chunk of change.
Well I researched 2 pools in reference to doge. one bein multipool and i seemed to be missing about 40% EV on both. At that point I stopped screwing with it, but my assumption is coinwarz doesn't take this 40% into account. Maybe it was just a matter of finding a better pool... I just went to a different multipool. Sonatine is probably right, about $50 a month for someone who doesn't fuck with it and mines 1 reasonable coin on a high end card. That'd definitely be on the low end though, but there is always the cost of one's time.
It is interesting that I specifically have avoided 0% fee pools because I just have to wonder why ? Seems like a red alarm. You'll never notice that 2% due to variance, so why risk being ripped off on a pool that has no sensible business model outside of cheating?
I have a FOAF who is converting his pool house into some GPU farm. lol.
It is a fascinating world. The whole concept of DACs or DAX or whatever you wish to call them. It might come to a complete halt but then it might provide some seriously crypto scifi services.
I don't understand how Druff can be so sure bitcoins will be outlawed. The US government couldn't really outlaw poker. Bitcoins will always be around in some form. Just like online poker. THats pretty much your worst case. Maybe they'll be $100 a piece, who knows. Maybe $5000 5 years from now. The more storms bitcoin weathers the more it proves its resiliency. Countries with currencies artificially pegged hate bitcoin more than all. Do we hear about Western countries outlawing bitcoin? No. A year ago you could argue all bitcoin was good for is gambling and drugs, but times have changed.
Many of the pools rip off the miners. Whenever I try out a new pool if I don't make close to what I expect I find another pool immediately.I should read more about it. If they skim 30-40% on a midsized pool, thats a nice little chunk of change.
Well I researched 2 pools in reference to doge. one bein multipool and i seemed to be missing about 40% EV on both. At that point I stopped screwing with it, but my assumption is coinwarz doesn't take this 40% into account. Maybe it was just a matter of finding a better pool... I just went to a different multipool. Sonatine is probably right, about $50 a month for someone who doesn't fuck with it and mines 1 reasonable coin on a high end card. That'd definitely be on the low end though, but there is always the cost of one's time.
It is interesting that I specifically have avoided 0% fee pools because I just have to wonder why ? Seems like a red alarm. You'll never notice that 2% due to variance, so why risk being ripped off on a pool that has no sensible business model outside of cheating?
I have a FOAF who is converting his pool house into some GPU farm. lol.
It is a fascinating world. The whole concept of DACs or DAX or whatever you wish to call them. It might come to a complete halt but then it might provide some seriously crypto scifi services.
I don't understand how Druff can be so sure bitcoins will be outlawed. The US government couldn't really outlaw poker. Bitcoins will always be around in some form. Just like online poker. THats pretty much your worst case. Maybe they'll be $100 a piece, who knows. Maybe $5000 5 years from now. The more storms bitcoin weathers the more it proves its resiliency. Countries with currencies artificially pegged hate bitcoin more than all. Do we hear about Western countries outlawing bitcoin? No. A year ago you could argue all bitcoin was good for is gambling and drugs, but times have changed.
Some are incredible greedy, I mined some Fastcoin @ www.miningpool.co for one day
I should have earnt about 1,500 coins and only got 550'ish.
Didn't complain or make a big deal out of it, but I did Google them with keywords like cheat, steal, rip off and got tons of stories.
They're a pretty big set-up with nearly twenty sub-pools... and they're blatant cheats.
I wonder where Sonatine mines, big chance he's being cheated if he's seriously only making $50 per month... and 600KHS is a ridiculously low hash-rate for such a high end GPU, a HD7950 outperforms it and these were like $200 last year.
Last edited by Salty_Aus; 02-16-2014 at 03:23 PM.
Is this Gox thing going to end badly? Looks a lot like FTP in 2010-2011
payments VERY delayed and at ftp that was sign of what was going to come
MT Gox to the bitcoiners of the world: "It was never your money, that's clear!"
Oh sure you didn't Druff. Sure you didn't. lol. Give us a fucking break now. You bought your .1 Bitcoin so you could be able to buy real Bitcoin in the future because you thought it would make you money. As usual you were late to the party and lost. Big surprise. Hang it the fuck up and never post about Bitcoin again.
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