If I had the cash, id pick up a second titan.

ETH has an unlimited coin supply. It is hot air in my personal opinion. I will not move BTC to ETH. I am mining ETH and selling to make a profit, and holding a couple of ETH tokens only. The bubble has lasted longer than I expected, though.

Etherium in my opinion is fools gold. Unlimited token supply? This is a bubble just waiting to pop. But I will mine and convert to BTC while it is profitable, I might as well.

Seems the best option at this point, it makes sense to mine ETH while it is profitable, though.

Jacob

Before we  start, I am a believer that things happen in cycles on an astrological basis, while advancing things forward. Leaving spirituality and my beliefs and meditation work out of this however, I see many parallels to the Gold Rush of 1848. This was kind of a lightbulb moment for me.

I am 21 now, at the age of 15 and 16, I called it wrong when I opened the bitcoin client, and promptly uninstalled it, and continued writing my book without research. If I had typed setgenerate = true, left and HODLed... well what is done is done, those years were an amazing ride, in any case.

Now to the similarities:

For starters, the earliest in struck it rich.

There was an arms race to get better and better digging equipment / arms race to get better mining hardware and chips

As the gold got harder to mine, people pooled resources working together to mine more / The rise of bitcoin mining pools happened

Many attempts to scam miners making the journey / many ASIC pre-order scams

Selling goods and services to gold miners was more profitable than mining in its own right later on / It is easier to make bitcoins doing stuff other than mining

people invested their life savings to make the journey to California / People dumped life savings and capital into bitcoin ASIC equipment

Selling shovels became more profitable than mining the gold themselves / ASIC manufacturers can make more money in a similar way

Miners stayed in an area only to determine how profitable it was before jumping ship if it wasn't / people pool hop or mine altcoins to convert to BTC, other than that, the altcoins are useless to them, the rise of multipools.

Most late arrivals wound up loosing money / many of those who missed the train of easy mining lost money

Gold rush mining expended a lot of energy and time / bitcoin mining costs a lot in electricity

The more mining the gold, the harder it was for one individual to find it, some went alone and struck lucky / bitcoin difficulty rise, some solo mined and hit it lucky. Using a tiny rig to solo mine is like using a weak shovel in hopes of finding that lucky gold nugget.

The latest techniques for mining the gold were difficult for the average joe to use unless trained in its use / power consumption of industrial operations are way more than many house circuits can handle.

The increased gold supply caused a drop in the value of silver at the time (now remember, silver now has many more industrial uses than then) / Litecoin was at $50 a coin, being silver to bitcoin's gold. Litecoin tanked as bitcoin became more mainstream, although it is still 'silver' for want of a better word.


ONE KEY difference: Searching Wikipedia articles and the references attached to it and from books I read doing my history BTEC years ago however, was the white man overall made more profits than the Chinese/Asian. In the bitcoin world however, it is the other way around, suggesting a power shift on some level that people have not yet realized. China have all the industry and hold nearly all the cards with manufacturing. It is in essence, asias turn.

The gold rush ended when more complex techniques to mine it had been created and essentially it wasn't possible for any tom dick and harry to mine  with a shovel.

The halving (the income of gold miners was reduced more gradually) if the gold rush is anything to go by, the price will not spike for a while, until the recourse is more scarce. As there are still many in the pipeline  and on the market.


I run the risk of looking silly by saying that the next generation of miners may be the last ones that home users can easily use, large scale mining farms and operations is pushing the little guy out (for profits only), many old and outdated hardware can either be soloed for lotto purposes (to help with decentralization) or otherwise switched off and may make its way to landfill or hopefully recycled, or utilized by someone with extremely cheap power. This is just my personal opinion.

Once it gets to this stage, imagine loads of home miners just mining with a single rig on their own node, totalling probably several petahashes across the whole network. Some of those are bound to strike it lucky.

Litecoin may be the little guy's coin, just how silver can be the little guy's investment. But both equally usable for their intended purposes.

The lightning network meaning you essentially have the value of your coins tied up in multisig wallets on the blockchain, just how gold was supposed to back paper currency in the original idea. The lightning network 'coins' are backed by the blockchain, and can be moved on and off blockchain at will?

Key difference here is gold is a physical metal, bitcoin is merely a set of inputs and outputs on a ledger worth something because people tie value up in it.

If I were to follow the herd here, and go for the next ASIC hardware, I am unsure if its worth doing that and theres speculation and silence from the 'shovel' manufacturers and end users. So I took the best shovel still available to me, and put it where much less people are looking, in a multipool with an ASIC rig with still good life left in it (the titan), soon that area will be cleared too if more jump on the scrypt bandwagon, or it may be the forgotten stepchild. A smaller mine out of the main focus.

Either way the manufacturing of new 'shovels' for scrypt will take some time, time I am utilizing. I do not want to follow the herd in this case. Unless one is doing it for a hobby or has cheap power, mining bitcoin directly, its very late in the game. Maybe I can then sell my shovel when the time is right.

But for those who believe in cycles or advancement as a result of a cosmic plan, or even if they don't this whole scenario mirrors the gold rush in so many ways. And the gold rush is nearly over, bitcoin stabilizing in a way, weather or not individuals or farms make a profit.

Thoughts from anyone?

I can speculate, but I think ETH is fools gold (this is speculation only) and it will be seen to be this, and that bitcoin is the real gold. I feel those who invested MILLIONS into ETH will end up bagholders. I could be wrong, but I just cannot see how it will last. But I am astounded at the amount of money people poured into it. Trading real established 'gold' (bitcoin) for this new kid on the block  with little research on it.

I am saving up to go off the grid and I made my titan investment hoping that helps me, 0.044 BTC a day on average atm, with less risk many are going to come with their shovels and knock me over until im finished due to the constrained scrypt ASIC supply.

I am hoping bitcoin becomes more recognised as a store of value, but am also storing assets in silver (gold is at an all time high, more expensive than platinum last time I looked this year), ready to cash out when I buy some land and build my off grid log cabin with its own solar panels water collection, septic system, etc.
 
I wont be spending my life paying a mortgage to a bank. And the idea of supporting something no one entity can control? My savings under my control and responsibility? I am all ears. I run a full node with a bit of hashrate pointed to it, I solo at CKs solo pool, I hope that I can in some way contribute to the security of the bitcoin blockchain. Once my titan has ROI I am going to solo litecoin to secure its network. The blockchain is an innovation that can help free humanity in my opinion. I can now transact without a bank or big brother telling me what I can and can't transact. I send the money to a place of my choice, in exchange for this, the user is responsible. Totally. For their private keys. No bank or recourse, this is the price one pays for freedom of that kind.

Fractional reserve banking is doomed to fail. But, the likenesses between the bitcoin rush and the gold rush are just too similar to ignore.

Send your  bitcoins to me. I will double them for you out of my own pocket (as in, take your coins, laugh all the way to the bank, and cash out)

No one is going to 'double' your coins for free. I am not rich and trading is in a way gambling. Don't invest  what you cannot afford to loose.

I bet loads of miners will jump on the bandwagon though while its high, don't blame them tbf but the difficulty will increase, but as ETH is profitable to mine even with high power costs I don't see the difficulty dropping until the price falls low.

I jumped on the ETH bandwagon and made some money (BTC) out of it.

Well we do want some of the SHT hashrate decentralized, I find it so funny I crashed the pool! I took the worlds biggest crap yet. Until then I was considering pointing a small 1 petahash rental from nicehash to see what would happen if I pointed 1 pH to SHT. But as it happens, it cannot handle the shit from 500GH. Keep this to block (shit) erupters now!

My transaction processing mining node is up again, I have to restart periodically and remove wallet.dat, keeping them all so I can be the biggest SHT bagholder.

Thing is, we have the lightning network soft fork which is good. But I do agree that the block size HAS to be increased, if there simply isn't the capacity and transactions stall, they will simply use the more expensive but working alternative. The best system in the world isn't worth diddly squat if it doesn't work.

The lightning network is a great idea, and this can be implemented with a soft fork. They seemed to have found a way to increase the block size in some way via a soft fork too, I think by only including essential data in the block to 'simulate' an increase?

I am with the core devs on this one, why do a hard fork if you can do the same result with a soft fork? Although a hardfork could be more of a pain when t is more adopted.

Why would running a full node on amazons service be any problem if its legit? Unless I am missing something?

I would like to be able to pay my rent and bills in BTC and be paid for all work in BTC.

I blocked the range in the firewall. Wonder what they are doing...

https://bitcointalk.org/index.php?topic=1451715.0

This could just as easily happen to a cloud account.

Get either a hardware wallet (ledger if your cheap, trezor if you want something a bit more durable) and keep a backup of the paper seed separate OFF of the computer, or a coinbase multisig vault account with a strong passphrase and keep the print out of the backup/recovery keys (can be used to recover if coinbase goes bust with your passphrase) or if you forget your passphrase and coinbase is still alive, used to recover the vault from a forgotten passphrase.

Just do not keep private keys in the cloud.

Look on blockchain.info to see how full the blocks are Anything that is at 1MB for many blocks in a row means the network is near capacity. The long confirmation times for lower fees at the moment means me being the impatient me is just sending TX with a reasonably high fee.

I read this can be a problem with the ledger wallet, receiving many payments from a pool like I am to a ledger wallet, I periodically will move them all to a single address to solve this exact problem. Too many inputs slows the signing chip inside greatly as each input must be signed.

My node i am keeping hosted and mining to process transactions keeps crashing when the wallet.dat becomes too full. Unfortunately, it is bullshit software. (read the ABOUT section in the QT client)

I just have to move wallet.dat now and again.


This is bullshit software, if you don't like it--you can eat the peanuts outta my shit. < - Love it!

But even then, there is 4 peers. Long live shitcoin! The signal bars went from red to orange

Pointing my S3 to the shitcoin pool from solo for a little while. Watch the SHT hashrate and difficulty jump! Then I pull out, leaving all you CPU miners constipated until retarget!

As I am going to be the biggest SHT miner, I will take the worlds biggest crap: https://www.youtube.com/watch?v=bczOxg2JoJM

EDIT: I think I broke the pool, I think the SHT daemon didn't like sending so much work as it probably submitted fuck knows how many blocks??? I pointed 500 GH/S to it. My apologies This is a bullshit pool, which just cannot handle the shit. This shit is too much for it.

I think these litecoin death psychics are only saying such to make the price tumble, buy some up, wait for it to be normal and then SELL SELL SELL. Attempting to cause a dump so they can then pump it. Gets old.

HODL or spend, its the coin holders choice, thats all I have to say on that matter : ) Like money. If many HODL and some spend, that can actually drive the price up. I think HODLing bitcoins is less dangrous than the dangrous fractional reserve banking system our economies operate on

I am glad i bought my titan when i did <3

Not a problem

Your firmware, makes the difference between this machine being a PITA, and being a worthwhile investment. The price you charge for it is reasonable too. And can save time trial and error time with the voltages on power saver. I did research on this for ages and had already made the decision to buy your firmware at the same time as the titan. Testing it with and without, it is a no-brainer. I also carefully researched you saying not to run all dies at -0.366v or higher at 325 MHz, very helpful advice. I run all but one die at 325MHz to make up for the dead ones, but most are at much lower voltages with your power saver tweaker.

The hours you spent on that firmware save many hours of restarting and fiddling with this thing. The bitcoin transaction for it was also smooth. The DC-DC overtemperature only kicked in once, yet again for safety and risk of damaging hardware, your firmware can help prevent HW damage otherwise. I manually popped that voltage just a tad lower myself, which seems stable enough enabling me to keep that die at 325. Factoring your firmware into ROI is pretty much a given if your a careful investor who wishes to research their investments. I am extremely careful with investments, researching all possible avenues and not getting drawn into hype.