The answer is really easy.

The feds butt RAPED the Silk Road guy in jail with a 2 by 4, until he squealed out his private key that unlocks his wallet.

So, with the 600,000 or so bitcoins in there, they went ahead and started selling lots at $100 per BTC, just so they could fuck with the exchanges.

Then they arrested the Bitstamp CEO and buttraped him too, and told him the story to put out. They found some skeleton in the Mt. Gox closet to black mail them also.

It's pretty fucking obvious, a caveman could figure this one out.

Start buying folks. The gubbamint is handing out free money, essentially, which is what they do best.

Not like I'm going to turn off my miners anytime soon.

All this FUD and BS is going to lead to a drop, and then, it's going to bounce up.

And, there is nothing wrong with people's wallets holding the BTC, just with DDOS attacks that mimic transactions.

There is nothing to freak out about. Yawn.

Back to mining and our regularly scheduled program.

And now, for a little Mozart.

All I know was that my Jallys were 6 months late.

To me, whatever they claim, re-claim, counter-claim, fabricate and re-adjust has absolutely no credibility whatsoever.

By the time they ship, 600 Mh/s won't get you 0.05 BTC per day, if you're lucky.

You're better off buying whatever hardware you can get your hands on now for $2k, than waiting 3-6 months (if you're lucky) for a Monarch.

If you've pre-ordered, you screwed yourself, and have nobody else to blame.

I'll take some 18 yr old Laphroaig single malt pls, ice and water on the side.

Oh please.

I've seen these types of "announcements" and threads on and off for a year.

The sky is not falling, the sun will rise, you will get up and empty your bladder.

Keep breathing, it will be ok.

Chill out man.

You can still use your GPUs to mine scrypt coins.

I assure you that they are highly profitable.

 

The economy has already collapsed, you just haven't realized it yet.

That's because of the slow inflation that has been robbing people of purchasing power ever since the Federal Reserve was created. The only thing that has been preventing people from realizing it is the continual debasement of the dollar, and also technological advancements in productivity. Bpth of those forces happen slowly, so people do not realize it.

But, if you took what $20 bought in 1913 (the passing of the Federal Reserve act), and compared it to what $20 bought today, you would realize it.

Back in 1913, $20 bought a man a nice suit, a nice dinner, and a nice hotel room for the night. Try doing that with $20 today.

Of course, if you kept that $20 in gold from 1913, you would still be able to afford a nice suit, a nice dinner and a nice hotel room for the night.

Moral of the story? Gold does not lie, but Congress does, and fiat paper loses value.

Have a nice day.

That is an excellent point. So it means that, depending on your tax bracket, you could get some benefit out of it.

Not anymore worthless than mining with graphics cards. LOL.

But yeah, kinda joking.

 

If you want to mine BTC with graphics cards, and you don't care about electricity, that's fine too.

You need to go to www.coinish.com and enter your Mh/s and see how much you get.

I think CGminer stopped supporting graphics cards for BTC mining at about version 3.7.2 -ish, so you need an earlier version of CGminer or whatever other miner you want to use.

But, 2 x 7950's mining BTC will yield 0.00022924 coins per day, which is $0.19 (and burn about $1000 in power in 12 months).

You're better off buying a Jalepeno, or some red-fury's off E-bay and mess around with those for a couple of hundred bucks.

Even if you have free power, the graphics cards create heat, which even though it's winter now, at some point, you'll have to cool the room once the weather gets warm. And, fans running at full power are usually annoying.

At least you'll learn something about mining, looking at the bright side.

What mining program can be used to mine with these? Or do you need that controller?

Is there a link for more info? Thanks.

Get at least a 600.

Most power supplies run more efficiently at 80% load.

If it's overclocked, it's sucking down at least 450 w, which is what mine did at 400 mhz.

By the way, some AntMiners get high hardware error rates at 400 mhz (mine did). I clocked it down to 375 and it's still running 450 w.

Lightyear69,

It used to be that computers were used to mine bitcoins, but now that's not done anymore. Those were the days of a couple of years ago.

Up until maybe August of 2013, you could still use graphics cards to mine, but those took a huge amount of power, and they became not profitable once ASICs (application specific integrated circuits) came out.

You can still use computers and GPUs (graphics cards) to mine what are called scrypt based miners, like Litecoin and other scrypt based coins, but you need pretty powerful graphics card, like 4-5 if you want to get anywhere with that, and a beefy power supply to boot.

As an example, I run 2x7950's in one computer for Litecoin mining (get about 1.1 Mh/s with both, it's a small setup with a 750 W power supply). You can't really put more than 2 of those cards with the case closed, because of the heat they generate and dissipate (200 Watts each, 400 watts total power to dissipate).

Most people who run many (4-5) graphics cards have open air rigs with powerful fans blowing on them and increased spacing between graphics cards so they do not burn each other up. I have not personally gone that route, mainly due to space and safety (kid) concerns.

As for bitcoin mining, to get to 400-600 Gh/s, you need some powerful miners, like several AntMiners, or a bunch of Singles, or a few newer Avalons, and burly power supplies.

My recommendation would be to start small, do not burn a lot of money, and configure any existing hardware you have to mine some litecoins, or maybe get a cheap ASIC off E-bay. Some of the older generation ASICs have come down in price. (like maybe a Jalepeno or Little Single). Or, get a redfury USB miner and run that for a bit.

Hope this helps.

Cointerra hasn't shipped a damned thing.

Hashfast shipped one stinking unit before Jan 1st, just so they could claim they met their shipping deadline.

So far, it's all Vaporware.

Cool !

I was a little surprised by the new difficulty too. I thought it would be higher.

You may want to check your statistics.

Inflation is running at WAY more than 4% a year (the data below is for the US), and lots of other places, like Zimbabwe, Venezuela, and just about everywhere else in the world.

Seehttp://www.shadowstats.com/alternate_data/inflation-charts

As for the reality of rising mining difficulty, it makes BTC harder to get.

This means increasing difficulty runs opposite that of inflation, thus the rising difficulty level is a measure of deflation.

Increasing difficulty is a good thing, it makes BTC more scarce, and leads to a balance between inflation (the increasing number of BTC), and deflation (rise in difficulty, making new BTC harder to get). You can't print BTC, unlike every other fiat currency out there.

That's an awesome story Edgar.

I do have to pay more attention to the other namecoins.

Thank you.

What's your track record running successful group buys?

Links pls.

Thanks.

At 400 Mhz, I got way too many hardware errors, like 50%...so, I'm trying the 375 settings.

Dunno why that was so high errors, but I guess it's just the luck of the draw.

So how is that different than buying Catterpillar stock, or IBM stock, or dumping $500/month into your mutual funds for retirement, hoping they will go up and you'll have enough to live on, assuming the government does not devalue the hard earned money you have saved up?

20 years from now, if the printing presses (or digital ones), keep rolling like they are now, you won't be able to buy a burger with $10,000, and your retirement will be worth crap.

I'd rather take my chances with Bitcoin than with the Federal Reserve and crappy government social security promises. Veteran's pensions just got cut, on the whims of Congress. What's to say that won't happen again, and again, and also with Social Security?