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Thanks for pointing out the problems in my logic.
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My numbers very well might be off, but this is what I'm trying to say:
200BTC * $2.50 (market price) = $500 for 200BTC
200BTC * $4.00 (mined price) - $500 sale of used hardware a year later = $300 for 200BTC
Is that way off?
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If the market rate for bitcoins is X, and the (higher) rate per mined bitcoin is Y, and the value of the used GPUs on the market is Z, then the difference between X and Y needs to be more than Z or you should be mining. Or am I missing something?
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By investing into mining right now, you will be losing $ every month, regardless. Buying into mining right now is betting on the price of bitcoins increasing in the future. If you immediately sell your coins as you mine them you are doing it wrong.
No, If you mine at a loss hoping bitcoin prices will increase then you are doing it wrong. The sensible approach is to buy bitcoins with dollars rather than with more dollars in electricity and hardware. Don't leave the hardware out of the equation. If you mine you also have the (used) GPUs that you could sell or utilize for something else. So if you buy a GPU for $300 and make the $300 back in a year or so, you still have the GPU, as opposed to just buying $300 worth of bitcoins now. |
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So is there any way to see roughly how much the merchant got? I'm not sure if the bid credits go to the website or to the seller. |
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As long as you have a strong (and long) enough passphrase, I like the idea of a deterministic wallet where the private keys are only ever generated in memory when you want to send money.
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I'm loving this thread, this will put and end to bitcoin. I mean scams after scams, bitcoin does show all how good we truly are as human species.
TBH the main uses of BTC for now are Silk Road and scamming. For all I care, we could rename this forum "Scammers R us" with the amount of scammers on here. Too bad there is no live video feed or something. I am thinking they gave Inaba $5k or $10k to turn to the dark side and we get fed a ton of BS and people rush in to buy etc. this fantastic new magical unicorn technology. Maybe I am just paranoid  but these scams on here are not normal scammer level; they are UBER level and they are doing it very in depth and planning etc. mybitcoin, bitcoin7 etc. You know there *are* people who wouldn't even think of scamming, even if offered 10k. |
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BTW, does anyone know how long this deal will last?
Probably until they are gone. There have been other sales in the past. $500, then $400, this is likely the last of the inventory to make room for the 7000 series next year. I would expect to see some price drops for 6000 series too around the start of the new year but the 5000 series is superior for hashing. Thank you sir! |
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BTW, does anyone know how long this deal will last?
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I appreciate the reply. I'm still pretty new to this, so I'm still learning. Thanks for the analysis.
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NewEgg Black Friday special. Wish I didn't live in CA and could get these without sales tax.  DIAMOND A5970PE52G Radeon HD 5970 2GB 512 (256 x 2)-bit GDDR5 PCI Express 2.0 x16 HDCP Ready CrossFireX Support Video Card - OEM $299.99 with free shipping. Limit 10 per customer http://www.newegg.com/Product/Product.aspx?Item=N82E16814103195Assuming: - the current difficulty - a bitcoin is worth $2.50 - and you would get 550mh/m from the card - and not taking into account electricity costs it would take about 8 months to make back the $300. Doesn't seem like too good of an investment, unless you want to do it as a hobby. Of course when you quit you still have the used card. Are my numbers off? |
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Can you please continue this discussion in the previosly mentioned thread? This is the litecoin thread and that one is dedicated to this discussion.
The discussion is related to a current issue with Litecoin, the growing block size. The Litecoin block chain grows about 4 times faster than Bitcoin. So this may become a problem for us sooner. It's good to hear some ideas about how to fix it. 4x ? That would imply 4x the blocks AND 4x the txn ... A block is produced every 2.5 minutes, instead of bitcoin's 10 minutes (on average). |
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yes its fake, the 2nd image is actually of a Raid enclosure.
Link to image? |
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The popup could also have an "X" close button to cancel.
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But no one would be stealing anything. Its up to newegg to charge restocking fees or not.
Technically it's not stealing. Morally, it is stealing, since the intent of the guarantee is not to give you free use of a product for 60 days before returning it. The intent is if you're not happy with the product or it doesn't work right, etc. |
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Any idea what that is about? What is chugalug? Chattanooga Unix Gnu and Linux User Group? |
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Bright, thoughtful currency, absolute straight action, sabine entrepreneurs back stable bastion stock (tried to make a poem, look closely) Edit: it also looks good like this: bright thoughtful currency,
absolute straight action,
sabine entrepreneurs back
stable bastion stock |
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