I will tell you a little story from yesterday: I opened a Bitcoinica account and played with it. Then, suddenly a big spike to 7 occured. My immediate thought: a very good opportunity to attempt a short sale, because 7 is at the moment not sustainable. so i attempted to sell bitcoins @ 7. this is what happened: ( you have to read it from bottim to top) BTCUSD Market 175.0 - Forced liquidation @ 7.4300559927762 Sep 11 04:17 PM
BTCUSD Market -50.0 - Executed @ 6.9769 Sep 11 04:16 PM
BTCUSD Market -50.0 - Executed @ 5.9849 Sep 11 04:09 PM
BTCUSD Limit -25.0 $5.6900 Executed @ 5.9846 Sep 11 03:59 PM
BTCUSD Limit -50.0 $5.6900 Executed @ 5.9846 Sep 11 03:59 The first mistake was i assumed i could actually sell at 7. But the spread was over 1 dollar, so i shortsold at 6. yes, i was the sucker to buy coins at 7.4. the second mistake: had i provided enough liquidity i could have made a nice profit by now. but i underestimated the 1:5 margin. I don't understand anything about short selling, but I am interested in it. Could you explain what happened with a little more detail? I don't understand the table... |
|
|
|
Well... You should provide the hash of that number + timestamp so that we know that you aren't making the number up  You reveal the hashed string at the end so that we can confirm if your answers were correct. (also, this doesn't count as my post because I didn't make a guess) |
|
|
|
Man, if you are paying $10 a bitcoin, just sign up to google checkout and use that link I gave you. It's instantaneous, it's only $8.5 and you don't have to trust a new user... Here is the original threadPS: No, I do not earn anything from this. I just think that Google Checkout might be the solution for getting bitcoins instantaneously and most people don't know about it. |
|
|
|
I'll be watching this, I really want there to be a good alternative to MTGox
Bitcoinica uses MtGox. They are not an exchange. |
|
|
|
Mining in a "collective" as the OP suggests would, at best, yield a few percent more profit compared to mining in a standard pool. Since pooled mining produces only modest returns at best, there is no way anyone is going to get rich by following the OP's suggestion. My guess is that the OP doesn't really understand the economics of mining, and hasn't done realistic calculations. Basically the OP has just made an off the cuff remark that has no basis in reality.
+1All you would get extra are the block fees, which are next to nothing (circa 0.01%). Even if you were pushing double to triple digit Ghash/second they are still relatively nothing (at the moment) In a few dozen years the fees MAY be more than the block generation value. e.g. Generation: 50 + 0.0178 total fees Generation: 50 + 0.0015 total fees Generation: 50 + 0.0235 total fees Generation: 50 + 0.0045 total fees That really depends on the pool; Eligius pays everything. Maybe OP doesn't know about pooled mining? |
|
|
|
As i am doing with friends, if 10-20 people invested 5k each, paying for the mining rig, you would all break even in 3-4 months and all the monies after would be profit...
so why are we not working as a collective??
lets all get rich!!
Can you provide specific calculations for this? What cards are being used, hashrate, power consumption, etc. |
|
|
|
|
CampBX has a better API than everyone else in my opinion. Exchangebitcoins.com is also very popular.
Bitmarket does not accept Paypal anymore.
|
|
|
|
|
There were a few problems, such as MyBitcoin going down and bitomat losing its users coins, but I believe they are not directly related to the price fall. My best answer to you question is that there are simply more people selling than buying.
|
|
|
|
Bookmarked it. Thank you very much  I claimed the bounty, but I will offer half of it (0.05) here: Bitcoin Address:
1DcTht9y5VhSCGMe7XmbTZBGHM79oAGVjm
Private Key Hex:
1F386E4824A902731159EC25CB5EEFE3DBD83601CCA6A3C40E7565679D134C7A
Private Key Base64:
HzhuSCSpAnMRWewly17v49vYNgHMpqPEDnVlZ50TTHo= |
|
|
|
1. No one really knows. Depends on a lot of stuff 2. It obviously depends on the costs/type of original investment... Some investments may never break even. 3. CPUs are irrelevant right now. Don't bother with them. Use only GPUs 4. Yes. Just transfer the coins to MtGox/TradeHill/CampBX and sell them. 5. Data directory: https://en.bitcoin.it/wiki/Data_directory6. $1000000000.. Wait, no, I meant $0.01... No, that's not it. Maybe $10? $60? $0.97? $523? |
|
|
|
|
I use the alternatives because I want to promote competition. I don't like monopolies.
|
|
|
|
If electricity is excluded from my costs, as it is a sunk costs, will it be a Sure-Earn if I setup rigs?
No. There are a number of things that can happen, depending on the size of your investment. I would say that if you need more than than ~6 months to get your investment back, it probably is not a good idea. There two important things that may happen: - Bitcoin price sinks because bitcoin is outlawd, becomes unpopular, fails somehow, etc. - this is uncertain. No one knows what is going to happen. Prices could also skyrocket tomorrow for all we know... - Difficuly rises a lot because newer GPUs came out or because some new FPGA/ASIC board shows up - this is very likely to happen. These factors will reduce your earnings and extend your "cover the initial costs" period for years. |
|
|
|
Why aren't YOU helping? lol Would it help if we lowered the fee to 0% until official launch? I have no problem doing that.
I don't mine  I don't have hardware good enough for mining and I am not investing in that right now. Just browsing through the forum... |
|
|
|
Hmm, yes. Bit-pay it is. I'm not sure how they can do it though, since they aren't an exchange and thus would have to pay exchange fees. Perhaps they have a special rate, or perhaps they are owned by an exchange.
You pay 3% fee to use their service if you want to receive USDs without caring about currency exchange rates and market fluctuation. |
|
|
|
|
Right now your biggest problem is attracting users to earn hashrate. At 600 MHash it will take you months to get a block. You need a few GHashes to get started.
I like the idea of having an optional simple client for new users. The referrals don't bother me that much. Everyone is doing it anyway...
|
|
|
|
|
Show Posts
