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Why is there a nearly $100 price difference between BTC prices at Mt. Gox and Coinbase? Ignorant question: If this price difference exists why can't I just buy BTC all day at one exchange and sell it at the higher priced exchange? I'm new so please just assume ignorance on my part.  |
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@mpattison I'm new and ignorant. Please correct me.  |
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@nodroids
So you need a full scale commercial setup for mining to be profitable with SHA256 coins? Does the same logic apply to Scrypt coins?
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Op is back. Coinbase is clearly the winner for a noob like me. I signed up on 1/4/2014 (Saturday) and I was fully verified (bank account, credit cards, etc.) by Tuesday 1/7/2014. I bought my first BTC this evening (0.05 BTC). I originally signed up at Mt. Gox on 11/29/2013 and after several emails to support, I was finally verified yesterday, 1/7/2014. Mt. Gox took 39 days.  Coinbase took 3 days.  Thanks to everyone for your helpful suggestions. |
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With all the rapid changes in ASIC mining capacity and mining difficulty, is mining SHA-256 coins a speculative venture? In other words, you mine and hope the coins rise in value?
I am new and probably ignorant of the facts, so maybe that is how mining has always been.
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Is it possible to regularly remove coins from a wallet and place them in a separate wallet, then move the wallet to encrypted physical media, then put into a safety deposit box at a bank?
Yeah, I'm paranoid as hell, but I'd rather have a several safety deposit boxes full of encrypted media, than an empty wallet.
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Thanks Amph. I guess without any scrypt ASIC chips, hash power is limited to the maximum GPU of the day.
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So everyone's activity is divisible by 14? With the exception of new people.
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Anyone...? |
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OP here to follow-up. Coinbase could not be any simpler. I wish I would have signed up here in November instead of Mt. Gox. I am still waiting on Mt. Gox to verify. When they finally verify I will write a follow-up to compare how long it takes to sign up at Mt. Gox vs Coinbase.
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What are the MH/s ratings for the most power Scrypt miners available to individuals? Do GH/s machines even exist for mining Scrypt?
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I am a computer programmer, but I haven't built my own machine in 10 years. I see that people are moving to milk crate/PVC pipe cases and am not even sure where to start or why I would want to do that. I know that I would want 4 - 5 GPUs, but I have no idea what type I should get.
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Its hard to say long term. I built my miners not just for the coins, but for the fun of it too. I love computers. When coins are launched, they are not on an exchange so its hard to buy unless you can find private sales. So mining gives you a head start. Mining is also how transactions are confirmed so they are crucial to the whole thing, if you believe in the concept, build a rig and contribute some hashes. If it all goes to sht, you can always build a gaming rig from it all or sell it off at maybe 50% of what you paid.
I guess that means you should mine several coins as a hedge against risk. |
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How much time elapsed between signing up at Coinbase and buying for first BTC?
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Does it make economic sense to buy these miners at today's prices or are you buying them, mining and hoping the price goes up?
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How many khash/s do you expect do you expect to get out of this rig? What is your budget?
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At current prices, are there any alt-coins that are worth mining, instead of just buying them from an exchange? I am curious about Scrypt, SHA256, or CPU-only coins.
Is mining a speculative investment? I am new, so this is not fully obvious to me.
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