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321
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Other / Beginners & Help / Re: First time miner with some questions
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on: June 06, 2013, 12:38:27 AM
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Yes, that's what I've been banging on about ever since I registered (is it only 3 days now?).
Were in a bubble, Profits are there to be made, but not for the sheep (no offence but ...) DO THE MATH
This is a market, in the Well Street sense.
It's not for the faint hearted.
Learn to recognise the bubble. When to buy in, when to cash out.
Unfortunately I'm not bright enough to play this gane for a win. But others are, Or maybe its just Lady Luck.
I think its bed time, that polemic is starting to kick in again
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322
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Bitcoin / Bitcoin Discussion / Re: What exactly are we mining?
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on: June 06, 2013, 12:08:29 AM
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The whole network could be run on a NES if it was only about the transactions.
But its not about the transactions, its about the trust. Bitcoin is a human project, not a machine. Psychology is what matters. Modern currency is fiat. It exists only through the trust of its users. But Wall Street and the Square Mile are not cheap to run. So bitcoin can afford its overheads. But as for the future, sci-fi writers could come up with some interesting dystopias based on feeding the unsatiable maw of the great deity BTICNOI. |
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325
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Other / Beginners & Help / Re: Security measures
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on: June 05, 2013, 11:00:18 PM
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Create a paper wallet https://en.bitcoin.it/wiki/Paper_walletPlay with it. Import it into blockchain, electrum, armoury, bitcoin-qt. Make a new one. Do it all again. Get happy with it. Then send it some (small amount of) coin. Get it back. Learn to trust it. Now do it for real. Send all your coin.Keep it secret. Keep it safe. When you need to spend it, bring it back. Spend what you want then send the rest to a NEW paper wallet. Of course you can keep a float for day-to-day use in an online wallet. And do the paper wallet properly. Offline computer, live-cd boot. |
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326
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Other / Beginners & Help / Re: I am the Second Coming.
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on: June 05, 2013, 10:45:58 PM
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English humor which, like English food, seems to be enjoyed only by the English.
Hey, who you calling English? I'm Dragonborn me. Land of Mountains (well, rather small ones), Leeks, Daffodils and DRAGONS! Saeson (Sassenachs), Spit! |
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327
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Other / Beginners & Help / Re: Total time logged in Stuck, in Jail forever?
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on: June 05, 2013, 10:12:24 PM
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It all worked fine for me, account registered at June 03, 2013, 12:36:29 AM, a couple of posts, bed, sleep, a few more hours browsing the next morning and I was out of jail. Maybe you should try a different browser (I won't recommend this one, Midori on a Raspberry Pi as its slow as f*ck, but its convenient enough for my purposes).
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329
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Other / Beginners & Help / Re: First time miner with some questions
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on: June 05, 2013, 09:33:24 PM
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Can't those same Miners used for another alt coin? Or create one just for those  Can those Mine say.......ByteCoin? Wow, thank you, I learned something researching this! Yes they can mine alternate coin, but only if it uses the same SHA256 algorhitm as BTC. So LTC, no, bytecoin yes. And that is a busy thread https://bitcointalk.org/index.php?topic=164569.0But here's what I learned. Any ALT coin using SHA256 is at risk of the 51% attack (or some similar brute force attack) due to the power of the larger ASIC's over any initial nethash. So do you trust your ALT coin now? I shall read more on this, thanks. |
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330
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Other / Beginners & Help / Re: Newbie Questions
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on: June 05, 2013, 07:47:15 PM
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Yeah, that's exactly what I've been hearing, and not just from Ebay, but from the company itself. I was surprised they responded, and am actually very curious as to what will happen. Being as these cards aren't even produced anymore I'm wondering where they could possible get parts to 'fix' it. I was thinking once they look at it and declare it dead, they might send me something comparable or an offer for a good percentage off a newer model. Sorry to hear of the Ebay troubles, I used to do quite a lot of estate sales there since my dad passed and left us a bunch of ham radio equipment. As sad of a state as things are for buyers, you can't imagine how much more selling actually sucks. I almost got took for $700 on a piece of hardware because the guy wanted a refund but basically refused to go through ebay to get it. In other words, he wanted me to send him money, then he could have went through ebay and got more money. Either way, they will (and did) go into your bank account and take assets to send to the buyer.
Yeah, seems the more unscrupulous you are, the easier it is to get away with it. buyer or seller. Trouble is that I'd lost so much faith in the guy (lying through his teeth in PM's), that when it came to actually sending the card back it seemed like spending good money after bad. I'd pay the postage and I fully expected him to claim it never arrived or that I had damaged it, leaving me the hassle of proving I sent it. Not worth it, wasted hours on PM's and ebay reporting already so I cut my losses. So scammer won in the end. I've not even bothered to check if he's still trading. Best forgotten. |
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331
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Other / Beginners & Help / Re: Newbie Questions
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on: June 05, 2013, 07:18:23 PM
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I got burned by an XFX card off ebay. Cheap. Too cheap. DOA and the scammer had removed the serial numbers. Offered a me refund but was giving me so much of a run around that I dropped the case in the end (life is too short to waste on scum like that). Reported him to the police as suspected of selling stolen goods (like deliberately removing the SNs). Too busy to investigate they said. Still got it, looks very nice in its box. Still lessons learned. Rant over, feel better now  |
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332
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Other / Beginners & Help / Re: Incomes estimation
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on: June 05, 2013, 07:07:05 PM
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that depends on the price of 1 BTC. If you think its gonna go up, it might be a good investment.
But only if you mine more in BTC than the machine cost you to buy in BTC in the first place (less any residual value, eg with GPUs). Devilishly difficult to predict the difficulty rate.The calculator can help you estimate ROI, but its really just crystal ball gazing. Congrats on Full Membership, joining you soon  |
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333
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Other / Beginners & Help / Re: New Miner, should I go ASIC
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on: June 05, 2013, 06:55:40 PM
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if u think the value of BTC is going to 1K, get it. . .if u think the value is gonna drop, forget it.
I think you need to re-read some of the earlier posts in the thread. Not wanting to go over old ground with MagicBit15, but ROI is best measured in BTC not USD (but rise in exchange rate is a bonus, OK MagicBit). Now having said that, maybe a bit more of the OT in reply to MagicBit. I jJoined 3 days ago to have a but of fun posting (been lurking ages), thought I'd see how quick I can make it to Full Member without completely spamming the threads. Hope I've made some useful contribution on the way. 9 posts to go, Perhaps I can make hero by the end of the month? Or bust more like  |
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334
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Other / Beginners & Help / Re: bitcoin miner pc
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on: June 05, 2013, 06:39:38 PM
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Yup, just gave it a try ... pi@tvpi ~/cpuminer-master $ ./minerd --url http://btcguild.com:8332 --userpass xxxxxxx_1:x --algo=sha256d
[2013-06-05 19:38:10] 1 miner threads started, using 'sha256d' algorithm.
[2013-06-05 19:38:12] Long-polling activated for http://btcguild.com:8332/LP/
[2013-06-05 19:38:23] thread 0: 2097152 hashes, 175.60 khash/s
[2013-06-05 19:39:11] thread 0: 8604369 hashes, 182.23 khash/s
^C
Not worth it mate. |
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335
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Other / Beginners & Help / Re: bitcoin miner pc
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on: June 05, 2013, 06:30:11 PM
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oh no..!! my raspberry pi shows 127MH/s too.... 3 years, i hope so
So what mining hardware have you got plugged into it? A naked pi is only going to get around 127 kHash/sec not MHash/sec. |
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338
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Bitcoin / Mining speculation / Re: Difficulty jumps 28%
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on: June 05, 2013, 06:01:52 PM
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And I only just got wrung out for using 26% in an example ROI calculation back in the noobs section https://bitcointalk.org/index.php?topic=225285.0;all. Perhaps I should ask for my "Victory" back? Interesting times. I think the economists use the term "Irrational exuberance". All bubbles burst (not quite the right analogy as difficulty won't drop precipitously, maybe more of a Gold Rush to ASIC canyon). I guess most ASIC pre-orders are going to get a little burned (certainly disappointed). The early chip orders may turn out OK though. Shame I didn't get in early. Hindsight would be a fine thing. |
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340
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Other / Beginners & Help / Re: First time miner with some questions
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on: June 05, 2013, 05:22:13 PM
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Some recent discussion in this thread https://bitcointalk.org/index.php?topic=225821But in answer to your questions. 1. Probably not, but do your own math on the ROI (see links above) 2. Ditto, unless the price drops. 3. Just a USB port. Pretty much any mainstream computer with an always-on internet connection will be fine. Some (eg Avalon) are completely stand alone, just plugs into your ethernet router / wifi but way out of your budget (and not because of the standalone, that's the cheapest part of the device, it literally uses a $20 router as the host cpu). |
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