1542
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Bitcoin / Mining / Re: There will be lots of cheap GPUs for sale eventually
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on: July 07, 2011, 09:56:37 PM
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6. You can't assume that bitcoin difficulty will continue to increase while price will stay the same. That's NOT going to happen. We've already seen a level off of the difficulty, and we're still several multiples above the cost of electricity. Many companies are happy with a 15% margin on their operations - the typical bitcoin miner is operating on 300-400% margins. Uncertainty of the future will always keep mining profitable for the vast majority, unless/until the price drops significantly from where it is today. But as long as the price stays the same, or goes higher, mining will remain profitable.
Supposedly difficulty follows price. And we've been relatively stagnant for a couple weeks now.
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1544
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Bitcoin / Mining / Re: There will be lots of cheap GPUs for sale eventually
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on: July 07, 2011, 09:20:47 PM
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stop babbling dude
a friend of mine sold his 2 month mining 5870 for 40% then he bought: actually he sold for 320$...
I just bought a 5870 for $189.99 and already got an offer from someone in my guild for $250 And I haven't even received it yet!
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1546
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Bitcoin / Mining / Re: [OOS] 5870s in stock at NewEgg now!
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on: July 07, 2011, 07:26:11 PM
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Yeah good luck with that! I guess you haven't noticed, but the going price on the 5870 is returning to normal. Those cards really are a terrible buy even at that price unless you're short on space.
Oh yeah? Link us some ads then...
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1547
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Bitcoin / Mining / Re: There will be lots of cheap GPUs for sale eventually
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on: July 07, 2011, 07:24:54 PM
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Here's why.
Today I found a 6970 on Craigslist -- one that's easily available, including NewEgg ($330 after rebate). The Bitcoin mining card comparison wiki lists the card as "easy" to acquire.
The seller was asking $350 for the same card, 1 month used.
What is he thinking? How can you charge a scarcity premium on something that isn't even scarce?
Anyhow, here's the good part -- after I write to him with a lowball offer of $200, he responds with:
"Thanks, Matthew, but I have several people willing to pay $350."
Assuming he's not lying, there are apparently still a lot of stupid people who are about to be very disappointed when they realize it will take ONE HUNDRED AND THIRTY DAYS of mining to pay for that card. That's assuming 8.8c per kWh electricity, and proportional mining (slightly more productive than pay-per-share). That also assumes no further difficulty increases, which is too much to hope for.
Some people have yet to wake up. The time for over-paying for video cards (snatching them up at any price) ended at least a few weeks ago, if not earlier.
For those who have problems with reading comprehension (you know who you are): No, I'm not saying mining is never profitable. No, I'm not saying "the sky is falling" or that Bitcoin is going to collapse. No, I've never said any of the things above. Yes, I'm saying there are some miners who are going to be *very* disappointed with their expensive toy(s).
So basically what you're saying is that you don't understand basic CL counter-lowball tactics
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1549
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Bitcoin / Bitcoin Discussion / Re: Shout Out To AnonX For The 37.5 BTC Fo' FREE
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on: July 06, 2011, 10:49:26 PM
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Tip of the iceberg
Edit: He seems to be a quite violent person who punched out a Marine (he is former USMC), and is almost certainly armed at all times. Ron Paul supporter, and overall douchebag.
Red-state citizen here. Absotively nothing wrong with that, sir.
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1552
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Other / CPU/GPU Bitcoin mining hardware / Re: [OOS] 5870s in stock at Newegg 189.99
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on: July 06, 2011, 09:55:19 PM
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The 5870 doesn't get even near 440mh/s at stock speeds.
You would have to overclock it *a lot* putting the power consumption to roughly 250-300 watts.
A 5830 doesn't get 310-320 at stock either. That's the absolute maximum with the voltage and core frequency sky high (past 1ghz).
Yeah, like I said my numbers may be off, but the ratios should still be applicable. I was just going by what I have my 5830 and 5870 running at.
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1555
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Bitcoin / Bitcoin Discussion / Re: Difficulty didn't go down, after all: 1 564 057.45 (old 1 379 192.2882281, 1.13)
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on: July 06, 2011, 09:18:15 PM
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Difficulty affects price and vice versa, but there are other factors to consider as well.
Usually when I see something be referred to as a Chicken or the egg problem it's simply a misunderstanding of logic or the nature of the specific underlying problem. This is no exception, what you're talking about is a feedback loop, there is nothing weird about it and is omnipresent in everyday systems, including our body. The "Chicken or the egg problem" itself arises from inconsistent definitions, it's the same as asking whether a fixed object would move when pushed by an irresistible force.
Well, difficulty rose even before Bitcoins had a $ amount affixed to them. So literally speaking, difficulty came first, followed by price. Somewhere along the line though, you're right that the argument became more of a feedback loop. And that's probably a better analogy to use at this point in the game.
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1556
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Bitcoin / Bitcoin Discussion / Re: Difficulty didn't go down, after all: 1 564 057.45 (old 1 379 192.2882281, 1.13)
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on: July 06, 2011, 08:56:47 PM
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who said it was going down? The people who were saying that difficulty follows price. It hasn't caught up to the price yet. ^^ this. Right now next dif extimate is at about another 10% increase, or ~1.727mil This does not account for the large amount of hardware still being bought that is not online yet and the lag behind price which has recouped some today. Makes sense, yet at the same time it's an arguable subject. Who's to say that price doesn't actually follow difficulty? But the price just "hasn't caught up yet" either. Chicken or the egg, you pick.
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1558
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Other / CPU/GPU Bitcoin mining hardware / Re: [OOS] 5870s in stock at Newegg 189.99
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on: July 06, 2011, 08:30:44 PM
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^^ Yeah that sounds about right. But when you throw in power draw into the mix, then the 5870 edges out the 5830 setup.
5830 = 310MH/s @ 175w 5870 = 440MH/s @ 188w
40+% bump in MH/s rate for only a 7% bump in power consumption. Just going by memory since I can't find the chart someone posted a while back, so my numbers may be off.
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1560
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Bitcoin / Mining / Re: [OOS] 5870s in stock at NewEgg now!
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on: July 06, 2011, 08:09:45 PM
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My bf played MW1 and whatever one came after that (I just remember it had zombies, and I <3 zombies). If the coupon is good for the full retail game, then his bday is totally taken care of
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