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143
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Economy / Trading Discussion / Re: TradeHill uptime
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on: February 06, 2012, 09:08:59 PM
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Is it just me or is TradeHill "down for maintenance" several times every day?
I trade via the API and get
"We're down for maintenance. We'll be back shortly!"
I've seen this almost every day now for the last week.
I confirm this. |
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146
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Economy / Speculation / Re: P2P Crypto Exchange w/no fees
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on: February 05, 2012, 11:08:12 AM
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any idea how they setup the whole fiat deposite scheme?
There is no fiat deposit scheme because this is a peer-to-peer exchange of crypto currencies only. This means that you still need to purchase X-Coins with dollars using the traditional methods (MtGox, bitcoin-otc, etc.). You can't have an automated P2P exchange involving fiat because you would need a central entity to control money deposits. |
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147
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Local / Mineração em Geral / Re: FPGA mineiração
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on: February 03, 2012, 12:42:05 AM
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Será que é difícil de configurar?
Todos os utilizadores que compraram a Icarus disseram que em menos de 10 minutos puseram a board a funcionar. Não deve ser muito complicado... |
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149
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Other / Beginners & Help / Re: Bitcoin noob needs a hand.
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on: January 30, 2012, 03:15:59 AM
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So I can mine with BTC Guild and just let my earnings stack there until I'm ready and able to withdraw to my wallet?
How do I get my address before the syncing finishes? I read somewhere that it is displayed somewhere on the main window of BTC Wallet but I don't see it.
I had to close BTC Wallet in order to move the GUI Miner folder to somewhere other than my desktop and now it is back to 1% on syncing, but I read a post above that said I can close BTC Wallet and continue at any time. Did I do something wrong or misread what was said?
Yes, you can mine and keep your earnings at the pool until you are ready to withdraw. The percentage resets every time you start the client, but the downloaded data is kept (i.e. you downloaded 1% of the remaining data since you started the client). Your address is in the "receive coins" tab. |
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150
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Other / Beginners & Help / Re: Bitcoin noob needs a hand.
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on: January 30, 2012, 03:03:57 AM
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Just waiting for the BTC client to finish syncing so I can get my address and start mining.
You don't need to wait for that. When you mine the coins are held at the bitcoin pool until you withdraw. Also, you can get an address before syncing, you just can't use the coins you send there until you finish the sync. |
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151
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Other / Beginners & Help / Re: Bitcoin noob needs a hand.
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on: January 30, 2012, 02:19:35 AM
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I didn't see his post when I wrote mine. Regarding the pool, you can try deepbit just to see if everything is working correctly. Then take some time to learn about the different payment methods, try a few pools and choose the one you like best. I definitely need to look in to the various pool payment methods. The pool dropdown list on GPUminer includes only certain pools or all pools available? If the former, where can I obtain a list of all the pools? Reason I ask is because if there are a lot more pools then maybe one of the forums I frequent has one going which would be a good option to go with. Also, is there anywhere I could go to see the pros and cons to solo mining and pool mining? You should earn around 1.5 bitcoins per week with that card (electricity costs aside) How did you come up with that number, is this for solo or pool, and is that based on 24/7 mining? Sorry about all the questions but when I get in to something new I try to learn everything about it and then a few days later I'm the one answering questions for people. Always been a fast learner I guess, haha. Anyone can set up a mining pool so there are lots of them. You don't want to mine at a pool that isn't listed here because it is probably abandoned. A bigger pool has regular payouts, but sometimes it will also charge larger fees. Small pools help to keep the network decentralized and are usually free. Regarding solo mining, you don't want that.  Go here https://en.bitcoin.it/wiki/Mining_hardware_comparison and check the Mhash/s of your GPU. Then put the number here: http://bitcoinma.appspot.com/That number is for pool mining. If you solo mine, you will probably find a block (50 bitcoins) in 6 months, but so many things will change until then... EDIT: The synchronizing with the network takes a lot of time at first. You can close it and resume some other day (you don't even need to install the bitcoin client in order to mine at a pool). After the first sync it will be faster. |
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152
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Other / Beginners & Help / Re: Bitcoin noob needs a hand.
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on: January 30, 2012, 01:47:31 AM
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I noticed that pools seem to be a better option than solo from what I've read so I'll look in to that. I just don't want to end up in a pool running a not-so-friendly system of dividing earnings.
I didn't see his post when I wrote mine. Regarding the pool, you can try deepbit just to see if everything is working correctly. Then take some time to learn about the different payment methods, try a few pools and choose the one you like best. You should earn around 1.5 bitcoins per week with that card (electricity costs aside) PS: Our whole economic system is based on supply and demand, so the "it is worth as much as people are willing to pay for it" thing applies to basically everything in life. |
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153
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Other / Beginners & Help / Re: Bitcoin noob needs a hand.
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on: January 30, 2012, 01:32:58 AM
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1 - Something is worth what people are willing to pay for it. As long as there are people willing to buy bitcoins, it has value. The same happens with gold for example. 2 - Mining is not 'useful' like folding@home or BOINC, but it is essential to the network. Bitcoin transactions are secure because someone would need to invest millions in hardware to try to disrupt the network (even if you do so, you will not cause that much damage...). Regarding the 'what is it' part, it is basically trying to find an acceptable hash of a given number. Think of it like a lottery. 3 - Their creation is far from being free. You need to invest in hardware, pay electricity, etc. 4 - Go to a pool (example: http://deepbit.net) and make an account. Install OpenCL (I'm not sure if this is already installed with the AMD drivers), download GUIMiner and run it with your pool's username/password. |
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156
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Economy / Speculation / Re: bitscalper anyone use this ?
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on: January 24, 2012, 12:32:24 AM
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nmat: also note that if you just held BTC and it went down you have now lost money. But if you put it into the sytem, make a small gain in BTC and the value goes down you have lost less money (in USD) than you would have lost if you did nothing.
Of course. And I would have earned more by not having BTC at all.  Anyway, good luck to everyone with bitscalper. I just hope that it doesn't dry out all the arbitrage opportunities (I also want some ). |
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157
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Economy / Speculation / Re: bitscalper anyone use this ?
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on: January 24, 2012, 12:14:03 AM
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I noticed you see things different, there is however only one arbitrage approach where you keep the BTC balanced at all exchanges(no gains or losses in BTC) and only gain on each exchange in $ from the BTC shifting/swapping on scalping, this is called arbitrage and it has 0 risk Oh just one final brainfart when you have 10BTC and the market price is $7 per BTC, you still only have 10BTC. You only have $70 at the time that you sell the BTC  I wasn't supposed to answer but whatever... This is how I see things: an investment has a duration and a ROI. So if I invest $1000 right now and collect $1300 in 3 months I am earning 10% a month. If I invest $1000 right now and collect $700 in 3 months I am losing 10% a month. I honestly couldn't care less about what happens during those 3 months. All I see is X money goes in and X money comes out. See where I am getting at? |
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158
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Economy / Speculation / Re: bitscalper anyone use this ?
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on: January 24, 2012, 12:07:08 AM
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Ok seriously are you missing the point or just ignoring it? Remember proper arbitrage happens in realtime and most of the within a few seconds if not less than a second. You dont buy 1BTC at exchange 1 and then wait minutes or hours so that exchange 2 price is higher and then sell at exchange 2. The arbitrage price difference must be available in realtime and executed near realtime. 1 BTC allways equals 1BTC no matter what the markets does. You end up withdrawing the $ you scalped from the different exchange rates, you dont ever convert the BTC to $ since if you dont have BTC you cant scalp. This cant be made any clearer so if you still dont understand why BTC price doesnt matter and only the price difference between exchanges well I really dont know how to make it clearer Meh... whatever. I see things differently so lets just keep our different opinions. |
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159
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Economy / Speculation / Re: bitscalper anyone use this ?
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on: January 24, 2012, 12:01:59 AM
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Again the running BTC value doesnt matter, you cant arb if you actively match your BTC networth to the exchange rate.
The only running count you care about is the swop/price diff for 1BTC from one exchange to the other. If the BTC price actually matters then allways keep 1BTC at each exchange and only trade 1BTC at a time when the price different is profitable.
It matters because you want to withdraw your earnings! You had $400 and now you have $300. You lost money. I did arbitrage during the summer when the price dropped 90% in 3 months. Doing 10% a month in arbitrage opportunities means nothing when the BTC value keeps decreasing like that. |
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160
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Economy / Speculation / Re: bitscalper anyone use this ?
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on: January 23, 2012, 11:53:55 PM
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Now thats the flaw in your logic, when you arb the focus is allways on taking the edge from the $ earned on arbitrage between exchanges on the same volume of BTC.
Lets assume you have (to keep it basic and minimalistic) $100 on all 3 exchanges with volume and also 10BTC on each exchange, that is 30BTC that is BTC you never intend to match at a $ rate since the only $ that matters to you is when you swop 1BTC from exchange 1 with 1BTC at exchange 2.
You never lose BTC value, you only gain $ value when done properly. Im not sure why bitscalper pays in BTC , the $ approach is much less sophisticated.
Bitcoin price is $5 and you have: Mtgox: $100 and 20BTC TradeHill: $100 and 20BTC $400 total Bitcoin price drops to $2.5. Now you have: Mtgox: $100 and 20BTC TradeHill: $100 and 20BTC $300 total |
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