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762
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Other / CPU/GPU Bitcoin mining hardware / Re: Another 7970
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on: September 02, 2012, 02:45:30 PM
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With the recent rise in BTC value I'm thinking of adding another 7970 to my rig.
Taking BFL at their word, in about 90 days difficulty will be skyrocketing due to their shipping of ASIC models. In less than thirty days after that (early December) the block reward drops in half to 25 BTC per block. Just out of curiosity, since you decided to add capacity using GPU is this because you still think you can mine profitably by the end of the year, or do you plan to just mine on it while the profits are possible and then sell it without taking too much of a hit since there still is demand for it? (Or, are you betting ASICs really are further out and won't see them in 2012, perhaps?) Honestly everything with BTC is a huge gamble. If I was to buy 20 btc today for ~$200 USD who knows if it'll be worth $50 or $500 at the end of the year. If I spend some money on GPU's now, who knows if they will be profitable for another 1-2 months or even for another year (that would assume BFL doesnt come through and price of a BTC increases enough partially offset the halving). It is this uncertainty that is actually kind of fun about the whole gig. It is similar to investing in riskier stocks that can either burn you or reward you for the risk. At least, if nothing else, at the end of the day a new 7970 is going to still be worth quite a bit of money in 2-6 months. |
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763
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Other / Beginners & Help / Re: Why am I so heistent...
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on: September 01, 2012, 03:24:44 PM
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With the difficulty increasing, doesn't that just drive up BTC overall, making it pretty much the same across the board. Instead of 1 BTC being 10 USD, (fuzzy math incoming) maybe .1 BTC will be 10 USD since it's so hard to get 1 BTC. I just see the reward as being constant. I do wish I would of found out about this sooner because it's something that I would of liked to be a bigger part of. I considered myself a internet champion, but hell, i missed a good opportunity to make some cash and I feel bad.
Difficulty is technically irrelevant. What matters is what someone is willing to pay for a BTC. Someone has to put up an order on the market saying "I am willing to buy X bitcoins at Y USD each" for the price to get there. Once that order is fulfilled the price drops to the next highest buyer and the price drops by the variance between the two. |
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764
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Other / Beginners & Help / Re: Question about the new ASICS machines
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on: September 01, 2012, 03:18:39 PM
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Yeap,only known thing now is that sooner or later those ASIC will arrive and make GPU's obsolete for mining.So buying these days a couple of expensive HD7970 cards just for mining is not the best idea...
that depends on a few things: 1. What the cost per GPU was at time of purchase 2. How much money (after electricity cost) was earned mining with those cards 3. how much money the GPU's were sold for afterwards So if you buy 2 cards for $300 each, earn $200 mining with them over say 3 months and then sell them for $250 each.. -600 +200 +250 +250 ____ $100 income Whether that is worth it to someone is another question, but money can still be made if the proper research is conducted before spending the money on hardware. Of course, the price per BTC in the market over the next few months can make a big difference as well. |
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765
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Other / Beginners & Help / Re: You never backuped your wallet.dat?
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on: September 01, 2012, 03:06:57 PM
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Thanks for the great explanations TangibleCryptography. Also, thank for creating the FastCash4Bitcoins website. While I have not specifically used your services yet, it seems like it'll be the easiest way to 'cash out'.  |
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767
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Other / Beginners & Help / Re: To late for a new guy with GPU's?
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on: September 01, 2012, 03:00:39 PM
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I'd say stick with it. You can make decent money for at least the next couple months. You will probably have to sell eventually, but why not lock in some profits while you can?
Ya, that is kind of what I was thinking. I also wonder what'll happen with difficulty once the 'halving' occurs (assuming BFL doesnt produce). I would imagine it would at least have a downward affect on it. Also, maybe the substantial drop in supply could mean an increase in the price. Ah, such is the life of investing and taking chances on markets. |
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768
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Other / Beginners & Help / Re: You never backuped your wallet.dat?
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on: September 01, 2012, 03:01:49 AM
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What is the relationship between a "regular" wallet and a "backup" file of the wallet?
for example.. I backup a wallet on 8/31 with 1btc in it. On 9/1 I receive 10btc (same addresses as the original wallet had) and on 9/5 the original file is lost but the backup is ok.
Would I still have the 11btc, or would I need to backup again after receiving that 10btc for it to be safe?
There is no difference. The backup is a copy of the wallet.dat In your example no second backup is necessary. The satoshi client wallet file uses a concept of a "keypool". By default the wallet keypool is 100 private keys. So a backup contains all the used keys PLUS the next 100 keys. Receiving coins to an existing address uses no keys. Sending coins uses 1 new address/key for each send (change address). Getting a new address from the wallet uses 1 new address/key (clicking new address button). If your keypool is 100 then you are good for the next 100 new addresses/keys. The tx involving the 101st address/key will be lost forever. You can make the keypool as large as you want although anything over 1,000 addresses can take a while to generate. IMHO the default keypool should likely be increased to 300 or 500. Thanks for the great explanation! |
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769
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Other / Beginners & Help / Re: anyone reckon the value of bitcoin will double in the next 12 months?
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on: September 01, 2012, 03:00:40 AM
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Bitcoin is a type of investment. Whether you are a miner and 'investing' money into the hardware and electricity spent mining or hoping to "buy low sell high".
Just like every other investment, do NOT invest something you can not afford to lose.
Personally, I love doing 'distributed computing' stuff, having done folding@home and worldcommunitygrid for several years, this just gives you a way to have some fun with a relatively small (for now) economy and the potential to make a few bucks and hopefully learn something and have fun in the process.
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770
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Other / Beginners & Help / Re: You never backuped your wallet.dat?
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on: September 01, 2012, 02:46:33 AM
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What is the relationship between a "regular" wallet and a "backup" file of the wallet?
for example.. I backup a wallet on 8/31 with 1btc in it. On 9/1 I receive 10btc (same addresses as the original wallet had) and on 9/5 the original file is lost but the backup is ok.
Would I still have the 11btc, or would I need to backup again after receiving that 10btc for it to be safe?
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771
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Other / Beginners & Help / Re: Trust No One
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on: September 01, 2012, 02:44:58 AM
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Here is how I see it. Bitcoins = Cash in a land with 'no government' or regulations. Only trust someone to the same degree you would give them the equivilent amount of money in your local currency.
Most people wouldn't hand over $500 to a stranger, so why trust them with 50BTC?
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773
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Other / Beginners & Help / To late for a new guy with GPU's?
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on: September 01, 2012, 01:19:04 AM
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Howdy. So I am new to the bitcoin scene with a 7950 and a couple 7870s (good for a total of 1400mh/s). I ran the numbers, things looked good and I did my research before buying.
However! Now that I have the good and am cranking away at some coins, I am reading about the upcoming BFL devices and the good ol upcoming halving.
Not going to lie, but that two things combined seem pretty scary for the profitability of future GPU work. Do you guys think I should stick with it or have I 'missed the boat' so to speak?
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