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Author Topic: well, now we know bitcoins weren't a ponzi scheme  (Read 25548 times)

werty

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #15 on: November 05, 2013, 11:09:43 PM »
I was in the market for an ASIC miner and put in the order. At the time I did the difficulty was low enough where I would have made like 10x my investment on the miner.

Then a few months went by and I would be maybe 2x my money... while still waiting on the miner.

Then difficulty made it about 1x. At this point I cancelled my order or tried to. The company was not very cooperative, however my bank was very happy to step in.

Now it would be -1x since the power of the chips is not enough. I do not think the miner could ever break even.

If I would have just purchased $400 in coins they would be worth like 1k now.

thesaintv12 - are you able to make any coins / money with your equipment anymore? or is the new difficulty too much?

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thesaintv12

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #16 on: November 06, 2013, 10:50:16 AM »
Quote from: werty on November 05, 2013, 11:09:43 PM
thesaintv12 - are you able to make any coins / money with your equipment anymore? or is the new difficulty too much?



Yes, if I sold now I would be in up.  It would only be pocket money though.  My plan is to hold long term. I also use 10% of my bank to trade with.

If I was getting in now I think I'd look at just buying the coins rather than mining them. 

I'm not under the impression that it will make me rich, I tend to approach projects like this with a view that they might each pay off a bit of the mortgage.
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JasonD

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #17 on: November 06, 2013, 10:52:37 AM »
What Graphics cards do you have and if you're no longer using them would you be willing to sell them?

(Yes, I am playing with non Bitcoin, GPGPU based parrallel processing)
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thesaintv12

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #18 on: November 06, 2013, 11:14:34 AM »
Quote from: JasonD on November 06, 2013, 10:52:37 AM
What Graphics cards do you have and if you're no longer using them would you be willing to sell them?

(Yes, I am playing with non Bitcoin, GPGPU based parrallel processing)

I only use GPU's for scrypt based coins (Litecoin etc).  I use radeon 7950's.  If you are buying then I'd advise you buy new and not second hand from another miner, oh and get the Saphire Vapour X ones.  The reason is that they are running flat out 24/7 and the fans are not built for it.  I keep a stock of replacement fans now and expect them to last 4-5 months in the spahires, and maybe 3 months from the other cards.

For bitcoin I use USB ASIC's now.  Cheaper to run, more powerful AND have pretty blinking lights!  I use headless raspberrypi's to control them.

It is an arms race though, hardware ages quickly in this game.


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Rooftop

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #19 on: November 06, 2013, 04:08:38 PM »
My interest in bitcoin was more as a fun/high-risk investment than in mining (I can't be arsed with hardware these days).

My problem is that the risk seems to have moved from being a risk of the value dropping, to a risk of never getting your balance back from an exchange.  The biggest exchange mtgox has been having all sorts of problems thanks to a pissed off US government. Lots of people struggling to get funds out which is also impacting prices on the exchange.  Bitcoin-24 seems to have hit a similar issues in Poland with users unable to get to their funds since August.

Most of the other players require a US bank account. That isn't a problem in itself, but the US is not high on my list of places that I would want to have a bank account for bitcoin trading.

I know that you technically don't need any of those things in order to trade in bitcoins. But until Nationwide start accepting bitcoin as mortgage payments I'd want to see it turned in to cash.
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thesaintv12

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #20 on: November 06, 2013, 04:23:12 PM »
I think you are right Rooftop.  There must be a lot of money to be made for the people who can start to solve that problem though  ;)
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rcjordan

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #21 on: November 06, 2013, 06:26:30 PM »
First Bitcoin ATM Installed in Vancouver Coffee Shop
http://abcnews.go.com/Technology/bitcoin-atm-conducts-10000-worth-transactions-day/story?id=20730762

'...saw 81 transactions during the first day of operation on Tuesday, totaling over $10,000. And it's not just the diehard bitcoin users that used it.

"Over one-third of customers were bitcoin newcomers" '
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rcjordan

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #22 on: November 06, 2013, 08:29:18 PM »
But now drug users can rejoice, because Silk Road is back, promising to provide the same level of reliable service as it did before it was busted. The site's new leader – who's taken on Ulbricht's title of "Dread Pirate Roberts" (DPR), the name Ulbricht supposedly used while allegedly helming the site – was kind enough to grant me early access to Silk Road 2.0 ahead of its launch today

http://motherboard.vice.com/blog/good-news-drug-usersthe-silk-road-is-back
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BoL

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #23 on: November 09, 2013, 05:59:38 AM »
1 bitcoin is worth over $370 now, which must be more than the cost of renting a botnet to mine that amount  :P
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Chunkford

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #24 on: November 22, 2013, 07:24:35 PM »
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bill

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #25 on: November 28, 2013, 04:33:38 AM »
I knew I should have tried to mine more...

Bitcoin hits $1,000 for the first time
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Chunkford

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #26 on: November 28, 2013, 09:04:51 PM »
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Chunkford

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #27 on: December 02, 2013, 03:30:40 PM »
The prefect set up to mine bitcoins - http://www.theverge.com/2013/12/2/5165428/bitcoin-mine-in-hong-kong-uses-jelly-to-keep-cool



Quote
The mine is the size of a shipping container, and filled with 1-meter-high glass tanks in which banks of blades are immersed in roiling liquid. Each tank can hold 92 blades; the blades themselves are kept at a temperature of 37 degrees Celsius or below by "open bath immersion" technology.
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Mackin USA

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Re: well, now we know bitcoins weren't a ponzi scheme
« Reply #28 on: March 04, 2014, 04:46:26 PM »
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Mr. Mackin
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