bitcoin mining (Do not offer items for sale in this thread)

Discussion in 'Blockchain & Cryptocurrency Mining' started by jurasofish, Jun 5, 2011.

  1. mortal

    mortal Member

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    I'm going to keep my eye on the price. If there is a crash I can only see it going back up. Terrorists and organised criminals have to have funding some how!
     
  2. dakiller

    dakiller (Oscillating & Impeding)

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    On ASIC's shipping
    [​IMG]
     
  3. Graet

    Graet Member

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    https://ozcoin.net/ becomes 2nd biggest Bitcoin Mining Pool in the World!!
    and with Bitcoin value over $36 each = good times :D
     
  4. The Mafia

    The Mafia Member

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    I'm currently using Slushes pool.

    Is there any reason why I should look at switching?

    Maybe to ozcoin or something?
     
  5. slavewone

    slavewone Member

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    Assuming that ASICS's don't break pools and the pool maintains a economical share of the hash rate, then sure, might as well vote with your hashes.

    I'm very much prefer to support Australian companies and Great has made this particular choice obvious.
     
  6. The Mafia

    The Mafia Member

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    Can you elaborate a little more on this one?
     
  7. slavewone

    slavewone Member

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    Graet is based in Western Australia, i think his post at bitcointalk explains it without me needing to put it into my own words.
     
  8. Foliage

    Foliage Member

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    Why does it appreciating have any link to how useful it is?
     
  9. mortal

    mortal Member

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    If it is going up in price that means people are using it (also due to it becoming harder to make a bitcoin - but it wouldn't be worth jack if there wasn't a market for it). Which makes it useful?

    Makes you wish you jumped onto this 3 years ago...could have made a fortune :D

    Ah well, only other way is to make your own p2p currency, anyone keen? :D
     
  10. IzzehO

    IzzehO Member

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    I'm not so sure that's true. The stock market, for example, has absolutely no relation to the 'success' of individual companies for the most part. Granted this is a currency, but I think investors and their trust (or greed I suppose) play a much larger role in varying it than end users.
     
  11. edzknows

    edzknows Member

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    Try and buy something with Zimbabwe currency
     
  12. mortal

    mortal Member

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    Disagree, your analogy is flawed and irrelevant to this scenario. Shares in a company isn't a currency used to purchase goods and services.

    What you should be comparing is other real currencies in an analogy, but even then there are subtle differences.

    Bitcoin isn't a success unless people are using it and increasingly so. The more it is used, the more people will need to buy them, the higher the price will go. If it wasn't used, it wouldn't work as the miners wouldn't bother if there wasn't money to be made.

    I could see people investing in bitcoin however....I might take it up should the opportunity present itself.
     
  13. IzzehO

    IzzehO Member

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    Perhaps it was a poor choice of analogy, but there wasn't anything wrong with my conclusions considering investment in a currency, which is exactly what I was proposing. Perhaps a good comparison is to gold. Considering the first big bubble in bitcoin occurred pretty well before anything could be purchased with bitcoins (other than silkroad) was because people were investing in it because they expected its value to increase, not because they had any particular use for it.
     
    Last edited: Mar 6, 2013
  14. mortal

    mortal Member

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    Gold is a good example as it costs money to get gold, and you want to be rewarded for doing so. I wouldn't personally invest in gold as it doesn't actually create anything, nor is it used as a currency (I can't help but think of the famous Buffett quote) - people generally go to it in tough times when they think the economy is going to tank.

    I think your description of "bubble" is incorrect, if I recall it was due to a security scare that it was hammered - everyone sold their bitcoins before the currency would die (which it didn't)...but if you kept your bitcoins, you would have made a fortune right now. I think it will happen less and less with similar "security scares" (I think it will keep happening, just less people will freak out)...

    Doesn't mean bubbles can't happen, maybe its more likely at the top of the curve?

    I think its a fascinating topic, money and technology directly intertwined.

    edit: anyway, I believe that with the value of a bitcoin increasing - it shows that it is being used and obviously perceived as being useful.
     
    Last edited: Mar 6, 2013
  15. _zak

    _zak Member

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    Just wanted to say thanks for this recommendation - I'd seen spendbitcoins before but this prompted me to give them a shot. They were a bit slower for me than they were for you, but I'm pretty sure this is down to the bank & my state having a public holiday than the actual service.
     
    Last edited: Mar 6, 2013
  16. Graet

    Graet Member

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    1 reason to consider Ozcoin is we are the only pool with a mining node on mainland AU :)
    Plus many others including :)
    choice of 3 payout methods with reasonable fees
    Low latency, stratum protocol mining :D
    A good, helpful, friendly IRC community with an awesome ircbot on frenode at #ozcoin :D
    We reccomend and support cgminer - coded in Melbourne and Sydney :)
     
  17. kangathekat

    kangathekat (Banned or Deleted)

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    in interesting bitcoin related news. apparently there is a "trojan" going around that is installing mining software on peoples PCs without them knowing. nice little earner for someone who figured this out and having thousands of people bitcoin mine for them.

    apparently its in certain game loaders/installers and it uses up your GPU when its not in use to try and remain undetected.

    probally been around along time anyway just found it interesting lol.
     
  18. Remote Man

    Remote Man Member

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    And crash in 3... 2... 1!

    $49 dollar ~$10 jump. Here comes a correction.
     
  19. dakiller

    dakiller (Oscillating & Impeding)

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    Easy to say, 4 HOURS after it started.

    I shat my pants a bit through the ordeal, but the recovery is still strong that I'm still bullish overall
     
  20. coderx

    coderx Member

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    Not too sure about the viability of this whole mining thing, unless you are running some FPGA boards it's not really 'worth' it. I base that on my own mining efforts.

    I'm a part of ozcoin pool, and so far : running @ 250MHash/s. Now for a period of 72hrs (non-stop), using the PPS method I see : Unpaid PPS Balance: 0.02000213 BTC

    At current market value that's $0.85c

    So "Bitcoin as an investment", I don't really see it (yet), that could change I guess, but as a new entrant into the whole mining thing I don't see how you can make a profit on the BTC market without actually investing your money and purchasing btc when prices are low and selling high.

    And given the volatile nature of the btc market, it's a very risky outlay.l

    Also the ASIC boards are coming, with some running @ 60.0GHash/s, this will totally destroy any ideas of mining with a GPU / GPU farm.

    very dicey.
    Personally I think you would be better off with the ASX. (AGB is a 'thing' at the moment seems reasonably secure etc).
     

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