Bitcoin: it rocks

[Dwood]

Discuss.

[Tnnaas]

I wish I had some.

:ehhh:

What's it at now? Last I checked it was around a grand USD. Higher or lower at this point?

I've got to admit, I'm jealous of those early bitcoin investors. Seriously. Mining a bitcoin or two a day? They were cheap and easy to mine back then. Sucks for the guy who lost his wallet full of millions when he threw out an old hard drive.

[Warsaw]

Where's Pyong to comment on this...

Once I get rid of my audio card (which is causing my PC to freeze when using Crossfire for extended periods), I'm going to start mining Litecoin. Wish I could've started on Bitcoin early, but I was stuck on a machine from 2004 that couldn't do shit back then.

[=sw=warlord]

Pyong sold all his bit coins before all this blew up lol.

[Pyong Kawaguchi]

Where's Pyong to comment on this...

Once I get rid of my audio card (which is causing my PC to freeze when using Crossfire for extended periods), I'm going to start mining Litecoin. Wish I could've started on Bitcoin early, but I was stuck on a machine from 2004 that couldn't do shit back then.

I love these coins.

Right now, litecoin is pretty profitable with GPU mining, however stablecoin is a lot more profitable atm.


Pyong sold all his bit coins before all this blew up lol.

Yeah, I know, it sucks.
I lost my namecoins too, I had over 300 and they're worth 7.50$ each now ;-;

[Donut]

So say (hypothetically of course :U )that I'm super salty about not mining bitcoins regularly ~5 years ago, and want to get into something new now. What would you recommend and why?

[Pyong Kawaguchi]

So say (hypothetically of course :U )that I'm super salty about not mining bitcoins regularly ~5 years ago, and want to get into something new now. What would you recommend and why?

Well, if you want to start with bitcoin you'd need a pretty hefty investment because the difficulty is so high as of recently that GPU mining is out of the question, so you'd need an ASIC miner, and those can be expensive, especially if you expect a good return on them.

Stablecoin is supposed to be pretty profitable soon, think of it like they're one of the coins that are cheap now, but will be worth more in the future, it's also currently more profitable than litecoin.

Litecoin is pretty profitable on a quick-return basis, and like stablecoin does not use the same mining type as bitcoin, therefor ASIC's wont work for it, and gpu mining is still profitable.

[Donut]

Thanks bro :)!

[Pyong Kawaguchi]

Thanks bro :)!
No problem, if you want to hit me up on steam with more questions add me (pyongpwnzu)

[InnerGoat]

stablecoin is crap invest and/or mine dogecoin

up up up!

#modacity is usually cryptocoin discussion when it's not5

[Dwood]

I wonder what will happen as crypto currencies become more popular, theres sooo many currencies already. surely having so many is a bad thing? also, modacity miners guild?

[Amit]

Well, if you want to start with bitcoin you'd need a pretty hefty investment because the difficulty is so high as of recently that GPU mining is out of the question, so you'd need an ASIC miner, and those can be expensive, especially if you expect a good return on them.

Stablecoin is supposed to be pretty profitable soon, think of it like they're one of the coins that are cheap now, but will be worth more in the future, it's also currently more profitable than litecoin.

Litecoin is pretty profitable on a quick-return basis, and like stablecoin does not use the same mining type as bitcoin, therefor ASIC's wont work for it, and gpu mining is still profitable.

Wow. Most fucking constructive post Pyong has ever made on Modacity.


also, modacity miners guild?

Would make us sound like a bunch of modder wannabe kids that play Minecraft.

[Dwood]

Would make us sound like a bunch of modder wannabe kids that play Minecraft.

We've been known for worse.

[Jelly]

#modacity is usually cryptocoin discussion when it's not5

i hate it

[Zeph]

dogecoin modapool 5

[Kornman00]

http://www.modacity.net/forums/images/customavatars/avatar10_107.gif (http://www.modacity.net/forums/member.php?10-InnerGoat)

[TVTyrant]

Can't get dogecoin to work

[TVTyrant]

much help

[TVTyrant]

very thank you

[Btcc22]

We've been known for worse.


dogecoin modapool 5

Point taken.

[Cortexian]

Trying to get dogecoins working on my titans with CUDAMiner...


[2013-12-15 20:40:04] Stratum connection failed: Failed connect to doge.scryptpo
ols.com:3333; No error
[2013-12-15 20:40:04] ...retry after 15 seconds

Much help!

Very donate: D7eNTyBHwvU6WEhs3tCJnkbBpDuXksgpZ6

[Zeph]

Trying to get dogecoins working on my titans with CUDAMiner...


[2013-12-15 20:40:04] Stratum connection failed: Failed connect to doge.scryptpo
ols.com:3333; No error
[2013-12-15 20:40:04] ...retry after 15 seconds



Post your bat. You can put worker.worker:password for credentials. Once you autotune, you can put in a launch config for the specific architecture of your card.

DUF3XMpSzQQFEPiJWPKjYs6Jw2NnF5odQn

[Cortexian]

Just using:

cudaminer.exe -o stratum+tcp://doge.scryptpools.com:3333 -O username.worker:password

Edit: Dogecoin wallet very sync.

[Zeph]

Looks right. Only thing I can think of is your account on scryptpools not having a valid payment address and/or worker not actually being added to the account.

[=sw=warlord]

It's the actual site giving the problems, I was trying to help Tyrant set this up and neither of us could get it working for that pool.
Globalcoin has some pretty good pools though.
And let us know how mining with Cuda cores goes, I hear AMD have a much better result than Nvidia do when it comes to GPU mining.

[Zeph]

My 590 is getting 440KH/s versus a 280X's 1.4MH/s. Definitely a lot better than it used to be but you're right AMD is the general purpose king.

[Cortexian]

Trying to run CUDAMiner on my system results in Windows becoming incredibly unresponsive. Tried all manner of flag combinations to get it to work, still need to try disabling Nvidia Surround and attempting it without... Will do that tomorrow. For now plz send doges, much doges, many wow.

[Donut]

Freelancer I had the same issue with CUDAminer. From what I understand, the problem is that CUDAminer doesn't support the stratum web interface thing, so you need to get the stratum proxy and run that as well.

I'm not quite sure on how to do that though. I got that information from a post written in broken english on the 7th page of a >4000 post long thread. It's incredibly hard to find solid information on this stuff.

E: also, if you can handle the system unresponsiveness, set your intensity in CUDAminer to 0. I set it to 11 like an idiot and almost burnt down my fucking house.

[Cortexian]

OK so using:

cudaminer.exe -o stratum+tcp://stratum.gentoomen.org:3333 -O Username.worker:password

And having a shortcut to have it start with my system this morning... Resulting in:


[2013-12-16 09:28:23] accepted: 89/90 (98.89%), 606.13 khash/s (yay!!!)
[2013-12-16 09:28:46] GPU #1: GeForce GTX TITAN, 13848576 hashes, 243.98 khash/s

[2013-12-16 09:28:50] GPU #1: GeForce GTX TITAN, 774144 hashes, 235.79 khash/s
[2013-12-16 09:28:50] accepted: 90/91 (98.90%), 611.12 khash/s (yay!!!)
[2013-12-16 09:28:51] GPU #0: GeForce GTX TITAN, 10781568 hashes, 376.25 khash/s

[2013-12-16 09:28:52] accepted: 91/92 (98.91%), 612.04 khash/s (yay!!!)
[2013-12-16 09:28:59] GPU #0: GeForce GTX TITAN, 2709504 hashes, 375.26 khash/s
[2013-12-16 09:28:59] accepted: 92/93 (98.92%), 611.05 khash/s (yay!!!)
[2013-12-16 09:29:03] GPU #0: GeForce GTX TITAN, 1725696 hashes, 368.17 khash/s
[2013-12-16 09:29:04] accepted: 93/94 (98.94%), 603.96 khash/s (yay!!!)
[2013-12-16 09:29:09] GPU #0: GeForce GTX TITAN, 1999872 hashes, 371.70 khash/s
[2013-12-16 09:29:09] accepted: 94/95 (98.95%), 607.49 khash/s (yay!!!)
[2013-12-16 09:29:24] GPU #1: GeForce GTX TITAN, 8515584 hashes, 243.82 khash/s
[2013-12-16 09:29:25] accepted: 95/96 (98.96%), 615.52 khash/s (yay!!!)
[2013-12-16 09:30:08] GPU #0: GeForce GTX TITAN, 22305024 hashes, 375.05 khash/s

[2013-12-16 09:30:10] Stratum detected new block
[2013-12-16 09:30:10] GPU #1: GeForce GTX TITAN, 11139072 hashes, 243.81 khash/s

[2013-12-16 09:30:10] GPU #0: GeForce GTX TITAN, 733824 hashes, 370.41 khash/s
[2013-12-16 09:30:10] GPU #1: GeForce GTX TITAN, 21504 hashes, 97.30 khash/s
[2013-12-16 09:30:11] accepted: 96/97 (98.97%), 467.71 khash/s (yay!!!)
[2013-12-16 09:30:29] GPU #1: GeForce GTX TITAN, 4408320 hashes, 236.17 khash/s
[2013-12-16 09:30:29] accepted: 97/98 (98.98%), 606.58 khash/s (yay!!!)
[2013-12-16 09:30:37] GPU #0: GeForce GTX TITAN, 8080128 hashes, 301.96 khash/s
[2013-12-16 09:30:37] accepted: 98/99 (98.99%), 538.13 khash/s (yay!!!)
[2013-12-16 09:30:40] Stratum detected new block
[2013-12-16 09:30:40] GPU #0: GeForce GTX TITAN, 628992 hashes, 200.11 khash/s
[2013-12-16 09:30:40] GPU #1: GeForce GTX TITAN, 2601984 hashes, 235.95 khash/s
[2013-12-16 09:30:51] GPU #0: GeForce GTX TITAN, 3032064 hashes, 271.26 khash/s
[2013-12-16 09:30:53] accepted: 99/100 (99.00%), 507.21 khash/s (yay!!!)
[2013-12-16 09:31:23] GPU #0: GeForce GTX TITAN, 10467072 hashes, 345.49 khash/s

[2013-12-16 09:31:23] accepted: 100/101 (99.01%), 581.44 khash/s (yay!!!)
[2013-12-16 09:31:25] Stratum detected new block
[2013-12-16 09:31:25] GPU #0: GeForce GTX TITAN, 1024128 hashes, 371.98 khash/s
[2013-12-16 09:31:25] GPU #1: GeForce GTX TITAN, 10945536 hashes, 241.65 khash/s

[2013-12-16 09:31:35] Stratum detected new block
[2013-12-16 09:31:35] GPU #0: GeForce GTX TITAN, 3523968 hashes, 348.72 khash/s
[2013-12-16 09:31:35] GPU #1: GeForce GTX TITAN, 2429952 hashes, 240.77 khash/s
[2013-12-16 09:32:01] GPU #0: GeForce GTX TITAN, 9321984 hashes, 359.28 khash/s
[2013-12-16 09:32:02] accepted: 101/102 (99.02%), 600.04 khash/s (yay!!!)



Freelancer I had the same issue with CUDAminer. From what I understand, the problem is that CUDAminer doesn't support the stratum web interface thing, so you need to get the stratum proxy and run that as well.

I'm not quite sure on how to do that though. I got that information from a post written in broken english on the 7th page of a >4000 post long thread. It's incredibly hard to find solid information on this stuff.

E: also, if you can handle the system unresponsiveness, set your intensity in CUDAminer to 0. I set it to 11 like an idiot and almost burnt down my fucking house.
I don't think much of that is right, I looked into the Stratum thing and although I did find a couple (older) mentions of it not supporting it I'm pretty sure it does now.

As for the intensity thing, it's not the same as with cgminer or whatever. It's a toggle. 0 = off, 1 = on, and it's per GPU. I have two GPU's so the command to run both in interactive mode would be:

-i 1,1

You can define which GPU's mine using the d (lol), this example would only mine on GPU 2:

-d 0,1

What I have working now is all defaults as you can see above, will need to see if I can tweak it for Titan's but using the following doesn't have much effect and I think it's because I'm missing the number portion (ex: T28x4) but I have no idea what those numbers represent or how to calculate them...

-l T,T

[sehe]

nvidia cards are not for mining, you use more power than the money you mine.
Look at your speeds, it's ridiculous for that price and power consumption, I get 400k hashes whit my 7870, which costs 1/4 of your card and uses like 60W @ 1.1V

[Cortexian]

nvidia cards are not for mining, you use more power than the money you mine.
Look at your speeds, it's ridiculous for that price and power consumption, I get 400k hashes whit my 7870, which costs 1/4 of your card and uses like 60W @ 1.1V
Duh. You think I'm doing this for profit?

I could say that AMD cards aren't for mining either. Unless you ASIC you doing it wrong maaaaan.

[sehe]

There are no ASIC miners for LTC, that's the point of the coin. But okay then, tho since I guess u have lot of money, you could just buy a second PC with 2x7950/7970 and mine LTC or FTC 24/7, I would really do this if I could. You don't really have anything to lose as the price would come back after 1 month I guess + "free" heating. And bitcoins are probably the future money that will replace the current centralized money controlled by the zionist (nice dreams huh?).

[Limited]

Ah Bitcoin, if only I bothered to listen to pyong more, I ran it for a few days back in 2010 and got bored.

I still do have a coin though.

What you guys mining now then? Dogecoins is a real thing?

[Patrickssj6]

Had to read up on all those currencies lol didn't know that there are so many already

Also, just hijack some power line :P

[Warsaw]

There are no ASIC miners for LTC, that's the point of the coin. But okay then, tho since I guess u have lot of money, you could just buy a second PC with 2x7950/7970 and mine LTC or FTC 24/7, I would really do this if I could. You don't really have anything to lose as the price would come back after 1 month I guess + "free" heating. And bitcoins are probably the future money that will replace the current centralized money controlled by the zionist (nice dreams huh?).

I've got two 7970s that I'm going to use for this while I'm not using the PC for stuff. :o

Also, the issue with Bitcoin, etc., is that right now it only has any worth because people are assigning real-money value to it. It doesn't have mind-share or market-share enough to be a stand-alone currency. When you get right down to it, cryptocurrency is absolutely horrible because all it is is value being assigned to wasted energy. That's energy you are not ever going to get back that you burned just to increase the size of a virtual wallet that can get wiped in a keystroke.

[Dwood]

Which is why we need to actually start using it for transactions. This whole idea that something only has value because we assign one to it, is the idea of nearly almost any currency ever created. Cryptocurrencies are awesome because there is only a limited amount of them, you can't print them off indefinitely to increase the amount or decrease it. Sure, value of it can change, but not because of inflation.

[Patrickssj6]

I just don't like the fact that precious energy is used as a countervalue. If the surplus of getting coins would be calculating something useful, I would do this as well.

Of course this is nowhere comparable to the energy "waste" of gathering other resources but I would have liked something more useful out of something this modern.

[Warsaw]

If hashing a bitcoin actually served some useful purpose, i.e. protein folding, I'd be okay with it. But it doesn't do that, and so using it as a currency is still a dick move. Besides, bitcoin is still a fat-cats game; he who has the most real-money to purchase the newest, fastest ASICs wins. Then, those fatcats make bitcoin a mainstream currency and continue to exercise dominance.

No, cryptocurrency remains a broken system. The only reason I'm doing it is because I can profit from it and to not take advantage of the opportunity would be unwise, but the concept is asinine. Whoever invented it is a genius for the hoax he's pulling over everybody.

[Dwood]

But, isn't that true with all methods of attempting to earn a living? He who invests the most time/effort/energy/money into something will get the most out of it? Also, the main reason i don't buy an ASIC is because they're useless outside of their realm of mining bitcoins.

[Btcc22]

x

So what you're saying is that you're a bit of a hypocrit? ;)

[Patrickssj6]

If hashing a bitcoin actually served some useful purpose, i.e. protein folding, I'd be okay with it.
Exactly what I said when Bitcoin first started.


But, isn't that true with all methods of attempting to earn a living? He who invests the most time/effort/energy/money into something will get the most out of it? Also, the main reason i don't buy an ASIC is because they're useless outside of their realm of mining bitcoins.

More or less our reward for living is creating a surplus for someone e.g. a product or a service.

In case of coins though there is no surplus and the countervalue is energy and time. The appealing thing about this is of course, that we do not have to put in manual labor; it is not our personal energy and time we put in.

The problem arises when you try to buy a real product with Bitcoins. If I work 1 hour on a product, how much work does a computer need to do until I see an equal in value? Or further: Do I even see a value in the coins? Would you sell something you crafted with your own hands to someone who just had his two AMDs running for 2 days? ^^

[Warsaw]

So what you're saying is that you're a bit of a hypocrit? ;)

Never said I wasn't. :p

@Dwood: the problem with that concept is that not everybody is physically able to invest in bitcoin, unlike manual labor. It's a game of he who starts off with the most will always have the most. Does that seem right to you?

[Donut]

I thought about the protein folding thing a while back. I think there actually is an app (folding at home?) that allows people to get paid in USD for protein folding. I think it would only complicate things to tack bitcoins onto that. Also, since there is a definite and legitimate scientific goal to the number crunching, I would think that would make it a lot easier to cheat the system.

[Cortexian]

I have over 1,500,000 points in Folding @ Home, never heard anything about getting paid... I get over 110,000 PPD on my Titans while Folding @ Home.

As for mining... Seems like just the autotuning period has that huge performance hit on my system. After it finishes I'm given these results:


[2013-12-16 22:41:30] GPU #0: 130.41 khash/s with configuration T27x8
[2013-12-16 22:41:31] GPU #0: using launch configuration T27x8
[2013-12-16 22:42:21] GPU #1: 422.05 khash/s with configuration T51x5
[2013-12-16 22:42:21] GPU #1: using launch configuration T51x5


Gonna try:

-l T51x5,T51x5

[Dwood]

@Dwood: the problem with that concept is that not everybody is physically able to invest in bitcoin, unlike manual labor. It's a game of he who starts off with the most will always have the most. Does that seem right to you?

If you phrase it that way, no it's not right, but I'd say he who starts off with the most, and doesn't do anything with it, will always have the most. The point of crypto currency is to actually use them to DO SOMETHING with them. You don't have to use a gpu to earn bitcoins. you can simply spend your money on them, which may/may not prove to be more useful than mining them. If I was paying the electric bill in my house, i would buy bitcoins with cash occasionally in $20 chunks or so, instead of mining via electricity because i've mined about 50 cents' worth of bitcoins in my pool so far for the past 2 weeks (granted, i haven't had it on all the time).

"Do I even see a value in the coins? Would you sell something you crafted with your own hands to someone who just had his two AMDs running for 2 days?"

@Patrick- Those are very legitimate questions, which I have toyed with, wondering if there were some service I could offer for bitcoins or something like that. Then I realized, Bitcoins need to hit critical mass in certain areas where we could buy anything and be paid with btc without touching cash- gas, food, bill-payment, the list goes on.

How it hits that point is based on whether or not people continue to add value to the currency by accepting that form of payment, which is one reason why i would advise staying away from any cryptocurrency besides BTC or LTC if you want to see them propagate into legitimate currencies.

Edit-

A question I want to know the answer to is this: what happens if we lose btc's- like the ones locked on that guy's hdd- are they lost forever?

[Cortexian]

Dwood I hope you aren't actually mining BTC... It's not worth it for GPU's. You'd be much better off mining LTC or something and then selling THAT for BTC.

[Warsaw]

If you phrase it that way, no it's not right, but I'd say he who starts off with the most, and doesn't do anything with it, will always have the most. The point of crypto currency is to actually use them to DO SOMETHING with them. You don't have to use a gpu to earn bitcoins. you can simply spend your money on them, which may/may not prove to be more useful than mining them. If I was paying the electric bill in my house, i would buy bitcoins with cash occasionally in $20 chunks or so, instead of mining via electricity because i've mined about 50 cents' worth of bitcoins in my pool so far for the past 2 weeks (granted, i haven't had it on all the time).

"Do I even see a value in the coins? Would you sell something you crafted with your own hands to someone who just had his two AMDs running for 2 days?"

@Patrick- Those are very legitimate questions, which I have toyed with, wondering if there were some service I could offer for bitcoins or something like that. Then I realized, Bitcoins need to hit critical mass in certain areas where we could buy anything and be paid with btc without touching cash- gas, food, bill-payment, the list goes on.

How it hits that point is based on whether or not people continue to add value to the currency by accepting that form of payment, which is one reason why i would advise staying away from any cryptocurrency besides BTC or LTC if you want to see them propagate into legitimate currencies.

Edit-

A question I want to know the answer to is this: what happens if we lose btc's- like the ones locked on that guy's hdd- are they lost forever?

If spending money is a valid method of acquiring bitcoins, then why are we bothering with BTC in the first place? Doesn't that basically make it middleware that we can and should cut out? The type of scenario you are proposing is essentially the same thing as buying stock in a company; it still requires conventional money to do and the value of what you are buying is in a state of flux.

[Cortexian]

It would be neat if you could make a profit off the electricity you use for you entire house by mining. Free electricity by using electricity.

[Cortexian]

Zeph enjoy your DOGE.

[Bodzilla]

The cool thing about these virtual currency's isn't "COMPUTA DID THINGS AND NAO MONEH" it's that its a self sufficient economic system free of a central reserve banking system and most importantly it's free of inflation.

It's an amazing concept, i really hope it pans out.

[Cortexian]

Saw 1067 KH/s earlier on my pool dashboard. Definitely better with this config...

[Limited]

Sigh, you guys at looking at Bitcoin from only one angle when there is multiple angles.

All you are looking at it from is simply, 'How can I make money from this'. Bitcoin is way bigger than that. Your not just mining to make money, your mining to make the whole system work. As we all know, the value will plateu and stay that way at some point, from then it won't be profitable to mine, but miners will still be needed to valid the transactions. That is what is important.

If someone told me I needed to invest in Bitcoin, it wouldnt be to buy a fast GPU, it would be to buy X amount of a Bitcoin with real money. Not saying I'd do that, a lil risky as we know. But the value of Bitcoin isnt you can make money, its the ability to transfer money across.

[Warsaw]

See, but at that point I'd just say screw it and ditch Bitcoin for conventional money, as everybody should. If Bitcoin is going to become an everyday currency then it will start getting subjected to all the same red tape that whatever your current local currency is, making the concept pointless. You can count on it. You can say "it is physically impossible, etc. etc." but it won't matter because all the big banks governments have to do is knock on the doors of Bitcoin's proprietors with guns in-hand, outlaw its use in transactions, etc. Done deal. Everybody whose fortunes were in Bitcoin is suddenly poor.

So...Bitcoin remains silly.

[=sw=warlord]

Because prohibition is such an effective counter measure.
Oh hey China.

[Warsaw]

You don't pay taxes in alcohol...

[Dwood]

the point is that you can't tether down bitcoin just by signing a law about it. you can't steal btc from another person just by memorizing their number. Bitcoin is by nature immune to that. see: china

[Warsaw]

But you can make it useless and therefore worthless (and since it's digital you can delete it...which is permanent). That's the point I'm trying to make. Everything you and others have said requires normal money and some form of speculation to make Bitcoin worthwhile. Well, if Bitcoin requires normal money to be worth something then it has no reason to exist. If Bitcoin becomes normal money then it has all the same problems as current money translated to a relevant format.

Your net gain is nothing, and you've made the bunch of fuckers who invented the scheme rich all because you thought it might be worth something later. Self-fulfilling prophecy! Kind of like German luxury in the automotive sector...

[=sw=warlord]

The thing is, you don't have to trade crypto currency with typical currency to give it value, the USDs value is based on what people believe its value is which is the same as these crypto currencies.
You could if a seller was willing, make purchases with crypto currency bypassing the entire typical currency system all together.
If it were up to me, I would trade bitcoins for Copper bullion rather than normal currency because Copper is being consumed at a fast rate due to its various uses and its price is rising at a strong consistent pace.

[Patrickssj6]

If it were up to me, I would trade bitcoins for Copper bullion rather than normal currency because Copper is being consumed at a fast rate due to its various uses and its price is rising at a strong consistent pace.
Then gl finding a real copper miner who wants to exchange a precious conductor for a useless virtual currency :P

[Jelly]

The cool thing about these virtual currency's isn't "COMPUTA DID THINGS AND NAO MONEH" it's that its a self sufficient economic system free of a central reserve banking system and most importantly it's free of inflation.

It's an amazing concept, i really hope it pans out.

actually the cool thing is that people lose real money on it

[CN3089]

actually the cool thing is that people lose real money on it

#1 post on r/bitcoin: suicide hotline


lmbo

[Warsaw]

The thing is, you don't have to trade crypto currency with typical currency to give it value, the USDs value is based on what people believe its value is which is the same as these crypto currencies.
You could if a seller was willing, make purchases with crypto currency bypassing the entire typical currency system all together.
If it were up to me, I would trade bitcoins for Copper bullion rather than normal currency because Copper is being consumed at a fast rate due to its various uses and its price is rising at a strong consistent pace.

Except you do because there are few sellers accepting Bitcoin directly. Sure, the USD or GBP or Euro or whatever are just as arbitrary these days, but they are established. Bitcoin is not. Bitcoin is new. And because Bitcoin is not centralised to a government, said governments have incentive to outlaw its use in transactions until they figure out how to tax it and the banks behind those governments get the lion's share and give the okay for the rest of us plebs to use it. Even then they might just let it stay outlawed because it offers no benefit to them and having your wealth reside in a realm that can only be currently described as a war-zone is not exactly wise.

[Limited]

Theres no intrinsic value in the actual Bitcoin themselves, the value comes with the Bitcoin protocol, and the network of Bitcoin.

This is why Bitcoin is good.

[Patrickssj6]

Theres no intrinsic value in the actual Bitcoin themselves, the value comes with the Bitcoin protocol, and the network of Bitcoin.

This is why Bitcoin is good.

That's not true................read previous posts. The actual value of the Bitcoin comes from the people who trust and invest into the currency, you are talking about the countervalue which is no value at all if people don't accept it.

Example: In an apocalyptic scenario your money is worthless, not because the countervalue is gone (e.g. precious resources like gold are still there) but because people need food to survive. Suddenly food and water become the currency.

[Timo]

haha bitcoins

[Zeph]

#1 post on r/bitcoin: suicide hotline


lmbo

Yep. Lots of people investing in something with money that's not leftover from living expenses. The 1930s stock market fallout crash was engineered to affect the people who were investing with their daily living money because they didn't know any better. This "China bank no back coin" crash is affecting the same kind of people.

[Limited]

That's not true................read previous posts. The actual value of the Bitcoin comes from the people who trust and invest into the currency, you are talking about the countervalue which is no value at all if people don't accept it.

Example: In an apocalyptic scenario your money is worthless, not because the countervalue is gone (e.g. precious resources like gold are still there) but because people need food to survive. Suddenly food and water become the currency.
Please look up the meaning of intrinsic value.

[Warsaw]

Please look up the meaning of intrinsic value.

He's disagreeing with the second part of your comment, not the first. You are right, the Bitcoin has no intrinsic value. While you are not entirely wrong that there is value in the Bitcoin system, that system is not what is making it monetarily valuable. Speculation is what is making it monetarily valuable.

[Higuy]

money is fucking dumb. i'll trade you a chicken for an egg

[Warsaw]

That's a bad trade, since you can use the chicken to produce eggs.

[=sw=warlord]

or you can hatch the egg to grow a chicken that'll live longer than the otherwise already egg laying chicken.

[Patrickssj6]

eggs come from cows

[InnerGoat]

#1 post on r/bitcoin: suicide hotline


lmbothats not funny my girlfriend left me over this recent crash

[CN3089]

u had to sell your haruhi bodypillow to make rent??

[Pyong Kawaguchi]

hehe down down down!

good thing i sold my ltc when they were more than double current value :)

[Cortexian]

New CUDAMiner, 30% increase in khash/s... Went from about 330~ to 440~.

Still way worse than AMD.

[Warsaw]

or you can hatch the egg to grow a chicken that'll live longer than the otherwise already egg laying chicken.

Nope. You can do that with the eggs you get from the chicken, you don't need another egg. What you need is a rooster.

[Dwood]

New CUDAMiner, 30% increase in khash/s... Went from about 330~ to 440~.

Still way worse than AMD.

Why does amd rape nvidia so badly? am confused.

[Cortexian]

CUDAMiner much new. V unoptimize.

[InnerGoat]

Why does amd rape nvidia so badly? am confused.

http://www.extremetech.com/computing/153467-amd-destroys-nvidia-bitcoin-mining

[Limited]

He's disagreeing with the second part of your comment, not the first. You are right, the Bitcoin has no intrinsic value. While you are not entirely wrong that there is value in the Bitcoin system, that system is not what is making it monetarily valuable. Speculation is what is making it monetarily valuable.
Um, that system is exactly what is giving it monetarily valuable. The US currency has face valuable, because traders (shops etc) legally agree that dollar is worth the value of a dollar we associate it with.

The only thing I think you may be touching on, is for example, who decides that X about of coin is worth $10, or whatever. The answer to that is exactly why gold is valuable.

[Zeph]

Why does amd rape nvidia so badly? am confused.
Computer science.
The way AMD gpus are designed, they fundamentally handle numbers different than nVidia cards (Titan was the exception to this as it was designed primarily as a super-computer part). Basically, nVidia cards are designed around texture manipulation while AMD went more along the route of general compute. Textures in games are pretty well defined in their bitcount and the kinds of manipulations you want to make on them (HLSL) so nVidia can tailor cards to do that better at the expense of using the card on anything else (who would use a GPU for anything other than a game, right?).

[Dwood]

Yeah, it makes sense, and I read that article from inner goat last night. I'm pleasantly surprised to see how different the separate architectures actually are. I always thought they would be strikingly similar. The more you know!

[Limited]

Figured I might as well have some fun and join the Doge clan.

Also http://indogewetrust.com

[Dwood]

Im at work and one of my coworkers mentioned bitcoin asking if I was into it. well a whole conversation started and I learned that a family was going to travel the world using only this currency. see our local news site about it here. http://www.ksl.com/?sid=27171899

[Limited]

What pool are you guys using? I want to try GPU mine with my GTX 670 and see how fast I get. Much help please?

D8aSSwDpRbsVRAQhkyUMduEcikudq3fDyz To the moon!!! └(°ᴥ°)┘

[Btcc22]

What pool are you guys using? I want to try GPU mine with my GTX 670 and see how fast I get. Much help please?

D8aSSwDpRbsVRAQhkyUMduEcikudq3fDyz To the moon!!! └(°ᴥ°)┘

Mining with Nvidia cards is a waste of time and money. Mining with AMD cards is only slightly less of a waste of time and money.

https://en.bitcoin.it/wiki/Mining_hardware_comparison

[Limited]

Oh I'm only doing it for a laugh. Just like using the gamble sites where you send coins and may win more back etc.

These are my settings, do I need to tweak?


cudaminer -a scrypt -o stratum+tcp://dogepool.pw:3333 -u WORKER -p PASSWORD


[2013-12-19 17:03:48] Stratum detected new block
[2013-12-19 17:03:48] GPU #0: GeForce GTX 670, 3644256 hashes, 224.40 kha
[2013-12-19 17:03:49] GPU #0: GeForce GTX 670, 332640 hashes, 223.69 khas
[2013-12-19 17:03:50] accepted: 55/55 (100.00%), 223.69 khash/s (yay!!!)
[2013-12-19 17:04:03] GPU #0: GeForce GTX 670, 2951872 hashes, 224.82 kha
[2013-12-19 17:04:03] accepted: 56/56 (100.00%), 224.82 khash/s (yay!!!)
[2013-12-19 17:04:05] GPU #0: GeForce GTX 670, 524832 hashes, 224.47 khas
[2013-12-19 17:04:05] accepted: 57/57 (100.00%), 224.47 khash/s (yay!!!)
[2013-12-19 17:04:13] Stratum detected new block
[2013-12-19 17:04:13] GPU #0: GeForce GTX 670, 1865248 hashes, 224.63 kha
[2013-12-19 17:04:15] GPU #0: GeForce GTX 670, 317856 hashes, 220.11 khas
[2013-12-19 17:04:15] accepted: 58/58 (100.00%), 220.11 khash/s (yay!!!)
[2013-12-19 17:04:58] GPU #0: GeForce GTX 670, 9853536 hashes, 224.95 kha
[2013-12-19 17:04:59] accepted: 59/59 (100.00%), 224.95 khash/s (yay!!!)
[2013-12-19 17:05:08] GPU #0: GeForce GTX 670, 2197888 hashes, 225.32 kha
[2013-12-19 17:05:08] accepted: 60/60 (100.00%), 225.32 khash/s (yay!!!)

[Zeph]

Mining with Nvidia cards is a waste of time and money. Mining with AMD cards is only slightly less of a waste of time and money.

https://en.bitcoin.it/wiki/Mining_hardware_comparison

Not at these lower difficulties and scrypt.

[Warsaw]

Um, that system is exactly what is giving it monetarily valuable. The US currency has face valuable, because traders (shops etc) legally agree that dollar is worth the value of a dollar we associate it with.

The only thing I think you may be touching on, is for example, who decides that X about of coin is worth $10, or whatever. The answer to that is exactly why gold is valuable.

That's not at all how it works. Sure, somebody may decide that an anonymous currency like bitcoin is wortha certain amount of money to them all by itself. However, what's giving bitcoin its more inflated value is the speculation that it will be worth something later; they are betting on the idea that it will become a more widely accepted form of payment for goods. It's an investment, like stocks, with its performance being tied to market-share rather than profits and proposed business plans.

[Dwood]

So my miners in win7 keep closing randomly when i try to start them. It's really frustrating me ugh. first cgminer, bfgminer, and now 50 miner. dogecoins here i come, such wow.

Edit: Playing with overclocking, aaaand I can get an extra 60 MH/s our of my 7970 (typically at 530 MH/s) with some oc'ing. It's p. cool so far, but i think i'm going to increase worksize from 256 so it's more stable.

Edit: I got it working inf you didn't notice

[Limited]

Edit: Playing with overclocking, aaaand I can get an extra 60 MH/s our of my 7970 (typically at 530 MH/s) with some oc'ing. It's p. cool so far, but i think i'm going to increase worksize from 256 so it's more stable.

Assume you mean KH/s not MH/s.

Been mining for a while now using Nvidia, managed to get a nice amount of coin.

[Dwood]

no the card can pull down 500 m hashes and not break a sweat.

[Limited]

no the card can pull down 500 m hashes and not break a sweat.
Um no bro. It cant, why?

http://i.imgur.com/61Kf2quh.jpg
http://i.imgur.com/DSLh86Uh.jpg
http://i.imgur.com/2GuqUkch.jpg

$50,000 of equipment, 120GPUs, that gets 85mh/s. So your saying yours is 5.8 times faster than this entire setup.

[Tnnaas]

Nothing better than 120 graphics cards to make a nice, juicy burger. Who wants bacon on theirs?

[Dwood]

Um no bro. It cant, why?

http://i.imgur.com/61Kf2quh.jpg
http://i.imgur.com/DSLh86Uh.jpg
http://i.imgur.com/2GuqUkch.jpg

$50,000 of equipment, 120GPUs, that gets 85mh/s. So your saying yours is 5.8 times faster than this entire setup.

uhhh that should get way more than 85 mh/s. if it only gets 85 thats a terrible system to spend 50k on.

[=sw=warlord]

It all depends on which method of mining is used, I can get around 1.47Mh/s through SHA where as for Scrypt i get around 500Kh/s

[Limited]

It all depends on which method of mining is used, I can get around 1.47Mh/s through SHA where as for Scrypt i get around 500Kh/s
Well yeah, my post are all about Dogecoin.

Bitcoin = SHA
Dogecoin = Scrypt

Still don't believe your geting 85MH/s on Dogecoin Dwood.

[Dwood]

Well yeah, my post are all about Dogecoin.

Bitcoin = SHA
Dogecoin = Scrypt

Still don't believe your geting 85MH/s on Dogecoin Dwood.

I was mining bitcoin.

On dogecoin i can barely break 450KH/s

[Pyong Kawaguchi]

scrypt mining is effectively slower, lets say you get 400kh/s on scrypt, you should get 400mh/s on sha.

[Dwood]

In recent news: Dogecoin has recently EXPLODED.

Jamaican bobsled team funded with $30,000 dollar, aaaand:

reddit guy donates to schwarzenegger's thing with doge (http://www.reddit.com/r/IAmA/comments/1vshw2/iamarnold_ama_20/cevcwpa) aaand Schwarzy responds in kind.

[Pyong Kawaguchi]

>tfw have 40$ of doge now

[InnerGoat]

>tfw jcap just bought a house

[Siliconmaster]

I'll admit I looked into dogecoin when I heard about it initially a month or two ago, and just got confused by the whole thing.

[Cortexian]

So this is happening at my companies head office...

http://imgur.com/a/SIN3W#0

All 280X or 290X.

[InnerGoat]

excuse me wtf r u doin :ohdear:

[Siliconmaster]

Good god.

[Dwood]

your company is responsible for the gpu prices! :(

[Cortexian]

So apparently our company is going to start accepting Bitcoin for payment as well... LOL

[Cortexian]

Also, that 40 GPU rack is now a 50 GPU rack and we're allocating resources for 9 more racks (500 GPU's total). After that finishes we'll be checking the return figures and allocated another 10 racks. 1,000 GPU's plox.

[Dwood]

screw you.

[Tnnaas]

If any of those R9 290xs kick the bucket or don't perform up to snuff, send me them for free plz kthx.
I'll pay for shipping.

[Cortexian]

Don't be silly we repackage and resell for clearance price.

[Dwood]

Don't be silly we repackage and resell for clearance price.

So people are paying for what are essentially broken, burned up cards? If they're $25 i can understand, but if a card can't mine, that's destroyed a huge portion of its ability to do anything useful...

[Cortexian]

No, we're essentially "binning" them ourselves. We're not using them till they burn up and tossing them, we test every one extensively before putting it into service. If it's a lemon unit and doesn't mine well that doesn't mean it won't game well and operate fine. If we find any legitimately broken cards they get RMA'd.

[Dwood]

Bitcoin mining is not kind to gaming cards. But w/e. You guys better sell with a 90-day warranty when you sell them or something.

[InnerGoat]

freelancer hacked gox :allears:

[Cortexian]

Bitcoin mining is not kind to gaming cards. But w/e. You guys better sell with a 90-day warranty when you sell them or something.
They're resold with full warranty as they were not given to customers and were used "In-Store". Being a large hardware retailer gives us some leeway with supplier and manufacturer RMA and warranty stuff. By the time we've determined a card isn't "for us" it has only been mining for less than 8 hours.


freelancer hacked gox :allears:
I used a Black Lotus card.

[Btcc22]

Well, if they're sold at a reduced price with a disclaimer, I guess it's fine. I know of some retailers that do similar things with CPUs; they stress-test them all and keep the best performers for their own prebuilts, selling the rest off as new. I'd never buy from such a company.

[Dwood]

Well, if they're sold at a reduced price with a disclaimer, I guess it's fine. I know of some retailers that do similar things with CPUs; they stress-test them all and keep the best performers for their own prebuilts, selling the rest off as new. I'd never buy from such a company.

Yeah, i'd never buy from a company like Lancer's if I knew about it.

[Cortexian]

All the cards we're selling get competitive benchmark scores and FPS with any other similar cards, mining performance doesn't always mean good gaming performance.

Plus these are sold with full warranty. So you wouldn't buy a card from us, for cheaper than normal, knowing it's fully covered and essentially tested and guaranteed to game? Your loss I guess. Have fun paying more for nothing (unless you want to mine, then you gotta pay more).

I think we stopped reselling them anyway. It takes longer to sell them and put that credit towards new cards than it does to just RMA them. So there's no worry either way anymore. None that we've sold have come back or had any complaints.

[Btcc22]

I said it's fine if they're reduced and have a disclaimer otherwise no, I wouldn't buy from your employer. It's a sleazy thing to do, especially RMAing cards that according to you have nothing wrong with them. Good way to make everybody else pay for your employer's greed.

Your post was probably aimed at Dwood but replied anyway.

[InnerGoat]

That sounds fair considering full warranty and everything. Better than refurb cards at least. The real question is when are you going to switch out that obsolete AMD hardware with a bunch of 750 ti? :realsmug:

[Cortexian]

I said it's fine if they're reduced and have a disclaimer otherwise no, I wouldn't buy from your employer. It's a sleazy thing to do, especially RMAing cards that according to you have nothing wrong with them. Good way to make everybody else pay for your employer's greed.

Your post was probably aimed at Dwood but replied anyway.
"Technically" there is something wrong with them. And honestly, 75% of the stuff we send for RMA is probably fine, and the customers are just retards that can't computer or install their drivers and crap properly.


That sounds fair considering full warranty and everything. Better than refurb cards at least. The real question is when are you going to switch out that obsolete AMD hardware with a bunch of 750 ti? :realsmug:
Not worth it with diminishing returns, we would need many more 750ti's to get the same clock rates. We're waiting for GTX 800 series.

[InnerGoat]

hello fellow people who got out of crypto too early

:ohdear:

[InnerGoat]

>tfw jcap just bought a house

holy fuck

[Tnnaas]

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[=sw=warlord]

I'm betting Pyong is really kicking himself for selling those coins

[Tnnaas]

jcap how are these things getting through??