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Thread: Bitcoin

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    Bitcoin

    Have any of you guys used bitcoin in the past? It's pretty interesting stuff. I'm thinking about getting a coin or two. Any advice?

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    Demetri's Avatar
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    When it was $1000+ a coin, i was kicking myself for not investing in the beginning I dont think i would now, unless i was gifted some for some reason

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    my boy is mining for litecoins, he bought like 5 of an amd gfx card to mine with. crazy stuff. he told me nvidia isnt good for mining

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    i'm not really trying to invest more just have some.

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    then mining a different coin would be pretty good idea.No money needed to be put in

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    Quote Originally Posted by McGyver View Post
    then mining a different coin would be pretty good idea.No money needed to be put in
    Don't you need a really strong computer for that?

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    Lord Darigan's Avatar
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    Quote Originally Posted by John View Post
    Don't you need a really strong computer for that?
    It's funny this thread was posted. I've been researching this stuff pretty intensely for the past week. Bitcoins, and many other of the alt coins (alternative coins) are mined using the SHA256 hash function. Most people who successfuly mine buy dedicated hardware to mine. Litecoin is mined using script, so hardware used for mining Bitcoin would not work for mining Litecoin, but would work for other altcoins that use the SHA256 hash. It's pretty much dumb to mine Bitcoin now. The level of difficulty of mining (it increases every 'block' mined, aka it gets harder to mine as the mining goes on) for Bitcoin has skyrocketed, and really only people who have invested from the start and have huge mining rigs will ever make a good return on investment.
    Other altcoins are in the beginning stages and have the potential to blow up like Bitcoin has. Dedicated hardware that may never make a return on investment, such as the ASIC Block Erupter USB stick, can be used to mine the altcoins, and you can sit on your investment. These 333mhash miners (not that great) go for 50 dollars or so used on eBay. 2.6ghash miners may cost 250 or so. Miners who are actually successful at bitcoin run many 100's of ghash speeds for mining. These lesser mined altcoins may have success with lesser speeds.
    In my opinion it is more safe to invest than to mine. The return on investment is abysmal. You just have to pick the right coins that have potential and differences from Bitcoin. Since it is a currency not backed financially from any certain government, the value of the coins are placed by the community. Therefore, it's not like every coin will blow up. Pick ones with different security measures, or different hashing/difficulty methods that make it a cryptocurrency that has potential to flourish because it is different and innovative. Don't put all your eggs in one basket.

    tl;dr = mining bitcoin isn't worth it. Mining some alternative coins might be. Investing is the smartest in my opinion, but be prepared to sit on your investment.


    @John


    Edit: John you have 1200$ to just spend on Bitcoin? I envy you lol

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    John (01-04-2014)

  9. #8

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    From a related BTC question asked last month:

    Quote Originally Posted by Mod View Post
    Also be aware that btc is a very unstable currency.

    A year ago it was $xx per coin,
    over the summer was up to $xxx (sub-$500),
    shot up over $1k last month,
    then fell to $680 over this last weekend from $1,240 the week before that.

    Recent news article:

    http://www.theverge.com/2013/12/9/51...ncy-technology



    The 'x' are digits I forgot.

    All it takes is a small scare to shake up BTC value in a matter of days (or hours).

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    John (01-04-2014)

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    Yeah that's what i'm juggling. I think bitcoin is the obvious front runner since it has actual uses and is becoming much more commonly accepted. @SoonToRuleNeopia Also, it wouldn't really be spending I can always just do something with it later. Might buy something, it may lose all its value and become a complete bust oh well! Just trying to learn a little more before I really do anything.

    Have any of you guys ever followed up by owning any? Not necessarily mining them.

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    Lord Darigan's Avatar
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    Quote Originally Posted by John View Post
    Yeah that's what i'm juggling. I think bitcoin is the obvious front runner since it has actual uses and is becoming much more commonly accepted. @SoonToRuleNeopia Also, it wouldn't really be spending I can always just do something with it later. Might buy something, it may lose all its value and become a complete bust oh well! Just trying to learn a little more before I really do anything.

    Have any of you guys ever followed up by owning any? Not necessarily mining them.
    Well good luck to any of your ventures! I'll let you know in a few months if my investments pay off in other coins lol BTC is just too expensive for my budget at the moment

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