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Old 02-06-2014, 06:40 PM   #1
Life Is Brutal
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Anyone here mine Cryptocurrency?

Edit: This is now mostly the Bitcoin discussion thread.

Please read the following beforehand, as it should clear up a lot of confusion.

https://bitcoin.org/en/faq
https://en.bitcoin.it/wiki/Myths

If you do, I could probably use some help soon with getting the most out of the GPUs I bought.

I just ordered the parts to build a GPU-Scrypt mining rig for $2,500 total, which should give me 2800+ Kh/s for mining Dogecoin/Litecoin and other Altcoins. Expected profitability is $30 a day using an autoswitching pool, making the ROI about 3 months.

Does anyone else in the pit mine?
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Old 02-06-2014, 06:42 PM   #2
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Why would you even mine pump and dump/meme coins?

The only thing worth mining from that is Litecoin now that it's pretty much impossible to mine bitcoins
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Old 02-06-2014, 06:44 PM   #3
Banjocal
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ok I double took are you ****ing serious
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Old 02-06-2014, 06:45 PM   #4
Trowzaa
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i exclusively mine dogecoins
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Old 02-06-2014, 06:47 PM   #5
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It's because of people like you that the prices of AMD GPUs have skyrocketed.

Kindly **** off.
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Old 02-06-2014, 06:48 PM   #6
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why is dogecoin a thing

much dumb
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Old 02-06-2014, 06:48 PM   #7
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Old 02-06-2014, 06:48 PM   #8
Wormholes
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For 2.5k you could have just bought some gold/silver and be guaranteed a profit within 24 hours.


This whole digital currency thing just seems like BS to me. Wait until it's mainstream before you waste real money on it. Until then stick with actual real life things that can get you actual existing things worth actual money.
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Old 02-06-2014, 06:49 PM   #9
Life Is Brutal
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Quote:
Originally Posted by darkcheef
Why would you even mine pump and dump/meme coins?

The only thing worth mining from that is Litecoin now that it's pretty much impossible to mine bitcoins


Dogecoin is actually really profitable to mine at the moment, the block reward is about to halve meaning that the value of each coin will likely increase considerably. Possibly even up to double, which is huge profit potential if you've been mining them from the beginning.

http://www.coinwarz.com/cryptocurrency

Quote:
For 2.5k you could have just bought some gold/silver and be guaranteed a profit within 24 hours.


I could have gotten 2 ounces of gold and within 24 hours I would have lost $20 or so just from looking at the fluctuations. How long would it take for me to get a reasonable profit on gold with my investment?

Quote:
This whole digital currency thing just seems like BS to me. Wait until it's mainstream before you waste real money on it. Until then stick with actual real life things that can get you actual existing things worth actual money.


Australia is literally getting ATMs for Bitcoins. I'm getting into it before its mainstream so that I can actually make a profit on it.

Some of the early adopters of Bitcoins are now millionaires because they saw the potential in a currency that's not connected to any country. When Bitcoin was 50 cents each, one dude in particular spent $40,000 (His 401K) on them, getting around 80,000 bitcoins. He sold them when they peaked at $1,000 and net around $80 Million for a $40,000 investment.

This took less than 4 years.
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Old 02-06-2014, 06:50 PM   #10
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nope, but i considered investing in bitcoin long before it blew up






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Old 02-06-2014, 06:51 PM   #11
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What in the fuck is this?
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Old 02-06-2014, 06:52 PM   #12
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dogecoin is the best

to the moon

Also I heard good things about quarkcoin, whatever that is
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Old 02-06-2014, 06:52 PM   #13
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Quote:
Originally Posted by Wormholes
For 2.5k you could have just bought some gold/silver and be guaranteed a profit within 24 hours.


This whole digital currency thing just seems like BS to me. Wait until it's mainstream before you waste real money on it. Until then stick with actual real life things that can get you actual existing things worth actual money.


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Old 02-06-2014, 06:54 PM   #14
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Originally Posted by Trowzaa
show
Dude, listen to the random internet man. He clearly knows what is best
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Old 02-06-2014, 06:55 PM   #15
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I dont understand how any of this dogecoin and bitcoin shit works. Can i mine them in minecraft?
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Old 02-06-2014, 06:56 PM   #16
Wormholes
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Yeah but. $20 to $140. If it was so easy everyone would be doing it. But no one is. So It's still bullshit and a waste of time.



(And is there even a way to get cash for bitcoins? Random internet sites no one knows about do not count).
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Old 02-06-2014, 06:57 PM   #17
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So is this basically a more accessible Silk Road currency?
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Old 02-06-2014, 06:58 PM   #18
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Quote:
Originally Posted by Wormholes
Yeah but. $20 to $140. If it was so easy everyone would be doing it. But no one is. So It's still bullshit and a waste of time.



(And is there even a way to get cash for bitcoins? Random internet sites no one knows about do not count).

this guy
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Old 02-06-2014, 06:59 PM   #19
Life Is Brutal
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Originally Posted by Trowzaa
Image


This one is a bit better I think;

http://bitcoincharts.com/charts/cha...0&ps=0&l=0&p=0&

That red spike over April in 2013 was when it rose up to over $1,000 each, and subsequently fell back down. Since that point, its literally behaved exactly how gold prices have fluctuated over the past 30 years.
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Old 02-06-2014, 07:00 PM   #20
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My only issue with virtual currency, is in the end someone has to be willing to trade their hard cash for it. Usually it's just used to barter and trade and not really purchase.

But on that same token, printed federal money isn't even backed by a reserve anymore lol
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