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#1
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?
Last edited by Life Is Brutal at Feb 7, 2014,
#2
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
#4
i exclusively mine dogecoins
dirtbag ballet by the bins down the alley
as i walk through the chalet of the shadow of death
everything that you've come to expect


#5
It's because of people like you that the prices of AMD GPUs have skyrocketed.

Kindly **** off.
Quote by MakinLattes
I'd kill you and wear your skin.
Quote by Siv During Livh
To attempt to have intercourse with a hornet's nest is a very bad idea,

Voted UG's worst cross dresser.
Also voted #95 on UG's Top 100 2013. Like it means anything....
#8
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.
#9
Quote 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

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?

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.
Last edited by Life Is Brutal at Feb 6, 2014,
#10
nope, but i considered investing in bitcoin long before it blew up


Quote by korinaflyingv
On the come up we were listening to Grateful Dead and the music started passing through my bowel and out my arsehole as this violet stream of light. I shat music. It was beautiful.
#12
dogecoin is the best

to the moon

Also I heard good things about quarkcoin, whatever that is
ggg1 ggg3

.
#13
Quote 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.


dirtbag ballet by the bins down the alley
as i walk through the chalet of the shadow of death
everything that you've come to expect


#14
Quote by Trowzaa
Dude, listen to the random internet man. He clearly knows what is best
ggg1 ggg3

.
#15
I dont understand how any of this dogecoin and bitcoin shit works. Can i mine them in minecraft?
Sail upon the open skies
#16
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).
#17
So is this basically a more accessible Silk Road currency?
they're coming to take me away
ha-haaa
#18
Quote 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
Quote by korinaflyingv
On the come up we were listening to Grateful Dead and the music started passing through my bowel and out my arsehole as this violet stream of light. I shat music. It was beautiful.
#19
Quote by Trowzaa
Image


This one is a bit better I think;



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.
Last edited by Life Is Brutal at Feb 6, 2014,
#20
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
Quote by Trowzaa
I wish I was American.

~ A Rolling Potato Gathers No Moss ~
#21
Quote 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).

lol bitcoins were at like $1,000 at their peak, even people like Ashton Kutcher has talked about them
#22
Can someone explain to me what the fuck this is?
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LET'S GO BUCKS
#23
****, I was old enoufh ro invest in bit coin when it was worthless and used for tor type buisness, I didn't think it'd go beyond that. Totally should've invested.
#24
Quote by AeroRocker
Can someone explain to me what the fuck this is?


http://www.youtube.com/watch?v=Um63OQz3bjo

Bitcoin is literally virtual gold in every way as a commodity/investment, but it can also be used as a currency.
Last edited by Life Is Brutal at Feb 6, 2014,
#25
Quote by AeroRocker
Can someone explain to me what the fuck this is?

I've heard of bitcoin, but I really hope this doge coin thing is a joke.
Last.fm So you can make fun of my taste in music
Youtube So you can make fun of my videos
#26
Quote by bifteksupernova
I've heard of bitcoin, but I really hope this doge coin thing is a joke.


Dogecoin was a joke, but the way its used could actually make it more viable than the USD for online purchases once it becomes fully developed/better mined.
#28
I don't get it. How does "mining" generate currency? How does anybody profit from this?
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LET'S GO BUCKS
#30
If it was so easy everyone would be doing it. But no one is. So It's still bullshit and a waste of time.


This market is worth over $13 billion, but its still relatively unknown which is insane to me.

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


https://www.cryptsy.com/
https://coinbase.com/

Those 2 are most of the sales, fairly easy to use.

My only issue with virtual currency, is in the end someone has to be willing to trade their hard cash for it.


Same with stocks and any investment, but yeah. With new coins that are coming out people will quickly invest into them hoping the price rockets, which can go well or go poorly depending on the idea behind the coin, how many are being mined, and other things.

I don't get it. How does "mining" generate currency? How does anybody profit from this?


There are only a certain number of coins allowed to exist for a particular coin, and these coins can be created through the use of computational power. This is like how there's only so much gold in the world and you have to use specific tools to get to it.

Gold has some practical use in the modern day, but for a large part, its generally only valuable because its rare and getting it is difficult. The same goes for crytpocurrencies, which is why I spent $2,500 on a rig designed specifically to create these.

As more gold is mined, it becomes harder to get, which makes the price go up. Cryptocurrencies do the same thing, by automatically getting more difficult to make as more people mine them. As it gets more difficult, you need more computational power in order to actually make them.
#31
Quote by Ssargentslayer
Wait.. How do you 'mine' this shit
they're coming to take me away
ha-haaa
#32
Quote by behind_you
Dude, listen to the random internet man. He clearly knows what is best


If you honestly think cryptocurrencies are worth investing in, you're a moron.
Quote by jrcsgtpeppers

If women can be annoyed there arent any women incongress I should be allowed to be pissed off there are no members of pink floyd or the beatles in congress.
#33
Quote by Ssargentslayer
Wait.. How do you 'mine' this shit


A coin is actually part of a large piece of code called a block, which is a complex mathematical problem. In order to solve this, you need to acquire a rather large amount of computer power. For example I'm buying four times the power in a typical gaming PC for my mining. This code makes the coins extremely hard to steal and make, which gives security to the people who use them.

Find a coin that has a good profitability, such as one that's fairly easy to mine and people currently want, like Dogecoin. Other options are finding ones that are extremely easy to mine and will spike in demand at some point.

Download a program that lets you generate the code to create these coins, and then join a pool, which is an online site that lets you add your computational power to a whole network of other computers doing the same thing. This allows blocks to be found more quickly and provides security to the coin finds of the miners. Once a block is found, a certain reward in coins is given to the people who found it. In a pool, they split these coins accordingly depending on how much each person contributed.

If someone were to mine solo, they may never find a block due to the randomness of the code. Or they would find a block and get the reward all to themselves, but its really all luck with very low chances of actually finding one, which makes it safer to join a pool.

So, join a pool, run the program, optimize your computational power for maximum Hashrate which is what the computing power is measured in.

From there, investors will buy the coins you make hoping it will increase in price or one day be very popular. They may also buy them at a low price, wait for a sudden increase, and then immediately sell all their coins for a quick profit that can be quite large. The coin could also fall in value, and these investors would be at a severe loss.

At this point, its literally playing the stock market. These coins can't immediately be sold for USD however, they have to be sold for Bitcoins as an intermediary, so the price of these altcoins is dependent on the price of bitcoins.

Quote by TunerAddict
If you honestly think cryptocurrencies are worth investing in, you're a moron.


Its already been proven to be a solid investing point.

I personally feel that Bitcoins are the future in global trade and investment. The price of bitcoin doesn't fluctuate due to any one country's decisions or economy, its literally a global currency.
Last edited by Life Is Brutal at Feb 6, 2014,
#34
Whats the specs of your rig dude? You should be able to almost double your hash rate for parts at the same price. I was almost going to build a machine like that last year but did hours of math and make the decision it was too risky an investment.

I have been mining full time for months though. Just switched to Dogecoin from Litecoin last week, not sure if I'm going to hold onto my LTC much longer, value seems to be steadily dropping...
#35
Quote by RPGoof
Whats the specs of your rig dude? You should be able to almost double your hash rate for parts at the same price. I was almost going to build a machine like that last year but did hours of math and make the decision it was too risky an investment.

I have been mining full time for months though. Just switched to Dogecoin from Litecoin last week, not sure if I'm going to hold onto my LTC much longer, value seems to be steadily dropping...


Price of GPUs are fucking insane now, that was literally $1,800 of the investment. I went with 4 AMD 7950 280x Sapphires, and also spent more on a really solid PSU.

With these, I think I can actually get more than the 2,800 Kh/s, but I dunno. I'll have to work it and see what I can do. I dunno how I could get 5,000 Kh/s out of $2,500 in today's market, GPU prices have went up so much. Had I bought my rig months ago, I could have gotten it all for around $1,800 I'd bet.

http://www.coinminingrigs.com/

The 4 GPU guide is the one I followed.
Last edited by Life Is Brutal at Feb 6, 2014,
#36
Sorry I'm still not getting it. So someone just invents a currency and distributes it to the people with the best computers? Why would anybody want this currency?
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██████████████████████
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██████████████████████████
██████████████████████████


LET'S GO BUCKS
#37
Quote by Life Is Brutal



Its already been proven to be a solid investing point.

I personally feel that Bitcoins are the future in global trade and investment. The price of bitcoin doesn't fluctuate due to any one country's decisions or economy, its literally a global currency.


Please go to your local community college and take an Econ 101 course.
Quote by jrcsgtpeppers

If women can be annoyed there arent any women incongress I should be allowed to be pissed off there are no members of pink floyd or the beatles in congress.
#38
Quote by Ssargentslayer
Wait.. How do you 'mine' this shit


I think you gotta use a diamond pickaxe.
Sail upon the open skies
#39
Quote by AeroRocker
Sorry I'm still not getting it. So someone just invents a currency and distributes it to the people with the best computers? Why would anybody want this currency?


The people with the best computers bought these computers for the sole purpose of mining it, these are the people who bring the gold out of the ground.

Why does someone want gold? Because someone made a huge investment in order to bring that shit out of the ground. So the miner sells you the gold for the work he put into it, assuming you both agree that this gold is worth a certain amount.

This dude now has a bar of gold. He tells someone else of its value, they have an agreement on its value, and he sells it for slightly more than he bought it for.

With each of these cases there's the agreement that it has value, and you can settle on that value. You can use this to buy/sell things without the need to barter, you can hold onto it and hope its value will increase. All of these people say its worth something, so it is.

Compare this to the USD, where the government tells you your money is worth something and that it only has value because other people trust the government. Your money is no longer supported by the trust of individuals, but instead by the trust of an institution. In Fallout 3 and in Fallout New Vegas, you see individuals using bottlecaps as money, this is because everyone agrees they're worth something.
#40
Quote by Life Is Brutal
Price of GPUs are fucking insane now, that was literally $1,800 of the investment. I went with 4 AMD 7950 280x Sapphires, and also spent more on a really solid PSU.

With these, I think I can actually get more than the 2,800 Kh/s, but I dunno. I'll have to work it and see what I can do. I dunno how I could get 5,000 Kh/s out of $2,500 in today's market, GPU prices have went up so much. Had I bought my rig months ago, I could have gotten it all for around $1,800 I'd bet.

http://www.coinminingrigs.com/

The 4 GPU guide is the one I followed.

AH okay, thats a solid build forsure. Granted it was several months ago so prices were different, but whatever rig I had in mind was the same thing but with 6 GPUs instead, which, by this article's data, would generate up to 4500 KHash/s