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Bitcoin, or maybe Bitcoins

#1wolf_blitzer85Posted 12/6/2013 2:19:09 PM
Hypothetically speaking, if someone had a power computer, what is the best way/most direct to get into bitcoin mining?
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#2xanthan1Posted 12/6/2013 2:28:15 PM(edited)
Don't mine because it's a waste of power, kills the GPUs lifespan, and due to the ways things have advanced you will be so woefully underpowered you shouldn't bother.

Also the part where bitcoins are a stupid as hell idea and you should stay away period. Remember, this wasn't meant to be a currency of any kind, idiots just latched onto it for idiotic reasons. Do you really want to waste money you'll never get back on something run by idiots?
#3BogePosted 12/6/2013 2:35:05 PM
xanthan1 posted...
Don't mine because it's a waste of power, kills the GPUs lifespan, and due to the ways things have advanced you will be so woefully underpowered you shouldn't bother.

Also the part where bitcoins are a stupid as hell idea and you should stay away period. Remember, this wasn't meant to be a currency of any kind, idiots just latched onto it for idiotic reasons. Do you really want to waste money you'll never get back on something run by idiots?


I listened to this a couple of months ago. I completely missed out on a huge opportunity.
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#4Tony_Biggie_PunPosted 12/6/2013 3:25:26 PM
Boge posted...
xanthan1 posted...
Don't mine because it's a waste of power, kills the GPUs lifespan, and due to the ways things have advanced you will be so woefully underpowered you shouldn't bother.

Also the part where bitcoins are a stupid as hell idea and you should stay away period. Remember, this wasn't meant to be a currency of any kind, idiots just latched onto it for idiotic reasons. Do you really want to waste money you'll never get back on something run by idiots?


I listened to this a couple of months ago. I completely missed out on a huge opportunity.


This.
#5hitokiri13Posted 12/6/2013 3:36:02 PM
xanthan1 posted...
Don't mine because it's a waste of power, kills the GPUs lifespan, and due to the ways things have advanced you will be so woefully underpowered you shouldn't bother.

Also the part where bitcoins are a stupid as hell idea and you should stay away period. Remember, this wasn't meant to be a currency of any kind, idiots just latched onto it for idiotic reasons. Do you really want to waste money you'll never get back on something run by idiots?


I had idea of buying few Bitcoins but by looking how it fall from last time. It was a waste of money.
I'm a gambler but I took the losing side like you.

Now it's going be a guessing game when Bitcoins fall or not.
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#6Tony_Biggie_PunPosted 12/6/2013 3:37:11 PM
Like seriously. A couple weeks ago it was worth $100. In a couple weeks it is now at about $1,000. When it was at $100 people were saying the bubble was going to pop, but it didn't.

What if it goes up to 10,000 or even more? Now it could drop but what if it doesn't?

I was just looking at a custom ASIC device that mines bitcoin on Amazon being sold for about $20. Now it's all the weay up to $100. Radeon cards are going for hundreds of dollars more used than brand new.

Look at this vid.

http://www.youtube.com/watch?v=8oMp76CXDbM

Just because of all this, I'm going to mine for bitcoin. I already have a 7950 so its not like I'm paying for the hardware to start up. Now based on current rates, I'll probably break even in terms of electricity costs. But if Bitcoin prices skyrocket exponentially again, then I'd have a decent profit.

I most likely won't become a millionaire or anything, but its worht a try to get in on these virtual coins while its still relatively early. and if it doesn't work out, its not a big deal because I'm not investing any major amount of money.

Bitcoins can also be broken down to 1 millionth of a bitcoin. So even if I cant mine enough to have 1 coin, the small amount that I have mined will still have some sort of value and if the price skyrockets that small value will still skyrocket.
#7Hi CPosted 12/6/2013 3:37:51 PM
Tony_Biggie_Pun posted...
Boge posted...
xanthan1 posted...
Don't mine because it's a waste of power, kills the GPUs lifespan, and due to the ways things have advanced you will be so woefully underpowered you shouldn't bother.

Also the part where bitcoins are a stupid as hell idea and you should stay away period. Remember, this wasn't meant to be a currency of any kind, idiots just latched onto it for idiotic reasons. Do you really want to waste money you'll never get back on something run by idiots?


I listened to this a couple of months ago. I completely missed out on a huge opportunity.


This.


Litecoins bro.
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#8Tony_Biggie_PunPosted 12/6/2013 3:43:56 PM
Yeah. I'm going to try to get started on Mining LiteCoins before this weekend ends.

I might even buy one. The price has dropped about 15% since China banned their banks from using it.
#9BendoHendoPosted 12/6/2013 3:51:14 PM
Copy and pasted my response from the other thread:

It is pointless to get into mining bitcoins now for the purpose of making a profit. That ship already set sail.

The difficulty to mine grows exponentially:

http://mining.thegenesisblock.com/a/fc5fef9fcc

If you bought a $400 7950 today that has 0.5GH, by 1 year from now you will have LOST $500. And that's assuming the value of bitcoin is at $1300 and growing (when there's no reason to assume that at all).

To be worth it, GPU power will have to grow exponentially or the price of BTC will have to grow exponentially, both of which will not happen.

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#10Tony_Biggie_PunPosted 12/6/2013 4:01:29 PM
Thats if I bought one for $400.

I already own one however. Theres no reason for me not to mine TBH. And in the event that the price exponentially rises(Remember, people were saying that it was loony to think it would even reach $100 let alone $1000) then I'd have earned a nice little profit.

I'll also try buying small amounts(maybe $20-$50 worth just cause)