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Bitcoin, or maybe Bitcoins

#21Son Of SpamPosted 12/6/2013 8:41:03 PM
Bazooka_Penguin posted...
Son Of Spam posted...
Bazooka_Penguin posted...
Son Of Spam posted...
You can get a decent amount mining Litecoins. I could get around $11 a day worth of mining from my two HD 7950s.


How much money goes into the power bill?


I've estimated about $0.84 to a dollar a day.


How long do you mine and what's the general load and/or power consumption of your GPUs


To be honest, I'm actually very new to the mining stuff, having just found out about a lot of this after reading the topic about the high price of 7950 cards on eBay. I got my numbers from running litecoin calculators. I've been playing around with the mining software, and I'm debating on whether I should continue mining or sell my cards which I originally bought for gaming.
#22shdwdrgnixPosted 12/6/2013 10:57:04 PM
I got 5 bitcoins when they were 20$ each, I really hope they hit 10 000$, because then I could convert them back into real money.
#23BogePosted 12/7/2013 1:59:42 PM
How do you even buy these things?
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Don't lie to someone who trusts you.
Don't trust someone who lies to you.
#24shdwdrgnixPosted 12/7/2013 5:40:35 PM
https://en.bitcoin.it/wiki/Buying_bitcoins
#25Pal 080Posted 12/7/2013 6:03:41 PM(edited)
shdwdrgnix posted...
I got 5 bitcoins when they were 20$ each, I really hope they hit 10 000$, because then I could convert them back into real money.


That's ridiculous, if this is true you're totally insane for not cashing out right away. You've currently got about a 4500% rate of return on your initial investment... anyone waiting for a higher ROR than that is just asking to be burned (and has no idea how to invest).
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"If we can hit that bulls-eye, the rest of the dominoes will fall like a house of cards. Checkmate"
#26Knighted DragonPosted 12/7/2013 6:04:01 PM
From: hitokiri13 | #012
It's also stupid to invest on gold. Good luck with that.



What? What is your reasoning behind that? Investing in something like gold or silver is a great long term plan. If someone 80 years ago had taken their retirement money and bought gold along the way and kept it instead of just storing up cash that devalued quickly they would have had far more money now if they sold all their gold than they will trying to live off their out dated retirement. Same thing in modern day, if you take your excess cash every month and buy silver, 50 or 60 years from now you can sell it and will be able to survive far better than you will be able to if you just put cash in the bank and expect it to still have the same value
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Matthew 7:21
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#27shdwdrgnixPosted 12/7/2013 6:07:19 PM
Pal 080 posted...
shdwdrgnix posted...
I got 5 bitcoins when they were 20$ each, I really hope they hit 10 000$, because then I could convert them back into real money.


That's ridiculous, if this is true you're totally insane for not cashing out right away. You've currently got about a 4500% rate of return on your initial investment... anyone waiting for a higher ROR than that is just asking to be burned (and has no idea how to invest).


I'm waiting for a minimum of 2000$ each. Besides it's not like they will really go under 100 any time soon so I might as well make the most of what I have.
#28Pal 080Posted 12/7/2013 6:08:25 PM
Knighted Dragon posted...
From: hitokiri13 | #012
It's also stupid to invest on gold. Good luck with that.



What? What is your reasoning behind that? Investing in something like gold or silver is a great long term plan. If someone 80 years ago had taken their retirement money and bought gold along the way and kept it instead of just storing up cash that devalued quickly they would have had far more money now if they sold all their gold than they will trying to live off their out dated retirement. Same thing in modern day, if you take your excess cash every month and buy silver, 50 or 60 years from now you can sell it and will be able to survive far better than you will be able to if you just put cash in the bank and expect it to still have the same value


My friend does exactly this with sterling silver, it's a much more sensible and tangible long term investment, not a simple get rich quick scheme.
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"If we can hit that bulls-eye, the rest of the dominoes will fall like a house of cards. Checkmate"
#29Pal 080Posted 12/7/2013 6:15:47 PM(edited)
shdwdrgnix posted...
Pal 080 posted...
shdwdrgnix posted...
I got 5 bitcoins when they were 20$ each, I really hope they hit 10 000$, because then I could convert them back into real money.


That's ridiculous, if this is true you're totally insane for not cashing out right away. You've currently got about a 4500% rate of return on your initial investment... anyone waiting for a higher ROR than that is just asking to be burned (and has no idea how to invest).


I'm waiting for a minimum of 2000$ each. Besides it's not like they will really go under 100 any time soon so I might as well make the most of what I have.


Why wouldn't it go down in value..? Now you've got litecoins which makes it easier to get bitcoins and also in theory increases the number of bitcoins which should reduce their overall value... not to mention the Chinese government just stepped in against bitcoins and their value reduced by over $300 in an instant. I only imagine more governments restricting use of bitcoins if they increase in popularity and the whole currency is just ultra volatile so there's every reason to believe it could plummet just as likely as it is to reach 2k a pop.

As an investment you've really done as good as anyone could hope for, now it's becoming a gamble!
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"If we can hit that bulls-eye, the rest of the dominoes will fall like a house of cards. Checkmate"