Cryptocoin Mining?

[chimaxi83]

I wish bitcoin would bleed value and everybody would had to dump all bitcoins and this silly mining business would come to an end for good.

Ahh, jealousy. What a royal bitch she is.

 

[Dr. Zaus]

BTC is.... $200. How low will it go? 😱

I thought it was over valued at $17

 

[ultimatebob]

I wonder if the difficulty for Litecoin will ever get low enough for GPU mining to become profitable again. Probably not. At that point, each coin would probably be worth about 5 cents 🙂

 

[KlokWyze]

Looks like BTC hit bottom to me. Fluctuated in low $200's for several weeks and is now steadily up across the board on multiple sites. I see it getting pumped up over the course of the Spring and Summer. Pure conjecture of course because I thought it would go back up last year, but all the shady sites and the fact that cryptocurrency is just an experiment kept people scared of buying back in. I think due to it's now widespread acceptance and the government's lack of interest in hard regulation of it we should see something again.

ASIC mining with free electricity looks like the only way to go. If paying for electricity you will only break even or make an extremely thin profit. There are some solid 1+TH SHA256 miners going for cheap on Ebay ($200 - $400). Right now, without counting electricity costs you can get about $1 a day per 325GH for BTC mining @ current USD value. I'm not seeing a lot of ASIC Scrypt miners available so I'm assuming that Scrypt altcoins would still be the best.

 

[Chiropteran]

T-mobile in Poland is accepting bitcoin for phone service now, and is giving 20% bonus over the usual exchange value of bitcoin. It's a pretty huge thing, I bet a lot of t-mobile customers over there are now curious about what this "bitcoin" thing is and how to use it to save 20%.

 

[AnonymouseUser]

Looks like BTC hit bottom to me. Fluctuated in low $200's for several weeks and is now steadily up across the board on multiple sites. I see it getting pumped up over the course of the Spring and Summer.

Just an observation:

 

[KlokWyze]

Just an observation:

I go more off my gut feeling than anything. Probably just as reliable as table metrics like this. 😛

 

[suklee]

Say I want to store one Bitcoin in a new address and then not think about it for the next 10 years. How can I 'lock away' 1 BTC?

 

[Silverforce11]

Say I want to store one Bitcoin in a new address and then not think about it for the next 10 years. How can I 'lock away' 1 BTC?

By putting it on your PC and backing up the wallet on multiple drives/usb etc, hopefully none of them are corrupted in 10 years time.

I don't trust those cloud services.

Big exchanges are also an idea but there's risk of them folding and taking all your coins. 😛

I've been doing exchanges on Crypsy without issue for all this time though.. but I keep the bulk on my backup.

$200 is the bottom, it has refused to stay at that level for long, frequently bouncing up as soon as it hits that bottom, for the past 6 months+.

 

[suklee]

I remember backing up .dat files before... I want this .dat file to have 1 address, with 1 BTC in it.

Do I need to download the whole blockchain using the new address? That's the part I'm hung up on. I'll probably store a copy of the .dat on Google Drive and Dropbox, I'm afraid my USB sticks will be lost long before 10 years is up!

 

[Mark R]

Say I want to store one Bitcoin in a new address and then not think about it for the next 10 years. How can I 'lock away' 1 BTC?

Create a paper wallet, preferably an encrypted paper wallet with a password which you cannot possibly forget.

https://bitcoinpaperwallet.com/

Print out a bunch of copies of the wallet and stash in several safe places. Home, Car, Truck, Office at work, parent's house, etc.

Send your BTC to the address on the wallet.

When you wish to retrieve the BTC, use the import private key function in the bitcoin client, and specify the private key on the wallet.

It's worth making a few disposable paper wallets and testing them out with 0.000001 BTC or similar to see how they work, before you try for real.