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Cryptocoin Mining?

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Well a few months ago I was expecting by year's end, BTC may reach $1,000 USD... seemed far fetched, but not at this RATE!!

Jesus I should have kept on mining, would have a few coins by now.
 
Well, this should help the resale value of my 7950s when I sell them off soon. Even LTC is rising. It's near the highest it's even been.
 
It looks like Litecoin mining has become temporarily profitable again!

I guess that it's time to fire up the mining rig again. Oh well... my basement was getting chilly, anyway 🙂

EDIT: Wait, never mind. With the difficulty as insanely high as it is now, I'd be lucky to net 30 cents a day.
 
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I have pretty much stopped keeping up to date with BTC, but still have ingrained interest.

I do not have much more than a hypothetical interest in starting up mining again:
-The highest-spec'd item I have is an AMD 6950 card that can be flashed to 6970, which is nothing to the ASICs that are dominating.
-I had a few bitcoins; but, my SSDs with my wallets are dead/locked, I cannot remember the exchange I had deposited a few on (or it stopped operating), and the pool I was a member of has essentially wiped the slate on accrued (but uncollected) earnings.

I really wish I still had access to the BTC I had- I had a few.... back when they were selling for ~$12-18 USD/BTC. But this leads me to ask- what mechanisms are there to compensate for lost/removed BTC from the total? Are these even accounted for in the currency valuation- one would believe that if a portion (even a drop in the proverbial ocean) of the available coins have been lost forever, it should boost the value of those still in circulation...

Also, are there any investment mechanisms for BTC currently? Like, something similar to a savings account or money market account, or even stocks/bonds? I may consider purchasing a bit of BTC to invest in something like that; however, I think my involvement in mining has long passed feasibility and profitability.
 
Good lord, I'd dump those coins now haha. Last time were were this high it fell through the floor REAL quick. I need to dump my LTC.
 
canadiantrex said:
So I'm sitting on just under a third of a bitcoin and 41 litecoins. What's the best way currently to go about getting these turned into cash?
Click to expand...

If you're in Canada, cavirtex is the only game in town--at least it was in the spring/summer when I sold all the BTC I mined in 2012-2013. You'll have to change your LTC to BTC first of course, but you can use any crypto exchange to do that.

VirtEx's fees are a bit steep ($10 IIRC), but you can easily deposit money into any Canadian bank account. Just save up enough cash in the exchange to make it worth the withdrawal fee.
 
Has anyone had any experience buying computer hardware with bitcoins? There is an outfit called Memory Dealers out of California that seems to sell computer hardware for bitcoins on part of their sites? Good? Bad? Others?

Thanks
 
flamingelephant said:
Has anyone had any experience buying computer hardware with bitcoins? There is an outfit called Memory Dealers out of California that seems to sell computer hardware for bitcoins on part of their sites? Good? Bad? Others?

Thanks
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A credit card puts the customer on the advantage.

Bitcoin levels the playing field.

Personally I wouldn't purchase things you may need to return with Bitcoin/Litecoin.

Bitcoin/Litecoin shine more in more uniform commodity trading, where you have less suspicion as to the quality of the product.
 
ultimatebob said:
Can someone explain to me why Bitcoin is worth over $400 now? What in the hell happened to justify that valuation?
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Limited supply.

Increased Demand.

Bitcoin/Litecoin acts as a commodity.

The reason why national currencies don't fluctuate that much is because they are directly managed by the nations by increasing or decreasing currency supply.

https://en.wikipedia.org/wiki/Money_supply

https://en.wikipedia.org/wiki/Federal_reserve

The current spike in Bitcoin/Litecoin valuation is due to recent increase of interest in Bitcoin/Litecoin in China.

This causes volatility which also attracts day traders.
 
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anyone done any localbitcoins.com for cash transactions? they seem to have a face to face option for transactions. i figure if we meet at a coffee shop with internet i can maybe get the transfer in 1 or 2 block updates(20min?).

or is there a better way to get cash out if you dont have a mtgox acct?
 
flamingelephant said:
Has anyone had any experience buying computer hardware with bitcoins? There is an outfit called Memory Dealers out of California that seems to sell computer hardware for bitcoins on part of their sites? Good? Bad? Others?
Click to expand...
There are a few options I have used:
Bitsumo.com - It is basically a service that will order stuff for you and send you a bitinstant invoice. They charge a fee, but their service is great. I have ordered from Newegg and ebay through them.

Gyft.com - buy giftcards with bitions. Amazon is on there, but no Newegg.
 
ultimatebob said:
Can someone explain to me why Bitcoin is worth over $400 now? What in the hell happened to justify that valuation?
Click to expand...

plummeting value of a dollar
More specifically, people are losing trust in government issued fiat money.
The greece asset seizures, the USA printing of money like there is no tomorrow, etc.
It doesn't matter if those threats are real or not (they are real), a segment of the population perceive them as real and as such shift their money to other assets such as gold or bitcoin. depending on personal preference.
 
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taltamir said:
plummeting value of a dollar
More specifically, people are losing trust in government issued fiat money.
The greece asset seizures, the USA printing of money like there is no tomorrow, etc.
It doesn't matter if those threats are real or not (they are real), a segment of the population perceive them as real and as such shift their money to other assets such as gold or bitcoin. depending on personal preference.
Click to expand...

That's a very, very small portion of the reason right now. The major reason is China's involvement; more specifically BTCChina(.com), which in a little less than a month of BTC hitting the public via mass media (CCTV and Baidu), has almost doubled the volume of MtGox already.

In essence: demand is driving it.

money.CNN actually has this laid out fairly well.
 
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pandemonium said:
That's a very, very small portion of the reason right now. The major reason is China's involvement; more specifically BTCChina(.com), which in a little less than a month of BTC hitting the public via mass media (CCTV and Baidu), has almost doubled the volume of MtGox already.

In essence: demand is driving it.

money.CNN actually has this laid out fairly well.
Click to expand...

Yeah... it looks like a speculative bubble to me. I'd imagine that the price will correct back to sane levels even quicker than it went up. Anyone buying at $400 right now is going to regret it.
 
That's what I'm hoping for (for future investment sake), but I don't know. At the consistent rate that it's going, I think it's still locating the true market value.

The only thing I see dropping value will be major interruption by government agencies at this point.

I just hope I'm wrong, because that will be somewhat disastrous for an otherwise sound currency option IMHO.
 
pandemonium said:
That's what I'm hoping for (for future investment sake), but I don't know. At the consistent rate that it's going, I think it's still locating the true market value.

The only thing I see dropping value will be major interruption by government agencies at this point.

I just hope I'm wrong, because that will be somewhat disastrous for an otherwise sound currency option IMHO.
Click to expand...

That's why I use BTC-E. It's outside US jurisdiction, unlike most other exchanges.
 
Communism said:
That's why I use BTC-E. It's outside US jurisdiction, unlike most other exchanges.
Click to expand...

I would be more worried about Chinese intervention than US intervention at this point. China loves to have tight control of their currency, and Bitcoin doesn't work with that philosophy.

Just a few tweaks in their "great firewall", and Bitcoin becomes a non entity there.
 
I'll buy back in after the crash. While the general long term trend for BTC is upwards this, just like all the past sharp spikes in price are a bubble fueled by speculation.
 
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