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Bitcoin/Litecoin etc

23

Original thread gone?

Bitcoin back on the up today after a couple of days with very little movement.

Litecoin doing well still but down today a bit. It really needs gox to announce a date for thier trading engine to open, kinda in limbo at the mo it would seem

@leanne I havent looked into desktop/offline wallet software, is that something you are looking into?

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23

In theory yes, but as we've seen, they can come and take you away from almost anywhere.

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well there was always going to be somekind of attempt at regulation/taxation. If it allows cryptos to become widespread and globally accepted then I dont think its necessarily all bad.

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Can't wait to see what scheme they come up with to tax you. Surely it will be full of holes given government inefficiencies. You have bit coins so you guys are prone to see anything as positive. For me, government involvement is the beginning of the end of it. People will move to alternatives or abandon cryptos altogether, which could actually be the aim.

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Personally, I'd be happier if the price went back to £50 and the politicians fucked off and left us all alone.

cryptocointalk.com/for...

bitwasp.co

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charles lee of LTC fame on the panel now

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feed stopped working for me :(

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is someone twanging a ruler?

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theres a guy getting stuck into a salad bowl in the b/g if that helps

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they don't need to tax cryptocurrencies. Governments will need to demand tax payment in whatever currency they use... dollars euro sterlinbg.

businesses have to pay tax... people have to pay tax... The governments just tax the people who profit from the exchange ofcrypto to regular currency.

taxing the cryptocurrencies directly will help de legitimise the governments money and therefore limiting the gov.'s central bank from fulfilling the roles demanded.

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:)
When asked if the regulators could/should do anything to prevent 51% attacks, Charles Lee suggested the US gov. join the network and help to protect it..

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Can anyone recommend a decent set up/rig/requirements for mining litecoins? I'm aware that ASIC miners are not used for litecoin production

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yet

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it can't be done.

How much do you want to spend?

litecoin.info/Mining_h...

www.litecoinpool.org/calc

I have about 1200k/Hs, gets me about 10000 DOGE/day, or about 0.4 LTC. Much more profitable to mine DOGE right now...

www.coinwarz.com/crypt...

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I mean ASICs, they can't make one to mine scrypt coins

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My friends teenage son has offered to set one up for me...he recommends this set up here
www.google.com/url?q=h...
Says it will mine 1 coin every two days and will cost £2 a day on leccy...

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you're better off with a case you can open, or without a case at all, keeping the cards cool when they are running flat out is very difficult.

He's a little optimistic on his numbers but he's not far off. You can save quite a bit by doing without the case, just buy the parts. Don't scrimp on the RAM.

I use one of these without the top or sides
www.ebay.co.uk/itm/Coo...

It sits by an open window and still needs extra fans, but my cards are 69xx series, so they are quite old. The new ones should be cooler and use less power.

If you can, be sure to use p2pool and set up your own node. This way, you will get your share of the fees connected to the blocks the pool finds. If you don't want to do that, you can mine on my node. Only 1% fee. Most pools are a little more than that and they scoop the fees for themselves.

You will be able to find p2pool nodes that you can mine on for free, but latency is an issue if hey are too far away.

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Cool. I've emailed him your thoughts....all good advice. Cheers

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He says cooling isn't much of an issue lol

What other hardware would I need if say, I wanted to build my own?

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you really should learn how to do it yourself though. Also, I've been looking at this pool.

www.multipool.in

It monitors the profitability of all coins and switches between them as rquired, then pays out in BTC. some forum posters seem to be getting excellent results. I support the decentralisation of p2pool mining though, it fits better with the ethos of the project.

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just the usual. The cpu doesn't matter at all. anything will do. you don't need a big drive either. I'm surprised to hear him say cooling isn't an issue but like I say, my cards are old.

mobo with 2(or more) pciex16 slots
cpu
drive
good ram, as much as you can
biggest power supply you can manage
r9 280x cards seem to offer the most bang for your bucks right now and if they are easy to cool then so much the better.

you will find a lot of good info on bitcointalk.org or litecointalk.org

Happy mining! You're lucky to have someone to set it up for you, took me countless hours to work it all out cos I didn't know anything about computers when I started.

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I think the motherboard on the machine you linked would take a 3rd card too. You might need to upgrade the psu first

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How much are you up on value of your holdings vs hardware and leccy costs to date Jbr? Sounds interesting but a pain in the balls. Fair play though on doing it.

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I spent £1k in April, after the electric, its paid for itself twice, or thereabouts. I'm getting between £8 and £12/5000 DOGE on ebay at present, so it's done quite well and continues to do so.

I spend a lot of time trading coins though,(selling 1 for another and back as prices fluctuate) I've also built up a fairly wide and growing network of private buyers and sellers so I couldn't guarantee you'd get the same returns, unless prices continue to rise. I think they will.

PM me when you come to sell your coins, I can pay you cash money into your bank and sometimes even give better prices than the exchanges.

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i shoulda been on that when i wasn't paying for electricity

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:( just got pipped at the post on ebay for a used HD7990.

If you know anything about computers you'll find it easy, its getting easier to set up all the time, as more people get into it and produce GUIs and guides etc

Everyone wants a machine that prints money, don't they?

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It's free cash monies at the end of the day....

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www.defendbitcoin.org

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How long did it take you to make the initial outlay back, jbr?

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I expected about 10 months but in the end it was less than 7. Obviously prices went ahem "to da moon" in the interim.

It is almost impossible to predicet the outcome of mining, there are just too many factors, so you have to take a leap of faith and dive in.

When I first started, LTC was around $2, but I was mining 2 or 3 a day. As more people mine, the difficulty goes up to keep the time between blocks regular. One consquence of this is that miners hold their coins for a better price, causing prices to rise.

Having said that, recent spikes are down to a speculatory bubble, no doubt. The only coin bucking this trend is DOGE, in my opinion, I think the price rise there is being driven as much by adaption as by speculation. It has continued to go up, even as BTC/LTC have gone down.

Even if the thing hadn't paid for itself, I learned so much that it would have been worth it to me anyway. And watching the banks and refgulators squirm on the hook has been intensly satisfying, especially since a tipping point seems to have actually arrived.

:)

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I will happily grab a for DOGE, but I really cant see it becoming a serious coin. I think they should start making it a bit more professional. They've got the initial hype and buzz off the back of the crazy Doge thing, but having comic sans in the wallet and all the daft pictures and all... definitely wouldn't inspire confidence from newbies etc

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anyone watch the first hearing @ NYDFS there? I cant get the feed working, next hearing starting at 1630
www.totalwebcasting.co...

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Best profit extraction I've found so far is local bitcoin - I was sure I was gunna get stroked due to the prices they offer on there but each transaction has been hassle free and quids in

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i've been buyin a few bits and peices with profits

if you need any electronics Leanne, Millennius is based in oz and has a whole load of gear and you can pay in btc or ltc

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Would i need to modify this much to mine with it?

Processor: Intel Quad Core i7 920 2.67GHz - 4 Cores, 8 Threads
Motherboard: Flaming Blade GTI
Ram: Kingston HyperX Genesis DDR3 12GB 3x4GB 1600MHz
PSU: 750W ATX
Graphics Card: ATI HD 5770 1GB DDR5 RAM
Hard Drives: 2TB SATA Western Digital
Disk Drive: ASUS DVD Daul Layer Sata Burner
OS: Windows 7

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needs a flux capacitor mate :)

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jbr?

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You'd need a far, FAR better GFX card... and then maybe another GFX card as well (dual).

Everything else is grand.. actually, the CPU is probably overkill, tbf

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Will look into it!

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Sorry, Kev.

Your card isn't up to much.

litecoin.info/Mining_h...

everything else is well over spec.

Your mobo will accomodate 2 double cards.

As previously stated r9 280x seems to be the best value at £250-£300

If you get 2 you'll be getting 1500Kh/s or thereabouts. Around about 1 LTC every 2 days, ot at present about 10000-15000 DOGE

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It's food for thought!

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i.imgur.com/l3GHETm.jpg

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What's mining in simple terms?

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Big stick, hit the ground

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A computer runs complex calculations for a certain length of time and once it's done a certain amount, you get a coin.

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number crunching scooby

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Where do the coins come from? I thought there was a finite amount.

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when two gfx cards love each other very much...

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apple vs. BTC

iliconangle.com/blog/2...

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Apple going to rip off other peoples ideas/work.

No surprises there.

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$2.7m worth of crypto bullshit stole from silk road 2 apparently. Start panicking.

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