BITCON... WHY its totally FLAWED

[RetardedMonkey]

I'm mostly interested in riding this wave/bubble and seeing where it goes.

 

[trew]

And what's stopping someone building another Sydney in the desert?

Well the restrictions of the physical world obviously - physical materials have a cost and are limited.

Or someone building another EBay? Nothing.

This is a fair point and a closer analogy.

Nothing prevents the launch of another ebay.
I suppose the cost of building a competing platform would have to be considered but there would be open source packages to start off from.

Bitcoin, being open source, can be copied at no cost and another version launched. Which is seems is actually happening.

Is a bitcoin really worth $100.
The whole point of built in rarity is negated by the fact other systems can also exist.
The potential number of electronic coins is therefore infinite.

 

[Fykus]

just seen a news report about bitcoins. some dude reckons they are "a better store of value than gold or silver"... made me laugh. could this be a sign the bubbles about to burst?

 

[RetardedMonkey]

could this be a sign the bubbles about to burst?

I think most people I've come across so far are in the mindset that this is a bubble and are waiting to cash out.

MSM attention definitely means bursting time.

 

[1for1]

Is litecoin mining screwed? im getting very slow accepts and the hash rate is reporting as a 1/4 my actual speed.

I am starting to think my original comment about the ease to which copycats can emulate the design my dillute the demand for bitcoin as compeitors offer similar products which are easier to mine and can be purchased for less.

The whole cryptocurrency experiment has been great at showing that people take up debt-free publicly mined currencies and accept them just like private-fed-pushed-created-as-debt paper..

Actually why is private bank debt note called fiat.. as its not government produced paper.. just loans to government..

I like litecoin at under a buck.. i like cryptocurrency.. it exposes the worthlessness of all paper.. and unless you have gold or silver you might as well accept debt free credits mined by us as the alternative is infinitely worse and responsible for the schitt world we live in right now

1for1

 

[whinfell]

Is litecoin mining screwed? im getting very slow accepts and the hash rate is reporting as a 1/4 my actual speed.

Are you mining solo, or as part of a pool? If the latter, you may have connectivity problems to the pool's website? Try a different pool? :/

 

[RetardedMonkey]

Is litecoin mining screwed? im getting very slow accepts and the hash rate is reporting as a 1/4 my actual speed.

I was pumping along this morning with 650kH/s from my 7970 and 490kH/s from my 6970.

And then ltcmine.ru died and so I can't mine currently

 

[Phiber]

Trying to determine the quickest out seems to be the archilles heel . .

Could not agree more.

So far, my best route is:

1. Send coins from my wallet to BTC-e finances section
2. Trade out for USD
3. Withdraw USD from BTC-e using Paypal option

5.5% fees charged and minimum $50 USD withdraw for using Paypal

But to be fair, it's the only thing I have found in the whole Bitcoin/Litecoin world that even resembles something usable as a payment system.

That's for LTC correct?
For BTC you can go through MtGox, easy enough.

 

[Noppy]

Is litecoin mining screwed? im getting very slow accepts and the hash rate is reporting as a 1/4 my actual speed.

I was pumping along this morning with 650kH/s from my 7970 and 490kH/s from my 6970.

And then ltcmine.ru died and so I can't mine currently

I am mining fine on .RU I have to figure out why my hash rate jumps around d so much though.

 

[Roswell Crash Survivor]

Is there any avenue/method available to short Bitcoins, as in to realize profit from fall in price of Bitcoins denominated in any other currency or money?

 

[Allaboutcams]

Is litecoin mining screwed? im getting very slow accepts and the hash rate is reporting as a 1/4 my actual speed.

I was pumping along this morning with 650kH/s from my 7970 and 490kH/s from my 6970.

And then ltcmine.ru died and so I can't mine currently

Are you doing 6.62547958 LTC per day

 

[RetardedMonkey]

Are you doing 6.62547958 LTC per day

With both cards running 24/7, I'd be around the 11-12 LtC per day.
Had a lot of downtime though, mostly due to me changing up OS and moving computers around.

Difficulty change isn't too far off though - we'll see then.

 

[Noppy]

Are you doing 6.62547958 LTC per day

With both cards running 24/7, I'd be around the 11-12 LtC per day.
Had a lot of downtime though, mostly due to me changing up OS and moving computers around.

Difficulty change isn't too far off though - we'll see then.

Does your hash rate stay at the same value retardedmonkey or doss it jump around d all over the place? I am going off what the pool tells me.

 

[RetardedMonkey]

Does your hash rate stay at the same value retardedmonkey or doss it jump around d all over the place? I am going off what the pool tells me.

Pool jumps around quite a bit.

Miners stay fairly static.

 

[Allaboutcams]

Are you doing 6.62547958 LTC per day

With both cards running 24/7, I'd be around the 11-12 LtC per day.
Had a lot of downtime though, mostly due to me changing up OS and moving computers around.

Difficulty change isn't too far off though - we'll see then.

Are you useing reaper, i tried that out today and can not get it to work ive been using scryptminer.

 

[RetardedMonkey]

Are you doing 6.62547958 LTC per day

With both cards running 24/7, I'd be around the 11-12 LtC per day.
Had a lot of downtime though, mostly due to me changing up OS and moving computers around.

Difficulty change isn't too far off though - we'll see then.

Are you useing reaper, i tried that out today and can not get it to work ive been using scryptminer.

Reaper miner, within GUIMiner.

I'd use CGMiner but it doesn't work for me.

 

[1for1]

Think i worked it out.. i clicked on stratum mining proxy and ran it.. it screwed with my setting and once i reinstalled it its now back to churning over accepts every few seconds..

Yeah i scored some ltc at 69 yesterday.. seems like its up to just under 80 right now.. sweet.

I dont worry about ltc crashing in price when its very similar to bitcoin but less than 100th the price!

1for1

 

[RetardedMonkey]

Think i worked it out.. i clicked on stratum mining proxy and ran it.. it screwed with my setting and once i reinstalled it its now back to churning over accepts every few seconds..

Yeah i scored some ltc at 69 yesterday.. seems like its up to just under 80 right now.. sweet.

I dont worry about ltc crashing in price when its very similar to bitcoin but less than 100th the price!

1for1

I'm still trying to purchase some BtC and then convert that into LtC.

 

[1for1]

btc-e.com works perfectly if you already have Btc.. why dont you just trade for some or run a gumtree ad.. must not be that hard to source some just to use as a medium of aquiring ltc.

Im deciding how many btc i want to keep and will convert the rest to Lcn hoping for a decent run up.

Looks like some short term profits can be had working on the btc-ltc ratio.. im still getting my head around how profitable it can be and how difficult that will be!

1for1

 

[1for1]

Think i worked it out.. i clicked on stratum mining proxy and ran it.. it screwed with my setting and once i reinstalled it its now back to churning over accepts every few seconds..

Yeah i scored some ltc at 69 yesterday.. seems like its up to just under 80 right now.. sweet.

I dont worry about ltc crashing in price when its very similar to bitcoin but less than 100th the price!

1for1

I'm still trying to purchase some BtC and then convert that into LtC.

LOL>> bubble and people cant even purchase it.. sounds like excess demand over supply classic fundamentals to me.. people looking for a more reliable method of holding wealth.. speaks volumes about banks and the way they "save" your money.. at zero interest usually!

1for1