BITCON... WHY its totally FLAWED

Load of Bullion said:
Asylum said:
Chiming in on the subject (a bit late, I know) BITCOIN seems like a pyramid scheme to me. If you get in early you do well. ......so there may be some money left to be made :)
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Call it what you will. Bitcoin is poorly understood. Essentially it is a new form currency, (that various people have put effort into and risk). It is not a get rich scheme as people imagine (those with foresight have potentially gained great wealth, which is fair enough).

Whether the price goes up or down, who cares?, it is a useful vehicle/currency for trading.
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Oh I agree there is that side of it. Some will use it as such and I'm interested to see how it pans out but I won't be getting into it. In terms of investment though it seems more easily adjusted in regards to the mining aspect, looking at the charts and the steep curve lately.

Are there comparable returns to be made in place of other investments/money makers or is it more riding the hype and benefiting in some way via premium increases (ebay prepaid sales example) or providing related advice material?
 
OK, so here's my analysis of what we've just been through.

We had a wave of interest which sent the price sky-rocketing. This is generally what happens with humans, when people get excited about something, we go crazy for awhile until we come to our senses. This however, was just the next wave of people in, the ones who weren't the early adopters, but do pay attention to these kinds of things and were able to reason out past all the FUD being put out there, even on this forum, and decide, yes, it probably is a good idea. Mix this in with a bunch of speculators who saw a good ride, regardless of what they thought about the currency and I think it in general explains the last few months. I think this is over for the time being and we are awaiting the next wave of interest.

Bitcoin is the one crypto-currency. I think the market only wants one set of prices. People don't want to have to be converting and doing the maths all the time. The internet needs a currency and this will likely be the chosen one. Forget the others, they will have niche uses only I think.

However, when ever the market gets into frenzy mode, there will be speculation on the other ones too. That's why you had jumps in the others. And that's why Bitcoin has stabilised whereas Litecoin is well off it's highs. Will it be worth speculating on them in the future and especially getting into the other ones like PPCoin for the next time this happens? Yeah, I would say it's definitely worth a punt, although don't be surprised if it doesn't repeat itself the same way next time.
 
rbaggio said:
The thinking seems to be, cheapest CPU + mobo possible.

And you can go PCI x1 slots for cards 2-4, and just use riser cables. No need to get expensive boards with >1 PCI x16 slots.

I would be thinking:
AMD Sempron LE-145 2.8Ghz 1M Boxed CPU = $39
MSI 760GM-P23 (FX) AM3+ 760G+SB710 2xDDR3 DVI mATX Motherboard = $45 (if just want to go max 2 cards)
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ah so what you can't see is I also made a PSU requirement table, 3 or 4slots isn't always a good idea...
Also most cards seem to be double width now days and none of the motherboards seemed to have 4 double width slots only 3.

Ifigured you probably didn't want to cheap out too much on the PSU as the last thing you want is to come home and find your house has burned down because you were running a shitty psu and high loads.
The higher the wattage the more they cost... MSY doesn't even sell anything over 900w, i didn't want to start hunting all over the net for the best option...

that leaves us either with 2x 7950 or two by 7970.

the 4x 7770 looks interesting too because it hits both the $ per has and watts per a hash high without requiring an expensive psu, could be a fun starting rig that you could easily add to, pity about the double slot problem

video card TDP x1 x2 x3 x4
7750 55 193.75 262.5 331.25 400
7770 80 225 325 425 525
7850 130 287.5 450 612.5 775
7870 175 343.75 562.5 781.25 1000
7950 200 375 625 875 1125
7970 250 437.5 750 1062.5 1375
7990 555 818.75 1512.5

PSU costs watts cost watts per $
Neo-eco 450 65 6.9230769231
Neo-eco 520 77 6.7532467532
Neo-eco 620 95 6.5263157895
GS600 600 95 6.3157894737
GS700 700 110 6.3636363636
GS800 800 127 6.2992125984
HCG 900 158 5.6962025316


made two new systems based on yoru input, the second one has good $ value

G-B 990 FXA-D3 129
Sempron LE-145 39
HCG 158
7950 318
7950 318
7950 318
memory 16

total cost 1280
MH/s 1500
power usage 875
MH/s per $ 1.171875

G-B 990 FXA-D3 129
Sempron LE-145 39
gs800 127
7870 229
7870 229
7870 229
memory 16

total cost 982
MH/s 1200
power usage 781.25
MH/s per $ 1.2219959267
 
Well, I was right.

BTC-e just took on BTC/PPC pair this morning, and from the price people have been buying at on other exchanges (0.00022) it's now up to 0.055 on BTC-e.... massive profit.
 
does ozcoin do ppc mining? i think i might set one of my computers to do that for a while

do you need a wallet for them also
 
RetardedMonkey said:
It dropped again, but I cashed out my half day mining effort of 40 PPC for 1.3 BtC
$160 for half a day lol
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Tube of mint sealed coins every other day just for leaving the computer on? Not bad.
 
Can't believe I didn't get onto BTC-E earlier.

Picked up LTC for $3.05 last night, set a $4.00 sell...and woke up to a nice profit!
 
Good intro video for people interested in the subject:


[youtube]http://www.youtube.com/watch?v=EJTNRU2oaYU&list=PLCB3D55F20DFB4BCE&index=6[/youtube]
 
RetardedMonkey said:
Sold 40 PPC earlier for 1.3 BTC
Just sold those 1.3 BTC for 275 PPC

Now if it rises a little... win.
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Have you traded FX or day traded stocks before? You seem like a natural!

The fact that you mine them before trading is even more impressive.
 
pro$pector said:
RetardedMonkey said:
Sold 40 PPC earlier for 1.3 BTC
Just sold those 1.3 BTC for 275 PPC

Now if it rises a little... win.
Click to expand...

Have you traded FX or day traded stocks before? You seem like a natural!

The fact that you mine them before trading is even more impressive.
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Yep. First time I went on Forex, I lost $100 within about an hour. Hahaha
 
RetardedMonkey said:
Yep. First time I went on Forex, I lost $100 within about an hour. Hahaha
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Hahahahaha ok then!

I've been trading BTC since $10 and finally started with LTC.

I bought a big batch of BTC at $48 and though I was insane at the time...don't feel so stupid now after converting for well over $100.

I trade a lot in other markets, but the effort required to profit in Cryptos right now is so little I just can't away.
 
1for1 said:
Ltc is getting smashed
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LTC loves to bounce though, the volumes in $ terms are so small someone can come along with only $2000 and push it 40c at times.

Edit: ...and there it goes, bounces from $2.80 back to $3.20.

Although it looks like huge amounts of money are being made by some on the tiny ones (such as PPC / TRC today) it's worth noting that the volumes that drive these spikes are hardly more than $1000 US dollars on the rise and fall each way. People might be making huge % amounts, but its only likely to translate to a few $100 real world profits. People have got rich off BTC (and LTC to some extent) so far, but not much else.

2nd Edit: Check this example just now, TRC went from 0.009 to 0.013 (over 40% rise) with a $35 trade :lol:


06.04.13 11:13
Buy
0.013 BTC
20 TRC
0.26 BTC

06.04.13 11:13
Buy
0.009 BTC
80 TRC
0.72 BTC
 
Has anyone else noticed the arbitrage opportunity between BTC-E and Mt Gox?

BTC are $135.71 US on BTC-E right now, and $142.50 on Mt Gox!
 
pro$pector said:
Has anyone else noticed the arbitrage opportunity between BTC-E and Mt Gox?

BTC are $135.71 US on BTC-E right now, and $142.50 on Mt Gox!
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Just looking at funding options on BTC-E - has anyone tried OKPay?
 
Phiber said:
Just looking at funding options on BTC-E - has anyone tried OKPay?
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Nope - but if you try let me know how it goes...

Hard to take advantage of the arb unless you can deposit cash to BTC-E (or transfer LTC in).
 
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