BITCON... WHY its totally FLAWED

willrocks said:
Good to see another Australian retailer now accepting bitcoin: https://digideals.com.au/
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This is interesting. Thanks wr, but good for what though? Is it a good indicator that Bitcoin is currently undervalued or that it is becoming money?

There are two camps in the crypto-currency market, the speculators and the anarcho-consumers. The vast majority are speculators at the moment, hence the huge rise in price price for these things - or virtual things. This merchant may have some anarcho tendencies (unlikely) but undoubtedly they are speculating on a price rise for Bitcoins. It is the major reason why they sell products that cost them $ in exchange for BTC. If they didn't believe they could convert BTC at some time in the future back into $ at a higher profit, then it is unlikely they would be operating in the world of virtual currencies. You couldn't hold BTC for months though before converting into $ if you were running a business. So it may be good for a price rise, but it doesn't mean it is good as an indicator of the wider acceptance of Bitcoins as money rather than an investment speculation.

It is exactly the same with merchants on this site that have offered delivery of goods for either Ag or Au, it's not out of any philosophical motive, it is a play that they hope will reap greater $$$ down the track. And a play that hasn't worked recently.
 
whinfell said:
Reasonably balanced article about Bitcoin on BBC News website:

http://www.bbc.co.uk/news/magazine-22292708
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not a bad article, my problem with these articles are that they always discuss the merits of bitcoin and then safely take you under their wing and say "he tried, he really did, but he didn't make it son"

but the truth is all these pundits don't really know what is going to happen. it is true what he is saying about the internet being a human artifact, ask any dissident in Iran about the freedom of cyberspace, BUT he still doesn't know for sure it is going to fail.

I'd actually bet it wont, not now the IRS has legitmised it.
 
So far sold about 3000 FRC on that new exchange.
Average rate of 0.0007 BTC per FRC.

So that 3000 got me about 2.06-2.07 BTC
I only paid 2.5 BTC for the entire 13000.

Looks like this could pay off well :D
 
RetardedMonkey said:
So far sold about 3000 FRC on that new exchange.
Average rate of 0.0007 BTC per FRC.

So that 3000 got me about 2.06-2.07 BTC
I only paid 2.5 BTC for the entire 13000.

Looks like this could pay off well :D
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Nice - I quit mining FRC after my little 6670 dropped from 120 FRC every 12 hours down to about 10 FRC.

Guess the difficulty skyrocketed!
 
Price is stabilizing around the 0.0005 - 0.0007 mark for them now.

Still determining if I want to cash out and make a bit from them or to keep in the hope that they increase dramatically.

Risky business!
 
Some guy sent me 200 Feathercoins last week thinking it was just some joke coin. Just traded them for 0.2 BTC.

This alt coin business is getting a bit stupid with all of these new coins.

In fact, it's almost worth mining. At that current rate of 0.03 Litecoins per Feathercoin, I can mine 500 of them per day... So 15 Litecoins per day
 
RetardedMonkey said:
Some guy sent me 200 Feathercoins last week thinking it was just some joke coin. Just traded them for 0.2 BTC.

This alt coin business is getting a bit stupid with all of these new coins.
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I'm mining FC at the moment, it's slow going on a 6670 though!

For some reason FC seems to be generating so much hype and its only like 2 weeks old.

Long term I think there is probably only room for 2 or 3 cryptos max...all these alt coins are just pump and dump schemes for early miners.
 
Yeah I might hop on this Feathercoin bandwagon tonight with my mining stuff to make a quick buck - after that I think it has nothing.
 
RetardedMonkey said:
Yeah I might hop on this Feathercoin bandwagon tonight with my mining stuff to make a quick buck - after that I think it has nothing.
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Seems hard to mine already...I spent about 20 hours mining total at 85-100 khash (I know, I know!) but only generated like 3 FC.

No idea what the deal is there...
 
A lot of the pools are dodgy from what I can see. Whenever I've mined it, I've gotten nothing because they're just too small. Need to find a large pool for it.
 
See, I'd be thinking 7950 is more efficient for mining. Can get them for the $300 mark and will come close to the performance of a 7970.
 
willrocks said:
pro$pector said:
I'm using http://feathercoin.is-a-geek.com which seems like its a decent size.

I might have to pick up a 7970 after work...
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This is the best (new) price I found $399: http://msy.com.au/product.jsp?productId=8725

I've got two on order. Should be here this week.
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How many does that take you to Will? I have 4 but only 2 in use at the moment because deal extreme screwed me around with some risers I purchased now I have to wait 2 weeks for them from a flea bay seller in Honkers. It will mean a month of with them just sitting on my beanbag.
 
willrocks said:
I'm configuring mine as a heater during winter. It'll be setup so everything starts at boot, and if the miner stops I've got a script to automatically restart it.

So all I need to do is put it where I want heat and power it up.
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That is really genious, really negates those mining powers costs if you're heating the house too.


Has anyone ever tried this CPU miner website for laugh?

http://www.bitcoinplus.com/generate

I've had it running on about 10 PC's at the office today for just under 3 hours and generated about 0.001 BTC.

If only I could get my whole floor of 200 + PC's running it all day every day against my credentials...

If anyone else is at work and doesn't mind helping me out, leave a browser sitting at http://www.bitcoinplus.com/generate?for=25256792 :cool:
 
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