BITCON... WHY its totally FLAWED

[RetardedMonkey]

Put the withdraw through to MtGox yesterday. Hopefully see something in my bank account this week and see how many fees were taken out in the process

Received into my bank account already.

That's a damn good turn around time if you ask me!

edit:
So put through from my account on Sunday. Received Wednesday.
Fees ended up totaling $36, which was on a $1240 withdraw.

2.9% or thereabouts.
That includes my banks fee of $10 for incoming international transfers.

 

[Dynoman]

Put the withdraw through to MtGox yesterday. Hopefully see something in my bank account this week and see how many fees were taken out in the process

Received into my bank account already.

That's a damn good turn around time if you ask me!

edit:
So put through from my account on Sunday. Received Wednesday.
Fees ended up totaling $36, which was on a $1240 withdraw.

2.9% or thereabouts.
That includes my banks fee of $10 for incoming international transfers.

Maybe you should stay in the Game Tarmonkey?

 

[pro$pector]

I just posted some gold and silver in the for sale threads and am accepting partial (or potentially full) payment in BTC if anyone is interested.

 

[RetardedMonkey]

Damn that guy buzzed the one thing I wanted haha

Rather do bigger lots to save on postage tho

 

[slipage]

Time to sell my mining rig.

Electricity costs have pushed the profitability down a bit too much for me, especially with the stagnating price of Bitcoins and the massive increase in difficulty due to ASICs.

Anyone interested in bits and pieces? Thought I'd ask here first before heading to OCAU.

4x 7950s
http://umart.com.au/pro/products_listnew.phtml?id=10&id2=248&bid=2&sid=130347

Silverstone 1200w Gold PSU
http://umart.com.au/pro/products_listnew.phtml?id=10&id2=140&bid=2&sid=84428

Drop me a PM.

I'm having trouble understanding . The price goes up and down?

Say mining ltc now and it's making a very little profit due diff, electricity current price.
8 months time ltc breaks 10usd hypothetically speaking or even 6 usd.

Even tho you made no to little profit over the 8 months you have hoarded the coins and now made a large profit at its current price.

It's a risk and a slim chance on relying on the price to triple , but the whole coin game is a risk weather you trade, shares, mine, loans.

 

[RetardedMonkey]

I'm having trouble understanding . The price goes up and down?

Say mining ltc now and it's making a very little profit due diff, electricity current price.
8 months time ltc breaks 10usd hypothetically speaking or even 6 usd.

Even tho you made no to little profit over the 8 months you have hoarded the coins and now made a large profit at its current price.

It's a risk and a slim chance on relying on the price to triple , but the whole coin game is a risk weather you trade, shares, mine, loans.

Your mentality is of a stacker, it seems.
Accumulate, accumulate, accumulate, even at a loss, then hold, in the hope that it will rise one day.

I'm only out of mining, not out of cryptos.
When your mining competition (and it is competition, don't think otherwise) is able to mine the same coin as you, 3 times cheaper than you can produce, then you will not succeed.
These people can push the mining price down to a third of your own break even level, leaving you hemorrhaging money, whilst they're just nicely sitting at that break even level.

ASICs make this even worse with their higher production and lower power cost.

 

[RetardedMonkey]

Litecoin got announced to have integration with Gox in July.

Price has gone up a lot!

 

[whinfell]

Litecoin got announced to have integration with Gox in July.

Price has gone up a lot!

Woo-hoo - LTC mining got more profitable!

 

[RetardedMonkey]

Still deciding if I want to turn my miner back on or not

 

[whinfell]

I've been using this calculator to estimate mining cost/profit (note figures are in USD):

http://ltc.kattare.com/calc.php

 

[slipage]

I'm having trouble understanding . The price goes up and down?

Say mining ltc now and it's making a very little profit due diff, electricity current price.
8 months time ltc breaks 10usd hypothetically speaking or even 6 usd.

Even tho you made no to little profit over the 8 months you have hoarded the coins and now made a large profit at its current price.

It's a risk and a slim chance on relying on the price to triple , but the whole coin game is a risk weather you trade, shares, mine, loans.

Your mentality is of a stacker, it seems.
Accumulate, accumulate, accumulate, even at a loss, then hold, in the hope that it will rise one day.

I'm only out of mining, not out of cryptos.
When your mining competition (and it is competition, don't think otherwise) is able to mine the same coin as you, 3 times cheaper than you can produce, then you will not succeed.
These people can push the mining price down to a third of your own break even level, leaving you hemorrhaging money, whilst they're just nicely sitting at that break even level.

ASICs make this even worse with their higher production and lower power cost.

Litecoin got announced to have integration with Gox in July.

Price has gone up a lot!

my point exactly

 

[pro$pector]

Still deciding if I want to turn my miner back on or not

I just built a 4x 7970 rig in the weekend and have set it to mine WDC, at 23c per KW and I am still making about 50% profit at current prices.

What kind of temps does everyone run 7970's at - and is that 24x7?

With the side off the case and a big fan aimed at them they all run betwen 70 - 75 degrees...this should be ok right?

Also, anyone have some nice 7970 settings...only getting 600khash a card without OC'ing currently?

 

[RetardedMonkey]

See, I use CoinChoose.com to look at profitability rates.

And it has a column that adjusts for stales (because there's a lot on those little coins). Worldcoin only at 115% of BTC price.

Litecoin is still my personal preference.

 

[RetardedMonkey]

my point exactly

It's still just putting up capital now and every day in the hope that something changes and it goes north.

 

[pro$pector]

See, I use CoinChoose.com to look at profitability rates.

And it has a column that adjusts for stales (because there's a lot on those little coins). Worldcoin only at 115% of BTC price.

Litecoin is still my personal preference.

With slightly lower intensity settings, I'm getting less than 3% stales on WDC.

I don't use Coinchoose / Coinwarz etc, their pricing is all wrong for a start (uses ask not bid). I can calculate the profits more accurately myself, using the exchange price of my choice. I'm mining with multipool.in which gives some good (and accurate) estimated daily stats. You can also auto-hop to the "most profitable coin".

 

[1for1]

See, I use CoinChoose.com to look at profitability rates.

And it has a column that adjusts for stales (because there's a lot on those little coins). Worldcoin only at 115% of BTC price.

Litecoin is still my personal preference.

With slightly lower intensity settings, I'm getting less than 3% stales on WDC.

I don't use Coinchoose / Coinwarz etc, their pricing is all wrong for a start (uses ask not bid). I can calculate the profits more accurately myself, using the exchange price of my choice. I'm mining with multipool.in which gives some good (and accurate) estimated daily stats. You can also auto-hop to the "most profitable coin".

I dont own any WDC.. is there something seperating it from the other easier btc clones?.. ltc, ppc, trc, ftc, cnc - i have a decent amount of all these.. but im always looking around for more to invest in.

1for1

 

[2ds]

Still deciding if I want to turn my miner back on or not

I just built a 4x 7970 rig in the weekend and have set it to mine WDC, at 23c per KW and I am still making about 50% profit at current prices.

What kind of temps does everyone run 7970's at - and is that 24x7?

With the side off the case and a big fan aimed at them they all run betwen 70 - 75 degrees...this should be ok right?

Also, anyone have some nice 7970 settings...only getting 600khash a card without OC'ing currently?

Normally you set up cgminer to run the cards up to 75 degrees then it increases the fan speed to keep them at that point then if the fan can't do it it will reduce the clock on the cards.

what is your launch string?

 

[pro$pector]

I dont own any WDC.. is there something seperating it from the other easier btc clones?.. ltc, ppc, trc, ftc, cnc - i have a decent amount of all these.. but im always looking around for more to invest in.

1for1

Nothing separating it, I just like WDC and MNC of all the clones to mine since my favourite exchange is mcxnow.com and they are some of the only coins that trade there.

BTC-E is dumping CNC in a few days so careful with holding that, could be the end for it as Cryptsy and Bter do minimal volume.

what is your launch string?

I'm lazy and use GUIMiner - I do plan on creating a .conf file soon though so I can tweak further.

I'm keeping the cards under 72 degrees with my setup so it should be good I think.

 

[RetardedMonkey]

LTC holding its own whilst BTC declines.

Would be interested if the two decoupled a little more.

 

[2ds]

Been interesting to take a 3 week break from this and come back to see that while the BTC price has stabalised the profitability for me has gone from $5 per a day to -.03 cents today.

My BTC pool which had been stable at ~3GH/s for a month has doubled in the past 3 weeks to 6GH/s

ASIC miners are clearly coming on to the market...

LTC is currently at ~$2.5 profitability a day for me. If it wasn't so damn cold down here that running this rig keeps the house warm I probably would have shut it off. I expect to stop mining mid autumn and/or find some sort of ASIC miner.. Although I almost expect LTC not to continue to drop because the cost of mining would be too high then...