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guest 4th April 2011 13:37

Bitcoin
 
Anyone have any bitcoin they are wanting to sell? Any amounts considered

Jodi 5th April 2011 06:11

Wot? For real money?

guest 5th April 2011 13:05

or corn and potatoes, whichever you prefer

Jodi 12th April 2011 16:22

Right,

I'll have 50BT by monday next week.

Lets look at exchange rates:
Take 0.75 bt to the usd
take 1 usd = 1.284 nzd.

50 * 0.75 * 1.284 = $48.15

I'll trade you 50bt for $48 NZD.

email my gmail address at:
jodi.the.tigger
if you're still interested.

Stalk3r 12th April 2011 16:41

ok instead of asking "wtf is bitcoin" i went and looked it up, thats 3 minutes of my life i'll never get back, that looks to me like the worst tin foil hat wearing paranoid trap of all traps, i mean seriously, "we dont like your money so we invented our own system"

jesus christ

in before "zomg you just dont understand its awesome potential"

Lightspeed 12th April 2011 16:48

I guess we'll see, won't we? My bet's on it working out.

Jodi 13th April 2011 07:21

Well, I don't care what people say, if it gets me more cash in the hand than I spend on the power to make the coins, I'm all for it.

Still, haven't got cash in the hand yet - so it is still tin foil hat stuff for me atm.

Nothing 19th April 2011 16:44

Apparently you can use it to buy stuff from some online retailers. I don't see any harm in running it. Uses a few extra processor cycles or whatever. If I can spend the coins on some porn or something that I don't want to actually pay real money for then bonus eh? I don't quite understand what the incentive for a retailer to accept bitcoins is though.

Stalk3r 19th April 2011 19:00

they use the bitcoins they receive to pay for advertising?

im not saying that in a condescending why didnt you think of that"" kinda way im just saying the only way i can think of it working

plaz0r 19th April 2011 21:52

Step 1: [email protected]
Step 2:
Step 3: profit

But seriously, good on anyone who actually manages to turn any of these magic numbers into real cash money.

Jodi 20th April 2011 10:08

Sold 50 btc for 74 NZD.

Yup - real money.

Lightspeed 20th April 2011 11:11

I gotta get this running on my media server...

A Corpse 20th April 2011 11:57

Quote:

Originally Posted by Jodi
Sold 50 btc for 74 NZD.

Yup - real money.

How long did it take you to acquire that much? I read up a bit about it but it implied that the hashes now take a year to generate? :confused:

Jodi 20th April 2011 15:06

Starting mining 17th of February @ 70 Mhash/second (760i5 + Radeon 5570, 13.8 + 60)

Unless you have a few quad Radeon 6990 rigs, solo mining is a waste of time. I would suggest pool mining, where you get a % of the 50bt prize when the pool gets one.

I use slush's pool at http://mining.bitcoin.cz

I was getting a coin/day until mid march, now I average around 0.8 coins/day. My worst was 0.56 coins in 1 day, by best was 1.89 on the 24th of Jan (after the first /. but before the 2nd /. effect).

Now I got me a Radeon 6870 ($360), so i'm mining at 300 Mhash/second all up. That'll give me about 3.5 coins / day. I got a 5850 (same speed but $280) but it was faulty :-( the 58xx and 59xx series are best for mining, but are rare as hen's teeth.

Current exchange rate is 1 bitcoin == 1.8 USD. 1USD = 1.27 NZD therefore 1 bitcoin = 2.286 NZD.

My box uses around 225W when mining, so that's 5.4kwh/day. At 26c/kwh, it costs me $1.4 / day in power to mine.

Soooo. For a day's mining I get (2.286 * 3.5) - 1.4 == $6.60

Jodi 20th April 2011 15:11

However. Getting bitcoins is one thing.

Selling them for actual cash NZD involves an otc market via IRC. Yea, dodgy sounding. But meh, it worked for me.

cEvin 20th April 2011 16:10

retarded.

Trigger 20th April 2011 16:11

wow sounds like you're sitting on a goldmine there buddy
after a whole year of running your computer at full power 24/7 you might get some of your money back on the hardware you purchased

Jodi 20th April 2011 16:19

Quote:

Originally Posted by Trigger
wow sounds like you're sitting on a goldmine there buddy
after a whole year of running your computer at full power 24/7 you might get some of your money back on the hardware you purchased

I'll pay off my video card in 2 months.

Sure, scoff at the poorly $6.60/day for the mining. But it's money I wouldn't be getting otherwise.

A whole year? at this rate, I would get $2400.

Trigger 20th April 2011 16:23

potentially $2400 if the exchange rate stays the same and if you can find a buyer, for running your cpu/gpu at 100% 24/7/365... hope you don't need to replace your melted hardware before then... and you can't actually use your PC for playing games cause that would just ruin everything

A Corpse 20th April 2011 18:27

So cobbling together a GPU and CPU combination I get about 70mhash/s from my GPU and 4.2mhash/sec from my 2.4Ghz Core 2 Quad. Similar to your own yields.

Seems, well, a bit of a pain for minimal gain.

Jodi 21st April 2011 07:29

Quote:

Originally Posted by A Corpse
So cobbling together a GPU and CPU combination I get about 70mhash/s from my GPU and 4.2mhash/sec from my 2.4Ghz Core 2 Quad. Similar to your own yields.

Seems, well, a bit of a pain for minimal gain.

Yup, You'll find you spend more on power than you get back mining bitcoins.
I figure you need at least 150 Mhash/hour ~ 220W to actually make money.

And no trigger, my hardware won't melt because it isn't overheating. Pffft.

Gerbs 21st April 2011 08:56

I'm sorry, I'm having a hard time figuring this out.

So, your computer runs hard out, "mining".
WHAT is it mining? Is your CPU time being sold for use, kinda like [email protected]?

Whats actually assigning a value to the bitcoins? Their website makes NO sense, unless you're chasing fluffy nonsense.

Lightspeed 21st April 2011 11:36

Don't ask these foolish questions, just buy my coins!

Jodi 21st April 2011 11:55

Quote:

Originally Posted by Lightspeed
Don't ask these foolish questions, just buy my coins!

I don't 100% get the economics either, but If I get more money from bitcoin than I spend on power, then it's hardly fluffy nonsense.

Basically, instead of having a central bank printing the money, the bitcoin network collectively "prints money" by this mining process. That way you don't get inflation in the classic sense, because no one person/central bank can decide to print 1000 more bitcoins and cause an inflation hike.

Why is value actually assigned to bitcoins? Not too sure, I expect it'll require sitting in to some enonomics 101 classes.

Saladin 21st April 2011 12:28

Quote:

Originally Posted by Gerbs
Whats actually assigning a value to the bitcoins?

Same thing that assigns value to any currency. Faith.

Juju 21st April 2011 15:59

My simplistic views is:

It's a currency. You trade them for stuff.

Why is value assigned to pieces of paper and round metal discs?

Same thing.

Lightspeed 23rd April 2011 10:48

It has value only while people are willing to trade it for goods/services/other currency. The test will be if people are actually will to provide goods/services in exchange for bitcoin.

I hope so, it seem like a decent concept.

Golden Teapot 27th April 2011 08:30

The Dutch had a similar system running in the 1630s. There have been plenty of NZ examples too: ostriches, phone cards, investment plates and so on.

The formula is always the same. Take an item with no intrinsic value that is easy and cheap to produce. Create a market to trade in the item. Find some pretty stupid people and wow them into thinking this is the next big thing. Keep taking money from these stupid people until they run out at which point the market collapses.

Sure you can make money in these situations - just be careful to remember why and to not become one of the suckers who loses their shirt.

Jodi 30th April 2011 12:19

There was a good post by anti-mining people.

Just buy bitcoins, then sell them again.

The exchange rate has gone from 1.4 to 2.8 in the span of 2 weeks.

Why spend money on buying mining hardware, when you can just speculate on the raising rate, and make 100% in 2 weeks?

Well, risk is the reason of course :-)

Stalk3r 30th April 2011 13:27

because chances are if it rose that much in 2 weeks itll fall by that much or more on equally whimsical timelines

dont get me wrong, if youre doing it and it works good for you, im just not signing up for it

Jodi 30th April 2011 14:05

ACtually, your probably correct.

The latest rally was due to an article on CNN that mentioned bitcoin.

Heh, you could trawl the net for bitcoin news on all the major sites, then buy quickly before the masses push the market up - sell - profit.

Heh, atm that's all talk - don't know anyone with the guts or stupidity to actually do it.

guest 30th April 2011 23:52

;)

?>Superman 2nd May 2011 08:49

Check this guy selling Portal 2 for 10 BitCoin. Pretty damn good price considering the exchange rate.

Jodi 2nd May 2011 14:50

10 btc = 31 USD = 38 NZD.

Yup - good deal.

He probably posted it when btc == 4.1 usd.

Sarge 4th May 2011 14:09

PC is idle at home a lot and the GTX 460 I have is slow.
Might have to upgrade :)

HO-Hoon 4th May 2011 15:49

Yeah I'll give it a go. Got 2 PCs at home always on 24x7 - might as well get them earning their keep!

Mr_Hahn 5th May 2011 23:25

I'd say without a doubt that you'll be spending a lot more on power than you could get out of mining for bitcoins now. There are too many people doing it, even getting in on a mining pool wouldn't be worth it.

Law of diminishing returns and such. If you want bitcoins (can't see why you would), trade something for them.

Jodi 6th May 2011 10:58

Quote:

Originally Posted by Mr_Hahn
I'd say without a doubt that you'll be spending a lot more on power than you could get out of mining for bitcoins now. There are too many people doing it, even getting in on a mining pool wouldn't be worth it.

Law of diminishing returns and such. If you want bitcoins (can't see why you would), trade something for them.

This is where you just need to do the maths. How much power does mining cost you / $ value of coins you get.

Unless you have a 5770 or better, it probably won't be worth it.

CPU mining costs too much in power to even bother.

Juju 10th May 2011 09:54

So I thought I would give this a crack seen as I had a few bits lying around. Here's my story.

1) I had a dead PC with a failed motherboard on it. So went and bought a new mobo off trademe and a new 6950.
2) Transferred cpu and mem over to new mobo - no post
3) Hmmm, maybe this new mobo is dead. removed memory, still no post.
4) Google suggest could be cpu - go and buy a P4 off trademe
5) Receive CPU - I get post but now I get an error beep. Tells me it can't find a gfx card. Tried old gfx card, same thing. Removed gfx card and memory - same thing. Great, so this mobo is dead.
6) Pull out old mobo that I thought was dead - plug everything in, works ok. Awesome, so I didn't need to spend $1000 on a new computer (Shhh, don't tell the missus).
7) Plug in old HDD with old windows install in it. Doesn't boot. Thats ok, I have a Windows XP upgrade disk so I'll just re-install.
8) Put Windows XP cd in, it can't find the old install so it won't install as it's an upgrade disk.
9) Fine, fuck it. I'll warez windows. Download cracked XP. Installs fine. Install bitcoin GPU stuff, comes up with errors.
10) Over trying to avoid windows verification tool, decide to try legit upgrade disk again. This time installs fine and I can update everything to legit standards.
11) Install bitcoin stuff again. Can't connect to pool. wtf. My username and p/w is fine, can login to the website fine. Disable firewall, still cant connect. Ohh port forwarding on router... still can't connect. Google - oh, slush's pool is down and he's stealing. Try another pool - success!
12) Bring PC to work. No keyboard/mouse/monitor installed so setup RDP. RDP into it and video card can't see GPU - great. I guess cause no monitor is plugged in. Go out to Jaycar to buy resistors and plug to make a dummy plug. Plug it in, still can't see GPU. Ffffffffffffff.
13) Go and plug monitor in, and while down there install VNC. VNC into computer instead of RDP - can see GPU. Unplug monitor, can still see GPU. Turns out RDP has some screwed access which stops things from working.

So finally, after 2 weeks of messing about, I have my computer chugging away at 320mhash.

Would not do again.

Stalk3r 10th May 2011 10:48

RDP has never supported GPU acceleration, its just uses Standard VGA Adapter


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