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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Should I invest in bitcoins? [Re: pwnasaurus]
    #19204524 - 11/29/13 11:30 AM (10 years, 2 months ago)

Quote:

pwnasaurus said:
I just bought a 7970 to start mining LTC with.  Hopefully they keep going up!




Cool!  I'm mining LTC with my 5850s and 5830s that I used to mine BTC with, and I'm doing pretty well.  Im thinking about picking up a 290x or two today for mining LTC (and some gaming probably).


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OfflineDirtyTomFlint
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Re: Should I invest in bitcoins? [Re: DieCommie]
    #19204532 - 11/29/13 11:33 AM (10 years, 2 months ago)

BTC is fine. Yes, it's gone up, but prices on the market have adjusted.

I was on Silk Road the other day (been using it for over a year successfully) and most items are in the 0.01-0.5 BTC range now.


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Know Your Body, Know Your Mind, Know Your Substance, Know Your Source


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InvisiblePar

Registered: 09/05/10
Posts: 811
Re: Should I invest in bitcoins? [Re: DirtyTomFlint]
    #19204542 - 11/29/13 11:36 AM (10 years, 2 months ago)

I've been checking around and do you guys think Peer-Coin is gonna be the "bronze" to the coins?

https://www.vaultofsatoshi.com/orderbook


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Invisiblelighthouse09
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Registered: 03/16/13
Posts: 699
Re: Should I invest in bitcoins? [Re: DieCommie]
    #19204557 - 11/29/13 11:40 AM (10 years, 2 months ago)

how long have litecoins been around then they seem like another bitcoin wich is definately getting bigger ??
would more currencies like this nake the market more stable though since there are more options to buy thN JUST btc?


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<--This fuckin guy


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Offlines240779
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Re: Should I invest in bitcoins? [Re: DieCommie]
    #19204563 - 11/29/13 11:42 AM (10 years, 2 months ago)

Quote:

DieCommie said:
Quote:

pwnasaurus said:
I just bought a 7970 to start mining LTC with.  Hopefully they keep going up!




Cool!  I'm mining LTC with my 5850s and 5830s that I used to mine BTC with, and I'm doing pretty well.  Im thinking about picking up a 290x or two today for mining LTC (and some gaming probably).




Approximately how many litecoins can the avergae user generate rite now and how much cash would the equipment cost? Miners are basically seperate computers that are dedicated to mining, right? Do they eat up a lot of bandwidth?


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Invisiblepwnasaurus
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Registered: 07/16/08
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Re: Should I invest in bitcoins? [Re: s240779]
    #19204574 - 11/29/13 11:45 AM (10 years, 2 months ago)

https://litecoin.info/Mining_hardware_comparison

https://www.litecoinpool.org/calc

Those two sites together can give you a pretty good idea.


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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Should I invest in bitcoins? [Re: lighthouse09]
    #19204587 - 11/29/13 11:48 AM (10 years, 2 months ago)

Quote:

lighthouse09 said:
how long have litecoins been around then they seem like another bitcoin wich is definately getting bigger ??
would more currencies like this nake the market more stable though since there are more options to buy thN JUST btc?




They have been around for a while.  They are almost an exact clone of bitcoin, they use lots of the same code.  Some key differences are the scrypt algorithm for mining rather than SHA256, as I mention above.  Also, they difficulty adjusts faster and transactions confirm quicker.  This last one is very important if we ever expect to have point of sale transactions with crypto currencies.  Its fine to order online if it takes half an hour to confirm, but thats not fine if you are at a store or farmer's market.

They don't purport to be a competitor of bitcoin, rather a compliment of bitcoin.  Its hard for me to see it that way though.  It looks like a competitor to me.


Note that namecoins are now over $10!  Dont buy namecoins.  They are truly worthless in the long run.  I think, the fact that they are this high is a sign of how over speculated and bubbled the market is.  There is so much dumb money flooding into the market that even namecoin is now valuable.  I'm surprised its blockchain is being maintained at all.


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InvisibleSynthe
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Re: Should I invest in bitcoins? [Re: pwnasaurus]
    #19204591 - 11/29/13 11:50 AM (10 years, 2 months ago)

https://www.litecoinpool.org/calc?hashrate=350&difficulty=1522.6087795&power=130&energycost=0.10&currency=USD

Here's what I got, but I don't know what I'm paying for electricity exactly, I've gotta go dig up my last bill and put that in there


So LTC are basically the next largest cryptocurrency compared to BTC in terms of growth, right?

Where do you store them tho?

:strokebeard:


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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Should I invest in bitcoins? [Re: pwnasaurus]
    #19204602 - 11/29/13 11:52 AM (10 years, 2 months ago)

Quote:

pwnasaurus said:
https://litecoin.info/Mining_hardware_comparison

https://www.litecoinpool.org/calc

Those two sites together can give you a pretty good idea.




I was about to post the same thing :p 

Let me add that if you are going to do a cost analysis you need to also look at the difficulty charts and anticipate that rising.  It will rise faster if the value of the coin increases, as you can expect.  It wont drop as fast if the value of the coin goes down though.  And also you have to consider electricity costs and your local rates.


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InvisibleSynthe
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Re: Should I invest in bitcoins? [Re: DieCommie]
    #19204610 - 11/29/13 11:54 AM (10 years, 2 months ago)

Quote:

DieCommie said:
Quote:

pwnasaurus said:
https://litecoin.info/Mining_hardware_comparison

https://www.litecoinpool.org/calc

Those two sites together can give you a pretty good idea.




I was about to post the same thing :p 

Let me add that if you are going to do a cost analysis you need to also look at the difficulty charts and anticipate that rising.  It will rise faster if the value of the coin increases, as you can expect.  It wont drop as fast if the value of the coin goes down though.  And also you have to consider electricity costs and your local rates.



Any quick tips from shroomerite to shroomerite on how to get started with this here? I want to put my 7850 to work!


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Invisiblelighthouse09
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Registered: 03/16/13
Posts: 699
Re: Should I invest in bitcoins? [Re: Synthe]
    #19204635 - 11/29/13 12:03 PM (10 years, 2 months ago)

yea who's got one for me i am broke but i could pay you in spores.. sounds like easy money and an excuse for me to sit around and learn computers better i can't find any clear instructions on how to start and what you need anywhere though?


--------------------
<--This fuckin guy


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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Should I invest in bitcoins? [Re: Synthe]
    #19204664 - 11/29/13 12:12 PM (10 years, 2 months ago)

Quote:

Synthe said:
Any quick tips from shroomerite to shroomerite on how to get started with this here? I want to put my 7850 to work!




This is what I read when switched from mining BTC.  It might be complicated, but start with this and go for it.  You should def mine with that card if you can.

http://www.wemineltc.com/gettingstarted

Quote:

How To GPU Mine (For Beginners)
Download cgminer 3.5 version from here --> http://ck.kolivas.org/apps/cgminer/3.5 (ATTENTION! Versions higher than 3.5 do NOT support LiteCoin mining!)
Extract it somewhere (eg. on desktop)
Register your worker!! To go my account --> My workers --> Register new worker!
From the worker page, select the option to generate a .bat file for your worker
Save the batch file to the same folder that you extracted cgminer to, and make sure you edit it to your ideal settings according to your GPU ! Find your ideal settings here--> https://litecoin.info/Mining_hardware_comparison
Navigate to the folder with cgminer and the batch file, double click the batch file. You are mining LiteCoins!!

For a detailed step by step guide with screenshots visit this link ---> https://forum.litecoin.net/index.php/topic,7722.0.html




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OfflineSkeletalSpore
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Re: Should I invest in bitcoins? [Re: DieCommie]
    #19206187 - 11/29/13 07:49 PM (10 years, 2 months ago)

$1,200... wow... I think they will dip down to $700 or so sometime this year or early next year


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OfflineKGB Is Go
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Re: Should I invest in bitcoins? [Re: SkeletalSpore]
    #19213475 - 12/01/13 03:56 PM (10 years, 1 month ago)

Quote:

SkeletalSpore said:
$1,200... wow... I think they will dip down to $700 or so sometime this year or early next year



And back down to ~$950USD - it's jumped from $900-950 in like 10 minutes. Very turbulent right now. Crazy stuff.

I just wonder what the mega banks/governments final word on it will be. I think bitcoin (and cryptocurrencies in general) have loads of potential and are 'the way of the future' - especially given how wildly inflated monetary currencies are and how many countries are in massive debt - but if governments decide to ban the use of cryptocurrency (I'm sure they could find an excuse/reason) then that could seriously compromise the value.


--------------------
"The guy went axe-happy on a trout farm, he killed 60 fish."


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Invisiblepwnasaurus
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Registered: 07/16/08
Posts: 12,317
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Re: Should I invest in bitcoins? [Re: KGB Is Go]
    #19213479 - 12/01/13 03:57 PM (10 years, 1 month ago)

Quote:

KGB Is Go said:
Quote:

SkeletalSpore said:
$1,200... wow... I think they will dip down to $700 or so sometime this year or early next year



And back down to ~$950USD - it's jumped from $900-950 in like 10 minutes. Very turbulent right now. Crazy stuff.

I just wonder what the mega banks/governments final word on it will be. I think bitcoin (and cryptocurrencies in general) have loads of potential and are 'the way of the future' - especially given how wildly inflated monetary currencies are and how many countries are in massive debt - but if governments decide to ban the use of cryptocurrency (I'm sure they could find an excuse/reason) then that could seriously compromise the value.



It's impossible to "ban" crypto-currencies.  That would be as effective as banning pirating has been.


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OfflineKGB Is Go
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Re: Should I invest in bitcoins? [Re: pwnasaurus]
    #19213720 - 12/01/13 04:58 PM (10 years, 1 month ago)

Quote:

pwnasaurus said:

It's impossible to "ban" crypto-currencies.  That would be as effective as banning pirating has been.



How is it impossible? The government says "it is illegal to use bitcoin in the USA" and enforce this - banned. I agree that lots of people would still use it and I'm sure there will always be governments willing to use cryptocurrencies so it will have some value but I think it's current value and potential for widespread use would be seriously compromised by a government action against it. Similar to the boom it experienced after it was opened up to the Chinese market, but in reverse. You don't think so?


--------------------
"The guy went axe-happy on a trout farm, he killed 60 fish."


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InvisibleSynthe
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Re: Should I invest in bitcoins? [Re: KGB Is Go]
    #19216957 - 12/02/13 12:05 PM (10 years, 1 month ago)

So ah, how do I use cgminer to start mining in a pool? I signed up for http://ltc.kattare.com and saved cgminer 3.5 onto a folder on my desktop, but now what?


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InvisibleSynthe
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Re: Should I invest in bitcoins? [Re: Synthe]
    #19222007 - 12/03/13 12:43 PM (10 years, 1 month ago)

Quote:

Synthe said:
So ah, how do I use cgminer to start mining in a pool? I signed up for http://ltc.kattare.com and saved cgminer 3.5 onto a folder on my desktop, but now what?



Aw, anybody? I'd really like to mine myself some LTC but I'm stumped :feelsbadman:


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Offlines240779
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Re: Should I invest in bitcoins? [Re: Synthe]
    #19222148 - 12/03/13 01:05 PM (10 years, 1 month ago)

Tip: The bitcointalk.org forum is quite active.


Edited by s240779 (12/03/13 01:40 PM)


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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Should I invest in bitcoins? [Re: Synthe]
    #19222834 - 12/03/13 03:35 PM (10 years, 1 month ago)

Quote:

Synthe said:
Quote:

Synthe said:
So ah, how do I use cgminer to start mining in a pool? I signed up for http://ltc.kattare.com and saved cgminer 3.5 onto a folder on my desktop, but now what?



Aw, anybody? I'd really like to mine myself some LTC but I'm stumped :feelsbadman:



Try the instructions I linked too.  Make an account at WeMineLTC, register a worker.  Create the batch file, put it in your cgminer folder and double click it.  This should start cgminer running, and hashing to your account at wemineltc.  If cgminer crashes then your settings are not correct for your video card and we need to fiddle with them.


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