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Rayn
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Old
61 - 06-06-2017, 09:03 AM
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hey kid
i'ma computa
stop all the downloadin
 
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clu
VeteranXV
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Old
62 - 06-06-2017, 12:39 PM
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Originally Posted by Rayn View Post
At the end of the day, its all imaginary value.
yes but its MY imaginary value
 
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DMAUL
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Old
63 - 06-06-2017, 12:50 PM
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Mining (in the USA in particular) has never been very profitable. Almost always directly investing the money into bitcoins themselves would have been a better strategy.

I don't have any right now. I sold at 1050. Cost basis on that lot, about $590. Yes, it is 2800 right now...but I bought ether at $42 and it is $256 right now

I also owned a lot of bitcoins at $5 and $17. I am not a millionaire so you can make conclusions about my ineptitude.
 
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darkpiece
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Old
64 - 06-06-2017, 01:02 PM
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hehe
 
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MaD_ReBeL
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65 - 06-06-2017, 01:10 PM
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mining hasn't been profitable since the custom ASICS made specifically for mining were created. Once that happened the ASICS grossly outpaced GPU miners.

This is unique to BTC as most other currencies favor GPU miners, AMD GPUs being the best.

so if you can drop a mill or more on a mining farm and can pay the power bill it can still be profitable its just well out of reach of the common man.

I have 2 R460s mining monero just as a general experiment atm. purely speculative and I have zero expectations, just curious really. according to some of the profit calculators out there, this monero mining should be just barely profitable.
 
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def
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Old
66 - 06-06-2017, 01:58 PM
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never heard of monero. 863 different types of crypto currencies on coinmarketcap.com. i dont get why so many people are buying into these
 
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Rayn
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Old
67 - 06-06-2017, 02:07 PM
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you know those asics the chinese are making are going to give us the hax.
 
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MaD_ReBeL
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Old
68 - 06-06-2017, 02:14 PM
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Originally Posted by def View Post
never heard of monero. 863 different types of crypto currencies on coinmarketcap.com. i dont get why so many people are buying into these
trust issues. massive lack of faith in every existing government and financial system on the planet ATM.

EU's pending collapse
China's multiple bubbles
US again multiple bubbles

absolute insanity everywhere you look.

given that, it is pretty obvious to me why crypto currency is becoming so popular. the promise of no government interference/control is attractive to people who feel they've been **** on over and over. thats why i keep coming back to the trust issue. this is the genius of the block chain. forget that currency is the only thing currently using this back end but the block chain could replace all government too. it would allow us all to vote on our cell phones and know 100% that all votes were real and cast by real people. you wouldn't need fox news and human error in vote counting etc all that **** could happen instantly.

the genius of providing a framework that allows absolute trust to occur in 100% untrusted space has yet to be truly felt IMO. i believe the block chain is key to many of our systems in the future.
 
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darkpiece
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69 - 06-06-2017, 02:28 PM
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dam i m diggin around for old vids and pics of our litecoin mine we had in mesa, az during 2013...


here is one iteration of the mine we had going... it was a step up from previous, but not the final build that worked best

lel
 
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darkpiece
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Old
70 - 06-06-2017, 02:32 PM
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each box had a 1200w psu w 4 7950s... pumping out like 3000 kh/s

had 32 boxes i think for around 128 gpus or ~95000 kh/s

mined prolly ~80 ltc a day for a few months

prolly worst place on planet next to death valley to be doin this cus so god dam hot in phoenix summers

electricity prolly 2800 a month

rent 650 a month

total investment like 100k + million manhours from me and my pal



we made $$$

ill try 2 find the final setup later, but it ended up being the most efficient...

9'x9'x9' sealed box... 6 - 8" vortex extractor fans mounted on top of box sucking hot air hot

5ton ac pumping cold air in from bottom... all 32 rigs sitting side by side on those racks

kept the temps stable even during peak of summer, but holy **** it was like 95 degrees in the box during the day

was a ****ing fun summer ill tell u wat
 
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Flash
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Old
71 - 06-06-2017, 02:42 PM
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Quote:
Originally Posted by darkpiece View Post
each box had a 1200w psu w 4 7950s... pumping out like 3000 kh/s

had 32 boxes i think for around 128 gpus or ~95000 kh/s

mined prolly ~80 ltc a day for a few months

prolly worst place on planet next to death valley to be doin this cus so god dam hot in phoenix summers

electricity prolly 2800 a month

rent 650 a month

total investment like 100k + million manhours from me and my pal



we made $$$

ill try 2 find the final setup later, but it ended up being the most efficient...

9'x9'x9' sealed box... 6 - 8" vortex extractor fans mounted on top of box sucking hot air hot

5ton ac pumping cold air in from bottom... all 32 rigs sitting side by side on those racks

kept the temps stable even during peak of summer, but holy **** it was like 95 degrees in the box during the day

was a ****ing fun summer ill tell u wat
Too bad you didn't mine BTC. You'd be rich as ****.
 
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MaD_ReBeL
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Old
72 - 06-06-2017, 02:50 PM
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yeah, if you had 80 BTC a day you'd have been making $228,460 a day at BTC spot price as of seconds ago.
 
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Falhawk
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Old
73 - 06-06-2017, 02:54 PM
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seriously though, what are bitcoins used for?
 
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Flash
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Old
74 - 06-06-2017, 03:02 PM
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Originally Posted by Falhawk View Post
seriously though, what are bitcoins used for?
Converting to USD's.
 
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def
VeteranXV
Old
75 - 06-06-2017, 03:09 PM
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Quote:
Originally Posted by MaD_ReBeL View Post
trust issues. massive lack of faith in every existing government and financial system on the planet ATM.

EU's pending collapse
China's multiple bubbles
US again multiple bubbles

absolute insanity everywhere you look.

given that, it is pretty obvious to me why crypto currency is becoming so popular. the promise of no government interference/control is attractive to people who feel they've been **** on over and over. thats why i keep coming back to the trust issue. this is the genius of the block chain. forget that currency is the only thing currently using this back end but the block chain could replace all government too. it would allow us all to vote on our cell phones and know 100% that all votes were real and cast by real people. you wouldn't need fox news and human error in vote counting etc all that **** could happen instantly.

the genius of providing a framework that allows absolute trust to occur in 100% untrusted space has yet to be truly felt IMO. i believe the block chain is key to many of our systems in the future.
that makes sense, but regional currencies are having major issues (eu), why would a global currency work?

i guess most usage right now is for illegal purchases or for "investing" and sitting on it
 
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Osiris
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Old
76 - 06-06-2017, 03:11 PM
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Mark Cuban calls bitcoin a bubble, price falls
 
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Rayn
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Old
77 - 06-06-2017, 03:27 PM
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Quote:
Originally Posted by Falhawk View Post
seriously though, what are bitcoins used for?
you exchange them for goods and services.
 
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MaD_ReBeL
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Old
78 - 06-06-2017, 03:34 PM
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Quote:
Originally Posted by def View Post
that makes sense, but regional currencies are having major issues (eu), why would a global currency work?
because there is no central authority, yet, i know 100% that i can trust you and you can trust me. meaning, you have item X, i want it, and offer you Y which has value to you. Value that you determine to be equal or more valuable than the X you own.

we agree to exchange your X for my Y, we make the deal, we go our separate ways. The physicality of this exchange was the trust. Meaning, i inspected your X this was my buyer be ware due diligence piece. I determine that X is what I need/want and of the quality i demand. you did the same for my Y.

How do you do that without the physicality and without the physical objects? simple, threat of ultimate violence by way of central authority. said central authority is now the trusted third party who is supposed to provide and steward the framework (the game) that allows us all to transact safely and in a trusted manner.

when government summarily fails, and they all have, the people have traditionally moved to a new 'better' system.

the block chain is our newest attempt at this new better system that moves the trust from the central government and their gun toting thugs and moves that to an open source algorithm.

Quote:
i guess most usage right now is for illegal purchases or for "investing" and sitting on it
hasn't been true for awhile. well, in places like Argentina and other failed economies technically using BTC instead of the local failed currency is at best grey and most likely not legal but when your choices are failed currency that may lose half its value in your sleep, or BTC ... i mean can you blame them?
 
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MaD_ReBeL
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Old
79 - 06-06-2017, 03:39 PM
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Quote:
Originally Posted by Osiris View Post
Mark Cuban calls bitcoin a bubble, price falls
BTC and the block chain are NOT attempts to mitigate human irrationality. all markets are susceptible to emotional responses like this.
 
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Ztir
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Old
80 - 06-06-2017, 04:02 PM
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Holy FUK dp are those toolboxes lmao
 
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