Crypto Currency Mining & Graphics Cards

[RussK1]

There are downsides, very definitely. I lost 2BTC myself when Mt. Gox croaked. Of course, people stand to lose a LOT more when the banksters' schemes unravel later this year. Ah, but all that is for News & Leisure, or perhaps another site entirely...

Let's try and keep this one technical please.

The power used for hashing is the price of shedding the bonds of centralized control. There are pros and cons, and the debate will rage on until / unless our currency is once again backed by something tangible. Anyway, I think it is safest to assume that those who are here have already decided for themselves about the merits of crypto-currency.

Why I don't keep coin in an exchange (or online wallet). I get in, exchange and cash out.

The creator of Coinbase was arguing the merits of keeping coin in it's hosted wallet while others argued the safest place is in ones personal wallet (Litecointalk I believe). I agree with the latter but it is cool that more and more major retailers are using it... although to keep in mind, banks (or exchanges) are designed to get your money nothing more.

 

[Rustywasp]

Of course, they're not stealing the cards, I know that.
But money doesn't absolutely transmute to the purchased goods.
Suppose tomorrow, gas is in short supply, so governments around the world will automatically ban those cars which consume a lot of fuel(like many exotic cars, as they only give a mileage of around 5 km/l or 12 mpg at most) and encourage cars running on solar power or electricity.
Because of guys that buy cards in such huge amounts, the retailers have driven up prices(even if cards are available) and those wanting to install r9 290's in their gaming rigs to play BF4 have to buy the card at very high prices.(Graphics cards aren't exactly cheap anyway, I had to save money for months to be able to buy a GTX650 card.)

[removed - watch the personal attacks.]

No I am not a troll. I am a person with a tight budget. I just wanted to see if it was possible and someone for someone to tell me that it is possible or isn't without being an arse

 

[jjb8675309]

I work for a living and can spend my money on whatever I please. Cracking hashes is real work, there are many entities (private and public) that need this service.

 

[RussK1]

I work for a living and can spend my money on whatever I please. Cracking hashes is real work, there are many entities (private and public) that need this service.

Agreed.

How's the 780's going?

 

[truegenius]

you all are mining and i am still trying to figure out if it is real and will it be the future or this hoax will end soon !

 

[jjb8675309]

780s are great. I also have the 680 doing work, why not? I'm thinking about picking up some 750tis to stick in a couple of my rigs to have them mine alongside some of the existing gpus since they are so low draw.

 

[RussK1]

Awesome!

 

[jjb8675309]

Hey Russ how do you configure your payouts.... 1 coin, .5 coins, etc... what is your transaction model for going to USD, I'm finally accumulating a coupe litecoins and would like to know what is optimal...?

 

[RussK1]

Hey Russ how do you configure your payouts.... 1 coin, .5 coins, etc... what is your transaction model for going to USD, I'm finally accumulating a coupe litecoins and would like to know what is optimal...?

I use a payout threshold of .05. Then use BTC-E or Bter (which ever has less fees) and sell LTC/BTC.

But if I were you, I would hold on to the coins until LTC jumps up in value then sell.

 

[jjb8675309]

I guess my confusion is with BTC-E, how the heck do you get USD in your bank account?

 

[RussK1]

Use BTC-E to sell LTC/BTC and use Coinbase to deposit USD into your bank account.

 

[truegenius]

Use BTC-E to sell LTC/BTC and use Coinbase to deposit USD into your bank account.

is It real ! seems like it is

can anyone clear my doubt, is this crypto-currency really have any future , is it real or a myth bubble which is just about to burst ? can anyone direct me RussK1 or any other

 

[James Mason]

A simple google search of "How to mine bit coins" leads to quite a few guides that explain how to do it. It is real, it takes about like 2 hours to setup up (trial and error following the guide) and you can start mining for bitcoins right then and there with your current setup. You won't get much but it's not that hard.

I did it, got it set up on my computer, but then you know, i wanted to actually use my computer so i shut it down, but now I'm planning on building a dedicated mining PC maybe, just need around $800 bucks.

 

[RussK1]

Depends on what you consider. If you can trade it for paper currency and/or buy stuff with it wouldn't it be considered real?

In reality it's no different as far as value compared with paper currency (actually MORE valuable). They can all pop and flop... take the U.S. economy, it's about to do just that. There are many currencies around the globe that are pretty worthless and about as valuable as a wooden nickle.

 

[Onus]

There will be significant growing pains (i.e. losses for some) in cryptocurrency, but fiat currency is outright bogus, which the world is about to find out.
Russ, at current rates, what's a conservative estimate of the weekly revenue from a HD7970 that mines LTC 24/7?

 

[RussK1]

There will be significant growing pains (i.e. losses for some) in cryptocurrency, but fiat currency is outright bogus, which the world is about to find out.
Russ, at current rates, what's a conservative estimate of the weekly revenue from a HD7970 that mines LTC 24/7?

I wouldn't mine LTC but rather Vertcoin (VTC). Lets assume 800kH/s (400kH/s VTC) with a 7970 @ 300w with .15¢kW/hr

LTC = $50 a month profit.

VTC = $57 a month profit.

Give Me Coins is about to add it and there are no fees.

http://www.coinwarz.com/calculators

 

[Onus]

I'll look into that, although I suspect that LTC will be more stable; I've never heard of Vertcoin.

 

[RussK1]

I'll look into that, although I suspect that LTC will be more stable; I've never heard of Vertcoin.

It's adaptive and is ASIC resistant. The Tech behind it makes it highly interesting. I just wish well-known and trusted pools would add it...

https://vertcoin.org/

 

[smeezekitty]

but fiat currency is outright bogus

There is no way to say crypto is any less bogus

 

[James Mason]

I think people are confusing Crypto-currency with "real" currency (i.e. dollars, which "represent" gold), it's much more accurate to say that crypto-currencies are just another stock market, and function in the same way, but make more sense as to how they actually work.

Stocks have value based on what people assign to them, they represent no real value.
Crypto-currencies have value based on what people assign to them, they represent no real value.
Dollars have a value based on the price of gold, or they used to, either way, their value is protected by your government.

 

[smeezekitty]

Dollars have a value based on the price of gold, or they used to, either way, their value is protected by your government.

Not really. It is more or less the same as the other too.
Fact is that all currency has the value that is assigned by its users

 

[Onus]

^True. Dollars used to be backed by gold, but that has not been true since Nixon took the USA off the gold standard in 1971. This has allowed rampant spending by all sectors. Very soon, people will realize that the emperor has no clothes, and global fiat currencies will croak croak CROAK! It won't be pretty...

(good luck to all)

One advantage to cryptocurrency is that it is inherently not controllable by a central authority (e.g. the Fed), so more of it cannot simply be created out of thin air at the whim of parasites addicted to spending.

 

[RussK1]

I think people are confusing Crypto-currency with "real" currency (i.e. dollars, which "represent" gold), it's much more accurate to say that crypto-currencies are just another stock market, and function in the same way, but make more sense as to how they actually work.

Stocks have value based on what people assign to them, they represent no real value.
Crypto-currencies have value based on what people assign to them, they represent no real value.
Dollars have a value based on the price of gold, or they used to, either way, their value is protected by your government.

That's a good analogy and pretty much how I see it. It's all about investing and trading at the right times. I kinda missed the boat a couple weeks ago. LTC was up and BTC down and I was going to trade but didn't... the following day BTC jumped $150 per...

 

[jjb8675309]

Use BTC-E to sell LTC/BTC and use Coinbase to deposit USD into your bank account.

Hey Russ how do you transfer from BTC-e to Coinbase... to checking I have an account on both sites and a bank account configured on coinbase. Not sure why this is so darn confusing to me but it just is. Could you give me a little more detail... thanks!

 

[smeezekitty]

Use BTC-E to sell LTC/BTC and use Coinbase to deposit USD into your bank account.

Hey Russ how do you transfer from BTC-e to Coinbase... to checking I have an account on both sites and a bank account configured on coinbase. Not sure why this is so darn confusing to me but it just is. Could you give me a little more detail... thanks!

The usual way to transfer coins is to cash them out to your wallet, then pay them out into an intake address in the other wise