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2013-02-02 11:36 31206890 Anonymous (bitcoin.png 1000x5000 1527kB)
What's the reason for the current Bitcoin price surge?

3 min later 31206938 Anonymous
Speculation. It grows, consumes it! Such is its nature.

7 min later 31207008 Anonymous
growth? it fell 12% within two hours

15 min later 31207112 Anonymous
>>31207008 It's still way higher than a month ago.

16 min later 31207116 Anonymous
im glad these bitcoins are useless YOU CANT BUY ANYTHING WORTHWHILE WITH THEM LOL YOUR IMAGINARY VALUE IS IRRELEVANT

19 min later 31207156 Anonymous
>>31207116 Drugs. Private VPNs that can't be linked back to your credit card.

23 min later 31207200 Anonymous
>>31207116 >YOU CANT BUY ANYTHING WORTHWHILE WITH THEM you can buy dollars with bitcoins. which is how most people make money from them.

24 min later 31207212 Anonymous
>>31207116 >im glad these bitcoins are useless what's your problem? are you a paypal shareholder or something?

30 min later 31207288 Anonymous
Block halving in december leading to half the supply, while demand is relatively stable. You do the math. Short term: Everyone is buying bitcoins to get in on the Avalon ASIC 2nd batch which opens in a few hours.

51 min later 31207554 Anonymous
>>31207288 >Block halving in december leading to half the supply. no, it hasn't. supply is controlled by the hashrate, not rewards. and the hashrate didn't drop off much. also, mining is now just a tiny fraction of trade volume. this is probably just another media-induced bubble.

53 min later 31207579 Anonymous
>>31207288 >Avalon ASIC > 60+ GB/s Holy shit, how can they reach such high hash rates?

57 min later 31207641 Anonymous
>>31207579 ASICs are integrated circuits engineered for one specific task, in this case mining bitcoins. This means it's a LOT more efficient, but it's also completely useless for anything other than mining. >>31207554 No, supply is not controlled by hashrate, difficulty of hashing is. The block halving means that we go from 50 btc to 25 btc per block, and the time between block generation are (pretty much) constant. This means half the supply.

59 min later 31207661 Anonymous
>>31207579 >Application Specific Integrated Circuit basically, they designed their own chip, that does only one thing, and does it well.

1 hours later 31207669 Anonymous
>>31207156 >>31207116 Is it oust your retarded self day on /g/ ?

1 hours later 31207698 Anonymous (mini-rig-2.jpg 744x768 71kB)
so is this a scam or not?

1 hours later 31207718 Anonymous
>>31207641 >>31207661 Well, that makes sense. Too bad they are currently sold out. The ones who got one are damn lucky with the current prices.

1 hours later 31207783 Anonymous
>>31207718 they are lucky, whatever the current price. you can make crazy amounts of bitcoins with asic, but there's only a short window (maybe a couple of months?) to do that. then, everyone will have an asic and difficulty jumps up by orders of magnitude. so if you hadn't preordered one last year, it's too late for you.

1 hours later 31207834 Anonymous
>>31206890 >guiminer Please DO NOT USE GUIMINER get CGMiner instead, automatic fancontrol (will keep your GPU under 75C) and GPU controll. Very easy to use and a lot safer than newbies fooling around toasting GPUS

1 hours later 31207909 Anonymous (stronkmine.jpg 2560x1440 554kB)
Ask a miner anything

1 hours later 31207929 Anonymous
Ok you have 10 bitcoins and you can't transfer them to any other currency. What could you spend them on?

1 hours later 31207934 Anonymous
>>31207929 Drugs

1 hours later 31207937 Anonymous
>>31207909 what is your electricitry bill and have you already considered selling your butt for paying it?

1 hours later 31207951 Anonymous
>>31207937 Electricity is governmentfunded in my apartmentcomplex, so not something i have to worry about My analvirginity stays intact for now

1 hours later 31207956 Anonymous
>>31207934 Oh boy if this is all you can buy with them I wonder how long until they are outlawed.

1 hours later 31207966 Anonymous
>>31207956 Well, no. You can buy loads of other things with them, but drugs is just the most common choice i guess bitmit.net has a lot of shit you can buy

1 hours later 31207975 Anonymous
>>31207929 Steam games

1 hours later 31207980 Anonymous (me.png 528x288 115kB)
>>31207909 Ask a minor anything. Pic related, it's is not me, but that's pretty much how I feel.

1 hours later 31207989 Anonymous
>>31207980 Shit i lold

1 hours later 31208000 Anonymous
>>31207975 >spending money on software

1 hours later 31208001 Anonymous
>>31207980 >>>/fk/

1 hours later 31208023 Anonymous
>>31207909 Is bitcoin mining the equivalent of just running a keygen but for monies?

1 hours later 31208046 Anonymous
>>31208023 no.... A keygen knows the correct algorithms...I'm not even going to bother explaining it... Unless it was a shitty keygen that would brute force--but what the fuck.

1 hours later 31208047 Anonymous
>>31208023 I don't know how a keygen works, but mining bitcoins is about having your hardware solving algorythms to find the right one for the block, put in very simple terms

1 hours later 31208101 Anonymous
>>31207116 And you think that 'real' currency doesn't have 'imaginary value'? You clearly don't have even the slightest grasp on economics.

1 hours later 31208138 Anonymous
>>31207909 When did you start and how much money have you made since then?

1 hours later 31208170 Anonymous
>>31208138 First time i ever mined was around december 2011 on an Athlon X4. Long before bitcoins were worth anything notable (i think it was down at $0.0008 or something at the time) First time i actually had dedicated rigs was January 7th 2012. How much i've made? Hard to say, i haven't been good at keeping track. Roughly $50-55k i'd say, pluss another ~$23k in my wallet now

1 hours later 31208171 Anonymous
>>31207909 What hardware are you currently using? What pool do you use? Planning on buying ASIC miners?

1 hours later 31208180 Anonymous
>>31208170 How much have you invested? How do you sell your buttcoins?

1 hours later 31208181 Anonymous
>>31208171 Only 5970s. Had a small 7970 farm for a while but it's hard to get that profitable so i sold it off fast as i could. I currently mine at bitminter and deepbit. Not planning on buying ASIC, no. When/IF it comes out i'll cash out and forget about bitcoins all together

1 hours later 31208205 Anonymous
>>31208181 First ASIC miners have already started shipping. Also, how many rigs do you own?

1 hours later 31208206 Anonymous
>>31208180 Invested? Probably ~$10-13k in hardware and numerous hours in maintenance of the rigs I sell different places. Virvox, btc-e and MtGox mostly. I've sold locally a few times too for cash

1 hours later 31208220 Anonymous
>>31207909 Did you have to pay tax on it?

1 hours later 31208226 Anonymous
>>31208205 The BFL ones? Shitfuck, the BFL ones? Right now i have 8 rigs with 3 5970s each, so a total of 24 5970s or 48 GPUs if you will

1 hours later 31208229 Anonymous
Price will collapse now that those chips that mine 50 times faster became commercially available.

1 hours later 31208234 Anonymous
>>31208220 Haha naww, i try to keep it under the radar. Can't just put it all in my bankaccount at once though, the government will catch you :(

1 hours later 31208236 Anonymous
>>31208226 Not BFL ones, some other ones that cost a grand.

1 hours later 31208256 Anonymous
>>31208236 Ah, avalons maybe? I'm not too worried about that. Once BFL finally ships i'm out

1 hours later 31208259 Anonymous
>>31207909 Where do you live?

1 hours later 31208276 Anonymous
>>31208259 Norway

1 hours later 31208297 Anonymous
>>31208259 I mean what country and what kind of apartment?

1 hours later 31208316 Anonymous
>>31208297 I don't really want to talk about any specifics about where i live, so you'll have to settle with country. Electricity isn't very expensive in Norway and a lot of places you get it included in your rent

2 hours later 31208586 Anonymous
I've got a i5 3570k and a GTX 670, how much would I be able to make a week if I run it ~12 hours a day?

2 hours later 31208611 Anonymous
>>31208586 0

2 hours later 31208629 Anonymous (suicide.jpg 480x480 59kB)
>>31208611 for real?

2 hours later 31208639 Anonymous
>>31208629 (rounded down) A pretty small amount.

2 hours later 31208757 Anonymous
>>31208226 all dat energy

2 hours later 31208770 Anonymous
>>31208629 No, he's a bit off. You'll actually make a minus amount.

2 hours later 31208813 Anonymous
Figures asics would finally be out right before I get my tax refund to spend on a miner rig. I can get the free electric too fuck.

2 hours later 31208918 Anonymous
>mfw people are spending 10ks of dollars for ASICs to mine bitcoins

3 hours later 31209236 Anonymous
Seriously considering the Avalon. Live in University, so no electrical price. Can run it 24/7. Have the money. What's the best way to transfer $1500 into Bitcoin?

3 hours later 31209273 Anonymous
>>31209236 go buy them on exchanges??

3 hours later 31209842 Anonymous
>>31208918 >spending 10ks of dollars for ASICs to mine bitcoins they'll make it back in weeks. then they just print money.

3 hours later 31209857 Anonymous
>>31209842 who knows if bitcoin will be stable from now on??

3 hours later 31209858 Anonymous
>they'll make it back in weeks. unfortunately for them, and lulz for us, the AISC plan become inviable after 3 days.

3 hours later 31209873 Anonymous
>HEY GULLIBLE TEENAGERS! HERE'S A WAY TO MAKE FREE MONEY!!!

4 hours later 31210098 Anonymous
>>31209857 >who knows if bitcoin will be stable? who cares? long-term, it can only grow.

4 hours later 31210121 Anonymous
>>31209873 bitcoin never was free money.

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