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Cryptocurrency - Fad or Future?

 
Old 02-11-2014, 08:16 AM
  #51  
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Default Re: Cryptocurrency - Fad or Future?

Pretty sure those cards are pretty spendy.
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Old 02-11-2014, 08:16 AM
  #52  
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Default Re: Cryptocurrency - Fad or Future?

A currency with no intrinsic value and no official backing?

I'll pass.
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Old 02-11-2014, 08:18 AM
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by 1995Ex_Sedan View Post
Whats the cost of that case/components?
The case was just buying some angled alum and some pine wood at Lowes. About $40 in materials.

Mobo $115
CPU $50
RAM $30
HDD $20
PSU $60 (after rebate)
270X $209 (x2)
PCIE Risers $20 each

You can skimp out on CPU/RAM/HDD for a dedicated mining rig. The 270X is best cost/hash/electricity consumption card out there. Well at least it was. I can't find any more for $209.
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Old 02-11-2014, 08:19 AM
  #54  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by Knightsport View Post
A currency with no intrinsic value and no official backing?

I'll pass.
Bro, it's backed by people that complain about the USD having no intrinsic value and only government backing.
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Old 02-11-2014, 08:26 AM
  #55  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by Knightsport View Post
A currency with no intrinsic value and no official backing?

I'll pass.
But the internetzzzz
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Old 02-11-2014, 08:38 AM
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by Knightsport View Post
A currency with no intrinsic value and no official backing?

I'll pass.
I largely agree with this. But, if you could 'get in and get out', it's really 'free money'.
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Old 02-11-2014, 08:39 AM
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Old 02-11-2014, 08:43 AM
  #58  
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Default Re: Cryptocurrency - Fad or Future?

Okay, so once you have enough Doge for one Bitcoin. How do you transfer it, and then how do you transfer that Bitcoin for USD? How long does this process take?
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Old 02-11-2014, 08:46 AM
  #59  
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Default Re: Cryptocurrency - Fad or Future?

Fiverr.com now accepts bitcoins.

.
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Old 02-11-2014, 08:49 AM
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by JDM-EJ1 View Post
Okay, so once you have enough Doge for one Bitcoin. How do you transfer it, and then how do you transfer that Bitcoin for USD? How long does this process take?
I use BTER to transfer my Doges to BTC. Then I plan on sending my BTC to Coinbase which is linked with an Ally acct. I opened just for cryptos. Then once in my Ally acct. I'll transfer to my actual bank acct.
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Old 02-11-2014, 08:51 AM
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Default Re: Cryptocurrency - Fad or Future?

Have you done that yet?
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Old 02-11-2014, 08:54 AM
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by 1995Ex_Sedan View Post
Have you done that yet?
No I'm waiting to get a more sizable amount of Doges before I transfer since there is a fee when you trade on BTER then a fee on Coinbase. I may try it soon though with a smaller amount just to make sure the process works as I have it thought out in my head.
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Old 02-11-2014, 09:01 AM
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Originally Posted by slowman View Post
No I'm waiting to get a more sizable amount of Doges before I transfer since there is a fee when you trade on BTER then a fee on Coinbase. I may try it soon though with a smaller amount just to make sure the process works as I have it thought out in my head.

What's a rough estimate of mining time (electricity and annoyance) to an actual USD figure? How much actual money can you make and cash out (after fees) in a month?
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Old 02-11-2014, 09:05 AM
  #64  
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Default Re: Cryptocurrency - Fad or Future?

If it doesn't make an abundance of sense there's probably a good reason for that.
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Old 02-11-2014, 09:19 AM
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by Knightsport View Post
If it doesn't make an abundance of sense there's probably a good reason for that.
This is a good rule to live by.

I wonder how many people involved in this also participate in at least 1 MLM scheme. It has to be at least 50%.
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Old 02-11-2014, 09:49 AM
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It doesn't make an abundance of sense to the lay man which is good because if everyone could just click a button and start mining, it would kill the mining community and profits. So that's good that it doesn't make a lot of sense to most people and that's a big plus for those who have the technical knowledge to start mining. And it really isn't that hard. But I was in the camp that mining/BTC/crypto is stupid and doesn't make sense, until it made sense to me.
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Old 02-11-2014, 09:52 AM
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Originally Posted by AyeYo View Post
What's a rough estimate of mining time (electricity and annoyance) to an actual USD figure? How much actual money can you make and cash out (after fees) in a month?
Well it all depends on the setup and how many khashes your setup can do. For me and my setup, my miner has been running since Friday. I have mined about 25,000 DOGE in that timeframe which is equivalent to about $42.50 USD currently. My setup currently does between $9-12 USD per day, depending on coin values.

The more cards, the faster you can rake in dat $$.
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Old 02-11-2014, 10:02 AM
  #68  
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The mechanics of how you do it is pretty straight forward. Build a PC that's cheaper than dirt and run a hash algorithm to make the exchanges.

However no real work is being performed in exchange for the currency and if someone were truly inclined they could conceivably game the NSA designed hash algorithms and steal the money.

So I wasn't speaking as if the concept isn't simple it just goes against the very concept of trade and goods that has existed since we began trading furs for nuts as a species.

You are not providing a good or a service for this currency that you "earn." It is not backed by any dollar figure and is worth exactly what anyone wants to assign to it. It is beanie babies more or less.

More power to you if you make some quick loot and avoid the risks involved. Just sharing my opinion. And my opinion is that it's a gamble since it is a mathematical certainty that collisions and attacks will occur. It's just a matter of time.
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Old 02-11-2014, 10:14 AM
  #69  
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Kind of like the Federal Reserve Note. No actual value, just a piece of paper that says a number that you place your trust in that it's worth whatever written on it. The Weimar Republic also put their faith in their currency but it ended up being worth enough to burn the notes to keep you warm at night. Every fiat currency goes to zero someday.

I hear you, I'm not trying to be a thick headed bafoon. I look at it as an opportunity to try and make some $ and building computers are fun to me. I'm more of a gold/silver guy, that's where I put my extra USD.
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Old 02-11-2014, 10:26 AM
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Originally Posted by Knightsport View Post
The mechanics of how you do it is pretty straight forward. Build a PC that's cheaper than dirt and run a hash algorithm to make the exchanges.

However no real work is being performed in exchange for the currency and if someone were truly inclined they could conceivably game the NSA designed hash algorithms and steal the money.

So I wasn't speaking as if the concept isn't simple it just goes against the very concept of trade and goods that has existed since we began trading furs for nuts as a species.

You are not providing a good or a service for this currency that you "earn." It is not backed by any dollar figure and is worth exactly what anyone wants to assign to it. It is beanie babies more or less.

More power to you if you make some quick loot and avoid the risks involved. Just sharing my opinion. And my opinion is that it's a gamble since it is a mathematical certainty that collisions and attacks will occur. It's just a matter of time.


That's actually not true. The "mining" is actually accomplishing the encryption for the transactions being processed. The mining is what encrypts the monetary network, such that someone would need more than the processing power of the entire bitcoin network to decrypt the tranactions. Look up how bitcoin mining works. The mining is not just random algorithms to heat your house with.
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Old 02-11-2014, 10:27 AM
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by Knightsport View Post
And my opinion is that it's a gamble since it is a mathematical certainty that collisions and attacks will occur.
But where's the gamble if you don't even have to put forth physical effort/time to mine?
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Old 02-11-2014, 10:28 AM
  #72  
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Originally Posted by 213374U View Post
But where's the gamble if you don't even have to put forth physical effort/time to mine?
You're spending money on a mining rig or putting serious wear/tear on existing, expensive equipment. Any machine capable of putting out decent mining results is pulling large amounts of electricity, and unless your house is solar powered that costs money.
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Old 02-11-2014, 10:29 AM
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^ True.

Carry on
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Old 02-11-2014, 10:31 AM
  #74  
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slowman is going to have a heart attack when he gives all his Doge Coins back to the electric company this month.
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Old 02-11-2014, 10:36 AM
  #75  
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Hehe, I don't pay for electricity. And the 270 cards are the lowest power consuming cards out there that still yield good returns. 280x and 290x are where you start really paying for power.
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