BITCOIN - mining 4 a year now

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tacopalypse said:
you're taking pretty much the same risks with mining as with investing.

if you invest $100 and the market crashes, you've lost $100.
if you buy a $3000 rig and the market crashes, you've lost $3000.
Click to expand...

But with the $3000 rig, you are left with a pretty SWEET machine!
 
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The only way to mine without spending a fortune,is to look on craiglist and ebay.
 
Randy569 said:
This may be a stupid question, but I'm going to ask it anyway.

Instead of dumping a couple hundred dollars into equipment in the hope you can make a couple of bucks a day, why not take said couple hundred dollars, watch the charts and wait for the Bitcoin value to drop down to about $10 (like it has a few times in the last couple of months), buy 10 or so, and wait a week or so for it to jump back up to above $20 (which it has also done)?
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I had the same question. From the profit-making perspective, given the wide fluctuations of value and frequent swings, it seems to me that the fastest and easiest money to be made is by speculating on the value of BitCoin.

Is there a reliable way of converting BitCoin to cash, and purchasing BitCoin?
 
I think mining 24/7 for a month or two,is going to greatly diminish the life of your gpu. Desktop GPU's werent design to do something like mining for a long duration.
 
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Whoever buys a lamborghini (or any other given supercar: maserati, aston, porsche, ferrari, bentley) off bitcoin, please post your pictures. I doubt I'll see this coming.
 
sipser said:
Throwing $100 at it is not worth even talking about. You'll make more money doing other things.
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You missed my point.

I'd throw $100 to start with, just to see if it is feasible.

If it tanks, I'm out $100 and five minutes of my time.

If it flies, I got my $100 back, so now, I'm in the black. I now have none of my own money involved. I can take any profit and keep rolling it over, possibly to the point of making that $3k it is going to take you 50-60 days to make, I could conceivably make, after doing enough roll-overs, in a couple of days. If it tanks at that point, I'm not out anything but my time.

Not to mention, I don't have nearly the amount of actual work-time invested. You have to set up all that equipment, monitor it to keep from over-revving it, and hope you don't fry cards every day. All I have to do is click a mouse a few times.

And, I also don't have $3k tied up into something that has no guarantees of long-term success. Sure, you'll have a sweet, super-duper computer rig, but so what? Is that super-duper computer going to make you a better IMer?

Unlikely.

If dealing with the cost and equipment is what you want to do, I say more power to you, and I wish you the best of luck. I truly do hope it is successful for you.

All I'm saying is, I'd rather stick to a reduced risk scenario.
 
investing in the market is a good idea too. If you take a look at the daily fluctuations a person could constantly trade and ride the margins. There are api's available for this where you can set prices for a buy order and a sell order. The market does a surprising bit of volume about 1 mill a day in US dollars. There are also a crap load of other opportunities available if one were to think outside of the box. I have a few ideas of my own lol
 
There was a load of fraud on the bitcoin community yeserday with one guy getting wiped out to the value of $500,000 US
 
I ran Folding at Home clients for years. Kept old computers crunching data. My team Soyrunner was 4645 of 156200 teams at one time. Mostly in winter. Asking a question on their forums I felt insulted then wondered why I was spending $20/month on electricity crunching their data so quit.

I think I just set up GUIMiner and Bitcoin correctly on a single machine for solo mining but am unsure. Bitcoin, opened by GUIMiner, shows 8 connection 111k blocks and 0 transactions.

Is this correct or should there also be a GUIMiner GUI available? Thanks.

Soyrunner
 
I am interested in bitcoin exchange on the market...But,I am afraid because of the low security and often hacked accounts...One more account today was hacked on MT Gox and hacker first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000...Now on this exchanger trading is stopped...
 
you would be seriously pissed if someone stole 500,000 off you and you could not do a thing more fool him for having so many bitcoins in his account and not protecting his wallet file
 
From the info I skimmed over in this thread:

It sounds like "BitCoin" is a marketing ploy by the graphics card companies, to increase sales and prey on those looking to make "money" online.

"Yeah dude, I work on the internet, yeah.. I got 6 new graphics cards that are mining virtual money bro... I can like.. but digital stuff with it. and like trade it.. and stuff.. "
 
So Mt Gox got hacked and everyone started freaking. When they recovered the trading value was set @ 14 USD instead of the original 17.50 - Why? People are afraid and want to cash out ASAP. This currency is doomed. Senators are looking to get this currency banned; that means you won't be able to use sites that are based in the US or EU, when they start regulating and banning it in countries.
 
Mtgox is still not even up yet. Trade hill was closed for a bit, resumed trading and has gone between $10 and $16 all day. Stabilizing mostly towards $14-$15. Once this gets settled I'm sure it can easily climb to $17.50
 
Friend of mine convinced me to buy a $1700 mining rig - I returned it as soon as I came because the difficulty went up, and there's no way the price will match it any time soon, especially with all these problems with MtGox.
 
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