Bitcoin - Hardware & Software

[QUOTE=IpHa;31133988]You can use this: [url]http://www.alloscomp.com/bitcoin/old_calculator.php[/url] Current difficulty factor is 1564057[/QUOTE] This is the old version, hence the link name [url]http://www.alloscomp.com/bitcoin/calculator.php[/url]

Giving Eligius pool a go. Pays more per share than deepbit.

Anybody want to buy 1.75BTC?

[QUOTE=Callius;31135152]This is the old version, hence the link name [url]http://www.alloscomp.com/bitcoin/calculator.php[/url][/QUOTE] Yes, but the new one doesn't give the average time per block while solo mining.

I have a question. If Bitcoins are currency, what backs up the value of Bitcoins? The rarity? The popularity? What gives them value?

[QUOTE=ClarkWasHere;31145541]I have a question. If Bitcoins are currency, what backs up the value of Bitcoins? The rarity? The popularity? What gives them value?[/QUOTE] What backs up all currencies? The fact that you can exchange them for goods.

Bitcoin is pretty much dead from a day-trading perspective. The value of them has been on a very slow decline for the past month ever since popularity caused it to spike to over $30 per btc. Only thing worth doing is mining, which isn't even worth it unless you happen to have the hardware laying around that is perfect for mining. Even then with the difficulty constantly increasing you'll be lucky to make anything. I guess this means it's better as a real currency now... only problem is, no one uses it for that except if it is illegal trade. And since the illegal trade has been looked down upon from just about everyone causing a lot of people to jump ship, the value has dropped significantly.

[QUOTE=ProWaffle;31146379]What backs up all currencies? The fact that you can exchange them for goods.[/QUOTE] Gold, a rare material, backs up almost all currencies. But I find gold useless, except for computer parts. Other than that, this gold BS used for jewelry is stupid. I mean, using what could be in computers for something just flashy is silly.

[QUOTE=ClarkWasHere;31146910]Gold, a rare material, backs up almost all currencies. But I find gold useless, except for computer parts. Other than that, this gold BS used for jewelry is stupid. I mean, using what could be in computers for something just flashy is silly.[/QUOTE] I don't know about others, but USD hasn't been backed by gold in a long time.

[QUOTE=KorJax;31146479]Bitcoin is pretty much dead from a day-trading perspective. The value of them has been on a very slow decline for the past month ever since popularity caused it to spike to over $30 per btc. Only thing worth doing is mining, which isn't even worth it unless you happen to have the hardware laying around that is perfect for mining. Even then with the difficulty constantly increasing you'll be lucky to make anything. I guess this means it's better as a real currency now... only problem is, no one uses it for that except if it is illegal trade. And since the illegal trade has been looked down upon from just about everyone causing a lot of people to jump ship, the value has dropped significantly.[/QUOTE] There are two resturants which happily accept bitcoin as payment, plenty of web developers/designers and at least one market (similar to amazon) that I know of that accepts them too. Bitcoin isn't centrally backed, that's part of the idea of it.

[QUOTE=Callius;31148935]Bitcoin isn't centrally backed, that's part of the idea of it.[/QUOTE] It's biggest advantage, but probably also it's biggest disadvantage. Depending on the situation and point-of-view.

Dam, bitcoin dropped below 10 euro a coin. I will go away for 1 month on holliday, I'm wondering if I should sell before or wait it out.

[QUOTE=Callius;31148935]There are two resturants which happily accept bitcoin as payment, plenty of web developers/designers and at least one market (similar to amazon) that I know of that accepts them too. Bitcoin isn't centrally backed, that's part of the idea of it.[/QUOTE] While good yes, the issue is that it is simply far more convienent at this point in time to just use $$$ Why jump through hoops for the same service you could get by avoiding the hoops entirely? Not to mention the value of the BTC is determined by how much it racks up against USD/EUR/Etc. So in a way, yes it is indirectly controlled by a bank. The only reason why Bitcoin was so popular a few months ago and what made it really take off as a currency was that due to its untracable nature it was literally perfect for buying drugs and other illegal items. It filled a niche that current currency can't safely fill unless you pass off cash in person. But that's not really something a lot of bitcoiners like to associate with, and the illegal trade thing as such died down... with the value of the BTC. This seems like one of those currencies that would be useful in some kind of cyberpunk dystopian mirrors-edge like future, rather than the current generation.

Holy fuck... $13.6/BTC So will it continue dropping?

Its been like that for the past month or so now, I don't think it'll get much higher than this. maybe up to 15 or 16 when the weekend is over and the banks open again.

Is mining still worth it?

[QUOTE=Hattiwatti;31207738]Is mining still worth it?[/QUOTE] not really. doesn't stop me though :dance: [editline]19th July 2011[/editline] THROUGH SHEER RETARDATION AND A REALLY CRAPPY ATI GRAPHICS CARD I SHALL POWER THROUGH THIS!

Well I just spent 1.99 bitcoins on a Newegg gift card to send to my friend to help him get a new computer :buddy:

[QUOTE=Hattiwatti;31207738]Is mining still worth it?[/QUOTE] Depends on your set up & if you pay for the electricity. Of course no mining isn't worth it because the less miners means more time till a difficulty rise :wink: On a different note, check out my 3 miners, getting around 900Mhash [url]http://www.facepunch.com/threads/1094376-Pictures-of-Your-Computer-v6?p=31211998&viewfull=1#post31211998[/url] The server could be running a better card but I don't want to spend any more on them.

Great going on holliday tomorrow for 30 days. Hope the prices are high when I come back, if not so be it.

Hey guys just a reminder to update the GUIminer if you use it, I've just got 15Mhash extra per card by updating to the newer one (from a few week old edition) I think I linked it before but watch the Bitcoin show, Only one tv make good programs and they're just starting up so I'm sure they'll love more viewers [media]http://www.youtube.com/watch?v=uEvH343wMfg&feature=feedu[/media]

So i'm running bitcoin, and I signed up for a Mt Gox account, does the Mt Gox account act as my wallet?

No, go to [url]http://www.bitcoin.org/[/url] and download the offical wallet, now you can buy/mine/sit there confused.

So why has fp not set up a pool yet?

[QUOTE=nerdygamer;31286301]So why has fp not set up a pool yet?[/QUOTE] It has been talked about, but we're too small for it to be any better than the others.

I just want to clarify, the purpose of mining is to process bitcoin transactions?

[QUOTE=TrafficMan;31286618]I just want to clarify, the purpose of mining is to process bitcoin transactions?[/QUOTE] No its to get bitcoins I think.

[QUOTE=nerdygamer;31286626]No its to get bitcoins I think.[/QUOTE] From what I understand, all the work your gpu/cpu is doing is processing the history of each bitcoin in each transaction, and the pool is paid in return in bitcoins which are distributed among the workers.

[QUOTE=TrafficMan;31286684]From what I understand, all the work your gpu/cpu is doing is processing the history of each bitcoin in each transaction, and the pool is paid in return in bitcoins which are distributed among the workers.[/QUOTE] Yes, that is correct.

[QUOTE=TrafficMan;31286684]From what I understand, all the work your gpu/cpu is doing is processing the history of each bitcoin in each transaction, and the pool is paid in return in bitcoins which are distributed among the workers.[/QUOTE] ooo.