Bitcoin virtual currency hits (ALL-TIME) record high after exchange deal

[ImCrimson]

[QUOTE=Penguiin;39747539]heres a crazy thought:

why does bitcoin mining use GPU instead of CPU? why can't you pick one or the other? Is a gpu just way faster?[/QUOTE]

A GPU is specialized in crunching numbers in parallel and had hundreds of cores dedicated to it, because that's what video rendering needs.

It's described here: [url]https://en.bitcoin.it/wiki/Why_a_GPU_mines_faster_than_a_CPU[/url]

[Killuah]

[QUOTE=Turing;39747707]i mined a shitton in 2009.

i have 780 BTC :smile:

i think i should sell some[/QUOTE]

This is why the concept has a pyramid scheme like structure IMO. Early adopters get a shitload of money for almost no effort and the new adopters have to pay for it. Bitcoins getting more expensive the more people use it is an intrinsic part of of the concept.

And a currency really shouldn't do that.

[tristanguy2]

I have 2.5 btc mined over a few months.. Thats like $75. Awesome!

[JustExtreme]

[QUOTE=Killuah;39747740]This is why the concept has a pyramid scheme like structure IMO. Early adopters get a shitload of money for almost no effort and the new adopters have to pay for it. Bitcoins getting more expensive the more people use it is an intrinsic part of of the concept.

And a currency really shouldn't do that.[/QUOTE]

Most currency systems look kinda like that - the people at the top end up with most of the money.

[Cush]

In relation to my post above, I have tested running both my 6950's on various pools and the max I can really achieve is around 0.1 bitcoins per day average, which is $3 per day.

Mining is just not worth getting into anymore unless you have a dedicated setup.

[QUOTE=Penguiin;39747539]heres a crazy thought:

why does bitcoin mining use GPU instead of CPU? why can't you pick one or the other? Is a gpu just way faster?[/QUOTE]

Your CPU is meant to be an 'executive' rather than used for intensive number crunching. If you want numbers then a single CPU can do four 32 bit calculations per cycle (1Ghz = 1 billion cycles/second)

In comparison most modern day GPUs have thousands of ALU's (Arithmetic logic units) which are needed to do the billions of calculations to make games look nice and run smooth. For example, one of my 6950s has about 1400 ALU's, meaning it can do [B]1400 calculations per cycle as opposed to 4 on one CPU core, making it 300-400x faster than using a CPU.[/B]

[QUOTE=Turing;39747707]i mined a shitton in 2009.

i have 780 BTC :smile:

i think i should sell some[/QUOTE]

I wish I had caught wind of this around then, I dont know how I didnt hear a single thing about them back then.

Are you going to sell them off now? Thats like $23,000 worth right there.

[MaxOfS2D]

The bitcoin bubble is inflating and is going to pop again soon

[IMG]http://buttcoin.org/wp-content/uploads/2011/06/buttcoin-infograph-290x290.png[/IMG]

[Crest]

[QUOTE=Killuah;39747740]This is why the concept has a pyramid scheme like structure IMO. Early adopters get a shitload of money for almost no effort and the new adopters have to pay for it. Bitcoins getting more expensive the more people use it is an intrinsic part of of the concept.

And a currency really shouldn't do that.[/QUOTE]

That's not how pyramid schemes work.

Also this design is to control inflation rates. The rate of mining becomes more expensive the longer it goes, on, but as the currency grows, bitcoins deflate, thus making the mining more profitable, thus more mining, and the number of bitcoins stays in check.

[Killuah]

[QUOTE=JustExtreme;39747755]Most currency systems look kinda like that - the people at the top end up with most of the money.[/QUOTE]

You just said that people with the most money have the most money.
Apart from the redundancy that is not the case with bitcoin.

This is more like you mined a kilo of gold from an river 10 years ago and nowadays a dude performed the exact same work/steps as you did but only gets 1 gram.

Even that example does not exactly fit but fact is if you start using bitcoin now you funnel money to the guys who used it much earlier and no return value whatsoever is coming back to you.

[editline]28th February 2013[/editline]

[QUOTE=Brt5470;39747781]That's not how pyramid schemes work.

Also this design is to control inflation rates. The rate of mining becomes more expensive the longer it goes, on, but as the currency grows, bitcoins deflate, thus making the mining more profitable, thus more mining, and the number of bitcoins stays in check.[/QUOTE]

I buy a bitcoin from a dude who mined 10 years ago. I pay much more for the coin than he did. Money goes from me to him. What return value goes to me?

[Lazor]

[QUOTE=Brt5470;39747781]That's not how pyramid schemes work.

Also this design is to control inflation rates. The rate of mining becomes more expensive the longer it goes, on, but as the currency grows, bitcoins deflate, thus making the mining more profitable, thus more mining, and the number of bitcoins stays in check.[/QUOTE]

hey dingus, the production of bitcoins is the same whether you have a million asics on the network or a single shitty P4.

also, deflationary currencies are fucking idiotic

[buro]

I kinda want to invest in a mining rig now but I feel like it's too late.

[MaxOfS2D]

[QUOTE=Turing;39747707]i mined a shitton in 2009.

i have 780 BTC :smile:

i think i should sell some[/QUOTE]

sell off your monopoly money before there are no more fools who still believe it's worth something

[Lazor]

[QUOTE=MaxOfS2D;39747771]The bitcoin bubble is inflating and is going to pop again soon

[IMG]http://buttcoin.org/wp-content/uploads/2011/06/buttcoin-infograph-290x290.png[/IMG][/QUOTE]

um did you see the explanation in the op??? everyone knows past trends are indicative of future gains, especially when it comes to a "currency" that's price is driven entirely by speculation

[The First 11'er]

too bad i transferred those 0.68 bitcoins to a website
:(
i wanna see if i can transfer them back, i didn't get them from mining but i got them from this one website that gave you bitcoins for completely certain tasks for sponsors and such (it was about .1-.5 a task at the time, now it's a lot lower)

[Killuah]

[QUOTE=Brt5470;39747781]That's not how pyramid schemes work.

Also this design is to control inflation rates. The rate of mining becomes more expensive the longer it goes, on, but as the currency grows, bitcoins deflate, thus making the mining more profitable, thus more mining, and the number of bitcoins stays in check.[/QUOTE]

The whole thing is still scammy.
There is litereally no reason for using the currency bitcoin. It's main goal is anonymity. Fine. Use dollar or a flexible currency conversion for all currencies involved but keep the encrypted transactions.

[Crest]

[QUOTE=Killuah;39747826]The whole thing is still scammy.
There is litereally no reason for using the currency bitcoin. It's main goal is anonymity. Fine. Use dollar or a flexible currency conversion for all currencies involved but keep the encrypted transactions.[/QUOTE]

The main goal is decentralized currency. It's not tied to a country or a government.

Using a dollar kind of avoids that benefit.

[Reader]

I have got 4850 coins from 2009, that's like 145k USD I got for little effort. Gon sell soon

[The First 11'er]

how in the fucking world
if you are serious, you just became fucking loaded

[Lazor]

[QUOTE=Reader;39747870]I have got 4850 coins from 2009, that's like 145k USD I got for little effort. Gon sell soon[/QUOTE]

please sell them all so bitcoin starts crashing again. tia

[buro]

[QUOTE=The First 11'er;39747889]how in the fucking world
if you are serious, you just became fucking loaded[/QUOTE]

Back then the difficulty was so low that you could easily mine several bitcoins a week with one gaming gpu. I wish I had started back then now I would be rich too ;_;

[Killuah]

[QUOTE=Brt5470;39747861]The main goal is decentralized currency. It's not tied to a country or a government.

Using a dollar kind of avoids that benefit.[/QUOTE]

It is NOT decentralized. Bitcoins CAN NOT EXIST WITHOUT AN EXCHANGE CURRENCY.
And now Mega and a few others accept bitcoin. Now guess what determines prices? That's right, the dollar, or more specific: the trade value determined by the exchange sites. There you have your centrals.

"Using a dollar kind of avoids that benefit." That's why I said "flexible currency conversion".

[Lazor]

[QUOTE=Brt5470;39747861]The main goal is decentralized currency. It's not tied to a country or a government.

Using a dollar kind of avoids that benefit.[/QUOTE]

so unless you're some libertarian jerk off, this "currency" is pointless

[Killuah]

There is no such thing as a decentralized currency.

[Mindtwistah]

[QUOTE=Lazor;39747905]so unless you're some libertarian jerk off, this "currency" is pointless[/QUOTE]

Silkroad.

[TheSporeGA]

[QUOTE=Lazor;39747905]so unless you're some libertarian jerk off, this "currency" is pointless[/QUOTE]

It's useless until companys actually start taking it.

[Breakfast Buddy]

[QUOTE=Reader;39747870]I have got 4850 coins from 2009, that's like 145k USD I got for little effort. Gon sell soon[/QUOTE]

jesus christ what

fucking $$$$$$$$$

[Lazor]

[QUOTE=Mindtwistah;39747929]Silkroad.[/QUOTE]

silkroad may as well just be USD. the amount of bitoins you need is adjusted automatically depending on the exchange rate so bitcoins may as well be chuck-e cheese tokens.

also, my dealer is just a text away, so

[anis]

[QUOTE=Lazor;39747900]please sell them all so bitcoin starts crashing again. tia[/QUOTE]

Need to sell a lot more than that to make it drop significantly.

[Reader]

[QUOTE=Lazor;39747954]silkroad may as well just be USD. the amount of bitoins you need is adjusted automatically depending on the exchange rate so bitcoins may as well be chuck-e cheese tokens.

also, my dealer is just a text away, so[/QUOTE]
I bet your dealer doesn't have mescaline sulfate or even knows what it is.

[Killuah]

I don't think so. Dumpig a few thousands on the market probably causes a chain reaction.

[Lazor]

[QUOTE=anis;39747968]Need to sell a lot more than that to make it drop significantly.[/QUOTE]

not really, no. there's not much depth in the market. cash out a good deal less than that at once and you'd see a fluctuation in price, and the drop from like 4800 bitcoins could cause enough of a drop to get others selling