I was mining out of curiousity last winter but gave up when I saw the bitcoin value plummet. I am sitting on 25btc I almost forgot to cash in from btcguild. With the current btc value, I think that should be enough to upgrade my 6970 to a 7970.
I havent kept up with it much, but is it still worth mining with gpu's?
This card will give you 400 to 500 hash
http://www.amazon.com/gp/browse.html...A2L77EE7U53NWQ
this is the used price 30 day return policy.
just tell amazon it does not work correctly.
400 to 500 hash will make a coin about every 2 weeks.
I do not think you should get into mining as buying a used card for 280 or new for 310 to earn 2 coins a month is not good
money sense. this is not counting that mining will soon have asics that kill.
if you want to have some fun buy a jalapeno from butterfly labs it will cost you 149 and 14 to ship.
it will hash 4000 to 4500 you may have to wait 3 months to get it.
Anyone here thinking about or planning to buy one of the ASIC crunchers from Butterfly Labs? Just kinda curious, wondering what the payback would be on one of those, either a 4.5GH/s or 30GH/s unit. Obviously the cost/(GH/s) is better on the bigger model but still considerably higher, might be worth it if payback point comes faster.
I just cashed out. Enjoy your currency bubble while it lasts, but I'm outta here!
I'm starting to doubt this bubble will pop like the last one did
Every bubble pops and this is one for a virtual fiat currency. I would say its the least stable possible thing out there but politicians have time and again proven they have brains the size of walnuts and that their currencies are even less stable.
So are you shorting bitcoins? If you are positive the bubble will pop and collapse you should, you could make a lot of money.
There are many things OTHER then a moron in chief printing money that can devalue and destabilize a currency. The mt gox collapse is just but one example.IMO, your comparison is terribly flawed. Fiat currency is unstable because it can be printed at-will. Most currency value collapses are caused by governments that print too much money. Bitcoin value, IMO, will be more stable in the long run because the effective "printing" of bitcoins is perfectly documented and known by all, no surprises like QE3 destroying the dollar.
Ultimately bitcoins are a fiat currancy, it might have a fixed amount but its still fiat virtual currency with no value or use except for being a fiat currency, and nobody backing it up unlike the fiat currencies of countries (which is a double edge sword for those).
Although countries with a fiat currency still keep some reserves of goods so they can't drop to NOTHING.
I know what fiat is, if you did research beyond looking up what wikipedia has to say ("Fiat money is money that derives its value from government regulation or law") you would know that tying it to a government is arbitrary, meaningless definition that is not universally accepted. heck, even wikipedia admits there exist alternative definitions, one of which is "money without intrinsic value."I'm not sure you know what fiat currency are. It means the value is determined by the government printing them. Bitcoin value is determined by exactly what the buyers and sellers are willing to pay for them. Perhaps a subtle difference for you, but it's one of the biggest draws for bitcoin enthusiasts.
And your second point is irrelevant. Once currency drops to be worth less than the paper it is printed on it's effectively worthless, it doesn't need to drop to "nothing" to be a failure.
one of which is "money without intrinsic value."
True, but this is an observed process that takes time. You can observe the gap between actual value and fiat value increasing and bail out to a foreign currency. I should have clarified it with "overnight"
Which also doesn't apply to bitcoins. Is there a third definition you are using?
What sort of intrinsic value do bitcoins have?
Jewelry is shiny and rare physical goods. Its pretty useless but people always liked to wear shiny rare things.
However beynod its use in jewelry there is their actual intrinsic value is that of industry. Diamonds are used to manufacture lasers, thermal pastes, drills, and scientific equipment. Gold is used for its electric conductivity while being immune to corrosion.
In the past before they could be mass manufactured salt was the basis of commerce (must eat salt to live) and even today oil and radioactives are of excellent intrinsic value for energy production.
Stock can have either no intrinsic value at all (speculative companies, dealers of intellectual property) or a very solid base value (land owning companies).
As useless as jewelry is, even if a precious metal/stone has 0 manufacturing uses and its sole use is jewelry it is still a physical good that (stupid) people want because its shiny and rare physical good, it has an actual demand beyond being a currency.
Bitcoins do not, they are absolutely valueless for anything but being a currency which strongly undermines their value AS a currency.