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Author Topic: Bitcoins, e-currency or just fancy crap?  (Read 31323 times)

Moghjubar

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #330 on: March 27, 2014, 01:35:29 pm »

he will be driving a Doge wrapped car at Talladoge Speedway on May 4th.

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BurnedToast

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #331 on: March 27, 2014, 05:59:56 pm »

I think you're out of touch. Almost nobody is mining bitcoins on PCs now, they're mining litecoin derivatives, which have a much better return rate, around 50 times higher than doing the same with bitcoin.

The bulk of people mining bitcoin use custom hardware that's dedicated to that sole purpose,

I did some calculations, and using the most efficient miner I saw (antminer s1) technically you DO make a profit per day right now.

There's a big catch though. The cost is ~$500, with a payback time of around 60 days given perfect conditions (in reality it will be longer since you won't have 100% uptime at 100% hashrate). However in ~10 days the difficulty is expected to jump ~20%, making the payback time 78 days... and the difficulty is only going to keep going up. If it keeps jumping by ~20% every 10 days the miner will NEVER break even because difficulty will rise too fast and it will become unprofitable before you get any ROI.

So yes, if you already have an efficient miner that's already payed for it's self you can beat electricity costs (at least for another month or so). Then you buy new hardware and hope for the best.... though from my back of the envelope calculations none of the current or shipping soon miners will ever give you any RoI unless the price of bitcoin goes way up or the difficulty rises significantly slower then it has been.

It's kind of a hard position to believe, that the vast hashrate currently runnning on bitcoin (almost all of it is expensive custom hardware, not regular PCs) is just ill-informed newbies who never bothered to calculate their electricity costs.

There's a sucker born every minute.

and there is in fact a thriving business in designing more and more efficient hardware for the purpose.

You're right here though. The people who get rich during a gold rush are the guys selling picks and shovels.
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miauw62

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #332 on: March 28, 2014, 08:34:07 am »

I want to see a doge-sponsored rocket happening.

TO THE MOON!
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LeoLeonardoIII

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #333 on: March 28, 2014, 04:58:10 pm »

And we'll all be using dogedollars and on it will be a picture of doge and a caption saying "Oh man I am totally on your monies".
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misko27

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #334 on: May 05, 2014, 03:14:57 pm »

Such success, very race, wow. The Dogecar was 20th place, but avoided some really nasty pileups. Meanwhile, /r/dogecoin is happy

Because we need more internet memes on cars.
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10ebbor10

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #335 on: May 05, 2014, 03:51:48 pm »

It's not the first one, but it's one of the few.
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Putnam

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #336 on: May 05, 2014, 03:55:34 pm »

Meta-meme? When I was a kid, we called them "dead memes". When the Macy's thanksgiving parade was rickrolled? Dead.

Putnam

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #337 on: May 05, 2014, 03:57:18 pm »

All your base, rickrolling off the top of my head.

Putnam

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #338 on: May 05, 2014, 04:24:00 pm »

All your base, rickrolling off the top of my head.
Both didn't really mutate at all on the internet. They jumped into the internet and jumped out the same.

I don't understand what you mean

Putnam

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #339 on: May 05, 2014, 05:47:24 pm »

I don't really understand how that has much anything to do with what I was saying?

Aklyon

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #340 on: May 05, 2014, 05:49:07 pm »

You were saying that things popular enoguh to appear outside the internet are dead, and I assume that they'd become boring as a result.
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Moghjubar

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #341 on: May 05, 2014, 05:57:58 pm »

So wait... if it becomes popular enough then its dead...
Are people that enjoy memes hipsters?
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Fniff

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #342 on: May 05, 2014, 05:59:16 pm »

Yes, very much so.

Aklyon

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #343 on: May 05, 2014, 06:03:13 pm »

So half of the internet is hipsters, and the other half of it is varying quality of news and encyclopedicness?
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Crystalline (SG)
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It's known as the Oppai-Kaiju effect. The islands of Japan generate a sort anti-gravity field, which allows breasts to behave as if in microgravity. It's also what allows Godzilla and friends to become 50 stories tall, and lets ninjas run up the side of a skyscraper.

Fniff

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Re: Bitcoins, e-currency or just fancy crap?
« Reply #344 on: May 05, 2014, 06:03:38 pm »

That is the long and short of it, yes. Except it's three thirds, two being hipsters and news, the last one being porn. In fact, it's five fifths with two spaces being porn.
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