First time I've heard of bitcoins was about 2 years ago when I was watching the local news and police busted what they thought was a grow op in Mission but turns out it was a mining house full of computers.

$60 now :fullofwin:

I am just doing it for fun for now, but I am really considering ordering an ASIC miner... 10X the power using 6W instead of 280W... And like I said, you'll NEED them soon

I have seen speculation that the end price once it is 'ready' for mainstream will be about $1000 USD per 1 BTC. Since it is divisible by 8 decimals, you don't even really need to think of it in terms of 'per bitcoin' now that the price is getting up there.

i woulda got an ASIC if it wern't for the... many month wait.

I doubt it will go to 1000USD a BC.

well.. if it survives a long time, it is possible i guess.

i wouldn't trust bitcoin as anything long term sustaining. more like get your cut of the pie and get out at the peak. or just make as much as u can and pull out before it crashes.

it will crash in our lifetime for sure.

so you'd have 600 bux by now if you had the ASIC?

BBC News - Canadian man to sell house for Bitcoin virtual currency
thought this may be interesting, some guy is hoping to sell his home for bitcoins, does anyone even have that many coins?
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Not necessarily. Because once the ASICs come to the market, the mining difficulty will shoot up. So it might be 10x more powerful, but it might also be 10x more difficult to mine at that time.

If I were to have one NOW and nobody else does, then yes, I would be making 10x more than what I do (at 1/50th the power cost)

Basically you'd be getting one to 'keep up' while mining. The power savings alone is worth it IMO

If I have $130 worth of BC by then, who knows maybe I'll buy one with that for the fuck of it

Bitcoin mining you say?

https://fbcdn-sphotos-d-a.akamaihd.n...55379984_n.jpg

https://fbcdn-sphotos-e-a.akamaihd.n...20061594_n.jpg

Why would anyone sell ASIC Bit Mining rigs. Wouldn't it sense to mine the coins themselves?

not sure if trolling or really mining with Nvdia cards?

I have a feeling they are not. they took millions in deposit for pre order and now they are mining it themselves until it's more profitable for them to just sell the thing to other people. Maybe thats why few people can get their hands on one.

That'll be about as effective as a single 7970 while using about 2000 watts and sounding like a jet engine :failed:

Even for gaming that is kind of dumb :fuckthatshit:

They have been pretty open about the manufacturing process in their forums, including all the issues they have been having. One thing is for sure, these guys aren't exactly top notch electrical engineers....

yeah, that i know already.

but there ARE a few people that have ASIC's right now. they're probably banking it.

I also don't know how much the difficulty will jump

the ASICs are still very limited even when released to public.

wouldn't the total mining power of the normal dudes still far exceed and shadow the ASICS?

yes they will raise the difficulty, but will it really be THAT much? (i mean, it will be that much when a lot of ppl have ASICS.. but the first few releases... it might take a while to catch up).


I thought of that before. It's because there's competition.

since someone else is gonna release it as well... if you already have the technology, you're just gonna bank on it while you can, and when it's being released you do the same and you can double dip.

some asshole out there will release it for the sake of making it "fair" OR whatever other reason.

if you aren't that asshole, and you've got ASIC technology... you might as well sell it as well.

think of it like a race. only a handful of people have these special engines that make their cars go faster, but one asshole wants to start selling these engines for whatever reason.

your only hope to keep ahead is to also sell the technology.

wanted to bump this thread. I heard of bitcoin just recently and it got me pretty curious as it actually shot up to $270 this month.
Im curious as how you guys are buying your bitcoins since they don't take CC or Paypal.. how are you guys funding? also if iv joined a broker/exchange.. do I need a "wallet"? cant I just leave the bitcoins in the broker account?

By the way.. I noticed a substantial price differences for places to buy BT aswell..
CAVIRTEX VS MT.GOX an example.. cavirtex would be trading at 126 while Mt.gox at 135 ??? Couldn't I just buy at cavirtex and send the BT over to my MTGOX account to sell.. = profit ?

You can buy it off a local dealers but since the price tanked it might be hard to find people willing to sell right now. Sign up for a wallet at blockchain.info. It's a good site to start off when you're new. There is a price difference between cav and mt but keep in mind one deals with the Canadian dollar and the other USD.

I might be able to help, I recently just bought some bitcoins on CaVirtEx. I had to verify account which took a couple of days, then I had to deposit my money from my bank via online payment and that took another 2 days or so.

I just converted my CAD to bitcoins and their just sitting in the exchange account, and I don't have a bitcoin wallet yet, cause I'm probably just gonna let it sit in there unless i plan on doing actual transactions with it.

Regarding the difference in prices, I've also have noticed a big difference too, one of the reasons is probably due to the substantial transaction fee of 3% each way that cavirtex takes (Which will come down depending on the volume of trades you do), you could profit from buying and selling at the 2 exchanges but there could be a day or 2 lag before they recognize the transfer from exchanges, which could be really risky. The reason I decided that Cavirtex was the better choice compared to MtGox was because they were based in Canada, and they seemed to be fairly reputable from doing research online, not to mention that Mtgox is getting ddos attacked almost 24/7.

Libertybit.com is 0.5% per trade

Or you can do Interac email transfers through #bitcoin-otc on Freenode

If you guys want to try actually buying stuff with your Bitcoin, my wife's store now accepts it as payment :)

Kakoi Style Japanese Grooming Products

I bought a domain with it the other day, and I also use it to subscribe to Usenet (totally uncensored, no DMCA takedowns)

3 days of mining on my 7870 gets me 1 month of Usenet (at a cost of about $3 of electricity)

Kind of relevant but not so much...

Don't they have 1Gbit fibre internet for $25/month in HK? I would love to drink from the Usenet fire hose at that speed.

Where I live the fastest I get it 8 Mbit... :okay:

When my contract is up I might switch to LTE, but then you run into bandwidth caps, so...

8Mbit? Are you sure you're not in Dongguan? That's worse than what I get in Vancouver!

You have to move into the 21st century, homeboy! HKBN offers 1Gbit for $35/month!

Yeah I like living where I do though, clean fresh air, open space, lots of green...monkeys... I did the suburb thing for my first 5 years, and this is a nice change.

Having shitty internet sucks though.

Where in Hong Kong are you? Shing Mun?

Don't really want to say, but in New Territories somewhere :)

you only need fast internet so you can stream good porn and jerk off to it.

as long as you live in dongguan, you'll never have to use your hands again. LOL!!!