131–140 of 145 posts
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It's very easy to withdraw from MtGox with Japanese and Chinese currencies. BTCChina is very close to GoxUSD in terms of price. The MtGox price is actually pretty accurate, bitstamp is the one that is lagging behind.
So can you swift/iban jpy to your bank from gox and expect a good turnaround time?
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@Jach: Seriously, you can. Just based on your comment alone: > an i7 with free electricity mining all the time at 8 MH/s would make about 9 US cents in a month This means at the current rate you will make 0.09/470 = 0.000191489362 BTC = 19148.9362 satoshi Oh, and the calculator you linked to is crap, it only gives 3 significant digits of BTC, which is quickly becoming relevant.
@Jach: I specifically addressed electricity costs in my original comment. My point was, you can make BTC even with a shitty CPU. Whether it's worth it is a different question.
Correct me if I'm wrong, but isn't it impossible to withdraw USD from MtGox at this point? How can this be a viable source of BTC->USD comparison when the only thing you can do with a USD balance on MtG is buy?
No matter your take on bitcoin's long-term viability (or lack thereof), it can hardly be argued that this isn't damn interesting to watch unfold. A cryptocurrency with zero backing that exists only in digital form is now worth many billions of dollars. Is it a bubble? Will this foment a currency revolution of sorts? If it doesn't crash, how will governments react? If it does crash, what will replace it? Obviously the…
As an economic hobbiest I wonder how much of this is part of BitCoin and how much is part of the restriction on the 'float' of available coins. Specifically several recent actions, from the Silk Road take down to the wallet services going away have reduced the quantity of available coin that can be used for transactions. Is that the driver behind the price? After all the drug trade didn't just "stop" when Silk Road w…
It will become as much a currency then, as rare baseball cards or antique physical coins.
I went to this talk in 2011 where Gavin Andresen tried giving bitcoin away to anyone that emailed him: http://blip.tv/amherstmedia/making-money-gavin-andresen-igni...
So – did you email him?
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Anyone with MH/s-level farms from GPUs have turned them off months ago (or moved to Litecoin). There's some new 28nm ASICs that use less power per hash than the larger nm ASICs, so eventually those will face the same fate as GPUs from power costs (not so much from hash rate -- there are only a few TH machines on the near horizon), but the next 30-60 days isn't enough time to make that happen.
Isn't Litecoin's value more or less pegged to BTC? I did a quick calculation with one of the online calculators [1] and it seems that it's a challenge to turn a profit from Litecoin GPU mining too. [1] http://ltc.kattare.com/calc.php
It's hard to make a profit with litecoin, but a single 7950 can still make you around USD $1/day right now after electricity costs. I have a friend who started mining with 4 of them when summer began, they (and the motherboard, power supply, etc. he used for his setup) ROI'd a while ago. I don't know if it makes sense to buy new GPUs anymore... But at least if it does become unprofitable for all but those who have the best GPUs on the market in the cheapest electricity areas (or even for everyone in the event that litecoin dies completely), you still have very excellent gaming GPUs you can resell at a good price to people on Craigslist/ebay. With the "next gen" of consoles that have just come out being so under-powered, a gamer can expect a 7950 or better to handle any PC ports that come out of this gen...
Well now it must definitely be too late to invest. Don't even think about it guys. It's a ponzi scheme slash not real money slash libertarian wet dream. I'd rather trust helicopter Ben with my savings than some obscure open source software that eats 10Gb of my disk space.
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The market capitalization of US dollars is (correct if I'm wrong) $3 trillion. The current market capitalization of BitCoin is above $5 billion. There will only be around 21 million BitCoins. If the market capitlization of BitCoin even gets close to a national currency like the US dollar, each BitCoin will be worth hundreds of thousands of dollars. We are about to be at $500. Unless governments crack down on BitCoin(…
The US gov waited until eGold was doing ~2 billion in transactions annually before it moved to shut it down. Given the growth rate of btc it just recently became big enough to get the attention of the federal gov. I think it is certain the US government will attempt to shut it down more a question of when and how elaborate their attempt is (e.g. Will they try to: arrest a few btc users, dump large sums of money into…