31–40 of 70 posts
I'm the author of the post. I didn't include a lot of background detail because I wanted to publish the technically interesting bits quickly. As I see it, mining LiteCoins on EC2 is currently profitable because of four main factors: 1) Bitcoin's recent dramatic increase in value. (LiteCoin's value is heavily correlated to Bitcoin's.) 2) The relatively low difficulty level for LiteCoin mining right now. 3) Spot instan…
How long did it take the pending to stop? Also, how do we SSH into the instances once pending is over? I cannot seem to find a way to launch.
Ok, the plethora of bitcoin/litecoin articles on HN news are making me sick now. I feel like there are 3+ articles about it at any given time. Seriously, with all the hype, I got suckered into buying bitcoin/litecoin just to realize that I can't compete against Chinese miners. I guess I could buy coins and sit on them but there is no fun in doing so. Arbitrage is practically impossible because of the lag time to pull…
resist, my son. i've made a pledge to myself that everytime i'm tempted to click on some BTC-related stuff i will instead study a new code library. i haven't totally wriggled free yet (obviously) but i'm close. as with all things, chasin paper is no way to live life and get-rich-quick ideas are something to discipline yourself against. in life, studying code is what has netted me the most cash that i feel proud of ea…
Earlier quoted context omitted.
resist, my son. i've made a pledge to myself that everytime i'm tempted to click on some BTC-related stuff i will instead study a new code library. i haven't totally wriggled free yet (obviously) but i'm close. as with all things, chasin paper is no way to live life and get-rich-quick ideas are something to discipline yourself against. in life, studying code is what has netted me the most cash that i feel proud of ea…
Earlier this year I decided I would buy 10 or so bitcoins if the price ever fell to $10, and so far I'm sticking to that.
even then i hope you're doin it for fun not investment. until it stabilizes its just kindof a crapshoot. i have long decided that id try it if its stable and succeeding as a currency but not as an investment since the economics are absurd. its been good for those who made a buck off it but its a game and it may have many negative implications. many have taken losses on it already during crashes (or buying mining equipment -- at least EC2 is more like renting, heh). i guess it's buyer beware but i'm not totally convinced that the entire concept doesn't amount to a scam, which is why i get a little fiesty about it.
if people decide its a scheme and no one wants to buy, the only winners will be those who recognized the potential of a pump-and-dump scheme and have been cashing out bits and pieces all along
I'm the author of the post. I didn't include a lot of background detail because I wanted to publish the technically interesting bits quickly. As I see it, mining LiteCoins on EC2 is currently profitable because of four main factors: 1) Bitcoin's recent dramatic increase in value. (LiteCoin's value is heavily correlated to Bitcoin's.) 2) The relatively low difficulty level for LiteCoin mining right now. 3) Spot instan…
If I were doing this, I'd sell the coins as soon as I got them. Even moreso than Bitcoin, with Litecoin the value is unstable and subject to crash at any moment.
Unfortunately due to the spike in EC2 prices this doesn't really seem much profitable anymore...but still awesome nonetheless!
Unfortunately due to the spike in EC2 prices this doesn't really seem much profitable anymore...but still awesome nonetheless!