BitCoins current rate is like $11 / 1 BTC.
I think the purpose was to originally to purchase illegal goods to be honest. To use on websites like SilkRoad.
I've been reading story's about people using the website Mt.Gox and using BitCoins as an online trading/investment. People spending $500 on BTC and 3 months later getting $3000.
I actually just visited the website to see if any Bitcoin threads have been started.
You see, the GPU mining era is pretty much over. People are switching to FPGAs, and these FPGAs are already superseded by ASICs.
Consider 2 graphics cards doing 600 million hashes per second which earns about 0.20 bitcoins per day, but also suck up around 400 watts.
When ASICs come out, they will do 1 terrahash per second which is 1/20th of the current Bitcoin network computational power. And people with money will order 2-3 of these units. Just last night I had a conversation with a person who will buy 3, and when he breaks even, buy 3 more.
I learned about Bitcoin last year, mined two blocks with my 5850 and 5870, which was around $2000 back then and that was pretty much it, people doubled and tripled their hashrate, while I stayed behind.
Basically, it's too late to get in. Plus, the bitcoin reward per block which is currently 50 bitcoins will halve to 25 around December this year.
(2012-09-23, 02:08 PM)dikidera Wrote: [ -> ]I actually just visited the website to see if any Bitcoin threads have been started.
You see, the GPU mining era is pretty much over. People are switching to FPGAs, and these FPGAs are already superseded by ASICs.
Consider 2 graphics cards doing 600 million hashes per second which earns about 0.20 bitcoins per day, but also suck up around 400 watts.
When ASICs come out, they will do 1 terrahash per second which is 1/20th of the current Bitcoin network computational power. And people with money will order 2-3 of these units. Just last night I had a conversation with a person who will buy 3, and when he breaks even, buy 3 more.
I learned about Bitcoin last year, mined two blocks with my 5850 and 5870, which was around $2000 back then and that was pretty much it, people doubled and tripled their hashrate, while I stayed behind.
Basically, it's too late to get in. Plus, the bitcoin reward per block which is currently 50 bitcoins will halve to 25 around December this year.
I've seen the ASIC's advertised. Someone came up with a great idea to make the unit's and sell them off for like $1200 each. /profit.
Personally i would just invest into a commodity like gold. The past 10 years has gone up by 500%.
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BitCoins look like a dodgy investment, you can't predict the rate. Whats to say that Bill Gate's isn't going to come along and buy out BitCoins from users all over and screw up the fluctuation of the price per BTC.
Those ASICs that cost 1200 bucks are of like 25-40Gh/s, but those 1TH/s units cost nearly 30 grand.
(2012-09-23, 09:31 PM)dikidera Wrote: [ -> ]Those ASICs that cost 1200 bucks are of like 25-40Gh/s, but those 1TH/s units cost nearly 30 grand.
I have seen the 30k one's aswell. But if people think they can make money.. good luck haha
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I just don't see why some millionaire doesn't come along and buy all the BTC and manipulate the price from sellers.. They could then sell back and possibly make a profit.
(2012-09-24, 01:47 PM)Kickerbat Wrote: [ -> ] (2012-09-23, 09:31 PM)dikidera Wrote: [ -> ]Those ASICs that cost 1200 bucks are of like 25-40Gh/s, but those 1TH/s units cost nearly 30 grand.
I have seen the 30k one's aswell. But if people think they can make money.. good luck haha .
I just don't see why some millionaire doesn't come along and buy all the BTC and manipulate the price from sellers.. They could then sell back and possibly make a profit.
It wouldnt really make much difference. Bitcoins are like any other precious material. Somebody could do that with Gold, or diamonds.
They could buy it all and sell high, but after all, it's only going to eel what people are prepared to pay for it.
If I got a bitcoin for every time someone asked me how much a bitcoin was worth, I have no idea how much money I'd have.
(2012-09-25, 03:54 AM)brad-t Wrote: [ -> ]If I got a bitcoin for every time someone asked me how much a bitcoin was worth, I have no idea how much money I'd have.
If only.
Personally i would rather have the gold than a virtual currency, you can sleep with gold.. the laptop gets too hot for btc's
Yes, but the government could enact a law requiring all gold to be given in in order to turn it into hairbrushes. A government can't directly disrupt the flow of BTC
Call me stupid, or perhaps just a little uneducated about this topic but I don't understand how utilizing a GPU is going to generate bitcoins, is it a game or something? Last time I checked you use use a graphics card for visual processing not mining an electronic currency...
I'm so lost.