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CyptoCurrency thread -- Bitcoins, Litecoins, other altcoins

Discussion in 'Off-Topic' started by DerangedGoose, Dec 5, 2013.

  1. DerangedGoose

    DerangedGoose ಠ_à²

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    Anyone here involved with cryptocurrencies? I'm in the process of gathering parts to build a Litecoin miner. The algorithm that litecoin uses (scrypt) is apparently more difficult to hash with an ASIC miner, and thus the big guns have yet to be brought to bear on the coin. It is the second largest coin by market cap:

    Crypto-Currency Market Capitalizations | Bitcoin Litecoin Peercoin Namecoin Megacoin QuarkCoin ProtoShares WorldCoin Primecoin Feathercoin and more...

    In the week Ive been watching it I have seen it gain almost 12 dollars from 30, and is now at 37. It is still feasible to mine with GPU based setups. Its advantages include faster block processing (transactions are validated faster, bonuses paid out faster and more often, and difficulty is less prone to wild swings). Depending on your electricity rates, a $700 dollar rig can net you about $200-$220 a month in litecoin, after electricity, at current market prices and difficulty. People are projecting about 6 months to a year before big time ASICs for Litecoin hit the market (whether these ASICs can be repurposed for other scrypt based currencies is unclear).

    There are also a significant amount of other altcoins out there, with different features (primecoin, for example, works on identifying ever larger prime numbers, a useful task) and hashing methods (protoshare is an interesting one in particular, as it is treated as part currency and part share of a labor pool that can be contracted out, and is structured to favor CPU-based mining). Right now bitcoin is the only one really viable for goods-based commerce, although some retailers are jumping onto litecoin. The rest of the cryptos are mainly for ideological reasons (primecoin and protoshare) or serve as speculative vehicles to be translated into bitcoin or litecoin. These smaller coins are certainly subject to pump and dumps (Fontas is a notorious crypto trader who publicly announces his pump and dumps and allows people to subscribe to his notices in order to ride the waves with him) and large whale traders pinning the market between buy and sell walls to rake in panic sells and rush ins from newbies. Litecoin is reaching a point where the market cap is large enough to discourage that sort of behavior.

    BTC-e is a large exchange with some charts comparing coins/usd, coins/eur, and coins/coins:

    loading

    For those of you who trade forex and want to extend those skills to the crypto market, BitFinex is a financial trading platform allowing most of the same types of trades (margins, positions, lending):

    https://www.bitfinex.com/

    I am especially interested in Litecoin because while these coins may not be the last, this concept is here to stay. I cant think of another market with such a low entry cost (couple hundred bucks for a miner, which you can always dump for a maximum loss of $300 or so) with such large profit margins. When people ask about cryptocurrency, I tell them to view them conceptually as a digital version of gold/silver: its value is based on consensus, it has little to no practical value outside of trading, it is difficult to obtain, and there is a finite and limited amount of it. In those respects, it really is no different from some precious metals.

    Anyone else out there involved in this stuff or curious about it?
     
  2. 3.8Mateo

    3.8Mateo Wild and Free bro

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    I've been meaning to check this out, but I don't know anything about it.
     
  3. GrumpyStang

    GrumpyStang Well-Known Member Supporting Member

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    I use to have like half a bitcoin mined but I lost my wallet info
     
  4. Hell_Razor

    Hell_Razor Never surrender!!! Off Topic Moderator

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    Lets start our own 3.7coin
     
  5. Derick

    Derick Best Of The Best

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    i sent all my bit coins to the Nigerian prince that is going to hand down the thrown to me.
     
  6. PurpleStang

    PurpleStang DON'T PANIC

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    :eyetwitch:
     
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  7. Derick

    Derick Best Of The Best

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  8. Hell_Razor

    Hell_Razor Never surrender!!! Off Topic Moderator

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  9. nikko

    nikko Admin Emeritus Off Topic Moderator

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    Not to worry. I'm sure RandomOtherCoin is sound and will pay off in the long run!
     
  10. DerangedGoose

    DerangedGoose ಠ_à²

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    As long as you dont drop cash and buy this stuff outright, you really arent out much speculating on it.
     
  11. Guitarzan26

    Guitarzan26 I'm old

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  12. Jeff

    Jeff Custom Title:

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  13. idioteque

    idioteque Pine away for your banner years.

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    Sounds legit.

     
  14. GrumpyStang

    GrumpyStang Well-Known Member Supporting Member

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    Bitcoin is as strong as ever and doesn't seem to be going away anytime soon. Projections I've seen shows we won't reach the 21million limit until around 2050. One of my friends who got in on it when they were like $8 and now they are around $500 has made a **** ton of money
     
  15. Jeff

    Jeff Custom Title:

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    Bitcoin at $19,000. Holy ****
     
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  16. Wandler

    Wandler @nwandler

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    WTF is going on with it? Something seems fishy with the big fluctuations lately.
     
  17. Jeff

    Jeff Custom Title:

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    I don't know enough about it. It's been going up at an insane pace. My guess is more and more people are learning about it and are trying to jump on board.
     
  18. Derick

    Derick Best Of The Best

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    i hope it drops to 19 cents tomorrow and everyone loses a **** ton of money. i've been needing a new video card for awhile and you can't get a deal on one b/c of all the miners buying them up.
     
  19. Hell_Razor

    Hell_Razor Never surrender!!! Off Topic Moderator

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    it jumped 4k since i checked price at 2AM :wtf: