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Bitcoin: is it a bubble waiting to burst or a good investment?


umbertino
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7 hours ago, Fly said:

 

I can't believe someone actually just said it; what the reality of a global cryptocurrency truly is...and it's just getting started. But...do you actually believe what you are saying, can you truly...believe!...what it is, you're saying? I'm wondering...?

Because that might be a pretty big pill to swallow just a few years down the road...wouldn't it? 

 

 

Well, yea I do believe there is something here. I downloaded a wallet and started mining in late spring of 2010 before most people had even heard about bitcoin. You could actually do some mining with an ordinary PC and video card back then because there was no hash traffic. I didn't get but a little over 5 coins total but you couldn't buy them very easily. I even tried selling a $25 Starbucks gift card for 10 coins but got no takers until 1 guy offered me 4 bitcoin, which I took.

 

There were quite a few problems with the blockchain so I quit mining and put the wallet in cold storage until I heard that bitcoin had spiked to over $1,200 about 4 years ago where I dumped all of them except the first one I mined that I'm keeping as a memory of the early days. The market tanked for a couple years so I never went back in as mining became too expensive to be profitable for me.

 

In 2014 I put my investment effort into a coin called Ripple XRP and it has been doing nicely as of late. I probably won't be selling any time soon because I see great long term potential.

 

The bottom line for me is that I see blockchain as a technology [not just coins] that is just getting started because there are so many applications that haven't even been touched yet. There are a few more coins on my buying radar, but it's a "buy and hold" strategy so I don't miss out on big gains like I did with BTC.

 

I have to keep telling myself that I made a great profit so as to not to kick myself for what "could have been" and that it has been way more profitable than a certain other currency "investment" I made so far, so there's that...

 

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On 12/13/2017 at 5:51 PM, numimaticmat said:

 

Your a little bit off base about Bitcoin forks IMHO, though I do agree it's an issue.

 

Mining is way over my head but something I find very interesting. That setup you have of 7950's and R9's, that is different from an Asic miner right? What does something like that cost? 

 

You are far better informed than I on the details, I have several  immersive hobbies, as well as operate a construction firm, so I tend to skim articles and issues until I can determine direction or value, and then it's off to discover the answer to another question, usually a universe removed from the last.

ASIC miners are highly tweaked CPU miners. They get many time the hash rate than consumer top end computers.

I haven't ever seen any, but I would bet they use server CPU's. 

The 7950 and R9 are gaming cards, top end from a couple years ago. I started watching auctions, then got caught up in the whole online auction thing and spent thousands more than I planned, just because I was on the right auction at the right time and got some of the cards for a screamin deal. Also, I started gathering equipment two years ago, long before this explosion.  I hear anything with 3g and up is getting fought over now.

Back then crypto was mostly unheard of, bitcoin was just starting to climb, but you were still looking at a year or two for your ROI.

It was considered a possible supplement to your regular income if you ran your own farm. 

I had planned on mining crypto and then using it to buy stocks,

Just thought it would be a fun way to diversify my portfolio.

There are online energy calculators, and mining calculators that are free, it's pretty easy to get a fairly close picture of what to expect.

I picked up a pallet of servers on a public auction that came from the state department's of energy and geology, they were pimped out by the respective IT staff's but they were 2008 models, so I was able to upgrade to the best processors, some were dual-quad core, and some are hex core, they have two each, I think it's called multi-threading that uses the time between a core communicating to force another computation, which doubles the number again.

Servers are designed to operate 24/7, failure is not an option, so everything has a redundant backup. Almost everything is "hot swap", so if the power supply goes bad there's already another running, and you can replace bad one out while the server is running.

AllI knew was the last part, and next thing I knew I had a stack of 12 servers. Each weigh about 110 LBS, it was a freaking BIG stack. It took four months to figure out how to turn the first one on, and then I had to learn what amounts a completely new language, along with learning to adopt a totally foreign mindset. 

I do not recommend that path for anyone. I'm still going through the curve, I can't "speak" server, it's more like incoherent babbling, and my code usually takes half a dozen attempts before an exe or bat actually works, I've had to rip the power plugs out of the wall before as totally weird stuff was going on and it wouldn't take keyboard commands.

Besides, I hear the cheap motherboards are doing just as well at a fraction of the cost.


There's a lot of help on the web, here's a link to one that will help a lot.

I did find an awesome power supply vendor. If you do decide to start mining I'll give you the link. They are 2400 watt 240v supplies with 12 PCIE 6 or 8 pin connectors each side. It's two HP 1200 W server power supplies on a breakout board.

It's 1:30 am and I have to be on a site at 6.

Here's the link to a good place to start your research.

BTW, welcome toDV.

https://99bitcoins.com/guide-ethereum-mining-how-to-mine-ethereum/

 

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Japanese company to start paying employees in bitcoin

 

GMO Internet will pay portion of salaries in the cryptocurrency – whose prices have recently surged – from February

 

Agence France-Presse

Friday 15 December 2017 04.52 GMT

 

 

 

4338.jpg?w=700&q=55&auto=format&usm=12&fit=max&s=3328fcf2b4e916d971dad57233cc9dc3
World bitcoin prices have surged globally this year
Photograph: Kin Cheung/AP
 
 
 
 
 
 
 
 
 
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Bitcoin price plunges $2,000 in 12 hours as year-end rally fizzles out

 

Cryptocurrency falls more than 30% in five days after troubled week but analysts say it could easily bounce back

 

Press Association

Fri 22 Dec ‘17 09.16 GMT

 

 

 

 

 

 

 

 

 

https://www.theguardian.com/technology/2017/dec/22/bitcoin-price-plunges-2000-12-hours-year-end-rally-fizzles-out

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Bitcoin bubble rises again after pre-Christmas rout

 

Cryptocurrency now worth $15,000 after losing more than 30% of its value in one day and sinking as low as $12,000

 

 

Reuters

Tue 26 Dec ‘17 12.14 GMT

 

 

 

 

 

 

 

 

 

 

https://www.theguardian.com/technology/2017/dec/26/bitcoin-bubble-rises-again-after-pre-christmas-rout

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Bitcoin falls $1,000 after South Korea promises crackdown on trading

 

Move comes less than two weeks after high-profile digital currency exchange in Seoul was hacked and went bankrupt

 

Thu 28 Dec ‘17 12.51 GMT

 

 

 

 

 

 

 

https://www.theguardian.com/technology/2017/dec/28/bitcoin-falls-south-korea-crackdown-trading

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