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About LinkBacksI wish I'd gone with a reliable mining site in the first place then I might have some more to sellOriginally Posted by Agent
Wish I hadn't cashed out. Could easily have paid my mortgage off several times now....
I wish I'd gone with a reliable mining site in the first place then I might have some more to sellWish I hadn't cashed out. Could easily have paid my mortgage off several times now....
The most important lesson in bitcoin land that it's never too late ;-)
To mine or buy?
Both I think.To mine or buy?
only the days of mining with a single GPU (or with GPUs in general) are long gone...
Difficult one, seen as there are no miners out there available to buy now that will give you a ROI (return on investment)To mine or buy?
The best deals are all vaporware. (cointerra and fasthash) Cointerra have only just "taped out" this means 3 months minimum. Fasthash are as we stand being very coy. These two companies are offing machines that may make a ROI but they may not be able to deliver on time or may be an outright scam.
The best option is KNCminer but they have currently sold out.
BFL are shipping but slowly and there 1st gen asics will never reach the return on investment (if purchased now). I had 4 BFL orders, 2 cancelled and the other 2 are both on ebay (the only way to get ROI). The second generation asics (the Monarch) 300GHS and 600GHS are said to be released in Nov/Dec. They have a track record of 9-12 months behind what they say and a no refund policy. BFL are the worst company on the planet and have ruined my BTC experience. The CEO is a con man, the company are likely to be facing multiple law suits in the future.
Bitfury usb ASIC are the worst possible investment of all as it's doubtful they will ever make 50% of what you paid (uness the price rises a lot later). If you have a usb farm the gap is less but you will always be chasing your tail.
If you want to get involved my advice would be to wait for the first announcement of the next gen from KNCminer early next year and invest as soon as they announce or to get involved with LTC litecoin now with a GPU.
As for buying, the price of BTC follows the difficulty indirectly, if the diff rises then so will the price, in theory. As the diff is starting to level out the short term investment opportunities are not as good as 1 month ago and percentages will be a lot lower. However it still may rise a lot from here.
I mine lot but if i was starting out now. I would go for LTC (litecoin) and just hoard my coins without selling (even if the price drops 50%) Litecoin has a bright future. The transactions are a LOT faster than BTC making it more practical.
Last edited by j1979; 16-11-2013 at 12:30 PM.
Mining was always unpredictable. I got some early BFL orders which broke even easily, though I still wouldn't recommend that company to anyone.
Timing is crucial as always and it matters when you sell or spend your coins. As nobody knows how the exchange rate will turn out, it carries a lot of risks.
Buying bitcoin for long term was always more profitable than mining.
As for litecoin, it doesn't offer anything useful compared to BTC. Not to mention the fact that any improvement will be implemented in bitcoin, so I regard LTC as an even more speculative endeavor.
Altcoins are useful for testing out concepts and features, but I wouldn't expect them to overtake BTC in adoption or for that matter in terms of exchange rate.
I had a July 2012 BFL order which they "lost" and an august 2012 order which I had refunded as that was via paypal. I very very stupidly reordered in 2 units March, and finally took delivery on November. I got ROI this weekend via ebay. BFL are 100% crooks.
True, I wanted to invest a large amount of money (all my savings) in 2012 for BTC but could not find a reliable way to buy them. How I regret not trying harder now.
Hmmm not sure where you got this idea. I disagree totally and most people that know crypto well would too if they are being honest.
BTC transactions take roughly 30 mins to confirm, litecoins take 3 mins. You can go on trust with BTC after 20 seconds when peers start to see the transaction, this is what BitPay do when paying for an item. But if you notice, the invoice shows "unpaid" for the next 30 mins to 3 hours. That leaves online retailers with a choice, risk a scam but don't leave the customer hanging or let the customer wait 3 hours before fully confirming an order. Not really viable for a number of businesses.
Litecoin does not have this problem and is effectively a lot more suited to internet transactions, but is still nowhere near perfect.
I agree here, I see BTC as a store of wealth.. and used for large transactions like (houses and cars).
But LTC, don't count it out in terms of adoption. It is essentially 10 x faster.
Last edited by j1979; 17-11-2013 at 01:33 PM.
http://blockchain.info/charts/avg-confirmation-time
The intended confirmation time is 10 minutes for BTC. The current avg is @8 minutes atm.
Yep thats the target, but you need 3 blocks to fully confirm a transation. Bitcoin has had blocks of over an hour before. All 3 network confirmations at potentially 1 hour make bitcoin not so attractive. Thats potentially 3 hours.
So litecoin is faster.
And from today news leaked that the "bitcoin foundation" intend to add functionality to block addresses, they are becoming an authority. Whether they will or not remains to be seen but, they have shown intent. No doubt the foundation has been tapped up by some entity.
https://bitcointalk.org/index.php?topic=334520.0
There's too much FUD around so I'm not surprised seeing the confusion. The validation idea is not carved in stone. The beauty of the concept is that the community can apply pressure on the dev team on what direction to go.
If they lose the trust of the community you can be sure that the validation idea (or any other change) won't be materialized and in extreme cases the current dev team can be dropped.
As for the confirmation time, it depends on the usage, 1 confirmation is enough for 99.9% of the scenarios.
Last edited by ehhhhhhh; 18-11-2013 at 11:11 AM.
It is tempted to buy some and see where they go.
Do it... but not today
at 3pm EST in USA congress are dicussing Digital currencies. Of course it may be good news but it is likely to cause a spike and they may even move to ban them. After they decided to ban and make unlocked phones illegal in the US, anything is now possible.
It will take a long time until they reach conclusion. I expect it to take at least months.
ROFLcopter coming in to land: http://www.asrock.com/mb/Intel/H81%2...0BTC/index.asp
The scary thing is, I can't tell which of the motherboard features listed on that page are real and which (if any) are spoof....
It's a little late, I imagine that a year ago (or even earlier) would have been very popular, sadly not now.
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