BTC, NMC, IXC, DVC - Opinions
- Thread starter SrsX
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dano
New Member
I honestly feel that digital currency is a gamble that has too many possible problems, and if/when it does collapse, will I even be able to cash myself out?. One part of me says that Bitcoin and others are possible to become long term currency, and this is the start of them, the infancy. Part of me also thinks that too many people are invested in keeping their power* and will never allow these currencies to become common, without a fight. I don't think Warren Buffet will ever convert 10%(or any) of his wealth into digital currency, cause he, as he says usually will say, "prolly doesn't understand it, so he stays away from it".
I do support digital currency though, but I am not going to invest in hardware and ^electricity to power these machines to mine coins, as it doesn't seem worth it, to me. Part of me also feels like I am making a bad decision by not buying or mining coins, like I am missing out on the modern day 1840's gold rush, but I fear that regulation would make them useless and I will just wait for the smoke to clear before trying out digital currency. Only time will tell if these currencies are going to be valid long term, so it's a hard to invest in.
I do support digital currency though, but I am not going to invest in hardware and ^electricity to power these machines to mine coins, as it doesn't seem worth it, to me. Part of me also feels like I am making a bad decision by not buying or mining coins, like I am missing out on the modern day 1840's gold rush, but I fear that regulation would make them useless and I will just wait for the smoke to clear before trying out digital currency. Only time will tell if these currencies are going to be valid long term, so it's a hard to invest in.
GIANT_CRAB
New Member
I believe that Bitcoin is a very very very stable currency.
It is very reasonable that 1 SHA crypted block is worth 25 BTC which is also worth $300 x 25.
It makes more sense than the federal notes.
We should all abandon the gold and silver notes, which we already did, now we need to abandon US notes.
Bitcoin is very very very anonymous, very very very safe.
Bitcoin can be used for buying "medicine" that are not commonly found. (Bitcoin is the ONLY thing better than Obamacare)
I disagree that Bitcoin is a waste of electricity because fuel is a renewable and sustainable source of energy.
We should all use Bitcoin.
It is very reasonable that 1 SHA crypted block is worth 25 BTC which is also worth $300 x 25.
It makes more sense than the federal notes.
We should all abandon the gold and silver notes, which we already did, now we need to abandon US notes.
Bitcoin is very very very anonymous, very very very safe.
Bitcoin can be used for buying "medicine" that are not commonly found. (Bitcoin is the ONLY thing better than Obamacare)
I disagree that Bitcoin is a waste of electricity because fuel is a renewable and sustainable source of energy.
We should all use Bitcoin.
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Just so everyone knows, Giant_Crab is a troll so take anything he says with a grain of salt.
Probably not going to happen in the near future.Waiting for the crash.... so I can buy
If you only have 100GHz and you're running it on your video card, you may or may not break even on profit. But, that's up to you to decide.
BTC, Bitcoin, is here to stay. It's fluctuating a lot since it's new, and I embrace it.
NMC, Namecoin, is niche. Unless a large DNS ban/block/hijack happens, it will never take off.
IXC + DVC are just alternate coins, and no huge value in general.
LTC, Litecoin, is the other 'big' one to look at.
Litecoin + Bitcoin will be the 'big players' in digital currency. Everything else has a slight chance, or is too niche for anyone to care. IMO, don't bother with anything besides Bitcoin and Litecoin.
Also to watch, is PPC, Peercoin. You don't have to mine it like other coins, you can actually create more coins just by having coins.
The biggest turnoff and barrier to newbies for Bitcoin is security. Bitcoin protocol itself is very secure. However, your coins are stored in a .dat file. If someone swipes that file, you're SOL. If someone keyloggers your password, you're SOL. If you make a typo in the address you're sending to, you're SOL.
There are many ways to get around that, but they are barriers to widespread use.
BTC, Bitcoin, is here to stay. It's fluctuating a lot since it's new, and I embrace it.
NMC, Namecoin, is niche. Unless a large DNS ban/block/hijack happens, it will never take off.
IXC + DVC are just alternate coins, and no huge value in general.
LTC, Litecoin, is the other 'big' one to look at.
Litecoin + Bitcoin will be the 'big players' in digital currency. Everything else has a slight chance, or is too niche for anyone to care. IMO, don't bother with anything besides Bitcoin and Litecoin.
Also to watch, is PPC, Peercoin. You don't have to mine it like other coins, you can actually create more coins just by having coins.
The biggest turnoff and barrier to newbies for Bitcoin is security. Bitcoin protocol itself is very secure. However, your coins are stored in a .dat file. If someone swipes that file, you're SOL. If someone keyloggers your password, you're SOL. If you make a typo in the address you're sending to, you're SOL.
There are many ways to get around that, but they are barriers to widespread use.
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GIANT_CRAB
New Member
My name requires EXCESSIVE use of CAPS, therefore, GIANT_CRAB.
Graphic card mining is too slow (processor mining is even slower though), people are using ASC mining.
I heard that ButterFly labs provide ASC mining monsters:
https://products.butterflylabs.com/homepage/500-gh-s-bitcoin-miner.html
https://products.butterflylabs.com/homepage-new-products/600-gh-bitcoin-mining-card.html
Be warned, they are expensive and takes very very long time to ship in, usually 9 months to 12 months.
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Yes, that's what I was saying. Using your graphics card for mining coins will, probably, not even pay for the electricity you use for the video card. I won't tell someone their setup isn't profitable, Maybe he gets free electricity. But that's upto him to see if it breaks even or not.
Butterfly Labs is borderline scam, depending whom you talk to.
There's not much point in even buying an ASIC. If you spend 100 Bitcoin on an ASIC, you probably won't make 100 Bitcoins over its lifetime.
Butterfly Labs is borderline scam, depending whom you talk to.
There's not much point in even buying an ASIC. If you spend 100 Bitcoin on an ASIC, you probably won't make 100 Bitcoins over its lifetime.
GIANT_CRAB
New Member
Well, if the market price of BTC increases even more, there's a higher probability that the person could pay off.
It would be likely to happen[1][2] (not sure when and not sure how much) because the amount of BTC SHA blocks available for mining decreases overtime.
Some people[1] hi-jacks computer and use them for mining.
Nevertheless, I don't think its worth the risk for BTC[1][2].
Completely wrong. There will always be copy cats, some even verbatim. Feathercoin is literally a clone of Litecoin. Early versions of Feathercoin code still called functions with Litecoin in the name and comments.
Just because some 15 year old kid copies source code and makes another altcoin, doesn't make Bitcoin less valuable. It just makes that new altcoin even more worthless.
We could make VPScoin, but that won't affect Bitcoin price in the slightest.
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