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signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5

[Coin Mining] What does this mean for you guys out there? Mt.Gox...

»www.cnbc.com/id/101442439

What effect will this have on your coin mining?



drslash
Goya Asma
Premium
join:2002-02-18
Marion, IA

As of now, it will have no effect on my mining. My primary motive for mining is to support alternate currencies not under control by the government. I have no doubt that there will be attempts to regulate alternate currencies. I will try to follow that and take whatever action I deem appropriate at that time. In the long term, this is a chance to buy bitcoins with the possibility of future appreciation. As long as demand exists for bitcoins and altcoins the price should stabilize or rise.
--
Save water...drink beer!
--
1-800-F1UCK-YO
--
Obama...it's junior high school all over again!
--
Democrats don't mind raising taxes because democrats don't pay taxes.



Mike
Premium,Mod
join:2000-09-17
Pittsburgh, PA
kudos:1
reply to signmeuptoo

None.

MtGox explodes, coins become super cheap for a while. Great time to buy.



Krisnatharok
Caveat Emptor
Premium
join:2009-02-11
Earth Orbit
kudos:12
reply to signmeuptoo

What Mike said. This has null effect on mining. If you were dumb enough to 1) use a foreign exchange, and 2) leave an outstanding balance of BTC or USD on someone else's servers/exchange (and this is really the height of brain-dead stupidity), then you deserve to lose it.

I use Coinbase and CoinMKT as two US-hosted, FinCEN compliant exchanges. I am tempted to try Cryptsy since it supports Doge, I believe. Here's how it works for me:

LTC to BTC: Litecoin is withdrawn from my Hypernova wallet (admittedly I should have a desktop wallet but the amounts are so low i don't care) and sent to CoinMKT; I put in a buy order for BTC with whatever LTC I withdrew; exchange occurs; new BTC is withdrawn from CoinMKT to my personal BTC wallet.

USD to BTC: I have a separate bank account with a low balance (read: under $100 so any hack of an exchange can't ruin my financial well being) that is tied to my Coinbase account; put in a buy order at Coinbase; order fulfilled; new BTC balance is withdrawn to my personal BTC wallet.

Buying goods with BTC: I either use Gyft.com to purchase Amazon gift cards (great because they give you a % of each purchase back as points towards your next purchase--I saved $15 on my last $600 gpu purchase), or order from a merchant that accepts Bitcoin directly (shoutout to FrozenCPU, Tigerdirect, and Overstock for accepting BTC).

I don't convert BTC to USD, so I can't comment on how quickly that goes.
--
Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety.



signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5
reply to signmeuptoo

Ah. I know very little, but you guys help me to understand at least somewhat.

So a personal wallet is just a storage on a local hard drive? What if there is a housefire? Also, can the coins be backed up (this will tell you how little I understand about this)?
--
Join Teams Helix and Discovery. Rest in Peace, Leonard David Smith, my best friend, you are missed badly! Rest in peace, Pop, glad our last years were good. Please pray for Colin, he has ependymoma, a brain cancer, donate to a children's Hospital.



Mike
Premium,Mod
join:2000-09-17
Pittsburgh, PA
kudos:1

You can back your wallet up in different locations. Throw it in a safe maybe.

Only morons keep their stuff on an exchange. They get hacked at constantly.



drslash
Goya Asma
Premium
join:2002-02-18
Marion, IA
reply to signmeuptoo

A wallet can be backed up to another disk, usb stick, or even hardcopy paper. As long as you have physical access to the keys in the backup, you can retrieve the transactions that represent your bitcoin balance once the keys are imported back in to a digital wallet.

Go to »multibit.org/
Download the wallet software for the OS you are using. (I have a multibit wallet).
When you open up the program you should be able to find a bitcoin address that has been generated for you. Come back here and paste that bitcoin address in to this topic. I will send you some bitcoin The bitcoin address is like an email address and the wallet software is like an email client. Many people put their bitcoin address (or altcoin address) in their signature in forums. If the poster is helpful people can copy their address and send them some bitcoin, or whatever altcoin the address is for, as a "tip" of appreciation for the help.

The multibit FAQ is a good laymans guide to bitcoin.
»multibit.org/faq.html
--
Save water...drink beer!
--
1-800-F1UCK-YO
--
Obama...it's junior high school all over again!
--
Democrats don't mind raising taxes because democrats don't pay taxes.



signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5

Fascinating, but as interested as I am, I want to steer clear of coin myself. Too much to learn and I'd end up being that idiot we're talking about that'd do something bone headed. Also, I cannot have any form of income outside of what I presently have. Call me honest...
--
Join Teams Helix and Discovery. Rest in Peace, Leonard David Smith, my best friend, you are missed badly! Rest in peace, Pop, glad our last years were good. Please pray for Colin, he has ependymoma, a brain cancer, donate to a children's Hospital.



drslash
Goya Asma
Premium
join:2002-02-18
Marion, IA

No problem. Read that FAQ and you will know quite a bit about bitcoin.



Mike
Premium,Mod
join:2000-09-17
Pittsburgh, PA
kudos:1
reply to signmeuptoo

Bitcoin? Income?

Everyone operates on a loss lol



signmeuptoo
Bless you Howie
Premium
join:2001-11-22
NanoParticle
kudos:5

Heh heh, with my it's a loss of my mind...

My BIL was unaware of bitcoin and I made a comment to him about prices being high on ATI cards because of the bitcoin mining and he said "Wha?! That doesn't make sense, and I explained to him how people crunch to mine for virtual coin and again he said What? Heh.
--
Join Teams Helix and Discovery. Rest in Peace, Leonard David Smith, my best friend, you are missed badly! Rest in peace, Pop, glad our last years were good. Please pray for Colin, he has ependymoma, a brain cancer, donate to a children's Hospital.



mk4111

@start.ca
reply to Mike

Those who buy at dips in the range of $200 - $245 (as was the case multiple times in the last 2 weeks) and sell in the morning are making 200%+

Those who mine coins that net 0.001BTC 100KH /day and selling them for BTC are making a killing.



Krisnatharok
Caveat Emptor
Premium
join:2009-02-11
Earth Orbit
kudos:12

said by mk4111 :

Those who mine coins that net 0.001BTC 100KH /day and selling them for BTC are making a killing.

I did the math for myself recently. I have four 7970s that consume 1.22 kW and generate 2.92 MH/s and I have received an average daily payout of .033 BTC. I'm doing quite well.
--
Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety.


Mike
Premium,Mod
join:2000-09-17
Pittsburgh, PA
kudos:1

As of now. Then the difficulty curve goes up.



Krisnatharok
Caveat Emptor
Premium
join:2009-02-11
Earth Orbit
kudos:12

Agreed. But as Bitcoin's difficulty is jumping 30% every interval, Litecoin's is going up incrementally (or even going down).

»bitcoinwisdom.com/litecoin/difficulty
--
Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety.



exocet_cm
Free at last, free at last
Premium
join:2003-03-23
New Orleans, LA
kudos:3
reply to Krisnatharok

We use Cryptsy a lot.



Duramax08
To The Moon
Premium
join:2008-08-03
San Antonio, TX
Reviews:
·Millenicom
reply to Mike

said by Mike:

You can back your wallet up in different locations. Throw it in a safe maybe.

I just went cold storage on my dogecoin wallets that hold the most coins. I have 2 flash drives and one dvd with my dogecoin wallets in my safe deposit box at the bank that cost $30 a year. I keep 2 dogecoin wallets at home with a small amount of coins incase I want to spend or sell some.


Mike
Premium,Mod
join:2000-09-17
Pittsburgh, PA
kudos:1

Is $30 a year worth throwing doge in a bank box?

so expense much cost



Krisnatharok
Caveat Emptor
Premium
join:2009-02-11
Earth Orbit
kudos:12
reply to Duramax08

Isn't that the height of irony, however? Using a bank to store the key to your crypto-currency wallet?



Duramax08
To The Moon
Premium
join:2008-08-03
San Antonio, TX
reply to Mike

I can store other stuff in it too. Its a pretty big box.



Duramax08
To The Moon
Premium
join:2008-08-03
San Antonio, TX
Reviews:
·Millenicom
reply to Krisnatharok

Yeah, but its a pretty "safe" remote location . I read some guy who had his wallet in his dropbox and it got cleaned out. I also read that some guy lost all his bitcoins because his house burned down. I dont want to be one of those guys.



Krisnatharok
Caveat Emptor
Premium
join:2009-02-11
Earth Orbit
kudos:12

Lastpass upload?



Moos
Tequilablob
Premium
join:2008-12-11
Salt Lake City, UT
kudos:3
Reviews:
·Comcast

1 recommendation

reply to Duramax08

said by Duramax08:

Yeah, but its a pretty "safe" remote location . I read some guy who had his wallet in his dropbox and it got cleaned out. I also read that some guy lost all his bitcoins because his house burned down. I dont want to be one of those guys.

You should Tattoo the key's onto your body in a remote location that no one else can see. Lol.