Cryptocurrency
Bubble goes burst
China’s biggest Bitcoin exchange was forced to stop accepting renminbi deposits on Wednesday, sending the price of the virtual currency tumbling in one of its biggest markets globally.
The exchange, BTC China, made the announcement in a post on its verified account on Weibo, China’s Twitter-like messaging service.
The development comes less than two weeks after China’s central bank and four other government agencies that regulate finance and technology issued a joint announcement banning Chinese financial institutions from dealing in the virtual currency.
It's not me, it's someone else.
Here's a thing about bitcoins.
http://politics.slashdot.org/story....-a-fire
http://politics.slashdot.org/story....-a-fire
"Be bold, and mighty forces will come to your aid."
In theory mining rewards should stay about the same. There's this option to put a small fee on transactions to give them network priority. Those tiny fees get paid out to those peers running the network, a.k.a. the miners. As the popularity rises and the network gets busier so does the use and amount of those fees which offset the reduced size of mined blocks. In theory, anyway.GORDON wrote:I was mostly interested in the artificial cap on production, and how it costs more to mine them over time because of it.
As to the bitcoin crash, it's headed back up again already.
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
The past 5 days have been strangely productive. Either just luck, or lots of people out of the pool for holidays?TheCatt wrote:At current prices ($25/LTC), I've mined $100 worth (4 LTC) since I started on 12/4. Most of that has come since I started the nice card on the 15th. My guesstimae is that I've mined 3 LTC in past 12 days, or about $6.25/day.
Up to 5.4 LTC now. $127.82 worth. (0.28/day past 5 days).
It's not me, it's someone else.
I spent nearly my entire winter breakflinging kermen into space and still haven't gotten my plug computer rigged for mining bitcoins. I will do that in the next week or so.
"ATTENTION: Customers browsing porn must hold magazines with both hands at all times!"
Mining has been sucking. So the week of Christmas I was just shy of 0.3LTC/day each day. Since the 1st, I've only hit 0.2/day 4 times, averaging about 0.19 LTC/day. At $24/LTC, that's $4.56/day. Probably not worth it.
If it stays like that, I'll probably sell my video card when I hit the next cashout threshold in 11 days.
If it stays like that, I'll probably sell my video card when I hit the next cashout threshold in 11 days.
It's not me, it's someone else.
So for the first 15 days or so, I used multiple machines. Electricity bill was $60 for those days (in excess of normal bill).
I turned off all but the most efficient video card, and, despite production only falling about 30%, my electricity bill fell to only a $50 incremenet for the entire month.
Electricty: $50
LTC (@22/LTC): $132
So a net of $80/month at current mining/prices.
I turned off all but the most efficient video card, and, despite production only falling about 30%, my electricity bill fell to only a $50 incremenet for the entire month.
Electricty: $50
LTC (@22/LTC): $132
So a net of $80/month at current mining/prices.
It's not me, it's someone else.
I meant to quit, but forgot. You can only cash out in multiples of 5 LTC, so don't want to lose the 1 I have 
That being said, the past 6 days have been amazingly good:
.256
.257
.215
.216
.297
.271
I guess it's just random, and some days are better than others, but that <0.20 streak is broken
That being said, the past 6 days have been amazingly good:
.256
.257
.215
.216
.297
.271
I guess it's just random, and some days are better than others, but that <0.20 streak is broken
It's not me, it's someone else.
The LTC mining is worth it at 0.20LTC/day down to $8/LTC. LTC is now down to $14.15.
BTC are down to $550 or so. MTGox fucked up a couple of weeks ago, and may have had a ton of BTC stolen. No one knows, and mtgox isn't saying anything. They've forbidden withdrawals while trying to sort it all out. The price of BTC on MTGox has gone as low as $91/BTC, and is currently around $107.
Destroying a lot of market confidence. I'd been selling my LTC off as things went down, 5 LTC just arrived in the account today, which are all I have left now. Trying to figure out if sell/hold.
BTC are down to $550 or so. MTGox fucked up a couple of weeks ago, and may have had a ton of BTC stolen. No one knows, and mtgox isn't saying anything. They've forbidden withdrawals while trying to sort it all out. The price of BTC on MTGox has gone as low as $91/BTC, and is currently around $107.
Destroying a lot of market confidence. I'd been selling my LTC off as things went down, 5 LTC just arrived in the account today, which are all I have left now. Trying to figure out if sell/hold.
It's not me, it's someone else.