Following Cryptocurrency (Bitcoin, Ethereum etc) Page 2

  • Dirtbox 27 Nov 2017 22:27:34 91,187 posts
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  • Fake_Blood 27 Nov 2017 22:37:03 9,684 posts
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    omg so many questions
    Things I would like to see itt:

    1) What is it actually doing?

    -I don't get it at all. I know it's doing hashing of something, and they are trying to get hashes that start with zeroes?

    -If it's crypto, can the result of all these calculations be used for something? Is it cracking codes?

    -Lots of crypto is based on very large prime numbers, is it looking for those?

    -If no for all above, wouldn't it be better if it did something useful with all this processing power and energy?

    2) Any people in here actually mining?

    I've had my I5/1080ti running nicehash for 5 days, got $20 out of it, I think the pc pulls about 400 watts.
    I'm thinking the way forward is using something else instead of nicehash?
    What is the most efficient system right now, specs wise? I3/1070/rx580? Does the motherboard need to have SLI?
  • Ginger 27 Nov 2017 23:00:21 7,252 posts
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    Dirtbox wrote:
    What happened to that swindle where someone managed to steal millions of BC from a load of people? People were following them around somehow to try and track the enduser, but I never heard about it again.
    The DAO? £250M worth of ether stolen at the time. Caused a hard fork in ethereum, the creation of ethereum classic (ETC) and the world kept turning
  • mal 27 Nov 2017 23:18:59 29,326 posts
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    I don't really understand it either tbh. There's the blockchain, and then there's mining and I don't really understand the relationship between the two. But given you need a computer to do massively parallel calculations, I assume it boils down to factoring multiplications of two massive prime numbers.

    So yes, you do need SLI. You'll need as many powerful graphics cards as you can run stably, and that seems to involve extending your PCI bus and running cards in free air outside of the case these days.

    I don't think your PC actually used 400W all that time, even if it's got a 400W PSU that's the maximum rating, and if it was actually using that the fans would be going like billy-oh the whole time. But just assuming it did that, on my current electricity rate, it would have cost you about 7.50GBP, which isn't bad if you made 20GBP from the venture.

    But that's one of the reasons I'm not a fan of bitcoin - its value primarily comes from the electricity used and the equivalent gallons of CO^2 emitted. There are newer cryptocurrencies that don't do that though, and somehow are attempting to maintain the scarcity that any currency relies on, but I've not really read up on how that's meant to work. Possibly it's all a bit ponzi scheme, because apparently you need to know someone who's already part of that system to join. So unless they can explain it in words I can follow without falling asleep, I'm not joining that either.
  • neilka 27 Nov 2017 23:35:36 22,660 posts
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    Mining isn't prime factorisation, if you could do that then you could just steal everybody else's money instead. It's about finding nonces, yes nonces, arbitrary numbers which when put into a block of transactions make the hash of that block lower than a given target number (the current network difficulty). It's work that's completely pointless except for proving that some kind of work has been done.

    Mastering Bitcoin is the best book about the whole thing, and it's free on Github (it's properly formatted beyond the index page):

    Edited by neilka at 23:35:54 27-11-2017
  • mal 27 Nov 2017 23:37:14 29,326 posts
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    The first distributed blockchain, by Satoshi Nakamoto was published as open source code to sourceforce in 2009 when he published the first bitcoin client, and thus far most other currencies launches have followed similar paths - using a pseudonum, and releasing builds or source for free.

    What are these tech companies doing, and how do we know if any of them are worth investing in? So far, I've not come across any of them doing anything useful to the aim of developing cryptocurrencies. Now, distributed blockchains are not only useful in cryptocurrencies, there are people coming up with other uses for them, but thus far I've only come across people in academia doing that.

    Edit: @mowgli

    Edited by mal at 23:39:26 27-11-2017
  • kingnothing12 28 Nov 2017 00:00:19 786 posts
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    Is it still worth investing in Bitcoin? Or go for the long haul and start smaller with Etherum and Litecoin? At this moment I can easily get around 1 Litecoin a month and put a small amount into either Etherum or BTC or both without feeling strapped for cash.
  • Zeffi 28 Nov 2017 00:15:05 1,015 posts
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    If you're only putting in what you can afford to lose...

    Bitcoin value has increased much faster than the other coins, but it's now at almost $10,000 USD. I think it's going to drop pretty soon, so you'd be better off waiting to buy during a dip - of course, this is just my opinion and it could be $15,000 in a month.


    Edited by Zeffi at 00:20:00 28-11-2017
  • Fake_Blood 28 Nov 2017 00:22:19 9,684 posts
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    Won't this ultimately be good for gamers? It might be hard to get some gpus right now but wont nvidia and amd start building more plants and such?
  • Skirlasvoud 28 Nov 2017 00:57:36 4,039 posts
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    If everyone has the GPU to mine bitcoin, deflation will start to happen. Without a central agency to then properly value the currency, it will derail.

    An important part of currencies is that the stuff you're trading, has to be relatively hard to get so that it can be regulated and reliably valued.

    There's a reason why we used noble metals and south sea islanders used rare shells as their currency.
  • mal 28 Nov 2017 00:59:22 29,326 posts
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    Only if the cards remain good for gaming on. If they start to build cards especially to look for nonces to give you a sufficiently low hash, that don't actually have the gubbins in them to render to a framebuffer then they fork the market. While miners are a bigger/richer market than gamers they might not end up with the factories dedicated to their kind of cards that they currently have.

    That is a good book, neilka. Thanks for the link.

    I guess from reading it, that you, Fake_Blood, weren't mining bitcoins, as they only seem to pay out in 12.5 coin values exceedingly rarely for the next few years at least.
  • Fake_Blood 28 Nov 2017 02:10:54 9,684 posts
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    I have no idea what Iím doing tbh, I just saw a linus tech tips video about it and tried it for 5 days.
  • Deleted user 28 November 2017 07:26:00
    Yes, can I have free financial advice and money?
  • Deleted user 28 November 2017 07:39:29
    Can I haz free cheeseburger?
  • CosmicFuzz 28 Nov 2017 07:40:30 32,585 posts
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    IOTA jumping up today. Something about being listed on Korean exchange.
  • smoothpete 28 Nov 2017 07:48:43 35,971 posts
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    There's an article about it in The Sun today, which to me indicates jumpage of shark
  • Zeffi 28 Nov 2017 07:57:49 1,015 posts
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    Another couple of forks planned for Bitcoin? I'm not sure if this will weaken the value or make it more valuable.
  • Zeffi 28 Nov 2017 07:59:30 1,015 posts
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    Currently sat at $9970.31, looks like $10k very soon, which is... crazy.
  • LittleSparra 28 Nov 2017 08:09:38 7,926 posts
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    I have absolutely no fucking idea what any of you are talking about.

    I shalk forever be missing opportunities.
  • spindizzy 28 Nov 2017 08:25:01 7,755 posts
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    @Zeffi a bunch of stuff, but mostly Ethereum.
  • Zeffi 28 Nov 2017 09:06:38 1,015 posts
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    @spindizzy Ouch, that's gotta hurt.
  • spindizzy 28 Nov 2017 09:30:04 7,755 posts
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    Zeffi wrote:
    @spindizzy Ouch, that's gotta hurt.
    Oh sorry ... I misunderstood who I was replying to. Yes it was 10 bitcoins he lost. So yes, very painful (and getting more and more so with each day that passes).

    I just worked out I tripled my initial investment! \o/
  • neilka 28 Nov 2017 11:34:14 22,660 posts
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    Korea seems to have decided to skip 10k BTC and go straight to 11k.
  • senso-ji 28 Nov 2017 11:36:49 9,801 posts
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    Bitcoin gain vs Dot-Com bubble
  • smoothpete 28 Nov 2017 11:49:33 35,971 posts
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    It's probably fine though right? :D
  • sport 28 Nov 2017 11:55:45 15,193 posts
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    I think a MAJOR correction is on the way which is no bad thing for those of us possibly looking to get in at a "sensible price". I don't have anything invested in Bitcoin, just Eth which at the moment also looks overbought - checking out the Relative Strength Index on the daily chart suggests it may move down. The last 2 times it was that high, it went down quite a bit over the course of a few days before recovering.
  • Zeffi 28 Nov 2017 12:02:58 1,015 posts
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    While I'm not saying you're wrong, there have been a few times now that everyone predicted a dip (including me) and it rocketed.
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