Cryptocurrencies(Bitcoin, Litecoin, etc)
 

What does everyone think about the new phenomenon that is cryptocurrencies? I think it is amazing, and potentially the future of currency, and and at the very least an extremely convenient method of purchasing and selling goods online.

Bitcoin, for example, is decentralized, has extremely low transaction fees(flat fee), highly secure, and anonymous. Paying with a credit card exposes you to risk of credit card fraud as anyone with your credit card number needed for payment can steal it, however with bitcoin you have a private key that is next to impossible to reverse engineer, so you're practically safe. Credit cards also have large transaction fees, which means by purchasing goods with bitcoin you can save. The fact that it is decentralized, meaning no one controls it, helps prevent it from being abused by governments, and it's also impossible to counterfeit.

Many places have begun to accept bitcoin. There are a lot of small businesses that accept it, and many major corporations are considering it. For Gyft allows you to purchase gift cards for many major stores like target and a lot of restaurants at a 3% discount when you pay with bitcoin. I haven't used it, but I hear it works great.

I've been mining litecoin and making ~$5 a day worth of it, and trading it for bitcoin. Just leaving my computer on I'm earning a large amount of currency since I have a nice Radeon 7870 GPU. Saved up like $60 worth so far in the past week, it's awesome. Hoping the value continues to rise like it has been, hoping to get rich off of it xD

The only reason I'd use bitcoin is to buy **** on SR. The hassle to get everything set up with bitcoin and the fact that I'd only use it for illegal items has led me to not even bother with it.

SR got shut down by the fbi, lol.

It's really not that hard to use either.

2.0 is up...not that I'd use it...plus there's other ones.
Meh, I don't really have much use for bitcoins outside of that, and I'm too chicken to do it anyway.

Bitcoin's not that new. I was hovering around the HackForums Bitcoin industry for a bit (ha), but I haven't made much out of it.

I remember I heard about it originally like a year ago because Anonymous accepts it for donations.

What's the best way to mine litecoins and could it damage your computer? I'm thinking about trying litecoin mining on my laptop.

Mining on a laptop isn't a very good idea. Laptops aren't designed to handle intensive computing, and they won't make much. Mining litecoin on your laptop will likely produce a ton of heat, and could shorten the lifespan of it. It also won't be very fast since laptops don't have powerful video cards, so you will likely end up spending more money on electricity than you earn in litecoin. You might be able to mine on low intensity for fun and make a little litecoin without damaging it, but you won't profit.

Mining coins with a good amd video card is highly profitable at the time. You need to keep a close eye on the temperature, to ensure the card does not get too hot. It may shorten the lifespan of the card if it gets too hot. If is reaching too high of a temperature, try making sure your computer has good airflow. If it does and you're still getting too hot,(anything above 90 degrees celcius is bad for the card long term, try to stay below 85 if you can, below 80 is best, the lower the better) then try downloading a program to make your gpu fan run faster.

What do you mean by 'mining'?

So fundamentally, bitcoin mining is similar to gralats. You have to purchase software and hardware to earn a virtual currency.

I believe that bitcoins are a good idea. It has a strange way of being earned, but it is neutral, to countries and individuals, but is a safe, secure, easy way to buy things online.

The reason you mine is because you help process transactions and make the network more secure. As a result you are rewarded with the currency if you or your pool find a block. That's how the initial bitcoins are created-the money has to start somewhere.

Just get some ASIC miners, plug them in, then forget about them. In a year you might have a bitcoin.

Isn't 1 bit coin worth like $1000

Was more than that a few days ago

If I had a time machine I'd go back and mine as many as possible

I'm sure everyone would...

yes but you can own a fraction of a bitcoin. 1 Millibitcoin is worth about $1.

litecoin is still gpu intense so crossfire those 7950's and get an 80plus gold PSU

you might make like 600 bux a month

Don't bother, the difficulty is rising so fast that you barely make any litecoin. Only mine if you already have a good gpu, don't go and buy a new one.

Altcoin mining on the other hand may still be profitable if you use a profit switching pool.

I meant for those who already have good PSU's and are already crossfiring their gamer gfx cards. I only have a 80plus bronze 750W PSU + 6870 so the output will be kind of low and I'll be trollin my power bill.

The 280x is pretty cheap atm though...:[[

Reinventing the wheel.

I use a profit switching pool called middlecoin.com, it mines the most profitable coin with your gpu and pays you in bitcoin. It works great, I'm making over $10 a day with a radeon 7870 giving me ~320 kh/s

Our 20x R9 270X came in today -- going to be mining LTC.

This new online currency is sure to surpass Bitcoin in the coming months:

http://i.imgur.com/wSDskVS.png

Whoa, that's quite the investment.

If your goal is to profit, there are other scrypt coins that are more profitable to mine than LTC. I'm using a profit switching pool at middlecoin.com and I'm making 3-5x as much as I did mining litecoin. It pays me out in BTC so I don't need to worry about a pointless and unstable currency crashing.

If you want to support litecoin though, I suppose that's more ethical than messing up the difficulty of many new altcoins that are temporary profitable then ditching them for the next most profitable coin.

The funny thing is dogecoin is actually incredibly profitable to mine atm thanks to the price being pumped up so much for no reason, my profit switching pool has been mining it all day and I'm looking at about $10-20 a day with only 300 kh/s.

Looks like Scrypt ASICs are coming april/may 2014, bit sad that in 6 months or so it'll likely be unprofitable to mine.

Uhh.. let me spend a few mins reading the homepage because I'm confused as hell.

Where have I been all these years on the Internet..

Wtf are you telling me this story is actually true? I thought Motgox was an exchange based in Japan, and Cyberjourers/Eurocenter only hired local employees in europe.

Dogecoin is legit lol

I didn't know Tux lived in Japan but I know "MagicalTux", so if the story is true good on him. CJ has paid people to work for them before, I'm not sure if Tux (can I keep calling him Tux even though it's prob not his nickname :D?) lived in France but I do know non-American 'admins' have been paid.

What a beautiful video.

Zynga is taking Bitcoin payments now. Too bad I don't like their games.

lmao zynga

So I'm thinking of daytrading starting with 0.1 BTC, but I'm not sure if I would be good enough at it. It would be primarily between LTC and BTC, but maybe I'll throw PPC and NMC in there to

just buy low, sell high, right? Should I take the risk?

Do it

He worked with Stefan at the same office so he did live there, ya.

****, the litecoin difficulty is about to go through the roof... I"ll probably switch to the profit switching pool I used to use if the difficulty rises above 5,000 without the price going up dramatically.

Overstock.com is taking bitcoin now(currently NA only)

what if I told you bitcoin=nsa

what if i told you it doesn't practically mean anything to 99.9% of the us population?

Why would the NSA develop a currency that ruins their ability to spy on people, and why would they make it open source?

Pretty stupid thought IMO.

The Sacramento Kings, a professional NBA basketball team, is going to be accepting Bitcoin. tickets, jerseys, hot dogs, beer-pretty much anything you can buy at their stadium or online.

Tigerdirect is taking Bitcoin now.

I'm thinking of getting myself a new CPU so I can run games more efficiently, or maybe building myself a 2nd scrypt coin miner.

Local casino is acception bc now :p
Said its probably going to spread to all other casinos too.

Put in a buy order for 22,000 Doge@ 136 satoshi. Waiting for Middlecoin to dump it's 200 BTC worth of doge in about 2 hours, that should bring down the price long enough for my order to get filled. I plan to sell this Doge in 2 weeks after the difficulty halvening. I expect to make a 50-100% profit.

http://i.imgur.com/hI5Z3vQ.jpg

Bought a new processor with Bitcoins :)

I expect to be able to run GW2 and Tera maxed out much more smoothly now, and it should keep me prepared for ESO, Everquest next, and Archeage :D

So how about that huge bitcoin crash today?

It already recovered lol. My Bitcoins were valued at over $710/BTC when I bought the processor. The price only fell for about 12 hours because mtgox spread FUD that Bitcoin was flawed, when really it was their own incompetence that caused them to be taken advantage of. Developers made clear that it was a result of Mtgox's broken software, so the price shot back up.

I have no regrets for buying that processor.