Crypto-Currencies and Bitcoin

[Kouki]

So my boss is out so my group spent the hour before lunch talking about bitcoin

Eventually we all downloaded Coincase and bought in, just for fun ($50). Mine was giving me problems. Eventually I got the order through but since I linked it to my bank account, it's going to take 8 days to process. My purchase price was $19,500.

 

[Sebastian]

A knife's edge. Like playing chicken.

Knowing when to sell before the inevitable correction.

 

[Cavatt]

A knife's edge. Like playing chicken.

Knowing when to sell before the inevitable correction.

I am really curious if the Stoclk market and bitcoin are going to follow in lockstep in terms of correction or if Bitcoin may benefit from the stock market correction the way gold might.

 

[Triplethreat]

Should have bought in at 11k I mean shit.

I would surely be dipping on it now though.

I'm pretty confident it will drop like a rock later in the month when the futures are available because people will be shorting like crazy.

The only thing that's holding it up and pushing it higher is volume.

 

[Nphan]

BTC expected to reach 20K by the end of the year. I think it might pass that at this rate. My alt coins are getting dumped on.

 

[Kouki]

Kicking myself because I should have gone with LiteCoin or Ethereum instead of BitCoin on Thursday. They are getting a little trickle down effect.

 

[KI4MVP]

Last night my 16 year old daughter asked me what a bitcoin is, I said "fake money that people buy with real money". First she wanted to start mining them with her laptop to get some free money. Before I could better explain issues like the speed required to mine and factoring in the cost of the electricity used, she got bored.

 

[Kouki]

idk anything about mining other than it used to be counterproductive due to electricity costs. is that still the case? my coworker said that even after factoring in electricity you could still make 20 bucks a month.

my wife pays the electric bill

 

[KI4MVP]

From CNN:

Bitcoin uses about 32 terawatts of energy every year, enough to power about three million U.S. households
​

http://money.cnn.com/2017/12/07/technology/bitcoin-energy-environment/index.html

 

[TopGun]

Mining with your computer hasn't been cost effective since like 2011. Since then you would would be better off spending money buying bitcoin rather than spending money on electricity to mine bitcoin.

There are warehouses in Asia filled with machines specifically created to mine bitcoin. Each of those machines is significantly faster and more efficient at mining bitcoin than the best PC money can buy. Your computer would be a drop in the ocean of computing power.

 

[Kouki]

Mining with your computer hasn't been cost effective since like 2011. Since then you would would be better off spending money buying bitcoin rather than spending money on electricity to mine bitcoin.

There are warehouses in Asia filled with machines specifically created to mine bitcoin. Each of those machines is significantly faster and more efficient at mining bitcoin than the best PC money can buy. Your computer would be a drop in the ocean of computing power.

Oh I know all about the mining warehouses and that I would be a drop in the ocean. Just didn't know if it was cost-effective or not. Though anything would be cost effective for me. I need to get back at my wife for all those times she's said "But your money is my money!". Definitely not a two-way street.

Thanks for the info!

 

[gourimoko]

Mining with your computer hasn't been cost effective since like 2011. Since then you would would be better off spending money buying bitcoin rather than spending money on electricity to mine bitcoin.

There are warehouses in Asia filled with machines specifically created to mine bitcoin. Each of those machines is significantly faster and more efficient at mining bitcoin than the best PC money can buy. Your computer would be a drop in the ocean of computing power.

Oh I know all about the mining warehouses and that I would be a drop in the ocean. Just didn't know if it was cost-effective or not. Though anything would be cost effective for me. I need to get back at my wife for all those times she's said "But your money is my money!". Definitely not a two-way street.

Thanks for the info!

Definitely better off with an ASIC based miner than a gpu rig, and even then it really depends on your electricity costs... A lot of people have "free" electricity, I was one of them in Hawaii. If you had an a few X11s or S9s (ASICs) mining last year, you'd have made a grip...

 

[Triplethreat]

Anyone planning on shorting now that the futures have dropped?

Feels like gambling either way you go. Pure speculation.

 

[KCOTT]

anyone have thoughts on some of the other coins? like ripple, dash, waves, etc.

 

[SanduskyCav]

Litecoin seems to be leveling off....going to fall?