Yeah, the reason is because now in order to mine bitcoin, the algorithms are so complex that normal server or desktop hardware aren't efficient enough to solve them. So by the time they do solve the algorithm, you've spent more on power running the machine than you have on the return you get back. They already have machines that are specifically designed to mine bitcoin, it's still getting to the point they aren't efficient enough though.
Bitcoin
- Thread starter Stephen
- Start date
I wonder if it's NSA proof, for now anyway. I'm sure it's all stored and sooner or later the private keys are going to be cracked, not that it really matters anyway...
I like the idea of it, the real insanity seems to be bitcoin mining. The blocks are taking longer and longer to process, $1000 in electricity to process a single block which grosses the miner only slightly more? CPUs and GPUs aren't even cutting it anymore, apparently you need to invest huge bucks in custom ASICs specifically designed to efficiently process enormous crypto calculations. How decentralized is it really when there's only a handful of supercomputers processing the entire currency? People don't own that kind of hardware, companies do.
I like the idea of it, the real insanity seems to be bitcoin mining. The blocks are taking longer and longer to process, $1000 in electricity to process a single block which grosses the miner only slightly more? CPUs and GPUs aren't even cutting it anymore, apparently you need to invest huge bucks in custom ASICs specifically designed to efficiently process enormous crypto calculations. How decentralized is it really when there's only a handful of supercomputers processing the entire currency? People don't own that kind of hardware, companies do.
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As many others, I am quite intrigued by bitcoin as well. While I have never been tempted to mine or buy coins I do enjoy reading about it. I understand the news agencies have agendas and what not but find it incredibly interesting the scams and shenanigans that is happening. Butterfly Labs, Mt. Gox, Silk Road, are just a few examples of the negative things that have hit the air in the last few months. There are obviously nefarious things that happen with paper money but I feel like there are still some things that need to be flushed out with bitcoin before I'm willing to invest in it. I'll continue to watch and read about it but I'll stay on the sidelines for now.
Skylinerider
Wandering the desert
- Location
- Ephraim
I bought a small amount earlier this year. It's quintupled since then. I also bought litecoin and etherium. All three have done very well so far.
I have a friend mining ethereum and he is doing well.
Does this mean you're retiring from RME-computer-guy duties and buying an island? We must know!
Tonkaman
Well-Known Member
- Location
- West Jordan
Any day now that Dinar with cone through...
Skylinerider
Wandering the desert
- Location
- Ephraim
This. Checked my litecoin balance this morning, and wow.
- Location
- Grand Junction, CO
That good, eh? I understand Bitcoin is pretty far ahead for someone that wants to get in, sounds like Litecoin is still worth jumping in... eh?
I just did a bunch of reading on Cryptocurrency, blockchain, mining, etc, etc...
Kinda want to start mining Litecoin. Or at least buy in.
- Location
- Grand Junction, CO
OK, did a lot more research.... have Litecoin wallet installing, joined Coinbase... and bought a my first Litecoin! :greg:
That good, eh? I understand Bitcoin is pretty far ahead for someone that wants to get in, sounds like Litecoin is still worth jumping in... eh?
I just did a bunch of reading on Cryptocurrency, blockchain, mining, etc, etc...
Well, it's not too late. It's psychological. You don't need to buy a whole "coin". You can buy as much as you want, like say 0.05 BTC. What you want to be concerned about is the percentage it rises and falls. LTC jumped over 50% a few days ago to $160. If BTC jumped 50% it would be at $22.5k, which really isn't non-realistic but you get the idea.
LTC was created to be the Silver to the BTC Gold. So one could speculate that it's value should be up to 1/4 of BTC. Right now, LTC has segwit2x and is faster for transaction confirmations (~<2min vs 10min)
Anyways... invest wisely. Buy and 'HODL'. Don't day trade, you'll lose your mind.
- Location
- Grand Junction, CO
Yep.... I'm watching it, trying it out with the one Litecoin. I've been watching what values have been doing on Coinbase, pretty interesting how Bitcoin, Ethereum and LiteCoin have absolute taken off this year.... all about the same time! I'll watch it for awhile, may end up putting a little more in in the future.
cjncustoms
Well-Known Member
- Location
- West jordan
What litecoin wallet are you using Greg? I just purchased some litecoin as well, but I only have coinbase at the moment... I'm a total newb!