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Thread: Buying Altcoins/Bitcoins and investing in the stock market

  1. #46
    Waitin til next year bucksfan2's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Can someone explain the whole "mining" of Bitcoin?

    Are there actual physical "Bitcoin" or is everything digital?

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  3. #47
    Sprinkles are for winners dougdirt's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by bucksfan2 View Post
    Can someone explain the whole "mining" of Bitcoin?

    Are there actual physical "Bitcoin" or is everything digital?
    It's digital.

    Mining of bitcoin is basically using your computer power to decode the key for a bitcoin transaction. The more bitcoin that comes out, the more difficult each computation is to decipher to make the transaction go through. At this point, you basically need a $400+ video card to have a powerful enough computer to actually do it. Rather than build the infrastructure to do the computations themselves, they pay end users to do it for them.

    With where bitcoin prices are at right now, there's not much money to be made doing it. Less than a year ago some people could make $750 a month with one machine and one video card. That same machine today can make you about $30 a month. Alt-coin mining still has some better options to make some money, but it seems that at least for now, you are at a point in mining where it's going to take you at least 4 months to recoup your money on the system you built to "mine" and that's only if the prices don't crap the bed in the crypto markets.

  4. #48
    Member Redsfaithful's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by dougdirt View Post
    It's digital.

    Mining of bitcoin is basically using your computer power to decode the key for a bitcoin transaction. The more bitcoin that comes out, the more difficult each computation is to decipher to make the transaction go through. At this point, you basically need a $400+ video card to have a powerful enough computer to actually do it. Rather than build the infrastructure to do the computations themselves, they pay end users to do it for them.

    With where bitcoin prices are at right now, there's not much money to be made doing it. Less than a year ago some people could make $750 a month with one machine and one video card. That same machine today can make you about $30 a month. Alt-coin mining still has some better options to make some money, but it seems that at least for now, you are at a point in mining where it's going to take you at least 4 months to recoup your money on the system you built to "mine" and that's only if the prices don't crap the bed in the crypto markets.
    Solo mining has always been a dodgy proposition (at least since the beginning when it was easier to unlock coins) unless you had access to cheap or free electricity. People have been doing it at scale for years now - I'm surprised to hear you can make anything at all with one computer now.
    “When I use a word,” Trumpty Dumpty said, in rather a scornful tone, “it means just what I choose it to mean—neither more nor less.” “The question is,” said Alice, “whether you can make words mean so many different things.” “The question is,” said Trumpty Dumpty, “which is to be master—that’s all.”

  5. #49
    Sprinkles are for winners dougdirt's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by Redsfaithful View Post
    Solo mining has always been a dodgy proposition (at least since the beginning when it was easier to unlock coins) unless you had access to cheap or free electricity. People have been doing it at scale for years now - I'm surprised to hear you can make anything at all with one computer now.
    It really helps with low power draw, but highly powerful GPU's these days. Of course, as I said, you need to spend real money to get in the game, too. And the return is small.

  6. #50
    Member BernieCarbo's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    I talked to my son at length about this last night. Basically, the ship has sailed on using a home computer and/or a video card for a bitcoin mining. You need dedicated hardware now to keep up. And, since each PC uses about as much power as a toaster, a true data center would be required for anybody who is making a serious attempt at making money. As it stands now, China is getting into this in a big way, and that's where most of the mining will be taking place.

    That said, there's nothing wrong with just buying the bitcoins. I wouldn't buy them now, but I wouldn't be afraid to after the next correction. I bought 30 of them previously, and now that so many retailers are taking them, I'll just spend them. Note though that even if you are just spending them, you are still on the hook for capital gains just as though you were doing currency trading.

    I love the concept of digital currency, and it's here to stay.
    Last edited by BernieCarbo; 12-01-2017 at 02:21 AM.

  7. #51
    Sprinkles are for winners dougdirt's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Early November: "Bitcoin may reach $10,000 by the end of the year."

    December 7th: Bitcoin hits $17,000.

    I should have bought more bitcoin.

    *edit*

    Sorry, in the 15 minutes since I woke up, bitcoin has jumped to $18,918

  8. #52
    Overton Window Breaker WrongVerb's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Sure wish I'd invested in tulip bulbs!
    The world is a messy place. People are inconsistent and complicated. Maybe we should see how different things could be if we gave grace and forgiveness to our fellow human beings when they fail to be perfect in our eyes. -- me

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  10. #53
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by WrongVerb View Post
    Sure wish I'd invested in tulip bulbs!
    And then sold, sold, sold like I was a Kennedy right before the crash!

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  12. #54
    RaisorZone Raisor's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    I just bought a $100.00 worth of bitcoin. Going to retire in a week.

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    Re: Buying Altcoins/Bitcoins and investing in the stock market


  14. #56
    Member Redsfaithful's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    This price is being heavily manipulated.

    Would love to know how much activity is happening in real trades, buying and selling, and not wash trades.
    “When I use a word,” Trumpty Dumpty said, in rather a scornful tone, “it means just what I choose it to mean—neither more nor less.” “The question is,” said Alice, “whether you can make words mean so many different things.” “The question is,” said Trumpty Dumpty, “which is to be master—that’s all.”

  15. #57
    RaisorZone Raisor's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by Raisor View Post
    I just bought a $100.00 worth of bitcoin. Going to retire in a week.
    I'm up $0.32

  16. #58
    Member CTA513's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Quote Originally Posted by Raisor View Post
    I'm up $0.32
    I bought $508 ($8 fee) more in September and its worth about $2400 right now.
    I should probably sell $500 and let the rest ride.

  17. #59
    Overton Window Breaker WrongVerb's Avatar
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Bitcoin’s insane energy consumption, explained:

    The skyrocketing value of Bitcoin is leading to soaring energy consumption. According to one widely cited website that tracks the subject, the Bitcoin network is consuming power at an annual rate of 32TWh—about as much as Denmark. By the site's calculations, each Bitcoin transaction consumes 250kWh, enough to power homes for nine days.

    Naturally, this is leading to concerns about sustainability. Eric Holthaus, a writer for Grist, projects that, at current growth rates, the Bitcoin network will "use as much electricity as the entire world does today" by early 2020. "This is an unsustainable trajectory," he writes.
    Bitcoin mining—the process that generates new bitcoins while maintaining the network's shared transaction ledger—is a secretive global industry. No one knows exactly how much energy it consumes.

    However, we can make some educated guesses. For starters, we know the industry's revenue: Bitcoin miners currently generate 75 bitcoins per hour, which, at the current price of around $12,500 per bitcoin, translates to $937,500 per hour, or more than $8 billion per year.
    The world is a messy place. People are inconsistent and complicated. Maybe we should see how different things could be if we gave grace and forgiveness to our fellow human beings when they fail to be perfect in our eyes. -- me

  18. #60
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    Re: Buying Altcoins/Bitcoins and investing in the stock market

    Thank you bitcoin for supporting my family with all of that energy consumption.


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