BitCoin / LiteCoin
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A couple of mates bought a few big butterfly labs rigs I guess about a year ago. Two of them sit in my man-cave, they pay the electric, I get 'free' heating. Pretty sure the rigs cost around $12,000 each. Today they were switched off - no longer economic to run! The power supply (I think he said) the only bit of value left in the machine.
TRB said:
A couple of mates bought a few big butterfly labs rigs I guess about a year ago. Two of them sit in my man-cave, they pay the electric, I get 'free' heating. Pretty sure the rigs cost around $12,000 each. Today they were switched off - no longer economic to run! The power supply (I think he said) the only bit of value left in the machine.
And the days of GPU mining scrypt coins are numbered, as the Gridseed miners are now a similar price £/kh with far lower power consumption - but least you can reuse the GPUs for another purpose !n-scrypt mining I believe is GPU only, so maybe that's the saviour of the GPU rigs??
TRB said:
A couple of mates bought a few big butterfly labs rigs I guess about a year ago. Two of them sit in my man-cave, they pay the electric, I get 'free' heating. Pretty sure the rigs cost around $12,000 each. Today they were switched off - no longer economic to run! The power supply (I think he said) the only bit of value left in the machine.
Given the investment and running cost - did they break even ? Did they ever cash out the coins ?dtmpower said:
Given the investment and running cost - did they break even ? Did they ever cash out the coins ?
I don't really talk numbers, but understand they sold coins at a point where costs were repaid - and then bought a load back - largely out of curiosity. They're not short of a few quid anyway, but think it's been viewed as a successful period. TRB said:
A couple of mates bought a few big butterfly labs rigs I guess about a year ago. Two of them sit in my man-cave, they pay the electric, I get 'free' heating. Pretty sure the rigs cost around $12,000 each. Today they were switched off - no longer economic to run! The power supply (I think he said) the only bit of value left in the machine.
Crazy to think that mining kit can be rendered worthless so quickly. As much as bitcoin interests me (for philosophical as much as financial reasons), that level of arms race is the thing that risks killing it, not regulation. Is there that much difference between a central bank and increasingly centralised mining pools at the end of the day? Be interesting to see if any of the ASIC proof and low power consumption alts can gain traction. Things like NXT and Blackcoin look interesting, but then so did betamax. I suspect the future is going to see more or less limitless alts all doing their own niche thing and linked to bitcoin in ways I'm not technical enough to understand - sidechains and suchlike. I still can't get my head around what Mastercoin does!
Imo it was a get rich quick bubble that fizzled rather than popped.
The value generation is daft as it generates nothing but waste heat to create "value", there is no security (see mtgox etc), and you can't spend it other than on drugs or computer games.
ok, the tinfoil mob / people locked under communism like it, but the latter were using it as an exchange to buy USD, not as a savings currency.
The value generation is daft as it generates nothing but waste heat to create "value", there is no security (see mtgox etc), and you can't spend it other than on drugs or computer games.
ok, the tinfoil mob / people locked under communism like it, but the latter were using it as an exchange to buy USD, not as a savings currency.
Some Gump said:
Imo it was a get rich quick bubble that fizzled rather than popped.
The value generation is daft as it generates nothing but waste heat to create "value", there is no security (see mtgox etc), and you can't spend it other than on drugs or computer games.
ok, the tinfoil mob / people locked under communism like it, but the latter were using it as an exchange to buy USD, not as a savings currency.
Not sure that the Mt.Gox situation shows there is no security. It is as secure as you the end user choose to make it. Bit like saying having your bank robbed would mean that sterling has no security.The value generation is daft as it generates nothing but waste heat to create "value", there is no security (see mtgox etc), and you can't spend it other than on drugs or computer games.
ok, the tinfoil mob / people locked under communism like it, but the latter were using it as an exchange to buy USD, not as a savings currency.
There is certainly little or no regulation, but that is not the same thing.
Some Gump said:
Haven't 2 more dropped since?
It's not like barclays being robbed, it's like the london stock exchange being robbed.
Gox was one of the de facto exchanges, possibly the main one.
Well, yes and no, it was an exchange certainly, but people also used it like a bank and left their BTC deposited there for extended periods. However, it was clearly pretty FUBAR'd for a long time, I mean withdrawals stopped working months before, so people *couldn't* take their money out!It's not like barclays being robbed, it's like the london stock exchange being robbed.
Gox was one of the de facto exchanges, possibly the main one.
It was one of the first exchanges, but by no means the main one by the time it went.
TheExcession said:
simonrockman said:
Yes, my rig failed to sell on eBay over the weekend. £1300 new in November not a sniff at £250 today.
Simon
Ouch.Simon
Did it generate enough to cover costs and yield a profit?
Pure return aside, was it an interesting technical and intellectual experience? I love the possibilities of cryptocurrencies (and things like MaidSafe), but the rabid get rich quick mentality of so many is all rather depressing. Starting to look and sound a lot like the gold and silver sphere of a few years ago.
That said, I have just got me some Doge
Some Gump said:
Imo it was a get rich quick bubble that fizzled rather than popped.
The value generation is daft as it generates nothing but waste heat to create "value", there is no security (see mtgox etc), and you can't spend it other than on drugs or computer games.
ok, the tinfoil mob / people locked under communism like it, but the latter were using it as an exchange to buy USD, not as a savings currency.
As far as I am aware the actual fundamentals of the currency have not had security breaches. People have had thefts from wallets/computers, but in terms of the creation of the currency and the algorithms/block chain it has been secure to date. The fact that one unknown person holds a significant amount is a bit concerning though. The value generation is daft as it generates nothing but waste heat to create "value", there is no security (see mtgox etc), and you can't spend it other than on drugs or computer games.
ok, the tinfoil mob / people locked under communism like it, but the latter were using it as an exchange to buy USD, not as a savings currency.
You will find that actually people are using bitcoins more and more. It hasn't taken off here so much yet, but in america people have bought cars with it and lived off bitcoin for a week - it's at the infancy stage currently but there are places popping up to use it.
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