BitCoins

[Naer]

The ASIC miners that are currently present will quickly go futile once they become used en masse. The difficulty will jump significantly.

How quickly? My idea was to start with a 270$ miner and after 1 month or 2 buy one again, and some months later guy the bigger one and so on.

If I don't need to pay for electricity, how big difference does it make in your opinion? Because I bet it makes a huge one.

[Mordred]

Given the current rate of ASICs coming up on the network, GPU mining of BitCoins has become retardedly hard. I barely get shit done with my 7970, and a friend of mine running CF'd 7970's is also saying it's starting to become too slow.

The solution is to mine LiteCoins. LTCs run on a different system which requires a complete redesign of the ASIC chip, which means current ASICs can't mine LTC. Also their implementation of a E-Coin system is newer, better and designed with an accent on fairness for the miners.

However LTC are still fairly cheap being new and all. Last I checked it was around 4-5-6 $ per LTC. However that's the same price BTCs had on the 1st of January 2013, so yes.

The LTC systems has also been designed with ASICs in mind. As in, to not have ASICs profit so much. I'm not exactly sure on the technical details of this, but I imagine it has something to do with the inherent nature of the chip of ASICs being specially designed and all.

As a final point, I wanted to say that whilst currently mining LTC is not very profitable, I'm personally betting that it will eventually override BTC as the main E-Coin currency system. Also, LTC mining is still done in pools, since that is the most profitable and fair way.

Extra details:
Litecoin website (contains download for the wallet software): http://litecoin.org/
The pool that I'm currently using, which seems to also be one of the biggest, fairest, lowest fee and nice to manage: https://www.wemineltc.com/

[vezzy]

The reason why ASICs for LTC are infeasible is because of LTC's usage of scrypt as a proof-of-work scheme. On the negative side, scrypt is quite new and further cryptanalysis might reveal some vulnerabilities.

Not to mention migrating to an altcoin is often just a desparation move. Some notorious altcoin failures have occured before, and their main flaw is that they're all codependent with each other and especially the node from which they all originate: Bitcoin. If Bitcoin falls, altcoins will suffer along the way.

[Mordred]

That's why I went for LTC. Most of the others will crash and burn, but these guys claim they are independent from the operations of BTC and the BTC peer network.

Actually out of the mass of altcoins that have cropped up, by process of elimination, me and my friends ended up only with LTC as the most viable replacement for the shitty system that BTC turned out to be.

Also this: http://www.reddit.com/r/litecoin/comments/1cssqr/the_math_why_litecoin_is_more_secure_than_bitcoin/

[namespace7]

That's why I went for LTC. Most of the others will crash and burn, but these guys claim they are independent from the operations of BTC and the BTC peer network.

Actually out of the mass of altcoins that have cropped up, by process of elimination, me and my friends ended up only with LTC as the most viable replacement for the shitty system that BTC turned out to be.

Also this: http://www.reddit.com/r/litecoin/comments/1cssqr/the_math_why_litecoin_is_more_secure_than_bitcoin/

Just look at the exchange charts of LTC and BTC over the last 3 months and you will see that at the moment, LTC is very related and tied to Bitcoin.

[Naer]

So the current situation is that mining only worth the time/money with hardware.

Choosing between LTC/BTC is still a question for me, but seeing that the BTC ATM are coming also, I think LTC will grow with BTC since it's a similar system.

[Mordred]

Just look at the exchange charts of LTC and BTC over the last 3 months and you will see that at the moment, LTC is very related and tied to Bitcoin.

It's related and tied to BitCoin within the market because it didn't manage to gain momentum yet. I see where you're going with this, but I was referring to them being separated more from a technical stand-point. They are still currencies, and all currencies of the world are somehow linked together. 

[Chef]

Haha I was just trying to figure that question out last week. And in all fairness, it is an abstract concept that took me a solid day to figure out. So here goes with what I coukd figure out about them bubzuru

Bitcoins are a currency that is transferred virtually anonymously through complex mathematical algorithms called blocks. These blocks are super complex, and must be solved in order to allow future transactions. Bitcoin mining is the act of using your GPU to solve these equations, for which you are rewarded 50 bitcoins. This is also how bitcoins are added to make the available currency pool larger. These bitcoin.generations are severly reatricted however due to a number of factors.

First, they are capped at 21 million. After 21 million bitcoins are generated there will be no more
Second, every week an algorithm runs and adjusts the complexity of the blocks so that bitcoins are geberated at roughly the same rate that gold is mined. At this point it takes about 2 weeks to solve a block and only the person who solved it gets the coins. 

Also, I say virtually anonymous because anyone with no life can go back and look at blocks to trace transactions. However, it just aint worth their time cause of everything they would have to sort throufh. So it is possible, but 99% unlikely. Or thereabouts

So doing bitcoin mining on your own comp.just ain't worth the time tbh, however joining a bitcoin mining pool could be worth it. you'll have to check that out yourself. If I did a poor job explaining thia, ask for clarification and ill do what I can. Cahse I do think the hows and whys of bitcoins are quite confusing lol

Very nice response man. But, what is a bitcoin mining pool? And how do you join one? What sort of skills/specialties must you have?


Thanks

[vezzy]

Four letters: RTFM.

[lucid]

Very nice response man. But, what is a bitcoin mining pool? And how do you join one? What sort of skills/specialties must you have?


Thanks

Ok seriously. I just read all ten of your posts and most of them are a bunch of questions that you obviously didn't even bother to research for a second on your own, and the others are just unnecessary/silly statements. If you want to know about bitcoins, you will find more information than you can get from asking us by just googling bitcoins.

A question here and there is fine, but making a post every time a question comes to your head is not good. Clean your shit up and you'll do fine here.

[Chef]

Ok seriously. I just read all ten of your posts and most of them are a bunch of questions that you obviously didn't even bother to research for a second on your own, and the others are just unnecessary/silly statements. If you want to know about bitcoins, you will find more information than you can get from asking us by just googling bitcoins.

A question here and there is fine, but making a post every time a question comes to your head is not good. Clean your shit up and you'll do fine here.

I know I can easily Google most of my questions but I'm new to the community and want to be known for being willing to learn and help others.

Plus, I ask a lot of these questions to see how in depth this forum really goes, which honestly seems it goes pretty far. This is why I plan on sticking around.

Really you should work on your attitude.

[ande]

Four letters: RTFM.

Totally off-topic but: Oh man! Been a long time since I saw anyone say RTFM. Why dont we use that more often? Such a great thing to say.

I know I can easily Google most of my questions but I'm new to the community and want to be known for being willing to learn and help others.

Plus, I ask a lot of these questions to see how in depth this forum really goes, which honestly seems it goes pretty far. This is why I plan on sticking around.

Really you should work on your attitude.

I will speak a bit of pure truth here. I am not sure if I like you or dont like you. You seem like a decent guy but then I read one of your questions and I am not so sure anymore. But then I read another post of yours and like it. Maybe it is just because you are new and I don't know you very well yet, but you are confusing.

You look like an idiot with that avatar and the too-big quote in your profile field and some of your questions are way to short/simple/easy (do some research on your own as mentioned). However your writing is good and you seem to be of an mature mental age. So yeah. I am confused.

I would advice to just look around the boards to see how "deep" our forum really goes instead of trying to fish it out with questions. We are (most of us) more than willing to answer good questions. In fact, I love to answer complicated well-phrased questions that interests me.

[lucid]

Really you should work on your attitude.

ande pretty much said it but I will say this. First off, I'm not trying to fight with you it's rough for most new members starting out here so don't feel too bad I've definitely seen worse from others. On the other hand, it's the staff's job to 'moderate' what goes on in the forum, so if I feel someone needs a little guidance on how to behave in the forum then I have the right to do that. I don't need to work on my attitude. This is Evilzone. Not everyone is going to give you hugs and say nothing but nice things to you.

Totally off-topic but: Oh man! Been a long time since I saw anyone say RTFM. Why dont we use that more often? Such a great thing to say.

They still say it on Arch linux forums... alot.