Cryptocurrencies

[SAFCasper]

one problem i am seeing with crypto currency is the fees are skyrocketing unless there is some way they can control them wide spread adoption for business transactions will start reversing and they will stop accepting it as a form of payment seeing this already with steam.

Your thinking thee fees can`t be that bad example have one customer that pays 280 cad a day for fees every time he buys bitcion that is one customer.

Steam announced yesterday they are no longer accepting Bitcoin due excessive fees.

It's definitely one of the biggest hurdles for mass adoption. From a purely tech outlook Bitcoin is lagging behind. Many others offer faster transactions, lower fees, more privacy etc. It's main feature now is as a store of value rather than an actual currency. People are treating it as the new Gold.

I believe if Bitcoin doesn't adapt over the next 1-2 years it will loose it's dominance on the market as other more advanced coins gain traction. Don't think for a second it will die off - but it won't stay #1

 

[Krynn72]

I believe if Bitcoin doesn't adapt over the next 1-2 years it will loose it's dominance on the market as other more advanced coins gain traction. Don't think for a second it will die off - but it won't stay #1

Which one do you think would take over?

 

[timeshifter]

I cashed out some BTC and want to build another rig. What's a good card right now? I currently have (4) GTX 1080 Ti from Corsair that are water cooled. Not real loud and seem to perform well. But I'm open to something else too.

 

[SAFCasper]

Which one do you think would take over?

If I could predict that I would buy a truckload and be set for early retirement

To be entirely honest I don't think any of the current coins are even close to being ready for mainstream adoption as a currency. We're still in the alpha/beta stage.

Some numbers to think about.

- In the past 24 hours there were 383,540 transactions processed on the BitCoin network.
- In 2016 a spokesperson for Visa claimed they process on average 150,000,000 transactions per day.

I cashed out some BTC and want to build another rig. What's a good card right now? I currently have (4) GTX 1080 Ti from Corsair that are water cooled. Not real loud and seem to perform well. But I'm open to something else too.

Nvidia just announced the new Titan V. Only sets you back $2999 !

 

[timeshifter]

- In the past 24 hours there were 383,540 transactions processed on the BitCoin network.

A friend of mine claims that 99% of transactions on the Bitcoin network are for buying and selling Bitcoin. Only a tiny percentage of transactions are where Bitcoin is actually being used for commerce.

Nvidia just announced the new Titan V. Only sets you back $2999 !

Haven't seen much on that lately, I'll have to check it out. But if it does the work of four cards that's actually a good price.

 

[timeshifter]

I've got 4 new cards on their way. Want to get more serious on a frame. I think I've about settled on a frame made out of tubing by a company called Esto. There's a Youtuber with the channel Vosk Coin who uses frames built by www.parallelminter.com and they look like they're made with Esto's parts. I wouldn't mind buying a frame like that but they're sold out.

I would also like to customize it a little bit, so I don't mind the build your own aspect too much.

What size tubing do you think that is? I'm thinking 1 inch. 3/4 would be too small, as I have a wooden frame made with 3/4 wood.

http://www.estoconnectors.com/catalog/tubing

 

[Galdorf]

Those fees wow https://arstechnica.com/tech-policy/2017/12/bitcoin-fees-are-skyrocketing/

 

[NYJimbo]

I

God, I wish I was still working on Wall Street. I could order gear like this at work and take it home and nobody would ask about it missing. My only concern would be Kilowatt hours. Hell, if I still worked at Bloomberg I could build this and run it in the datacenter and nobody would notice. Pure profit.

 

[Moltuae]

What size tubing do you think that is? I'm thinking 1 inch. 3/4 would be too small, as I have a wooden frame made with 3/4 wood.

It does look about 1 inch. The aluminium extrusion I've used for my rigs is 20mm (~3/4") and that has worked well. Why do you think 3/4" tubing would be too small?


NiceHash CEO speaks out after $60m cryptocurrency hack (interview)
Article Link: https://www.wikitribune.com/story/2...eaks-out-after-60m-cryptocurrency-hack/27212/

We fully intend to make this right. It’s a matter of deep concern to us and we’re working hard to rectify the matter in the coming days. We’re working on a solution to ensure that all users are reimbursed. These things are delicate matters, and take time, so we would ask our community to be patient while we get this fixed and fully investigated. As soon as we have a full plan in place we will communicate it to our users and all those affected.

I'd love to know what the "solution" they're working on is and where they plan to get the $60m from to reimburse everyone. Planning a bank heist maybe?

Still, I think I'd consider using NH again, despite what happened, assuming they can convince me that they've done everything possible to improve security and prevent this happening again.

 

[Krynn72]

I'd love to know what the "solution" they're working on is and where they plan to get the $60 from to reimburse everyone. Planning a bank heist maybe?

Probably trying to find a way to hit the hackers with ransomware and demand it all back in the form of a Western Union money order.

 

[fencepost]

As an outsider I think that NiceHash's saving grace is that (except for anyone who was storing BTC there) most people will have had relatively modest losses of no more than a few hundred $US. If you have enough mining capacity to be getting more than that every week, you're probably in a category where you're less likely to use NiceHash with its associated costs.

 

[timeshifter]

It does look about 1 inch. The aluminium extrusion I've used for my rigs is 20mm (~3/4") and that has worked well. Why do you think 3/4" tubing would be too small?

I’m trying to copy the design. When I said 3/4 looks too small that was me trying to guess the size. I made a wooden and aluminum card frame using 3/4 wood. The smaller size might be OK, but I’m guessing there’s a reason the Parallel Miner guys went with 1” instead of 3/4”.

 

[MudRock]

It does look about 1 inch. The aluminium extrusion I've used for my rigs is 20mm (~3/4") and that has worked well. Why do you think 3/4" tubing would be too small?


NiceHash CEO speaks out after $60m cryptocurrency hack (interview)
Article Link: https://www.wikitribune.com/story/2...eaks-out-after-60m-cryptocurrency-hack/27212/



I'd love to know what the "solution" they're working on is and where they plan to get the $60 from to reimburse everyone. Planning a bank heist maybe?

Still, I think I'd consider using NH again, despite what happened, assuming they can convince me that they've done everything possible to improve security and prevent this happening again.

The two theoretical for miners that I've seen, but he deleted the post, was:

1. Give people 0% fees until repaid. Lot of people had beefs with it; One, it requires continued service. Best case scenario would be 25 weeks to repay those with even 1 week worth in. Not bad, but people don't want to be forced to continue to use them.
2. Take in 4% from all miners that is their normal cut, and disperse it evenly until it is paid in full. It was suggested if it were to an address that it still was being mined to, that it would be included in daily/weekly/monthly payouts. If the address wasn't being mined to, it wouldn't pay out until it was completed being paid off.

Unsure why the thread was deleted.

 

[timeshifter]

I hope Nicehash comes back. I think they're probably responsible for a lot of people getting involved in cryptocoin mining. I know they helped me. A big shout out goes to @Moltuae also, he's the one who guided me to Nicehash. So thank you buddy!

Here was his post to me 6 months ago today:

The best place to start is to experiment with a single graphics card:

1) Install a card, such as an RX 480, that has a good/efficient GPU (profitability calculator: https://www.nicehash.com/index.jsp?p=calc)

2) Get a Bitcoin wallet (if you don't already have one), such as Electrum or a mobile wallet such as Mycelium.

3) Run NiceHash, enter your wallet address, benchmark the GPU and start mining.

Followed those simple instructions and I was hooked. As far as I can tell there are no competing, as-easy alternatives right now.

 

[timeshifter]

 

[Galdorf]

Wow orders on BTM are getting really backed up fees just keep climbing not sure bitcoin in its present state could go mainstream maybe bitcoin cash but not bitcoin.

 

[MudRock]

Wow orders on BTM are getting really backed up fees just keep climbing not sure bitcoin in its present state could go mainstream maybe bitcoin cash but not bitcoin.

I think this is why we're seeing Litecoin skyrocketing and passed Bitcoin for volume, and Ethereum seeing bigger gains. Bitcoin is becoming the 'big boys' currency now, but at the same go, transaction saturation.

https://blockchain.info/unconfirmed-transactions

Transaction backlog is increasing at a pace of 2 per second. 133k transaction backlog right now, and most of this issue right now, is caused by many places choosing not to develop into SegWit .

Look at the climb in transaction fees:

https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m

I honestly think we'll see the average climb past $30 the next day or two. And there is no fixing it.

The fact that a lot of companies won't work in SegWit to reduce transaction load, many now admitting to pushing for Lightning Network (Which is 2 years out.) A lot of people are choked at Mycellium wallet. Their lack of support for segwit wallets as well as not supporting Trezor's segwit, the dev finally came out and kind of smashed SegWit and LN is the way. Lot of backblast there:

https://github.com/mycelium-com/wallet-android/issues/379

I'm not denying that we need fixes to BitCoin or bitcoin may die, but it is going to die even faster if the infighting doesn't stop and we instead implement the stopgaps until a permanent solution is developed.

Edit: Bitcoin can support 7 transactions per second; Current load is at 8.1

 

[timeshifter]

Trying out simplemining.net right now. Very impressed. Might run it on my new rig and my original one too. Getting tired of Windows reboots every week or so. Overclocking very easy to do. Makes sense to have a simple OS doing a simple task. I've been mining mostly Zcash again since the fall of Nicehash.

 

[Moltuae]

Trying out simplemining.net right now. Very impressed. Might run it on my new rig and my original one too. Getting tired of Windows reboots every week or so. Overclocking very easy to do. Makes sense to have a simple OS doing a simple task. I've been mining mostly Zcash again since the fall of Nicehash.

I've been meaning to try ethOS but SMOS looks interesting. Think I might have to give that a try. I've lazily stuck with WinMiner on my GPU rigs for now, mainly because they're all running headless and, since they're Windows machines, I can control and monitor them easily using my ScreenConnect. I guess if SMOS boots and connects without any issues, there's no need to attach a monitor?

 

[timeshifter]

Were you using WinMiner before Nicehash went down? I tried it about a day or so after and can't get it to work. The message effectively said they weren't taking new users because they were overloaded.