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Thread: Holy Bitcoin, Batman!

  1. #31
    Veteran Member bajisima's Avatar
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    What could possibly go wrong???

    "People are taking out mortgages to buy bitcoin"

    https://www.cnbc.com/2017/12/11/peop...seph-borg.html
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  2. #32
    SWED Missle Command Champion johnflesh's Avatar
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    Quote Originally Posted by Tedminator View Post
    Hey... a lil late to the party but maybe I'll set up a tiny crypto mining operation

    Any of yous doing this?
    No thank you. I've had a many of friends asking to utilize my PC when I'm offline for this, with a slight cut.

    But I've also heard horror stories about this. With one of the biggest crypto-currency heists just happening recently, I think I'll keep my day job.
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  3. #33
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    The derivatives are where it is going to get positively bonkers. Initially the reserve requirement is I think 44%. So you can only buy a little more than twice what you can actually cover...which is nice. But assuming the derivatives don't just fall apart, just not work at all for some reason, they will settle in, and those requirements will start to drop.

    Now Bitcoin may not be money, but what happens when there are billions of dollars of options on margin out in the world? That's money, alright. What happens if you've leveraged yourself up nice and deep, in at 3-to-1 or 5-to-1 or 10-to-1 on Bitcoin options, and it hiccups?

    That sound you just heard was the collective whispered "fuck" from those highly leveraged derivative traders, and the insurers who have covered them.

    http://bsc.omg-squee.com/wp-content/...y-go-wrong.jpg

  4. #34
    Veteran Member Micro Machines Champion, Race Against Time Champion Tedminator's Avatar
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    Quote Originally Posted by johnflesh View Post
    No thank you. I've had a many of friends asking to utilize my PC when I'm offline for this, with a slight cut.

    But I've also heard horror stories about this. With one of the biggest crypto-currency heists just happening recently, I think I'll keep my day job.
    bah.. bok bok bok chikin! err well I havent actually done it. yet. Maybe next year once I have an extra desktop or two running

    I do remember signing up for that "SETI @ Home" project a couple of decades ago which was kinda neat.. used the same principle of making use of processor time that would otherwise be unused. With the added bonus of having a cool screen saver..

    Last edited by Tedminator; 11th December 2017 at 01:52 PM.

  5. #35
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    Quote Originally Posted by johnflesh View Post
    No thank you. I've had a many of friends asking to utilize my PC when I'm offline for this, with a slight cut.

    But I've also heard horror stories about this. With one of the biggest crypto-currency heists just happening recently, I think I'll keep my day job.
    Slight cut? Who's paying your electric bill? Fuck that. If you're going to do it, spend the very little time to set that shit up and do it yourself. What kinds of friends are these? A friend would offer to help you set up your own wallet and start mining yourself.
    Thanks from johnflesh

  6. #36
    SWED Missle Command Champion johnflesh's Avatar
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    Quote Originally Posted by Tedminator View Post
    bah.. bok bok bok chikin! err well I havent actually done it. yet. Maybe next year once I have an extra desktop or two running

    I do remember signing up for that "SETI @ Home" project a couple of decades ago which was kinda neat.. used the same principle of making use of processor time that would otherwise be unused. With the added bonus of having a cool screen saver..

    They use that same technology for Folding. I used to do folding for a little while but my internet connection was pretty weak at that time.

    Front Page - Folding@home - we would fold virtual proteins using 3d graphics and GPUs (100s of them)

  7. #37
    SWED Missle Command Champion johnflesh's Avatar
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    Quote Originally Posted by splansing View Post
    Slight cut? Who's paying your electric bill? Fuck that. If you're going to do it, spend the very little time to set that shit up and do it yourself. What kinds of friends are these? A friend would offer to help you set up your own wallet and start mining yourself.
    They only wanted to use my GPU. I don't use any more electricity playing a video game than having someone borrow it via the internet.

    I think you are referring to the GPU warehouses that have 100s running at a time. This isn't that. They just wanted access to my single GPU and internet IP while I was away.

    My cut would be proportional to how many GPUs were used entirely. Mine was just one so I was looking at about .01 a week...

  8. #38
    Senior Member Loki's Avatar
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    The little I know about mining Bitcoin-
    The Mining PC is low on CPU, high on Graphics cards.
    The cards do the crunching, so the more, the merrier.

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