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I've got Cgminer setup properly. The thing is that I report 600khash in CGminer right now, but I only report ~100khash on any of the pools I've tried. :-/
 
Big price drop occurred after the blockchain forked today. Users mining with bitcoin version 0.8 found a very large block, and all of the 0.7 nodes had a kiniption. The blockchain forked, and people freaked out, even though no coins were actually lost. All of the major pools moved back to bitcoin version 0.7, and the blockchain is no longer forked, just a little behind schedule right now. There are a few ideas floating around, but more than likely, a bitcoin update will automatically update the program at a certain block number which will make older versions outdated and non-functional. Nothing is for sure yet. The price has already bounced back to almost 100% of the pre-fork price, but expect the nay-says to freakout on their blogs tomorrow.
 
I have a feeling that it didn't go lower only because the Magic the Gathering Online Exchange is disallowing all ingoing and outgoing Bitcoin traffic for the 0.7/0.8 resolution issue. Also, the lag spikes ridiculously high (300+ seconds) when huge sell orders get placed, which is likely creating a dampening effect on crashes since you can't see the sells for minutes at a time and you can't cancel buy orders. Intentional? I have my opinions.

Quick napkin math says that it dropped 22% of its "value" in less than 2 hours.

currencyofthefuture.png
bitcoinsplosion2013-03-12.png
 
They did stop in and out traffic of bitcoins, (for personal gain, even though they'll say "we wanted to ensure the consumer didn't lose coins") but part of the reason the price didn't drop much is because people who had money in Gox when people started panic selling were buying like mad. I would have been too, if my money were cleared already.
 
Investing In Bitcoins

I have watched the Bitcoin market over the past few years and have thought about investing in Bitcoins a few times. Not with a substantial amount of money, but with enough to get some new hardware :D. The value seems to consistently rise, the usage seems to consistently rise, and the cost per transaction seems to fall. What do you think? Is it worth a try? Do you invest in Bitcoins?
 
Hey guys....I thought about bitcoin a few years ago...now I wish I had jumped on it (for obvious reasons)....but now I'm considering again.

What type of system do I need to build to have a good chance of mining some coins? Can a single GPU system still have a chance? Or do I need to build a monster?

If you wanted to build a system for under $3000....what components would be best? AMD or Intel? HD6000 or HD7000 series? How many GPUs? etc....

I have some money to invest in it, if its worth it....but I need a primer on what I should look at (for serious investment purposes). Also, what do you all recommend concerning a secure wallet?
 
From what I gather a system solely for btc isn't worth it atm...There are new ASIC units that will kill gpu mining when they come out more massively. Not sure how much those go for, you might as well get one.
 
Should I bother trying to mine on a system I already have with a single 5870 while I'm waiting?
 
Why don't we start a P2pool? Or maybe we already have one? That way we could work together and maybe all bennefit :)
NVM...I think I'll just join 50BTC :)
 
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It really depends on how much you pay for power. If it's free then by all means mine away!
 
ordering an ASIC is ill advised by many, they say once you get your hands on it the difficulty will be so high that you may never make your money back. I decided not to order ASIC a while ago because they are useless for anything except hashing SHA256.

Litecoin is more lucrative for GPU mining right now, give this a whirl http://allchains.info/calc.html
You'll get roughly 400Mh/s on a 5870 for bitcoin and about .4Mh/s for litecoin

I changed to ltcmine.ru and am getting 0.44% rejects from there, ltc.kattare.com was giving 7-10% rejects :\
 
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The comedy gold mine just keeps on giving. Since SatoshiDice is paying a transaction fee to get their bets processed quickly and there are so many of them, they are taking up a substantial amount of the block. This means that if you have a lower transaction fee set or no transaction fee set, your transaction might not get processed. Oh, but it gets better than that. The clients store these unprocessed transactions in memory, but does not page or save them in any way. Eventually, this will cause the program to crash with an "out of memory" error and lose all of the transactions that were in queue to be processed. Oops.

Not sure where I saw it, but I remember the block can only handle something like 170 transactions. That is 170 every 10 minutes unless they remove the block cap. Problem is, the developers just suggested everyone roll back to 0.7.

Link
Just so we're all on the same page, can someone confirm my understanding - are any of the following statements untrue?

BDB ran out of locks.

However, only on some 0.7 nodes. Others, perhaps nodes using different flags, managed it.

We have processed 1mb sized blocks on the testnet.

Therefore it isn't presently clear why that particular block caused lock exhaustion when other larger blocks have not.

The reason for increasing the soft limit is still present (we have run out of space).

Therefore transactions are likely to start stacking up in the memory pool again very shortly, as they did last week.

There are no bounds on the memory pool size. If too many transactions enter the pool then nodes will start to die with OOM failures.

Therefore it is possible that we have a very limited amount of time until nodes start dying en-masse.

Even if nodes do not die, users have no way to find out what the current highest fees/bids for block space are, nor any way to change the fee on sent transactions.

Therefore Bitcoin will shortly start to break for the majority of users who don't have a deep understanding of the system.

If all the above statements are true, we appear to be painted into a corner - can't roll forward and can't roll back, with very limited time to come up with a solution. I see only a small number of alternatives:

1) Start aggressively trying to block or down-prioritize SatoshiDice transactions at the network level, to buy time and try to avoid
mempool exhaustion. I don't know a good way to do this, although it appears that virtually all their traffic is actually coming via
blockchain.infos My Wallet service. During their last outage block sizes seemed to drop to around 50kb. Alternatively, ask SD to temporarily suspend their service (this seems like a long shot).

2) Perform a crash hard fork as soon as possible, probably with no changes in it except a new block size limit. Question - try to lift the 1mb limit at the same time, or not?
Click to expand...
 
yeah that caused a nice dip in the price yesterday but people bought it right back up
 
klear said:
yeah that caused a nice dip in the price yesterday but people bought it right back up
Click to expand...
Only because you can't get Bitcoins in our out of Magic the Gathering Online Exchange, but you can put in filthy fiat US dollars to buy what is already in the system. If you could get them in/out, it would have gone substantially lower, and probably will once it gets re-enabled.

EDIT: Actually, I stand corrected, looks like it might be back open. I still believe there is a crash coming, though.
 
you know thideras..... Sometimes I get the feeling that you don't really like bitcoin......
 
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