Bitcoin crash coming (6 Viewers)

[WedgeRock]

Our IT guys said he's had two past clients pay the ransom. One got the unlock key, the other didn't.

If you expect people to pay the ransom, the should know they are getting what they paid for... I mean if ransomware has the reputation of not getting the unencrypt key, people will stop paying.

We're still hopeful we can have our data back by the end of the week.

 

[Jambine]

Our server became encrypted with ransomware over the weekend (I was actually here Friday night when it started and got a 2-day jump on trying to restore it... Unfortunately, the backup was also encrypted.)

Anyway, the criminals who did this requested Bitcoin as the ransom currency to get the unlock key...

Simultaneously brilliant/insidious

 

[AceFour]

I find hospitals have the worst IT security of any place I have seen. Makes you feel good that they have all your personal information. Typically they under-staff and overwork those guys and mistakes happen and patches not applied

 

[CraigT78]

I find hospitals have the worst IT security of any place I have seen. Makes you feel good that they have all your personal information. Typically they under-staff and overwork those guys and mistakes happen and patches not applied

Shit you not, a major hospital system in New York had their entire virtual server environment protected by admin/password. We were on a WebEx trying to support our product and he was like heh - should probably change that. I was shocked.

 

[Milo013]

ruh roh . . . https://www.japantimes.co.jp/news/2...four-years-after-mt-gox/#.Wmuo6M10pis.twitter

 

[CraigT78]

ruh roh . . . https://www.japantimes.co.jp/news/2...four-years-after-mt-gox/#.Wmuo6M10pis.twitter

If it can be programmed, it can be hacked.

 

[Anthony Martino]

ruh roh . . . https://www.japantimes.co.jp/news/2...four-years-after-mt-gox/#.Wmuo6M10pis.twitter

That's awesome, it will hopefully help drive the price down so I can pick it up cheap before it goes back up this year. You can keep your cryptocurrency in a separate offline device or Coinbase has insurance on your money

 

[Anthony Martino]

So I just wanted to purchase 4 Litecoins on Coinbase. The fee was going to be $7. But if I reduced my order to 1 Litecoin the fee was only $1. So I made four separate transactions and saved almost 50% in fees

 

[CraigT78]

Litecoins

'official' casino weight?

 

[Anthony Martino]

Managed to pickup some other domains, hoping I can flip em for a nice profit and maybe get a custom set o' chips as a reward

cryptonewegg.net
cryptocollect.net
cryptorare.net
cryptonewegg.com
neweggcrypto.net
neweggcrypto.org
cryptorare.org
cryptonewegg.org
cryptocollect.org
collectcrypto.org

 

[Mac128k]

Opinions on steem.io?

 

[AceFour]

Opinions on steem.io?

Basically it is used for posting and consuming articles on their site. The site is similar to Medium. Nice idea but it has a long way to go to disrupt the dominate players.

 

[Psypher1000]

I was shocked.

Dont be. More common than you want to believe.

 

[Anthony Martino]

picked up some more domains:


CryptoCompetition.net
CryptoCollectible.org
CryptoAirlines.org
CryptoWeather.org
CryptoAirlines.net
CryptoAir.org
CryptoAir.net
CryptoAirline.net
CryptoAirline.org

 

[QuiQuog]

Thats a good explanation, but the "mystery" of bitcoin is understanding how its mined/created. I think that's where you lose most people.

This is where I get lost as well. I think I may have an inkling of whats going on now, and please correct me if this is wrong.

• "Mining" is simply the act of using your computer to solve the math of blockchains.

• Blockchains are what Bitcoin uses to verify and secure transactions.

• If your computer solves a blockchain math problem (bitcoin discovery), you're rewarded with a brand new bitcoin, or some fraction of a brand new bitcoin. Not sure which.

• Mining bitcoin is "free," beyond the cost of equipment and electricity to run it.

• Bitcoin that have been "discovered" are what people are using for transactions, or buying and selling on the open market, causing the fluctuations in price.
• There are only 21 million bitcoins in existence, and the discovery of new ones gets harder as more are mined. This is by design.
• The difficulty and processing power required to solve blockchains these day is beyond the capabilities of a personal computer, so it's mostly being done by large server companies.

So my question is:
Since the security and verification of bitcoin transactions are reliant on people mining bitcoin, what happens to the currency when either all bitcoins have been mined, or the difficulty is no longer worth the effort? How do the blockchain problems get solved when not enough people, or nobody is mining bitcoins? Does the currency just become worthless?

 

[Anthony Martino]

So my question is:
Since the security and verification of bitcoin transactions are reliant on people mining bitcoin, what happens to the currency when either all bitcoins have been mined, or the difficulty is no longer worth the effort? How do the blockchain problems get solved when not enough people, or nobody is mining bitcoins? Does the currency just become worthless?

Miners will still be needed to verify transactions from the currency that is being spent/traded, even if all the coins are "mined", the miners are still part of the entire transaction process.

Bitcoins are slow to transact presently, but they are working on the lightning network and segwit to help with these issues. And of course there are over a thousand alt-coins and it will be awhile before the dust settles and we know which ones will fall and what will stand the test of time.

 

[QuiQuog]

Miners will still be needed to verify transactions from the currency that is being spent/traded, even if all the coins are "mined", the miners are still part of the entire transaction process.

But this is the essence of the question though. What is the incentive for people to mine when all the treasure is gone? Will they get fractions of each transaction? Do they get a fraction of each transaction today?

 

[Anthony Martino]

But this is the essence of the question though. What is the incentive for people to mine when all the treasure is gone? Will they get fractions of each transaction? Do they get a fraction of each transaction today?

Right now miners are paid a combo of some of the bitcoin block plus transaction fee. When there is no more bitcoin to mine then they will be paid via transaction fees.

https://www.bitcoinmining.com/bitcoin-mining-fees/

 

[Anthony Martino]

I have a GTX 1060 6GB and a 1080 8GB in our gaming rigs at home that are mining $9-10/day. We started with Kryptex at first but switched to Nicehash and it's paying more and faster. I'm sure there's potential for even more if you manually mine rather than use software like this, but it's hassle-free and they do the work of finding the best coins to mine based on your setup, and pay out in bitcoin, with free transfers to Coinbase.

I managed to snag three GTX 1080 8GB cards at $511 each from Amazon while they were still in stock (arriving early February) that I had planned to flip for profit (they're selling upwards of $700 on eBay)

But reconsidered and will put them into other computers we have at the house (media rig plus a spare kicking around in the closet) and mine with them as well. They'll pay for themselves in a little over three months and then we'll just be making profit.

With the five cards running I should make around $28-30/day and running 7-days/week will add some extra money into our lives which is always welcome.

 

[Mac128k]

I have a GTX 1060 6GB and a 1080 8GB in our gaming rigs at home that are mining $9-10/day. We started with Kryptex at first but switched to Nicehash and it's paying more and faster. I'm sure there's potential for even more if you manually mine rather than use software like this, but it's hassle-free and they do the work of finding the best coins to mine based on your setup, and pay out in bitcoin, with free transfers to Coinbase.

I managed to snag three GTX 1080 8GB cards at $511 each from Amazon while they were still in stock (arriving early February) that I had planned to flip for profit (they're selling upwards of $700 on eBay)

But reconsidered and will put them into other computers we have at the house (media rig plus a spare kicking around in the closet) and mine with them as well. They'll pay for themselves in a little over three months and then we'll just be making profit.

With the five cards running I should make around $28-30/day and running 7-days/week will add some extra money into our lives which is always welcome.

Assuming you've calculated it, how much is the electricity costing you? In other words, is the $30 gross or net with the power in mind?

 

[Anthony Martino]

Assuming you've calculated it, how much is the electricity costing you? In other words, is the $30 gross or net with the power in mind?

It's gross, but my electric charges are minimal so I'm still coming out ahead

The new cards get paid off in under 4 months and then it's all profit plus I still own the cards which are selling USED over MSRP

 

[Payback]

I've currently got 8 1080tis and 2 Titan XPs mining for a total of around $50-60/day at this point. Electricity where I'm at is just over $0.06 and costs around $4.30/day. Net around $45-55/day at this point.

 

[Lars]

I've currently got 8 1080tis and 2 Titan XPs mining for a total of around $50-60/day at this point. Electricity where I'm at is just over $0.06 and costs around $4.30/day. Net around $45-55/day at this point.

Are you doing this in a facility that is considered industrial? That is a great power rate. The national average for residential power is twice that.

 

[ekricket]

Are you doing this in a facility that is considered industrial? That is a great power rate. The national average for residential power is twice that.

https://www.npr.org/sections/money/2011/10/27/141766341/the-price-of-electricity-in-your-state

 

[CraigT78]

So when y’all say you’re making $5-$75 a day, is that cash or is it value of whatever coin you are getting? Are you converting to cash or holding? Generally curious - and if it is coin, easy to sell?

 

[Payback]

Are you doing this in a facility that is considered industrial? That is a great power rate. The national average for residential power is twice that.

Nope. Good ol hydro power!

 

[Lars]

https://www.npr.org/sections/money/2011/10/27/141766341/the-price-of-electricity-in-your-state

That is from 2011. Here is a more recent document. https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a

 

[BGinGA]

They'll pay for themselves in a little over three months and then we'll just be making profit.

Net around $45-55/day at this point.

So when y’all say you’re making $5-$75 a day, is that cash or is it value of whatever coin you are getting? Are you converting to cash or holding? Generally curious - and if it is coin, easy to sell?

Ditto, same questions.

Are you actually receiving a real payback, or are you spending money for a virtual return that may actually be worthless (now or in the future)? And if converting to cash now, what kind of real cash transaction fees are incurred in doing so (lowering the effective return rate)?

 

[Anthony Martino]

I've currently got 8 1080tis and 2 Titan XPs mining for a total of around $50-60/day at this point. Electricity where I'm at is just over $0.06 and costs around $4.30/day. Net around $45-55/day at this point.

That seems low for 10 of the top tier graphics cards. I'm going to run 5 lesser cards (GTX 1060 and four GTX 1080 non-Ti's) and make $28-30/day so not sure what you're using to mine but seems like you're getting shafted?

So when y’all say you’re making $5-$75 a day, is that cash or is it value of whatever coin you are getting? Are you converting to cash or holding? Generally curious - and if it is coin, easy to sell?

I'm paying 0.08673 for my electricity fwiw. I'm using Nicehash which is a software program that will determine the most profitable cryptocurrency for your specific rig to mine at the time and switch automatically for you. So while you're paid in Bitcoin your system is mining other coins in actuality.

The payments go into my Nicehash wallet and then they permit you to transfer to your Coinbase wallet for free. From there I can convert the Bitcoin to US Dollars for a small fee (for example right now I could switch $40 bitcoin into $40 USD for a $1 fee. Then you transfer from Coinbase back to your bank account with no fee associated with that)

Nicehash is generally depositing from my mining account into my wallet every couple of days, and I've had zero issues moving money from there to Coinbase and then back to my bank account.

 

[Tommy]

make $28-30/day

$10K+ per year with 5 cards?!? Sign me up!