[ale] [OT] (but computer and cryptography related) Bitcoin, Litecoin

[Ron Frazier (ALE)]

WOW.  That's amazing.

Ron


dev null zero two <dev.null.02 at gmail.com> wrote:

>don't know anything about Litecoins but I've made over $30k from
>bitcoins
>that I mined back in like 09. currency exchange is a bitch. and I sold
>the
>bulk of mine at ~$20/btc, I can't imagine if I had waited til now at
>$90/btc...
>
>
>On Fri, Mar 29, 2013 at 3:18 PM, Ron Frazier (ALE) <
>atllinuxenthinfo at techstarship.com> wrote:
>
>> Hi all,
>>
>> Does anyone here have any personal knowledge of Bitcoin or Litecoin?
>>
>> If you don't know what that is, see:
>>
>> http://en.wikipedia.org/wiki/Bitcoin
>> http://en.wikipedia.org/wiki/Digital_currency
>>
>> By the way, the treasury department recently issued a ruling that
>this is
>> legal.  So that's not an issue.
>>
>> Essentially, it's a digital currency that is created by having your
>> computer do a certain amount of provable, not easily fakeable, work
>in
>> calculating cryptographic algorithms.  After a certain amount of
>time,
>> which may be days or months, you solve a certain cryptographic
>problem.
>>  Your work is verified, then you get some digital currency, either
>> Bitcoins, or Litecoins.  These are digital encrypted files that only
>you
>> possess.  These can be traded for real USD on certain exchanges, and
>in
>> some cases, can be traded directly for merchandise.
>>
>> You can use Bitcoins and Litecoins without creating them by buying
>and
>> selling them on the exchanges.
>>
>> However, I'm interested in mining (creating) Bitcoins or Litecoins
>using
>> my computer and its GPU.
>>
>> Here is my understanding from my reading.
>>
>> Bitcoins are currently trading for about $ 80 / BTC.  They are very
>hard
>> to create, and may take months.  It is doubtful whether you can make
>more
>> than the electricity costs, unless the BTC increase in value later. 
>They
>> have increased in value from about $ 1 a few years ago, to $ 80 now.
>>  However, the mining / coin creation algorithm continually gets
>harder to
>> keep the rate of coin production constant.  Apparently, application
>> specific integrated circuits (ASIC's) will shortly com onto the
>market
>> which will make doing this work with CPU / GPU nearly impossible.
>>
>> Litecoins are designed similarly.  However, they use an algorithm
>which is
>> more conducive to CPU / GPU computations and harder to do, for
>example, on
>> an ASIC.  This makes them, at least at the moment, more feasible to
>be
>> mined by individuals without tens of thousands of dollars of
>equipment and
>> without a $ 1000 / month electric bill.  Litecoins are trading at
>around $
>> 1 / LTC.
>>
>> So, I'm considering doing some Litecoin mining.  I'm wondering if
>anyone
>> has tried it or knows anything about it.
>>
>> Sincerely,
>>
>> Ron
>>
>>
>>
>> --
>>
>> Sent from my Android Acer A500 tablet with bluetooth keyboard and K-9
>Mail.
>> Please excuse my potential brevity if I'm typing on the touch screen.
>>
>> (PS - If you email me and don't get a quick response, you might want
>to
>> call on the phone.  I get about 300 emails per day from alternate
>energy
>> mailing lists and such.  I don't always see new email messages very
>> quickly.)
>>
>> Ron Frazier
>> 770-205-9422 (O)   Leave a message.
>> linuxdude AT techstarship.com
>>
>>
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--

Sent from my Android Acer A500 tablet with bluetooth keyboard and K-9 Mail.
Please excuse my potential brevity if I'm typing on the touch screen.

(PS - If you email me and don't get a quick response, you might want to
call on the phone.  I get about 300 emails per day from alternate energy
mailing lists and such.  I don't always see new email messages very quickly.)

Ron Frazier
770-205-9422 (O)   Leave a message.
linuxdude AT techstarship.com