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

[dev null zero two]

Cyprus and the Spanish wealthy are hiding their money in btc from the EU
right now, hence the $90/per.

i have a friend who just bought a house with his btc profits..

Sent from my mobile. Please excuse the brevity, spelling, and punctuation.
On Mar 29, 2013 4:03 PM, "Ron Frazier (ALE)" <
atllinuxenthinfo at techstarship.com> wrote:

> 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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> >
> >
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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
>
>
> _______________________________________________
> Ale mailing list
> Ale at ale.org
> http://mail.ale.org/mailman/listinfo/ale
> See JOBS, ANNOUNCE and SCHOOLS lists at
> http://mail.ale.org/mailman/listinfo
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