The bitcoin for instance only became instable when customers realised it's nowhere as safe as they thought, and the feds made a huge bust on the dark side of the internet, taking down one of the biggest online black markets, which was run on bitcoin. Before that it was a pretty stable (although on a crash course slowly, but steadily, since it was raising giher and higher) currency.
It's not difficult to make money with things like this, but it is extremely risky to try it in big.
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I invested $2k with a Nigerian prince and now I am a millionaire.
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I just get worried about the fact that you're supposed to put them on your taxes. I get afraid that I'll do it all wrong.
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I highly doubt they're going to rocket up in price based on cryptocurrency, but I don't have an economics/marketing degree so who knows.
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It happened with AMD cards last year. Prices for some cards tripled within a month around November due to the huge increase in crytocurrency awareness.
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As far as Bitcoin mining, you're right. However, currencies such as Litecoin, Dogecoin, and so on use an algorithm called Scrypt, which relies heavily on high amounts of RAM. ASICs aren't really practical for Scrypt mining, so GPU mining is still quite profitable.
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+1 Exactly this... http://www.butterflylabs.com/monarch/
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Butterfly Labs 28nm Technology Bitcoin Mining Card
Key word is "Bitcoin". There are plenty of other profitable cryptocoins and I can assure you that this card isn't optimized for those coins.
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That's not true at all - As the OP mentioned, there are newer algorithms that the ASIC market hasn't been able to penetrate into yet. For example, on a lowly HD7850, before I stopped mining last month, I got about $5 USD a day worth of DogeCoins.
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This is stupid... You spend money on electricity, in order to get money back? I doubt there are any real incomes from this whole thing... Only rich people would actually be able to get a good income by that, not to mention that they are particulary useless in real life. I am not against the right of freedom of creating stuff, but such shitty economic system should be banned by any means.
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If there weren't any real income doing this, people would not be doing it. But there are, and you definitely can earn money off of it. This is especially true if you're getting free or discounted electricity anyways - like you live in a dorm or you have a roommate :P
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The point is, it works. It may not be a good idea to have the value of a currency in the hands of people who are used to manipulating the stock market, but we may as well make money off it while we still can. As much as people like calling it a scam, you can easily make money by being smart.
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Cryptocurrencies are stupid now, nobody gets anything and the price is too unstable
I had a friend who got into Bitcoin just to test it out a few years ago, thought it was stupid. About a year ago he found an old flash drive with about 100,000 dollars worth of bitcoin on it from his old days.
It's still stupid.
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i got a 750ti a day ago so happy i did way better then my 610 lol
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There's been a bit of news uncovered recently about the 750 Ti. If you've already bought one, you're all set. If you're going to buy one in the next few days, you're all set. However, if you're planning on waiting a while before getting one, you should definitely read this.
For anyone who's not familiar with Cryptocurrency mining, it's an extremely GPU-intensive process involving a large amount of very simple calculations. As a reward, it gives you a set amount of a given Cryptocurrency, such as Bitcoin, Litecoin, Dogecoin, etc. The main goal for these miners is to try to get the highest performance (measured in hashes per second, or H/s) per watt that they can.
Up until now, AMD graphics cards have been perfect for this, since their architecture is heavily designed around a large amount of fast-clocked, simple processing cores. In comparison, NVIDIA's focus on smaller amounts of slower, more complex processors has allowed them to perform well in CUDA acceleration and games, but prevents them from being even remotely practical in GPU mining. Example: A 780 Ti (MSRP of $700) gives 500KH/s, whereas an AMD 7970 (MSRP of $300, currently priced at $500) gives hashrates of upwards of 700KH/s.
With the release of the Maxwell architecture, NVIDIA cards seem to have not only caught up, but far surpassed AMD in terms of hashrate per watt. The 750 Ti has become an extremely tempting choice for crypto miners, as demonstrated by this article by PCPerspective.
As a result, within a matter of weeks we will almost certainly see the price of 750 Ti's skyrocket, leaving the R7 265, 260X, and 270X as the cards of choice in this price range. If you'd rather buy a 750 Ti than a 265 or 260X, do so as soon as you can. Keep in mind that there's no promise that the 265 will remain at a reasonable price, either.
tldr: The price of 750 Ti's will almost certainly rise significantly in the next few weeks, so buy one while you still can. Otherwise, go AMD.
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