Cryptocoin Mining/Trading thread

[Cyrops]

You said you didn't see any difference from a bank getting robbed. In the case of a bank getting robbed. The FDIC will give the people the money that was stolen and the insurance will cover the bank. In the case of Crypto exchange getting robbed the company as well as the people lose all their money with no return.
The people who steal the money get the money in both cases.

People have to store a portion of their crypto on exchanges. Anyone making a sell order has to put the money on there until it sells. Anyone with a sell order on an exchange when it gets hacked loses that money. Most people learned from MT GOX to not store money on an exchange unless you are buying and selling. This way you only lose what you were selling.

Sigh, that explains why stupid people lose faith in cryptos I suppose -_-

[MasterNewbie]

You mean to say it's stupid to prefer to have large amounts of currency insured?

[Cyrops]

So I did some math,
Was mining on my gaming rig while at work, around 8hours a day, only on work days, in 15days, that's 120hours of mining, I mined 10k DOGE, which is like 0.4 LTC in current prices. Mning at around 620kh/s. Going to deploy the miner today, but probably with one card, so it's going to run at 430ish kh/s, but 3 times longer a day and also on weekends. So in 120h I should mine around 7k DOGE (wildly rounded), which would be around 30k a month, or 1.2LTC >.> If I used a second card, that would be 2.4LTC a month, or roughly 36$ with current DOGE and LTC values.
Anyway, gonna go ahead and see where it goes.

[chazus]

http://www.coindesk.com/kncminer-upd...omises-250mhs/

$10,000 per 250MH/s or effectively $100 per 2500KH/s... Considering a $700 GPU gets about 800KH/s right now... Could be a big deal. Could also make GPU mining obsolete since people with enough money will drive prices in weird ways as difficulty goes up rapidly for a period of time.

[Cyrops]

Not sure what's up with DOGE, has highest trade volume on cryptsy, yet rock bottom prices compared to a few months back.