LebGeeks

A community for technology geeks in Lebanon.

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#76 November 19 2013

samer
Admin

Re: Bitcoin in Lebanon

The 24 hour high on btc-e is USD 775, it went down to ~550 for an hour and now settled around 700.
The 24 hour high on BTC China is the equivalent of USD 1,147 (!) in Chinese Yuan.

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#77 November 19 2013

MrClass
Member

Re: Bitcoin in Lebanon

Has anyone every tried to withdraw USD cash from a bitcoin exchange? I'm thinking of moving to BTC-E or BTCCHINA but not sure if they support withdrawal via bank transfer. I'm still with gox, but I guess they'll make it a hard deal when you try to withdraw.

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#78 November 19 2013

scatman
Member

Re: Bitcoin in Lebanon

@MrClass i am selling BFL ASIC miners in Lebanon. If you're interested PM me.
As for withdrawing, did you get AML approved? My last withdrawal took 3 weeks to complete

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#79 November 19 2013

samer
Admin

Re: Bitcoin in Lebanon

BTC-China requires you to have a Chinese bank account.

@scatman which miners do you have and how much are you selling them for? Would it be worth it given how fast the mining difficulty is increasing?

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#80 November 19 2013

Hybrid
Member

Re: Bitcoin in Lebanon

samer wrote:

BTC-China requires you to have a Chinese bank account.

@scatman which miners do you have and how much are you selling them for? Would it be worth it given how fast the mining difficulty is increasing?

I'm interested as well, please let us know the price.

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#81 November 19 2013

nosense
Member

Re: Bitcoin in Lebanon

He posted in sell your stuff post previously

scatman wrote:

Bitcoin 5GH/S asic miner. More than one available. All new
https://products.butterflylabs.com/home … miner.html
Will deliver in Beirut, Tripoli and Saida
400$

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#82 November 19 2013

scatman
Member

Re: Bitcoin in Lebanon

Thanks aliessayli2
BFL is selling the 5GH/S ASIC for 275$ + 36$ shipment to Lebanon
Customs and libanpost charges around 50$ extra.
So i think 400$ is a reasonable price. No?
Knowing that if you order one now from BFL.... you won't get your item until February (estimation). I received my ASICs 8 months after i ordered them.

samer wrote:

Would it be worth it given how fast the mining difficulty is increasing?

The mining difficulty is absolutely increasing and so is the the price of a bitcoin
so looking at the current price, difficulty and hash rate, and using the Mining Calculator i got:
bitcoin

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#83 November 20 2013

samer
Admin

Re: Bitcoin in Lebanon

It is my understanding that the current reward for solving a block is 25 BTC. Is this calculator simply dividing that reward by the number of days/weeks/months expected to solve a block and assigning a BTC value to it? If so, this can be misleading to those uninitiated, as it makes it seem as if they will be getting a constant reward of ~0.188 BTC per month instead of one lump sum of 25 BTC + transaction fees.

@Scatman, why is the hashrate in your image at 7.5 GH/s while the miner you are selling clocks at 5 GH/s?
Also, keep in mind that the mtgox price is inflated because people have a hard time getting their fiat money out.

I have adjusted to the proper values and the current market price on bitstamp and got this:
VgHlS4h.png

I personally don't think it is worth it, especially that you are not factoring in the price of electricity and the depreciation of the miner itself,  which will be obsolete as the total power of the network is increasing.

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#84 November 20 2013

rtp
Member

Re: Bitcoin in Lebanon

samer wrote:

I personally don't think it is worth it.

That is why he is selling it, if it actually was worth it, he would have kept it for himself.

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#85 November 20 2013

scatman
Member

Re: Bitcoin in Lebanon

@Samer
Most people are doing pool mining.
On BFL website i quote "Processing Power: 5 GH/s (+/- 10% running variance)". The miners i got are doing 7.5GH/S  (I'll post images of a miner i am running if anyone asks for it).
as for the exchange rate, last night it went up to 900$ while now its 553$ (It was a few cents 4 years ago).

In summary, don't buy an ASIC miner unless you believe in the future of bitcoins. People used to mine 10 bitcoins/day when the price was  in cents. For some people it wasn't worth it, for others it was. The bitcoin reached 900$ yesterday night.
My point is: 0.1 bitcoins maybe worthless for some now. But in the future it may be worth thousands (Or null).

@rtp
Actually i am doing both. Mining + selling ASICS for some money.

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#86 November 28 2013

john
Member

Re: Bitcoin in Lebanon

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#87 December 7 2013

Hybrid
Member

Re: Bitcoin in Lebanon

China banned the banks from dealing with bitcoins..... here comes the huge fall....

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#88 December 7 2013

rtp
Member

Re: Bitcoin in Lebanon

Hybrid wrote:

China banned the banks from dealing with bitcoins..... here comes the huge fall....

indeed its 600 now.

Last edited by rtp (December 7 2013)

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#89 December 7 2013

Hybrid
Member

Re: Bitcoin in Lebanon

rtp wrote:
Hybrid wrote:

China banned the banks from dealing with bitcoins..... here comes the huge fall....

indeed its 600 now.

It was around $800 10 hours ago, expected to go down to $200~$300 soon... all other coins are affected aswell... LTC, NMC and PPC has dropped aswell... everyone's selling

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#90 December 7 2013

samer
Admin

Re: Bitcoin in Lebanon

Hybrid wrote:

China banned the banks from dealing with bitcoins..... here comes the huge fall....

That statement is very misleading. People in China can still buy bitcoins through their bank accounts. Here is what the notice from the Chinese central bank actually said: "Financial institutions and payment institutions must not start Bitcoin related business" (source) – this is very different from being banned from dealing with bitcoin.

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#91 December 11 2013

Hybrid
Member

Re: Bitcoin in Lebanon

This will make it boom even more I guess
http://finance.yahoo.com/news/secondmar … 00747.html

To the moon?

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#92 December 13 2013

DaveAchkar
Member

Re: Bitcoin in Lebanon

Hi everyone, I'm a Lebanese living in SF, working on a couple Bitcoin related businesses. I'm excited to see a good Lebanese community around Bitcoin.

I'm heading over to Lebanon in January and would love to meetup and get a discussion going with the local community. Things to talk about include: where Bitcoin is at today in Lebanon, what are plans in the near term, opportunities to grow adoption in Lebanon and the ME region, and anything else you come up with.

Anyone on here are interested in getting a good conversation started?

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#93 December 13 2013

samer
Admin

Re: Bitcoin in Lebanon

Hi Dave, good to have you here. Will you be in Beirut before January 5? It would be nice to have a small meet-up for crypto–currency enthusiasts.

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#94 December 14 2013

arithma
Member

Re: Bitcoin in Lebanon

I'm definitely in.

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#95 December 14 2013

MrClass
Member

Re: Bitcoin in Lebanon

A nice chat about crypto currency sounds great. Maybe I'll share my litecoin mining experience. I'm about to make my first LTC

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#96 December 16 2013

DaveAchkar
Member

Re: Bitcoin in Lebanon

Great, glad to hear it. Samer, are you suggesting we meet before or after January 5? Both are fine with me.

Also, can you think of other avenues where we should spread the word? It would be great to get a diverse set of people from various places.

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#97 December 16 2013

samer
Admin

Re: Bitcoin in Lebanon

@Dave: I'm traveling on the 5th, so before that.

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#98 December 17 2013

DaveAchkar
Member

Re: Bitcoin in Lebanon

Ok, then either Sat Dec 28 or Jan 4 work for you guys?

(Feel free to suggest other days, I'm pretty flexible between Dec 27-30 and Jan 2-5)

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#99 December 21 2013

Nemesis-301
Member

Re: Bitcoin in Lebanon

guys, I am new to mining, if you could help me out a bit that would be great! I am using gui miner, and mining slush's pool...I have been mining for almost an hour with a ~75Mhashes/s (55 with my primary vga, and 25 with my secondary vga) and I still haven't gotten a single hash accepted or stale...what am I doing wrong? or is this normal?

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#100 December 22 2013

Nemesis-301
Member

Re: Bitcoin in Lebanon

ok, seriously what's going on? I stopped mining slush and have been mining deepbit for 2 hours at 55Mhashes/s and accepted is 0 and stale is 0....is this normal?

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