re: Installed my first bitcoin miner...

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just FYI, the current block reward is 25 bitcoins.

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eta: you're much better off joining a mining pool. you will actually get some bitcoins that way (probably just fractions if you're only mining with a single GPU). if you solo mine, you may never ever solve a block

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What do you think will go wrong with it?

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Bitcoin, the world’s first peer-to-peer digital currency, has lost almost half of its value against the dollar since the start of August, falling from $13.50 to around $7:

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Bitcoin Market Hacked, Crashes to Below $0.01 per Bitcoin

Bitcoin, the digital currency that some people have called "dangerous", has just had a major setback today thanks to a significant data breach.

The main Bitcoin exchange, Mt. Gox, has suffered a major database breach which caused one account in particular to be completely compromised and have its funds stolen. The real implication of this was the effect it had on the Bitcoin market - this video shows the market in real time dropping to values below 1 cent in a matter of minutes as people frantically try to remove their funds.

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I'm gonna start a currency based on unicorn farts, wanna get in?

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Initial exchange rate: 1 unicorn fart = 2 dinosaur turds

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Initial exchange rate: 1 unicorn fart = 2 dinosaur turds

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Don't forget the currency exchange fee of 8 mermaid counts or "MC"s

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That means you value dinosaur turds higher than I do.

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so I've already lost half my value and I haven't even started?

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There is nothing backing it... It is made up.

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The Bitcoin price did NOT fall to $0.01 in June 2011.

The backstory behind this myth is an event in June where an administrator account at MtGox, a Bitcoin exchange which had over 80% market share at the time, was hacked, and the attacker managed to manipulate MtGox’s database tables to create a balance of 2 million bitcoins within his account and immediately sold them, consuming all of the buy orders that had been placed on the site in the months before going from $17.50 all the way down to $0.01. However, what sank to $0.01 was not the actual Bitcoin price, but rather a MtGox representation of the price. A price is, by definition, a value in exchange for which something is being bought and sold at a given time. In this case, however, MtGox later rolled back all of the trades that had happened during the event, so no lasting purchase or sale was actually made at anything less than $10. MtGox’s price charts show no transactions happening on the day. Aside from the attacker, no human being was, at any point, willing to sell bitcoins at anything close to $0.01 – the orders that were processed were all made weeks and months before the event, and at exchanges other than MtGox, the price generally remained at a healthy $13-$18. And, most importantly of all, the 2 million BTC that were sold were not even real bitcoins – they were simply fraudulent entries in MtGox’s database. Although it is understandable how some can interpret the event as the price dropping to $0.01, pointing to this incident as a sign of Bitcoin’s price instability is highly disingenuous – the root cause was a security mishap at a third party service, not a sudden loss of confidence in the currency. Incidentally, if the MtGox hack does count as the Bitcoin price dropping to $0.01, then another, less known, MtGox glitch deserves to count as the Bitcoin price reaching $1 billion.

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Hackers

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People don't honor bitcoins for real currency if there is a mass run to withdraw funds

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Say what?

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