hi ho bitcoin mining we go

Horny Devil

Banned 12 years ago

Bitcoin ain't in the remotest interesting. Fighting lobsters are.

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garyv

12 years ago

Originally Posted by hardraysnight

going to go bitcoin mining, on a small scale, at least intitially

done my due diligence, received the unit and the techie is coming tomorrow

any comments except dont...?

I'm extremely interested in this, especially seeing how fast the price is rising. Keep us informed.

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katrim

12 years ago

How much a day return is to be expected?

Good luck with it!

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Horny Devil Banned 12 years ago

Originally Posted by garyv

I'm extremely interested in this, especially seeing how fast the price is rising. Keep us informed.

Originally Posted by katrim

How much a day return is to be expected?
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garyv

12 years ago

Considering the fact that the price has gone up almost 10 fold in a month - Yes I'm serious. I don't know who in their right mind wouldn't be.

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katrim 12 years ago

From the research I've read I would say that you'll have to go with an ASICs rig rather than GPU based. Trying to mine Bitcoins with a GPU based rig nowadays is too late, but if you can get your hands on an ASIC rig from one of the reputable companies (don't get anything from Butterfly Labs though, they have a reputation of not keeping their promises), you could do well.

I'm lucky in that I bought a few Bitcoins when they were a lot cheaper, but I feel mining them is too late for me to consider. I'm about to invest in a Litecoin mining rig though, very excited about that!
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gregshk

12 years ago

I personally invested into some crypto currency Litecoins @$8 dumped them at $38,
NMC @ $4 dumped them at $11 and reinvested back into bitcoins which is currently runny close to $1300.

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garyv

12 years ago

How much are you charged per transaction?

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socialentry

12 years ago

Can you imagine a few years ago 10 000 bitcoin would not even buy you a pizza

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Magicalidea 12 years ago

Originally Posted by socialentry

Can you imagine a few years ago 10 000 bitcoin would not even buy you a pizza

Are you serious ? Lol
Time always change huh ?
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Dennis Gaskill

12 years ago

With the FBI, Homeland Security, and Congress (and who knows who else) all investigating Bitcoins, I'd be a little leery about jumping on that bandwagon just now.

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garyv

12 years ago

Originally Posted by Dennis Gaskill

With the FBI, Homeland Security, and Congress (and who knows who else) all investigating Bitcoins, I'd be a little leery about jumping on that bandwagon just now.

Because this currency is so huge globally, and the way it's set up, I don't think there's anything our government can do to it. They've already made a huge effort to do so, and they've only caused the price of the currency to go up - WAY up. Just bought me some this week. Had I of bought $1,000 worth a couple of months ago when I was first kicking the thought around I'd be sitting on $12,000 - $15,000 right now.

It's recently been confirmed that Bitcoin now has more transactions than Western Union, and is quickly approaching and will surpass Paypal. - Bitcoin is much more popular elsewhere than it is here in the U.S. - which is why I don't think there's any chance of us stopping it.

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Dennis Gaskill

12 years ago

Originally Posted by garyv

Because this currency is so huge globally, and the way it's set up, I don't think there's anything our government can do to it. They've already made a huge effort to do so, and they've only caused the price of the currency to go up - WAY up. Just bought me some this week. Had I of bought $1,000 worth a couple of months ago when I was first kicking the thought around I'd be sitting on $12,000 - $15,000 right now.

It's recently been confirmed that Bitcoin now has more transactions than Western Union, and is quickly approaching and will surpass Paypal. - Bitcoin is much more popular elsewhere than it is here in the U.S. - which is why I don't think there's any chance of us stopping it.

Maybe. Or maybe they can do something about it as far as US citizens are concerned. Call me a skeptic, but I can't help but think this thing is going to blow up.

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garyv

12 years ago

Originally Posted by Dennis Gaskill

Maybe. Or maybe they can do something about it as far as US citizens are concerned. Call me a skeptic, but I can't help but think this thing is going to blow up.

It very well may blow up. But there's a lot of money to be made here if you know how to play it responsibly. For instance, I could put just $100 into this investment, and agree to only further invest money I make w/ this initial investment. Then if things go south, I'm only out $100. - And if things go like they have been, I'll have that $100 doubled in a week, I'll pocket that initial $100 - invest the rest - and not have to worry about loosing another dime. Right now I think it would be crazy for me not to go further with this.

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Dennis Gaskill

12 years ago

Originally Posted by garyv

It very well may blow up. But there's a lot of money to be made here if you know how to play it responsibly. For instance, I could put just $100 into this investment, and agree to only further invest money I make w/ this initial investment. Then if things go south, I'm only out $100. - And if things go like they have been, I'll have that $100 doubled in a week, I'll pocket that initial $100 - invest the rest - and not have to worry about loosing another dime. Right now I think it would be crazy for me not to go further with this.

If you have the discipline to do that, that's not too risky. Unfortunately, many who see they doubled their money will put it all back in, plus more of their own, and keep hammering until the bottom falls out. You know how it is with bad gamblers who always want to do "one more" and score the big one. No matter how much they gain, the next one is always bigger.

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garyv

12 years ago

Originally Posted by Dennis Gaskill

If you have the discipline to do that, that's not too risky. Unfortunately, many who see they doubled their money will put it all back in, plus more of their own, and keep hammering until the bottom falls out. You know how it is with bad gamblers who always want to do "one more" and score the big one. No matter how much they gain, the next one is always bigger.

Yes I know how that is. My brother was addicted to gambling for a while - until he lost everything he owns. I've always been able to control myself though. I'll have no problem limiting my initial investment. However when this thing does burst - if it does - there will be a lot of people losing money.

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Daniel Evans

12 years ago

Originally Posted by Dennis Gaskill

With the FBI, Homeland Security, and Congress (and who knows who else) all investigating Bitcoins, I'd be a little leery about jumping on that bandwagon just now.

Very wise!

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Kay King 12 years ago

There have been some interesting articles about BitCoin recently...

Bitcoin Can't Be a Better Dollar if It's a Newer Tulip - Businessweek

Bitcoin Buyers Beware: Being Greedy Ain't Easy - Businessweek

Similar articles appear on other finance-type sites every now and then. The consensus is that BC will crash...but then again, it may not The articles seem to cover both sides of the argument.

One theory is that if enough people buy into the BitCoin market, that will be enough to stabilize the "currency value". That's a bit like saying if enough people buy your product, you'll be financially stable....but...

To me, the addition of big players like China make it more risky. If one big player dumps to take profit....the system collapses quickly.

I can see where this could be a fun investment to play with - but don't risk anything you can't afford to lose.
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- LetsGoViral 12 years ago
  
  Bitcoin has crashed 2 times before and always came back higher. Of course it will crash and is volatile, but that doesn't mean it's not legit.
  
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forumdude65amg

12 years ago

Originally Posted by Dennis Gaskill

With the FBI, Homeland Security, and Congress (and who knows who else) all investigating Bitcoins, I'd be a little leery about jumping on that bandwagon just now.

My thoughts exactly

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alistair

12 years ago

I don't know anything about bitcoins although I do find it interesting how much the value has increased. How do bitcoins become worth so much, I don't get it?

It would have been nice to get in at the beginning whenever that was, and may even be worth it now I don't know but I'd hate to invest in something that I know nothing about and also something where the value has increased so dramatically, isn't the bubble likely to burst?

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Kay King 12 years ago

The recent increase has been attributed directly to China becoming involved in the BC market. Experts are divided on whether that's good or bad. Any currency that triples in value in 30 days looks like a bubble to me.
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seasoned

12 years ago

Originally Posted by alistair

I don't know anything about bitcoins although I do find it interesting how much the value has increased. How do bitcoins become worth so much, I don't get it?

It would have been nice to get in at the beginning whenever that was, and may even be worth it now I don't know but I'd hate to invest in something that I know nothing about and also something where the value has increased so dramatically, isn't the bubble likely to burst?

As I understand it, it STARTED by a guy creating THREE FILES, and a process to use the three. INTERESTINGLY, two of the files, as I said LONG ago, ******MUST****** be CENTRALIZED!

One file contains IDs tied to an individual, apparently, this is called the wallet. They could be anonymous via their mere existence, and some ID. RSA uses the same concept for corporate IDs. THIS allows ownership to be tracked, so only a given user can use a bit coin.

ANOTHER file basically holds like three IDs. One of the buyer, one of the seller, and one of the bitcoin. THIS allows ownership to be SHIFTED, so you can exchange them. AGAIN, RSA uses the same kind of thing for TOKENS.

The THIRD is the bitcoin ITSELF. This is ALMOST like the TOKEN in the RSA concept. It contains a bit of data encrypted.

What the BITCOIN MINERS do is create a bitcoin using the miners account(used in the first file), EASY, and try to connect it to the "bitcoin chain"(FIRST FILE). If the coin has never been used, *****SUCCESS*****! You got a valid coin! If the coin HAS been used, it will be rejected, and you have to try again.

This means that the first bitcoin miners had it EASY! They probably got a LOT of bitcoins! That explains its quick adoption. Over time, it has gotten harder! THIS explains the many complaints.

People probably THINK it isn't centralized, because few are involved with the lowest levels. Once you use a bitcoin, it MUST be recorded, or else it could be used over and over and over again.

My theory of how it works is based on what I have heard, complaints, and a simpler bit of info from one that should know, hence the bitcoin chain reference.

My RSA reference is based on a method that has been used for a LONG time in the corporate world, that is very similar to what is done HERE! A system SOMEWHERE(AGAIN, CENTRALIZED) transmits a value that is encrypted to a fob given to a person. The person enters that value, which changes every minute, and a value THEY came up with. If those don't add up, even an otherwise VALID login is ignored.

Steve

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meepo

12 years ago

Originally Posted by Dennis Gaskill

With the FBI, Homeland Security, and Congress (and who knows who else) all investigating Bitcoins, I'd be a little leery about jumping on that bandwagon just now.

The alphabet soup agencies were investigating it months ago, the Congressional hearings in the last few weeks are for Congress to get up to speed on the technology, and even Bernanke has expressed positive thoughts on the future of Bitcoin. This isn't a bandwagon anymore.

Originally Posted by seasoned

As I understand it, it STARTED by a guy creating THREE FILES, and a process to use the three. INTERESTINGLY, two of the files, as I said LONG ago, ******MUST****** be CENTRALIZED!

-snip-

Steve

holy cheeze ballz

This is totally and completely NOT how bitcoin works.

This is how it works:

1) A page to read: How does Bitcoin work? - Bitcoin

2) A video to watch: https://www.youtube.com/watch?v=Lx9zgZCMqXE

Educate thyself.

Originally Posted by hardraysnight

proud to announce bitcoin number 2 has arrived

ALL WELL

What miner are you using? If you have 2 btc this quickly you must be using some rather sweet hardware.

Originally Posted by garyv

Yes I know how that is. My brother was addicted to gambling for a while - until he lost everything he owns. I've always been able to control myself though. I'll have no problem limiting my initial investment. However when this thing does burst - if it does - there will be a lot of people losing money.

Just buy what you can, and hold it. Don't trade it, you'll just get screwed, unless you've traded with this level of volatility before.

And every now and then, USE it to buy stuff. For exaple instantly convert bitcoin to gift card in the checkout line and pay for your stuff: Gyft | Mobile Gift Card Wallet | Digital & Mobile Gift Cards

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seasoned

12 years ago

Originally Posted by meepo

holy cheeze ballz

This is totally and completely NOT how bitcoin works.

This is how it works:

1) A page to read: How does Bitcoin work? - Bitcoin

2) A video to watch: https://www.youtube.com/watch?v=Lx9zgZCMqXE

Educate thyself.

The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.

..........

Steve

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meepo 12 years ago

Originally Posted by seasoned

..........

Steve

Sorry, I don't understand. You've bolded some parts of the text. What specifically is wrong with the items you've bolded?

EDIT:

Ok in your thread above you were saying that Bitcoin is centralized... did you bold the text to try to make that point?

FWIW, Bitcoin is definitely not centralized. No one person has control of the blockchain.
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hardraysnight

12 years ago

we are very proud to announce the arrival of our first bitcoin

bitcoin and bankbook both well

when the next one arrives i will be looking at trading it, first locally, then intrernationally

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seasoned

12 years ago

Originally Posted by hardraysnight

we are very proud to announce the arrival of our first bitcoin

bitcoin and bankbook both well

when the next one arrives i will be looking at trading it, first locally, then intrernationally

Is that "RA", or "ER"?

Steve

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gregshk

12 years ago

I trade through the BTC-E exchange 0.2% per transaction.
Also keep in mind there are many more currencies like Litecoin.
They are like what silver is to gold and I bought them at $8 each and traded at $34... I think there around the 30 mark right now.
There is trading platform that I am looking at trading on as it has all the crypto currencies and there value in real time.
https://www.cryptsy.com/

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arranrice

12 years ago

Trading crypto currencies can be more profitable. I do that.

I'm going to look into mining other currencies when my bitcoin miner usb comes.

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garyv 12 years ago

Originally Posted by arranrice

Trading crypto currencies can be more profitable. I do that.

I'm going to look into mining other currencies when my bitcoin miner usb comes.

I'd love to hear how that turns out. I have a feeling it's more profitable to trade it than to mine it. But who says you can't do both right?
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hardraysnight

12 years ago

proud to announce bitcoin number 2 has arrived

ALL WELL

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Cool Hand Luke 12 years ago

I finally figured out how Bitcoin works:
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LetsGoViral

12 years ago

Bitcoin mining is not profitable anymore. Try some altcoins like Quark instead.

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SandraLarkin

Banned 12 years ago

It will take you at least over a month to mine your first bitcoin. However, that seems well worth it. It all depends on your machine however.

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hardraysnight 12 years ago

Originally Posted by SandraLarkin

It will take you at least over a month to mine your first bitcoin. However, that seems well worth it. It all depends on your machine however.

oh no, stop the mining, i must be doing something wrong, number three has just spewed forth
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- garyv 12 years ago
  
  Originally Posted by hardraysnight
  
  oh no, stop the mining, i must be doing something wrong, number three has just spewed forth
  
  What are you using?
  
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- meepo 12 years ago
  
  Originally Posted by hardraysnight
  
  oh no, stop the mining, i must be doing something wrong, number three has just spewed forth
  
  What sort of hardware are you running... what's your GH/s?
  
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Sirr

12 years ago

Bit Mining is pointless unless you plan to do it on a large scale, which is expensive. You need to keep your electricity costs down. Believe me, when you do it on a scale that makes it worth it you'll need to spend the least amount on electricity as possible.

3 years ago I spent £5000 building a machine with 3 top of the range graphics cards to harness the GPU's for mining. Even with those it didn't work out as planned.

For solo mining with a single GTX 680, which will produce 120 Mhashes/s, you would expect to find one block approximately every 98 years.

So, with 3, you're still looking at years.

See the full response here ... http://bitcoin.stackexchange.com/que...-bitcoin-block

To move on a serious level you need to have stuff like this: https://products.butterflylabs.com/

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hi ho bitcoin mining we go

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