Posted: 4/12/2013 4:40:00 PM EDT
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Any of you guys into this? I have some questions please. Thank you.
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I am familiar. Ask away. What is it? Why should it interest me? I get the feeling whatever it is, its been around for a bit, but some reason I have heard it mentioned in various places 5 or 6 times this last week and a half... 1. Bitcoin is a alternative currency that is not controlled, monitored, or provided by any government. It is based electronically only and exist out on the Internet most notably the Under Net. 2. It can't be inflated, copied, deleted, or destroyed. Mostly it is used for purchases outside the normal economy and I won't get into detail on that on a open forum. 3. Partly for reason number 2. It can not be taxed either. At least not directly. What you acquire is yours and can be spent however you wish. There isn't anything you can not acquire with them. On a side note before 2008 they were pretty much worthless but when the 2008 crisis happened and inflation started running crazy (see the DOW lately?) the price on bitcoins sky rocketed and its being driven by individual transactions not government. The more use they get the higher it will rise and there are only a limited number of bitcoins available they can not be created out of thin air. That right there holds value since Dollars are not like that even. Paypal was first created soley for Bitcoin transactions and they changed to currency to allow for more profit since many people don't use Bitcoins. That was done when they were bought out the first time many years ago. They still take them as payment and you can buy and cash them in by using Paypal still. |
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Tell me about mining machines please.
Have/do you use one? Where could one buy/build even a basic machine for shits and giggles? ETA it appears mining machines are crazy hard to find. I've read one company has 70k pre orders for them. I've done a fair amount of research so we can skip the basics. Thank you for the info!!! |
The most recent episode of the Urban Survival Podcast is about an hour dedicated to explaining bitcoins and how they work, how to get them, use them, the advantages/disadvantages, etc. Honestly, after listening to that, I'm still pretty in the dark mainly because there is so much information to take in. From what I could gather, you can buy or barter for them or you can "mine" them from, if I understand this correctly, the data of other bitcoin transactions. Essentially, your mining helps process other transactions and you get paid for it in fractions of bitcoins. At least, I think that's how I gathered that it works, I could be completely wrong, I'm just a guy that listened to a podcast yesterday. 
ETA: it's been around for a few years, but it's been popping up recently because people in Cyprus have started using it en masse with good reason. |
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The most recent episode of the Urban Survival Podcast is about an hour dedicated to explaining bitcoins and how they work, how to get them, use them, the advantages/disadvantages, etc. Honestly, after listening to that, I'm still pretty in the dark mainly because there is so much information to take in. From what I could gather, you can buy or barter for them or you can "mine" them from, if I understand this correctly, the data of other bitcoin transactions. Essentially, your mining helps process other transactions and you get paid for it in fractions of bitcoins. At least, I think that's how I gathered that it works, I could be completely wrong, I'm just a guy that listened to a podcast yesterday.
ETA: it's been around for a few years, but it's been popping up recently because people in Cyprus have started using it en masse with good reason. +1 on the mining. Any machine can be setup to do mining. The difference in doing this is the more powerful machine you get the faster it mines bitcoins. It takes a while to get or accumulate one coin. Only thing you need to do is install the mining software and start going. There is a ton of info out there to start that up. Try this for instance: http://startbitcoin.com/ If you wanted to do it for profit there is a lot of work involved as you have to factor in the cost of equipment and power/space to run them. A server based machine can data mine faster than a personal computer etc..... It takes a lot of processing power to get bitcoins. There is more talk on how to pool resources together in that link I posted above. |
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Do you guys really know what the software is doing? Mining and software does not sound like something that is on the up and up. What exactly are you mining? Personal information? Phone numbers or credit card information? Someone said mining other bitcoin transactions. Is that like pirating the digital information of a bitcoin for your own use? I was involved in a contest many years ago. It was ran through I think MIT and they wanted to know how much computer power it would take to decrypt a 128 bit encryption on a sentence. I joined a team and we threw all of our computers into this challenge. We would take chunks of data and crunch it and then up load it and take another chunk and repeat.
Some of the above post have me wondering if this "mining" is just that. Trying to decode something. I smell scam! Just best know what this is all about. Could also be a form of espionage. Look at how the Russians had old folks putting back together stuff that was shredded documents. Dang old folks thought that it was fun way to spend the day at the retirement home. |
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Do you guys really know what the software is doing? Mining and software does not sound like something that is on the up and up. What exactly are you mining? Personal information? Phone numbers or credit card information? Someone said mining other bitcoin transactions. Is that like pirating the digital information of a bitcoin for your own use? I was involved in a contest many years ago. It was ran through I think MIT and they wanted to know how much computer power it would take to decrypt a 128 bit encryption on a sentence. I joined a team and we threw all of our computers into this challenge. We would take chunks of data and crunch it and then up load it and take another chunk and repeat. Some of the above post have me wondering if this "mining" is just that. Trying to decode something. I smell scam! Just best know what this is all about. Could also be a form of espionage. Look at how the Russians had old folks putting back together stuff that was shredded documents. Dang old folks thought that it was fun way to spend the day at the retirement home. The mining is literally just you dedicating a portion of your machine's power to helping process other bitcoin transactions that are taking place, which make it pretty self contained and self regulating. If you have a flash drive with 10 bitcoins on it (which comes out to something like $1,400 last I heard), those bitcoins don't exist anywhere else, they don't have anyone's name on it, they hold value in literally the same way as a gold coin. Since there isn't any personal information attached to them and it's a self contained system, there is currently no way to regulate them. Because of this, there is a somewhat nefarious air to them because until recently, the most common sources that took them were either very foreward thinking entrepinuers (sp?) and people trying to buy and sell products (many very regulated or flat out illigal) under the table. |
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Anyone that puts there hope is a crap currency that drops 68% in one day needs to find a better financial planner.
http://gigaom.com/2013/04/12/why-bitcoin-crashed-and-how-ripple-might-avoid-the-same-fate/ http://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/ |
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Anyone that puts there hope is a crap currency that drops 68% in one day needs to find a better financial planner. http://gigaom.com/2013/04/12/why-bitcoin-crashed-and-how-ripple-might-avoid-the-same-fate/ http://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/ This is coming to a currency near you. |
| Bitcoins are used in many black market transactions the are created by using part or the whole computer to run a dash algorithm the problem is that now it cost more in energy than you make. It is a currency and Iran's currency of choice for doing business around the world and a way to maneuver sanctions. Also the currency of the deep web |
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Quoted: Bitcoins are used in many black market transactions the are created by using part or the whole computer to run a dash algorithm the problem is that now it cost more in energy than you make. It is a currency and Iran's currency of choice for doing business around the world and a way to maneuver sanctions. Also the currency of the deep web  |
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You are kind of right. I've never heard anything about Iran using bitcoin tho. They are hammered with massive inflation. The government isn't using it but Iranians are as a way to do business and maintain wealth. Same reason Cyprus went full retard into it after the fact. |
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I keep several thousand dollars worth of Monopoly money in my safe, just in case. Best of all is that it's completely EMP proof.  I keep my life savings in a lead lined penny jar, even if inflation goes haywire and the global economy tanks I can still drop them off of tall buildings. They will go right through a persons skull ya know... Yeah, my future is pretty dang secure.... |
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Quoted: I keep my life savings in a lead lined penny jar, even if inflation goes haywire and the global economy tanks I can still drop them off of tall buildings. They will go right through a persons skull ya know... Yeah, my future is pretty dang secure.... I'll be damned! I didn't know Warren Buffet was an ARFCOMMER!!!  |
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On a side note before 2008 they were pretty much worthless but when the 2008 crisis happened and inflation started running crazy (see the DOW lately?) the price on bitcoins sky rocketed and its being driven by individual transactions not government. The more use they get the higher it will rise and there are only a limited number of bitcoins available they can not be created out of thin air. That right there holds value since Dollars are not like that even. Paypal was first created soley for Bitcoin transactions and they changed to currency to allow for more profit since many people don't use Bitcoins. That was done when they were bought out the first time many years ago. They still take them as payment and you can buy and cash them in by using Paypal still. You sure bout that? http://en.wikipedia.org/wiki/Bitcoin#History |
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On a side note before 2008 they were pretty much worthless but when the 2008 crisis happened and inflation started running crazy (see the DOW lately?) the price on bitcoins sky rocketed and its being driven by individual transactions not government. The more use they get the higher it will rise and there are only a limited number of bitcoins available they can not be created out of thin air. That right there holds value since Dollars are not like that even. Paypal was first created soley for Bitcoin transactions and they changed to currency to allow for more profit since many people don't use Bitcoins. That was done when they were bought out the first time many years ago. They still take them as payment and you can buy and cash them in by using Paypal still. You sure bout that? http://en.wikipedia.org/wiki/Bitcoin#History Partially 
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I only have one 7950, but I really wish I had this guy's gear...
Litecoin is better to mine on GPUs right now. /r/litecoinmining is a great resource.
http://www.reddit.com/r/litecoinmining/comments/1dsel9/i_might_have_gone_a_little_bit_overboard/ 
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I just finally did the maths on my power consumption vs. profit in case anyone is interested. Numbers aren't exact as everything is rounded and whatnot, but I spend about $19 in power to generate $120 in bitcoin based on low spot today. Is that monthly? No. I am not using a kill-a-watt or whatever the fuck that thing is called. Just basing it on changes in my power bill, plus other variables. Sometimes I am not running overclocked, sometimes I am intentionally killing my hash rate (like when I am at school and nobody is home) and then of course there is pool downtime and the hashrate of the pool. It is fudged to a certain extent, but since I can't run it for say a full bore power per bitcoin comparison, this is essentially my best average. At the moment, I am only pulling around 1 bitcoin every 10-15 days. I am not a hardcore miner by any means. That may change when my Jalapeno arrives. |