Bit coin who uses it?
angryonion
Just some guy
So anyone here use bit coin?
How does it work for you?
I'm going to invest about $200.00 bucks in it just for shits and giggles.
How does it work for you?
I'm going to invest about $200.00 bucks in it just for shits and giggles.
Comments
The goal of bitcoins is to eventually have internet stores allow their currency to be traded.....right now the exchange rate of bitcoins --> dollars is not bad(1 bit coin=11-20 dollars last time i checked 6/11/2011)...but it is increasing at a steady pace..
So...it's like stocks:
You can obtain bitcoins by...
-Selling items on their forums for coins
-Buying/investing your dollar into bitcoins(this will slowly increase the value of bitcoins)
-"Farming" for bitcoins by using CPU. Note: you can be idle while "farming".
Once you have a lot of bitcoins you can do some cool things:
-Buy anything using bitcoins!! If you farmed it..you do not have to purchase goods with your own currency:hai:...but both parties(you and the seller) must accept the bitcoin as the currency being used in the transaction..
-sell your bitcoins for $$$!! This will decrease the value of bitcoins..
Opinions:
Why i would do this:
..this is a good way for beginners to start "investing". You don't even need monetary investment...just a computer that can take up a lot of CPU and you get free bitcoins:)...so there is no real risk...if you capitalize early and save your bit coins you can make money here..because there will always be buyers/sellers of the bitcoin...and the bitcoin will increase in value
Why I wouldn't want to do this:
The only reason I personally don't do this is because I feel like it is playing with pennies...no offence to the bit-coin community..I don't like "digital" markets..because I believe in building relationships in-person...high-tech is low touch..
Also another personal preference..I don't like the idea of buying low and selling high..it is a traditional/obsolete approach to business, and there are other alternatives that are more efficient..
In short
A great, risk-free way to make some money without having to be there..However it will take some time to build up bitcoins and get some real cash flow..
So convince me, OP. How long does it take for them to start racking up? I'm not expecting a miracle, but as a Student, I have way too much free time.
You are basically getting free money..so of course, getting bitcoins will take time..if you were to generate bitcoins fast..then the value of bitcoins will never increase:
Right now..the exchange rate of bitcoins is 1 bitcoin=11 us dollars. That's pretty damn good if you are making 11 dollars without doing anything..
Just let your computer generate bitcoins...and go on vacation or something..
by the way..the money you make from bitcoins can transfer into your bank account..so that's pretty cool too
Regarding mining for bitcoins it´s basicly just a waste of electricity to do it with your CPU or a Nvidia GPU, only thing that seems to make a profit after paying the electricity bill is ATI/AMD cards of the 5XXX/6XXX series...
I read somewhere that an AMD 5830 will pay itself in 17 days of 24/7 mining... (unless the bitcoin market crashes that is...)
Could be a good way to pay for a GPU upgrade atleast.
Only reason i don´t mine atm is i don´t know how the goverment will react to this regarding taxes and such, i know i could just use a proxy and they would never know but i guess im too lazy to bother.
That said, thank fuck for University electric and Internet bills :hai:
That statement is based on averages. The way bitcoins are generated is basically by hashing random data over and over again until you have stumbled upon a valid "block" (a pile of random data which conforms to certain standards). I don't know all the technical details of it, so correct me if I am wrong on this. Wether or not you actually ever find a real, "valuable" block depends just as much on luck / chance as it does on number crunching capacity. You're always hashing completely random data, so it really is just a game of chance. The more attempts you make (i.e. the more hashes you can perform per second) the more chances of stumbling upon a valid block, which can be sold for 50 bitcoins ATM. As chance is involved, it is both possible to stumble upon a valid block at your first attempt on a pentium IV CPU and to never get a valid block out of your 4GPU $3000 dedicated mining box.
As a solo miner you don't gain anything unless you have a valid block, which earns you 50 bitcoins. So, unless you have enough number crunching capacity at your disposal to be fairly certain you will stumble on a block sooner or later, it is better to join a mining group. That way, a lot of computers all do a part of the number crunching. You get paid a share of what the group earns based on how much of the total number crunching your machine did, not how much valid blocks were actually created on your machine.
I looked into letting my server mine for bitcoins while it's idle but it wouldn't be profitable when accounting power cost (number crunching eats power like mad).
Hell no. The current plan is to marry a rich woman and clone myself in her womb. No sex, no man, plenty of money, a baby and a girlfriend to gossip with and paint each other's toenails. All a woman needs in life. Maybe I'll buy a eunuch to take out the trash and do heavy lifting and yard work etc.
If it can crunch numbers, you can use it to mine bitcoins. However, you'd probably need to develop your own mining software to get optimum performance out of a PS3 cluster's chips.
I looked up "BitCoin" on google and someone has done that, I believe. It was on a forum somewhere. I can't remember too much though as it was 6am and I was pissed.
I just read about this in tha new scientist.........
Maybe it cud be &T's official currency? haha
Yeah, that figure was calculated on a mining pool that pays you proportional to your Mhash/s performance.
As i wrote before mining with CPU power is just a big waste of power, even if your power was free it would give so little return i wouldent bother.
If you look at this Hardware Comparison, not even a 4x Opteron 6174 system comes close to the results of a AMD/ATI 58XX series card.
Forum seems to be down.
A guy made the news for being raided on suspicion that he had a pot farm in his house (based on the power consumption) - turns out he was bitcoin mining.
He had to pay a fine for the cost of the raid.
Most effiecent GPU is on the ATI Radeon HD 5870. Here's a list of cards:
https://en.bitcoin.it/wiki/Mining_hardware_comparison
^Using that to pool mine. lol at Nvidia 8500GT. Btw I am using poclbm-mod. Gogle GPU Caps Viewerm GPU using is 98% and the temp is reaching 72C!
Why are the cops allowed such freedom in ass-fucking citizens?
The cops were wrong, the busted into his house, probably breaking shit and scaring the hell out of everybody, and then he has to pay for it.