BitCoin Mining

Anyone else doing this?

My friend is doing it. Not me.

If this was still 2009/2010 and you had 4x or more of Radeon HD 5000/6000x series or Nvidia 260 or whatever cards then I’d say it would be worth it especially if you mined a bunch and sold at it’s height of $200ish. But now the payoff in bitcoins has mathematically halfed or less and the price has crashed. If you have the right rig and setup you might just slightly break more than even on the electricity costs, but it might take you a decade “if ever” of constant mining to make back the cost of buying the special hardware. If you are adventurous and have nothing better to do then why not try it, just don’t expect to make a quick fortune unless you have control over the NSA’s Bluffdale facility… A fun random note Mark Karpeles aka MagicalTux is the head guy of MtGox the world’s largest bitcoin/currency exchange based out of japan. Not bad for a kid that used to be used and abused by a mad frenchman…

LiteCoin and some other small upstart virtual currencies may be worth looking into… But I personally distrust anything virtual as a real long-term store of wealth. I also distrust stocks, bonds and other wall-street stuff. I trust gold, silver and other physical commodities and real world things. If you can speculate and buy, sell and short on the ups and downs of things on the right time you can make some money, or lose your arse.

I remember reading about it when the price crashed and i just don’t understand how people could actually read into this and say hey… its a good investment. but then again, apple $700… apple $465 as of today? yea.

0.00002679 BTC

ALMOST THERE!

gl

This.

That gravy train has left the station, imo.

One of these bad boys should help
http://www.butterflylabs.com/monarch/

wtf are Bitcoins and what is Bitcoin mining?

an absolutely genius and most likely an unintentional scam. I’m sure the founder sold off most of his bitcoins because he apparently disappeared by the end of 2010… Only place he disappeared to was a private island right after he realized how stupid people could be lol…

I can’t even comprehend how people actually pay cash and speculate on this… even the main developer said he is diversifying out of bitcoins and into mutual funds.

Well now its a real currency

sure, but at least a physical entity like the fdic insures your bank account up to 250k even if it’s just a placebo effect. the real problem with the “currency” will be the lack of volatility because when shit hits the fan everyone is going to try to pull out, everyone has to wait 10 minutes for your verification to go through, everyones going to get fucked.

the only way i can see this working is if all the big banks in the world decide to adopt it. i really can’t see that happening because it takes too long for verification but then again these banks can just become large reserves holding the bitcoins and verify directly with each other.

as much as people may think it could be a solution to the economy it would just shift the power from the government to the banks

I just read up on BitCoin mining, what a waste of time.

That’s the whole point. Money can’t come from nothing. So bitcoins come from processing time and power.

Why not just get a real job then?

So bitcoins are backed through the waste of electricity and wear and tear of your cpu/gpu?

I’m not sure why you guys are throwing the word “waste” around. Would you be wasting your time looking for gold in a gold mine? Anyway I just cashed out 5 bucks so fuck you guys.

I have a real job. Go sell mentos, nerd.

What bitcoin and other similar currencies do have going for it is the fact that there are a finite amount of bitcoins that can come into existence and it becomes exponentially harder to mine every 4 years until all the addresses are taken up. With fiat currencies such as Federal Reserve Notes “FRNs” or USDs" the printing and issuance is done in secret and not really controlled in a sane manner “they print as they need” such as quantitative easing for crappy junk bonds at 85 billion per month. Mining bitcoins is kind of like cracking MD5 hashes or other encrypted strings except a little different. To be fair I think bitcoin was never originally intended as a get rich scheme but rather an anonymous digital currency alternative. Some money can still be made and if you are averaging $5 or more per day then you’re doing pretty good.

Yes i would be wasting my time looking for gold in a gold mine because the chance of me finding anything worth my time is unlikely.

Yeah and i understand the limited currency idea but that doesn’t mean the price can only rise (see gold: http://goldprice.org/charts/history/gold_2_year_o_b_usd.png)

I also don’t believe it was created to get rich, and was probably created as a proof of concept or side project that happened to go viral. I’m sure he made a whole ton of money from all the early bitcoins and he could justify that as payment for his hard work. I just don’t like the stories of “oh one day he threw some other dudes email on the home page and a month or two later he just vanished never to be heard of again”…

That sounds like fraudulent activity to me although at this point due to the distributed nature of the system the worst he could do is sell a lot more bitcoins which could create an upset in the market and lead it to crashing which isn’t that bad if it stabilizes. Regardless i just want to know why the disappearance and lack of support for something you created, and the only two possible options is the story is bullshit or he already sold out.

rantrantrant, i’ve been so into reading about bitcoins today had to spend hours going through articles and reading through the original source code to see how it works. It’s a very interesting system but apparently the idea has been floating around since the 90’s iirc.