Bitcoin mining

Efour said:
Then why are you so silly?

Why don't you re-mortgage your house set up 100 Rigs and start living the high life?

You are a computer consultant after all you should have access to this stuff. Quad sli or whatever the amd one is called.
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I have considered and found it too risky.

However a quick browse on the net and you will see people have done exactly this.

All that said, I am on the waiting list for the new ASIC machines(The are the new method of mining rather than GPU's)

A little tip for you. Google is a powerful tool, you should try it one day. The word you were looking for was crossfire ;)
 
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Sorry, I think I've missed something about how this works. You use your computer fro crypto wrok that generates bitcoins? But who is converting real money into bitcoins to purchase the output your generating?
 
peter_hutson said:
Sorry, I think I've missed something about how this works. You use your computer fro crypto wrok that generates bitcoins? But who is converting real money into bitcoins to purchase the output your generating?
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People are bank wiring real money to exchanges and buying bit coins with it. Just like paypal really. A small commision for each transaction goes into the pool to generate or seed new coins to be mined.

Why bit coins. No banks, held by the community, no governemnts.

It like everyone using 1 bank with 1 branch all storing their money in 1 room with no doors or locks. You can come and go as much as you like but everytime you enter you have 1 million eyes watching you.

You always know where your money is and you can get it anytime and you know it is safe :)

Well as save as can be
 
Some sneaky hacks are ninja installing mining services with warez games these days. Been reading about it recently and what happens if the mining service runs in the BG using your GPU when it's idle making money for the creator. you'd only know if you kept track of GPU usage history.

Another reason why game piracy is not worth the hassle.
 
I actually thought that all the mining was like the folding stuff but it turns out its not? so it isnt achieving anything £useful" on a grander scale and that's the bit that as a non economically minded person, makes almost no sense.

But not everything needs to so its my issue not the currencies :)
 
mrk said:
Some sneaky hacks are ninja installing mining services with warez games these days. Been reading about it recently and what happens if the mining service runs in the BG using your GPU when it's idle making money for the creator. you'd only know if you kept track of GPU usage history.

Another reason why game piracy is not worth the hassle.
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yeah heard about this and other sneaky tricks. Certainly is a minefield out there and easy to get tripped up. Also BitCoin is full of scammers trying to make a buck from selling dodgy non existance coins to fake mining machines :) As with all new trends, it attracts alsorts and the crims.
 
Efour said:
I actually thought that all the mining was like the folding stuff but it turns out its not? so it isnt achieving anything £useful" on a grander scale and that's the bit that as a non economically minded person, makes almost no sense.

But not everything needs to so its my issue not the currencies :)
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tbh it took me nearly a week of research to fully understand it and my head still hurts.
 
Catanonia said:
Yes

Money or virtual money. In the last 5 days I have mined 0.25 Bitcoins and currently it is worth £90 per 1.0 bitcoin.

I will keep my bitcoins as the value of them will increase over the years as the difficulty of mining increases and people start to ditch banks in the Euro to a safer and government free form of banking. Bit coin value in the last month has risen over 100% due to the Spanish puling their money out of the national banks into safer places due to what happen to the cypriats.

Soon to add a 2nd graphics card (for gaming) and my mining rate will double
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Bar the fact its cost you more in electricity to run the process than you'll earn back, yes, it's full of win :p
 
I started some mining at home on my sig rig earlier in the week but I don't really think it's worth it... might do a bit more though just as a hedge to get something out of it (Slush's pool). When I say a hedge, I mean in the unlikely even that this one day has like 5% of the global economy using it for example, even at a couple decimals off of one Bitcoin in that instance (possible if unlikely future) it would still be worth a tonne of fiat currency.

Once the ASIC's come widely onstream it will be a rich mans mining game as only those with big budgets will be able to secure enough relative hashing power in the overall hashspace (with it's spiking difficulty) to turn a decent profit. It's relative hashrate that will count, not your individual GHps.

Returning to the OP's point, I think he was actually asking if mining does anything of 'value' beyond the actual act of mining the coins as their own reward. Like say folding for the gain of medical research has ethical value you could say.
And, no, no it does not. But, the more miners there are, the quicker, better and in theory more secure Bitcoin is as a network/currency/whole.
 
Its a bit like currency when it was introduced, oh so many years ago and because it isnt instituted by some big cartel, dismiss it.

:)

(Just you know, telling it as it is, I don't actually care, but i do wonder its implications on trust in credit, even if completely marginal)
 
When you consider the "waste" of resources used in mining, minting, printing, storing and distributing the traditional currencies like gold, silver, Sterling, Euro, Dollar ... it makes a lot more sense.

Efour said:
I actually thought that all the mining was like the folding stuff but it turns out its not? so it isnt achieving anything £useful" on a grander scale and that's the bit that as a non economically minded person, makes almost no sense.

But not everything needs to so its my issue not the currencies :)
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You know those solar panels cropping up everywhere ? ...

Quite apart from mining, there is a healthy and growing community of businesses and individuals selling their goods and services for BTC. The mining is a relatively small aspect of Bitcoin and will become much less significant in the future.

Keep in mind also that it is 100% opt-in, no one is threatening you with violence if you decide to have absolutely nothing to do with Bitcoin.

Django x2 said:
Bar the fact its cost you more in electricity to run the process than you'll earn back, yes, it's full of win :p
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[FnG]magnolia;24064833 said:
It's entirely nonsense and backed by nothing. I hope you can see a difference there.
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It's clearly backed by something, otherwise it would not have the attention of the law, while i believe its going to self-destruct when machines are made to directly deal with it, but if it doesn't falter then...well maybe there is some credence.

Not that I would bother, even then. I suppose its just too strange.
 
Its nonsense we already have electronic money, its called "money" and that doesn't exist either, the big difference with "money" and bitcoins is that everyone believes in "money".
 
Its like giving everyone a printing press and coin mould.

Its a fad, like so many others. Im sure some people will make money from it but it has nothing.. You cant open source money. The whole point of money is it is guaranteed. limited supply et al. its just nonsense for the same of nonsense.

Im a computer geek but too like most of us here but this is BS and another passing trend.

Hell im making a new currency called "Efours" who wants to buy it from me ?
 
e: to post #36

It's not strange, it's just not current anymore because people have actually done the research into something which initially looked compelling and finally realised that, hey wow, it's not that compelling after all and is in fact a crock.

There are some hilarious examples of ineptitude if you want to search for them :)
 
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[FnG]magnolia;24064902 said:
It's not strange, it's just not current anymore because people have actually done the research into something which initially looked compelling and finally realised that, hey wow, it's not that compelling after all and is in fact a crock.

There are some hilarious examples of ineptitude if you want to search for them :)
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Do i type in "Kwerk"?
 
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