Bitcoin mining

Catanonia · 5 Apr 2013 at 12:26

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

Under £1 a day and you are missing the fact I am saving them for a rainy day for when "I hope" the price has risen. Like all investments, it is a risk.

[FnG]magnolia · 5 Apr 2013 at 12:28

StriderX said:
Do i type in "Kwerk"?

No, I was referring to the supposed originators and upholders of the idea/concept/ongoing thing.

StriderX · 5 Apr 2013 at 12:29

[FnG]magnolia;24064970 said:
No, I was referring to the supposed originators and upholders of the idea/concept/ongoing thing.

Kwerk is still valid though?

Catanonia · 5 Apr 2013 at 12:29

Efour said:
. The whole point of money is it is guaranteed. limited supply et al. its just nonsense for the same of nonsense.

The algorithms are such that there will only ever be a maximum of 21 million bit coins in circulation. Hence the price WILL go up if it lives to it's teenage years.

this_is_gav · 5 Apr 2013 at 12:35

Catanonia said:
The algorithms are such that there will only ever be a maximum of 21 million bit coins in circulation. Hence the price WILL go up if it lives to it's teenage years.

By then we'll all be back in the middle ages, as we're having to pay Russia millions per barrel of oil as we've spent all of our natural resources on ******** like this.

jamief · 5 Apr 2013 at 12:35

Catanonia said:
The algorithms are such that there will only ever be a maximum of 21 million bit coins in circulation. Hence the price WILL go up if it lives to it's teenage years.

There is absolutely NO guarantee the price will go up just because there is a fixed sized pool. When they can no longer be mined, I think you might find the market crashes and they become worthless.

[FnG]magnolia · 5 Apr 2013 at 12:36

Catanonia said:
The algorithms are such that there will only ever be a maximum of 21 million bit coins in circulation. Hence the price WILL go up if it lives to it's teenage years.

Are you joking?

Catanonia · 5 Apr 2013 at 12:44

[FnG]magnolia;24065040 said:
Are you joking?

nope, have a play with google.

jamief said:
There is absolutely NO guarantee the price will go up just because there is a fixed sized pool. When they can no longer be mined, I think you might find the market crashes and they become worthless.

Correct, that is my risk and investment prediction. It may go down and it may collapse.

Catanonia · 5 Apr 2013 at 12:47

A good read http://www.theregister.co.uk/2013/04/04/bitcoin_value_soar/

Extract

The value in the system was in the sheer time needed to solve the algorithms and create each unique Bitcoin. In addition, there is a limit of 21 million Bitcoins that can be mined. Creating a limit on the total quantity of Bitcoins puts it into the same monetary league as gold, with finite supply creating greater demand.

But, unlike gold, there's no physical reason why there can't be more Bitcoins; that's just the current rule. Right now, estimates reckon there are nearly 11 million Bitcoins in existence.

Doomedspeed · 5 Apr 2013 at 12:48

jamief said:
There is absolutely NO guarantee the price will go up just because there is a fixed sized pool. When they can no longer be mined, I think you might find the market crashes and they become worthless.

Everyone seems to be forgetting that to be a market there has to be a buyer.

When people don't want to buy this currency anymore It will completely collaspe. As it has no unquie use people are using it as an investment as the price is rising but as soon investors feel the price is falling, they bail, cutting the demand and therefore cutting the price..

Its a clever idea but used very poorly..

[FnG]magnolia · 5 Apr 2013 at 12:54

Catanonia said:
nope, have a play with google.

Correct, that is my risk and investment prediction. It may go down and it may collapse.

I don't need to have a play with google.

I'm out of this conversation entirely and I hope you don't get burned too badly. The 'too' is of course subjective.

Good luck

PapaLazaru · 5 Apr 2013 at 13:00

Thios does not seems to have been mentioned, but websites that trade in narcotics (like Silk Road) use Bitcoins almost exclusively, so in effect, when you sell them, you are selling and aiding drug dealers.

StriderX · 5 Apr 2013 at 13:01

PapaLazaru said:
Thios does not seems to have been mentioned, but websites that trade in narcotics (like Silk Road) use Bitcoins almost exclusively, so in effect, when you sell them, you are selling and aiding drug dealers.

Banks do that to, you know, as well as terrorism, so frankly it doesn't matter.

Catanonia · 5 Apr 2013 at 13:10

StriderX said:
Banks do that to, you know, as well as terrorism, so frankly it doesn't matter.

Indeed any form of high value currency attracts the crims. From stones to not too long ago memory chips.

Not sure if OC was around when RAM as over £100 for MB sticks, but if they were, one could say something about such a company funding such activities

(before someone moans, I am not implying anything.

Of course BitCoin is full of crims and tbh you need to have your wits about you when trading as it is intentially completely unregulated and the police are clueless about it generally. The exchanges do require passport and address scans to become verified, but that is easy if you want to give them fakes.

The security relies on the hashing / cryto algorithms that everyones own "computer wallet" decode and share / verify with everyone elses much like BitTorrent shares.

Catanonia · 5 Apr 2013 at 14:34

oh my, thought it had peaked at $150 a few days ago and then it settled back around 130$. Now on the rise again 142$ last time i checked.

peter_hutson · 5 Apr 2013 at 14:37

Catanonia said:
oh my, thought it had peaked at $150 a few days ago and then it settled back around 130$. Now on the rise again 142$ last time i checked.

I think I get the idea behind it now. But I'm still very suspicious of any commodity that rises at such a rate. If you can get in and out at the right time I suspect you can turn a profit. I suppose in defence you could say that about any "young" currency.

cHk4 · 5 Apr 2013 at 14:39

How do I optimize my machine for this as I have a beast of a machine, I could make a VM for it or just use it at an OS level. Also what are good group mining pools to join?

Thanks

LiE · 5 Apr 2013 at 14:52

Reminds me of that fad many years ago which would see people invest a small amount of money into a scheme, whereby you clicked through a daily amount of links to increase your investment. It was shut down, can't remember what it was called.

arknor · 5 Apr 2013 at 15:34

cHk4 said:
How do I optimize my machine for this as I have a beast of a machine, I could make a VM for it or just use it at an OS level. Also what are good group mining pools to join?

Thanks

I always used https://50btc.com
mainly because you can get payouts anytime and not wait for the whole block to be validated

Antony101 · 5 Apr 2013 at 15:37

I wish I was a billionaire so I could just buy all of them and laugh.