Bitcoin mining

It was a light hearted self deprecating comment about the complex nature of the Bitcoins proposition, you missed that fact obviously. The fact I have Man of Honour should indicate I am not a troll on this forum and I suggest you lighten up a little as I said.

I am a member of a private web forum, full of high net worths and we were discussing this the other week and most came to a similar conclusion a complex and ultimately time limited proposition. They may be wrong, I don't have a enough insight to comment with any authority but I was looking to acquire some to purchase something and gave up due to the complexity of the proposition, but then I didn't have the time or inclination to look into it to deeply.

What do you consult in may I ask, I think this might give some insight into the demographic of the bit coin society.

In that case I take back my comment as your humour obviously bypassed my generally good sense of humour.

I consult in server builds / Citrix / VMWare and other bits related and currently am contracting as a core architect and helping reduce and optimize the the largest Citrix build in Europe after spending 8 years at a company that wrote software for such companies. Hopefully that helps a bit.

I am no way linked to BitCoin or finance and only stubbled on it (too late IMHO) last month.

Many people have trusted me messages asking for my help so I thought I would help out in this thread. Starting to regret it now.
 
In that case I take back my comment as your humour obviously bypassed my generally good sense of humour.

I consult in server builds / Citrix / VMWare and other bits related and currently am contracting as a core architect and helping reduce and optimize the the largest Citrix build in Europe after spending 8 years at a company that wrote software for such companies. Hopefully that helps a bit.

I am no way linked to BitCoin or finance and only stubbled on it (too late IMHO) last month.

Many people have trusted me messages asking for my help so I thought I would help out in this thread. Starting to regret it now.

Some advice if I may....

Don't dismiss the view of other posters who don't conform to your perceived way of debate. Like all forums this place has all sorts and often light hearted humour even on serious threads is the way of things. Push back on that and you will, to use geek parlance, be owned.

I am older than you to so don't come across all experienced and expert, for you often will be debating with people who could eat your lunch for you on these sort of things and you will be made to look an eejit, I speak from experience (of being an eejit). I have also employed many computer consultants over the years, so bare in mind you could also be abusing your boss......though you're not here. ;)

My point about Bitcoins is the proposition is complex and in being that it restricts its demographic to people who seek to take the challenge and by their nature will be of a certain type, lets call them for want of anything better, geeks. The nature of people such as this is sometimes they put passion and knowledge ahead of reality. Now they may be incredibly clever but they lack certain things and I think Bitcoins is something the advocates are hugely passionate about but the people who know in the city are not.

Now of course people will come back and say "what does the city know" but that is their weakness. They own the valuations of 'things' and what a geek may think of them as educated decision makers means nothing, if they want it to work it might, if they don't or it doesn't captivate them or worse, is seen as a risk it won't no matter how hard the advocates believe it should.

I have no idea of if Bitcoins will be an investment engine or not as I am not an investor as such, but I do know it is too complex right now and if that doesn't change I see only failure at the end. But as I say, just an opinion like yours.
 
Some advice if I may....

Don't dismiss the view of other posters who don't conform to your perceived way of debate. Like all forums this place has all sorts and often light hearted humour even on serious threads is the way of things. Push back on that and you will, to use geek parlance, be owned.

I am older than you to so don't come across all experienced and expert, for you often will be debating with people who could eat your lunch for you on these sort of things and you will be made to look an eejit, I speak from experience (of being an eejit). I have also employed many computer consultants over the years, so bare in mind you could also be abusing your boss......though you're not here. ;)

My point about Bitcoins is the proposition is complex and in being that it restricts its demographic to people who seek to take the challenge and by their nature will be of a certain type, lets call them for want of anything better, geeks. The nature of people such as this is sometimes they put passion and knowledge ahead of reality. Now they may be incredibly clever but they lack certain things and I think Bitcoins is something the advocates are hugely passionate about but the people who know in the city are not.

Now of course people will come back and say "what does the city know" but that is their weakness. They own the valuations of 'things' and what a geek may think of them as educated decision makers means nothing, if they want it to work it might, if they don't or it doesn't captivate them or worse, is seen as a risk it won't no matter how hard the advocates believe it should.

I have no idea of if Bitcoins will be an investment engine or not as I am not an investor as such, but I do know it is too complex right now and if that doesn't change I see only failure at the end. But as I say, just an opinion like yours.

Valid points and hence lies the risk. I agree that it is way to complicated at the moment. Trying to buy the coins is a nightmare and that indeed could be its undoing unless they fix it or it becomes more of a user pleasing experience.

It looks like we have got off on the wrong foot and perhaps I should start a serious thread on the matter in somewhere other than general rather than replying to an existing one in GD.

thanks
 
This massive spike in Bitcoin happened before. It was because of a few people artificially inflating prices. It will crash like a ton of bricks.
 
Man hugs all round.

You've told enough people to google already in this thread. Why not get rid of all forums and just go to google? This is a thread dedicated to bitcoins, so I ask again, can someone explain it in a paragraph so we can all see what it's all about, for those that are not in the know.
Also, you are not the OP so why are you treating this thread like you are?

It's a shame you had to make that other thread. Now you look like a complete moron, rather than just a moron.
 
I might be entirely wrong here, but aren't the Bitcoin exchange companies making an absolute mint here? Surely people are depositing real money with them and they're giving out something which is entirely ethereal, meaning that they have an awful lot of money accumulating interest? Fair play to them!
 
You've told enough people to google already in this thread. Why not get rid of all forums and just go to google? This is a thread dedicated to bitcoins, so I ask again, can someone explain it in a paragraph so we can all see what it's all about, for those that are not in the know.
Also, you are not the OP so why are you treating this thread like you are?

It's a shame you had to make that other thread. Now you look like a complete moron, rather than just a moron.

in that case I wil step out.

Good luck everyone with your investments. Meant as an honest comment.

/minds his a$$ on the door
 
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can someone explain it in a paragraph so we can all see what it's all about, for those that are not in the know.

From my very limited knowledge...

Bitcoins are a virtual currency earned (mined) by performing calculations via software. The calculations serve no purpose (unlike SETI/DNA decoding etc) other than apparently securing transactions. They can be used to exchange to cash or buy anonymously online, which is naturally useful for illegal purchases. Bitcoins are earned semi-randomly similar to a lottery, so most people mine within a syndicate whereby any won bitcoins are split evenly based on your contribution.

How's that?
 
So I have to run a web connected software application locally on my machine for a period of time to earn a coin and that coin will be earned based on what, speed of processing, time spent running the application, the capability of my clan, what?
 
Luck, essentially, by solving one of the calculations. You may get lucky and earn 50 bitcoins instantly by mining solo, or you could be mining for 10 years and get nothing. Which is why most people mine within a syndicate.
 
So I have to run a web connected software application locally on my machine for a period of time to earn a coin and that coin will be earned based on what, speed of processing, time spent running the application, the capability of my clan, what?

Luck, essentially, by solving one of the calculations. You may get lucky and earn 50 bitcoins instantly by mining solo, or you could be mining for 10 years and get nothing. Which is why most people mine within a syndicate.

It's also worth pointing out that there is diminishing returns. Early on doing it on a home PC was viable, but as more bitcoins were mined, they become progressively harder to find. Steve Gibson a security researcher as said on the twit.tv podcast several times that he got a load of bit coins early on and saved them (which was good considering how much they have rocketed in price), but now to really make a profit you need a server farm dedicated to the task, otherwise it's pointless for the most part when for a home PC you look at the cost of electricity, the chance of success and the reward, and compare that to the lottery, and the lottery (or many other gambles, or investment) will work out better.
 
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