How can i safely get some bitcoins?

Ultra_Extreme · 19 Feb 2013 at 22:45

For some reason a service i use a lot has recently changed subscription to bitcoins and the whole process of getting them is a PITA and looks very dodgy. Im experienced in IT but id like to know if anyone has worked with bitcoins before and what they would reccommend for getting some, itll be a one off 10 coin purchase and ill probs never use them again.

Cheers guys.

Ultra_Extreme · 19 Feb 2013 at 22:54

arknor said:
https://localbitcoins.com/buy_bitcoins
I've bought some from localbitcoins before via bank transfer

they are expensive as hell now though because now every generated block mined is only worth 25BTC instead of 50 causing them to double in value :S

blimy is pretty expensive? what the odds of me mining a few? is it hard? i have top end pc if that helps?

Ultra_Extreme · 19 Feb 2013 at 23:08

arknor said:
would take you forever

if you joined a mining pool and used say a 7850 to mine you would likely yield 0.05 coins per day

just look at the mining pool stats
https://mining.bitcoin.cz/stats/
even with 2734.308 Ghash/s it takes 40mins-3hours to generate a block of 25 coins.

My amd 7850 @ 1ghz was munching a measly 300Mhash/s

joined a pool m8 and im running oc's 7970's xfire. Gonna leave it run a few months, should get me some

Ultra_Extreme · 19 Feb 2013 at 23:18

yeah looks like it im reading 450mhash each card atm going up and down tempted to buy a third now lols

Ultra_Extreme · 19 Feb 2013 at 23:47

arknor said:
lol bet the electric costs aren't cheap , theres probably a calculator somewhere for it but at least you wont need to have your heating on

dunno what watts those card use I just put 600 in a calculator which is probably OTT
@ 900mhash/s
with 0.15$ per kwatt (which is probably more than you pay assuming your ignoring the $ and pretending it says £)
Coins per 24h at these conditions 0.1240 BTC
Power cost per 24h 2.16 USD
Revenue per day 3.48 USD
heres the calculator http://www.bitcoinx.com/profit/

good job i dont pay leccy then. PC runs 24/7 on a business premises either way, so makes no odds. Bit of research and hooking a load meter up to my PC (im sad) i can estimate the increase in power use is around 250w making it fairly reasonable imo.

Good point tho, in other circumstances where is the profit? For me? i want ten fuarking bitcoins, thats all, and im not paying 200 for em!

Ultra_Extreme · 19 Feb 2013 at 23:50

kiel367 said:
iv just started this on my rig, using a 6950 sapphire dual fan edition im getting around 260-270Mhash/s, this is on standard clocks, not sure if this is a good speed or not?

its not but if your not short on time, meh, you wanna be running up over 400mhash from what i found so far

Ultra_Extreme · 19 Feb 2013 at 23:56

well ill check back in a decade or so if i got some coins, pretty impressive in some ways if coins are like almost £20 each!? but gonna take me some damn time to get 10 for sure!

Ultra_Extreme · 20 Feb 2013 at 00:03

couldnt tell u m8 started myself depends what u want, i just want coins without giving my details to some russian mobster. U wanna make profit? probs not no. The guys who profit off this build huge farms of specialist linux boxes and probs steal leccy from other premesis. For a home PC of average spec? You wont make money at an appreciable rate.

Ultra_Extreme · 20 Feb 2013 at 00:05

arknor said:
even mygox is saying https://mtgox.com/index.html?Currency=GBP
19quid per btc and thats like the stock exchange of bitcoin almost.

buying coins their sucks though as it takes days where as you might aswell by 5% more at localbitcoins and have them within a few mins

(if you were to be buying them)

I don't see the point in mining BTC anymore unless you would be buying them anyway

yeah thats my thing, if i make 10 coins in a yr for free i get lifetime membership to my 'service' and basically earn myself 200 quid

Ultra_Extreme · 20 Feb 2013 at 00:06

Energize said:
To be fair this "service" must be very dodgy if the only accepted payment method is bitcoins.

i use it to meet sexy moms who are bored.

nahh it isnt so dodgy its just kind of elite and so this is like barrier for entry which in some ways i agree with.

Ultra_Extreme · 20 Feb 2013 at 00:13

Energize said:
It's not much of a barrier for entry when you can buy bitcoins as easily as paying for a subscription using a credit card... Doesn't really make business sense if you're not running a dodgy service either, elitist or not.

not a barrier to entry? Tell your mum to buy a bitcoin and sign up m8, and dont show her how?

inb4 a russian is buying rubbercocs with your mums CC

it is a barrier. Not to a nerd. But a shedload of the net users are not nerds today.

Ultra_Extreme · 20 Feb 2013 at 00:26

'Harry said:
Clever...also extremely pricey based on 1 coin is 20 quid.

if i had me any drugs id sell em to get these bloody bitcoins lol. Kinda funny when u think about it, millions of high end GPU's working worldwide so you cat get schnizzled on a saturday night. How many coins for rohipnol? Bet thats popular!

Ultra_Extreme · 20 Feb 2013 at 11:53

Oooo bit of tweaking and my 2 cards pushing out 560mhash/sec so i getting over 1gigahash

At this rate ill get sucked down a Folding@Home vortex!

Ultra_Extreme · 20 Feb 2013 at 12:39

Glaucus said:
So those who have done this, what's you mhash/s and what have you made? In a pool.

These numbers look far to high to make anything even pocket money?

Say you had 1000mhash/s what would your expected revenue be per day/week or what ever in a pool, ignoring electricity and costs for the moment. How does a pool assign you bitcoins. Assuming far more users than coins.

Based on so far in a day at 1100mhash i have made 0.02 bitcoins.

Ultra_Extreme · 20 Feb 2013 at 12:44

Glaucus said:
And how does this work, I assume you can only deal in whole coins.

when it reaches 1 coin its paid into my wallet i guess

Ultra_Extreme · 20 Feb 2013 at 12:46

im basically getting 0.01 coins per round of mining these rounds could last different durations some have been an hour some like 4+ wouldnt expect to make more than 0.05 BTC a day even at good speeds

Ultra_Extreme · 20 Feb 2013 at 12:47

Glaucus said:
So 50 days at that rate. But then the calculator posted earlier says you should be expecting closer to 0.18 coins a day. Or is this just the randomness of generating blocks and over time, you should hit that target?

Who did you sign up with?

i dont know the answers to that im on mining.bitcoin.cz