Discussion in 'Crypto Currency & Mining' started by leaskovski, Jun 2, 2011.
I guess he is laughing then. That is until it bursts.
So how come the markets have taken a sharpe rise then? I see someone on here keeps spectualting that people think the bubble is about to burst, but can that be backed up with links?
it just got a lot of publicity, people have bought a lot, thinking it'll keep going up (which it is as people are buying it to "invest".
Eventually people will start cashing in and selling it back, then the price will tumble, if there isn't enough demand.
Is there a way to find out how many trades are happening over a given time?
As we are on the subject. Are there any places that pay for your computing power. Basically can I make some money out of folding sort of thing? If not, why not?
I assume you mean me... I'm not saying it's about to burst, I'm saying it will burst at some point, because the whole lark is unsustainable, and once all the coins are mined there is no more wealth to be generated so the big players will cash in and move on leaving everyone holding a bunch of crappy bitcoins that they can't sell and will have to spend buying junk from the half dozen people who accept them.
EDIT: Wow, that's a long sentence. How careless of me.
This was an idea I suggested to my brother yesterday when he first mentioned bitcoin to me. Allow companies to use distributed computing and charge them per unit. It'll get things solved faster and probably cheaper than them having to do it themselves.
there are places that allow you to rent server farms i believe. but you could set up some website that links all the general publics computer together. much like seti used to. each person has an account depending on how much time or data is crunched and then they get a share of profits. small though. your business, your money
go for it
Care to link to these sites that pay for crunching?
Ther'es more I don't understand apart from backing up: how do you transfer ownership of a bitcoin? If bitcoins can be backed up what's to stop you from paying something with a bitcoin, then restoring your backed-up copy and using the same bitcoin to pay for something else?
Thats a question I would like to know. I can see how it isnt possible to trace transactions because of the transfer process.
he means backup the key for your wallet address it doesnt store how many bitcoins u have, like if you format your computer and reinstall bitcoin it wont give you the same address you will get a new one with no balance.
block explorer lets you see transactions etc anyway
you can enter someones code and see how much money they have recieved and sent like on the sites where people list the bitcoin address for donations type it into that site
Err... that still doesn't answer my question!
Basically, you don't have the bitcoin on your computer. You have a wallet, or rather the address to your wallet. The wallet itself, containing the bitcoins, is not on your PC, simply the address to the wallet so you can get in. If you don't back up the address, you can't get at it.
At least, I think that's right :3
Ta muchly. 2 nights mining now, made 0.57 coins :3
That's still about £7 though, less a little for electricity. If this stays at this level for a few days I may use the money to get myself a new GPU cooler so I can run my 6970 at full speed mining, currently I'm underclocking it because it sounds terrible when the fan ramps up.
so whats happens when all 21 million bitcoins have been 'mined' then?
can't wait for the "how much did you lose from bitcoins" 2012 thread
the difficulty already jumped up alot. wont be worth it at all in a few weeks the bubble wont last long until only the dedicated machines are worth mining with
the difficulty jumped up again from 434883 to 567269
wont be worth mining at all soon unless you have an ATI crossfire setup so only the people trying to mine for a living will be doing it and the bubble will burst shortly after when everyone else loses intrest
There must have been a big increase in mining because the guy at work (with his none stop hard sell) keeps giving me updates on the bitcoin to £, and its gone up quite sharply over night.
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