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The Bitcoin Thread

Discussion in 'Crypto Currency & Mining' started by leaskovski, Jun 2, 2011.

  1. Bloomfield

    Mobster

    Joined: Oct 21, 2009

    Posts: 2,742

    Paedophile :/.
     
  2. leaskovski

    Sgarrista

    Joined: Oct 22, 2004

    Posts: 9,086

    Location: Berkland

    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?
     
  3. Tefal

    Capo Crimine

    Joined: Jun 30, 2007

    Posts: 66,441

    Location: Wales

    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.
     
  4. leaskovski

    Sgarrista

    Joined: Oct 22, 2004

    Posts: 9,086

    Location: Berkland

    Is there a way to find out how many trades are happening over a given time?
     
  5. LupoLover

    Wise Guy

    Joined: Jul 15, 2008

    Posts: 1,120

    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?
     
  6. Vonhelmet

    Caporegime

    Joined: Jun 28, 2005

    Posts: 48,116

    Location: On the hoods

    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.
     
  7. LeJosh

    Capodecina

    Joined: Sep 24, 2008

    Posts: 10,434

    Location: Edinburgh.

    Sounds familiar. :p
     
  8. DBT85

    Soldato

    Joined: Oct 8, 2006

    Posts: 5,629

    Location: Pershore, Worcs

    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.
     
  9. ikillbears

    Mobster

    Joined: Feb 5, 2006

    Posts: 3,507

    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
     
  10. LupoLover

    Wise Guy

    Joined: Jul 15, 2008

    Posts: 1,120

    Care to link to these sites that pay for crunching?
     
  11. manveruppd

    Wise Guy

    Joined: Feb 24, 2004

    Posts: 1,086

    Location: Leeds/Cyprus

    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?
     
  12. leaskovski

    Sgarrista

    Joined: Oct 22, 2004

    Posts: 9,086

    Location: Berkland

    Thats a question I would like to know. I can see how it isnt possible to trace transactions because of the transfer process.
     
  13. arknor

    Caporegime

    Joined: Nov 22, 2005

    Posts: 35,525

    Location: Newcastle/Zurich

    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
    http://blockexplorer.com/

    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
     
    Last edited: Jun 6, 2011
  14. manveruppd

    Wise Guy

    Joined: Feb 24, 2004

    Posts: 1,086

    Location: Leeds/Cyprus

    Err... that still doesn't answer my question! :confused:
     
  15. iviv

    Soldato

    Joined: Jun 2, 2007

    Posts: 6,790

    Location: Mornington Crescent

    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.
     
    Last edited: Jun 6, 2011
  16. QlimaxUK

    Soldato

    Joined: Oct 14, 2007

    Posts: 5,336

    Location: wubalubadubdub

    so whats happens when all 21 million bitcoins have been 'mined' then?
     
  17. mcast

    Hitman

    Joined: Apr 26, 2011

    Posts: 672

    can't wait for the "how much did you lose from bitcoins" 2012 thread
     
  18. arknor

    Caporegime

    Joined: Nov 22, 2005

    Posts: 35,525

    Location: Newcastle/Zurich

    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
     
  19. arknor

    Caporegime

    Joined: Nov 22, 2005

    Posts: 35,525

    Location: Newcastle/Zurich

    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
     
  20. leaskovski

    Sgarrista

    Joined: Oct 22, 2004

    Posts: 9,086

    Location: Berkland

    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.