Bitcoin Thread

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Bitcoin Thread

postby minto » 11/18/13 @ 11:55

I had tried for a mature (lol) conversation regarding Bitcoin on a UK Drift forum and got bombarded with idiots..

Anyway, anyone on here interested in Bitcoins, Mining or what not? I used to mine using my Mac and my parents computers and it took me ages and I mined like hardly anything and left it. Last month and checked the value and decided to buy some on ebay and to my surprise, its increased every day since!

I then bought about 10 USB miners and a USB hub (Which lasted 2 minutes before blowing the french up) - So waiting for pay day to pick up another one, one not made in Chiner :p

I use www.preev.com to check the rates, just to give me an idea.
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Re: Bitcoin Thread

postby andy » 11/18/13 @ 12:02

Can you explain mining? Do you find bit coins or something?
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Re: Bitcoin Thread

postby minto » 11/18/13 @ 12:11

Basically.. Your computer used to use the graphics unit (GPU) to 'mine' blocks. It seems complicated but the way I understand it, Your computer works out mathematical equations and then you get a share of the coins when mined.

It got harder last month to do so as the difficulty increased (Increases every 4 years I believe) however these USB miners are a lot better! Iv mining 0.0010 per day with 3 working (All I can get going atm without a powered hub :( sad face)
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Re: Bitcoin Thread

postby Skinny » 11/18/13 @ 12:26

I am still confused. Where do the French fit in? Are they competing miners?
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Re: Bitcoin Thread

postby minto » 11/18/13 @ 12:33

I meant fuck and said french. lol. Yeah I dunno the actual maths and science behind it confuses me.. I know the basic's on the idea, but cant explain how it 'ACTUALLY' works or does its thing..

You just plug in miners, get a program and leave it. Then you come back and you have bitcoins.. which you can spend or change to real money.

1 Bitcoin topped over $500 yesterday.

I bought 0.5 BTC for £70 about 2 weeks ago, Today that 0.5 is currently worth £174. :) So I made £104 so far profit.. for doing nothing at all. lol. Iv currently got 0.8BTC so mining to get 1 coin.

If anyone watches RT (Russia Today) Max Keiser on their does shows where he discusses bitcoins, he said the other week it'll rise to $500 per coin (Which its done meow) and then up to £1000, then potential to £10,000 per coin.

Hence why im mining for one, then gonna sit on it. A few people are meow loaded because of this.
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Re: Bitcoin Thread

postby Skinny » 11/18/13 @ 12:34

Ahhhhhhhhhh, I see, I like money, I like this idea.
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Re: Bitcoin Thread

postby DK Wolf » 11/18/13 @ 13:02

Ill be back in this thread. I'm heavily invested in bitcoin and litecoin. I'm big on cyrptocurrency technology. I have a mining rig and a wallet with a chunk of my savings in BC.

I can answer any questions anyone has.
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Re: Bitcoin Thread

postby minto » 11/18/13 @ 13:08

Can I haz some bitcoins? I.e would you sell me half a coin?... Serious dude. I only own 0.8.. I want at least one coin :/ which i shud be able to mine to eventually but i forked out cash for all these usb miners and hubs and im not intaking shit right meow :( And im too broke to buy a new hub.
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Re: Bitcoin Thread

postby spitefulcheerio » 11/18/13 @ 13:09

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Re: Bitcoin Thread

postby Waffles » 11/18/13 @ 13:11

I have a bunch of bit coins I got for free back in the day when android apps were giving free bit coins for installing their apps. I think I am currently sitting on just over 50 bit coins.
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Re: Bitcoin Thread

postby minto » 11/18/13 @ 13:17

What? Really!?.................

Sweet lord. If anyone wants to donate me a coin I will be forever in your debt! or if anyone would sell me one that would be ace cause i dont trust ebay so much :/
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Re: Bitcoin Thread

postby DK Wolf » 11/18/13 @ 14:02

Waffles wrote:I have a bunch of bit coins I got for free back in the day when android apps were giving free bit coins for installing their apps. I think I am currently sitting on just over 50 bit coins.


I will call bullshit so fucking hard. You'd be lucky if a developer handed over .01 BTC for that... Most of the devs gave out .001 BTC per tester/downloader.

Pics or it didn't happen.


I'm only at 4.05 BTC right meow, I sold a few coins last year at the height of the bubble (shouldn't of done that) and started from scratch after prices already climed quite a bit.

And Minto.. you're a fool if you're mining with the goal of reaching ROI. You'll never make it. I have a Jap and I don't expect to make ROI for like.. 2 years.

You buy BTC, use BTC, or invest in BTC. But you don't mine BTC with the goal of making money.. only the hardware geeks can do that who can build their equipment for bottom dollar. Or those running BTC pools.
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Re: Bitcoin Thread

postby DK Wolf » 11/18/13 @ 14:06

minto wrote:What? Really!?.................

Sweet lord. If anyone wants to donate me a coin I will be forever in your debt! or if anyone would sell me one that would be ace cause i dont trust ebay so much :/


Dude.. just go to bitcoinexchange or coinbase... Or you can set up your own deal with someone on www.reddit.com/r/bitcoin
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Re: Bitcoin Thread

postby minto » 11/18/13 @ 14:13

yeah but what im getting at.

I have 0.8 currently.. my aim is to MINE another 0.2 to get me to my coin. So I will have 1 coin. :) Then, I'll sit on it. In the hopes it increases.. Im not sure what you mean by not making money as technically if I were to sell mine today, Id make money lol. :D
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Re: Bitcoin Thread

postby DK Wolf » 11/18/13 @ 14:15

minto wrote:yeah but what im getting at.

I have 0.8 currently.. my aim is to MINE another 0.2 to get me to my coin. So I will have 1 coin. :) Then, I'll sit on it. In the hopes it increases.. Im not sure what you mean by not making money as technically if I were to sell mine today, Id make money lol. :D



How much did you invest in your rig? Because I plopped down $300 for my Jap and I get 5GB/s hash and I at the current rate, I wouldn't reach ROI for a 17 months or so..
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Re: Bitcoin Thread

postby Waffles » 11/18/13 @ 14:17

DK Wolf wrote:
Waffles wrote:I have a bunch of bit coins I got for free back in the day when android apps were giving free bit coins for installing their apps. I think I am currently sitting on just over 50 bit coins.


I will call bullshit so fucking hard. You'd be lucky if a developer handed over .01 BTC for that... Most of the devs gave out .001 BTC per tester/downloader.

Pics or it didn't happen.


I'm only at 4.05 BTC right meow, I sold a few coins last year at the height of the bubble (shouldn't of done that) and started from scratch after prices already climed quite a bit.

And Minto.. you're a fool if you're mining with the goal of reaching ROI. You'll never make it. I have a Jap and I don't expect to make ROI for like.. 2 years.

You buy BTC, use BTC, or invest in BTC. But you don't mine BTC with the goal of making money.. only the hardware geeks can do that who can build their equipment for bottom dollar. Or those running BTC pools.


How much of a screen shot do you need for proof? No way I am giving away any of my account details that could be used in any way. I could post a pic that says my balance, but you would could call BS on that too since it wont have any context around it.
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Re: Bitcoin Thread

postby minto » 11/18/13 @ 14:19

I got 10USB miners at like £11 each or so, My USB hub for like £4 :p Guess thats why It blew the fuck up.

However I mined 0.3 with just the Mac's GPU, My Dad's mac, my friend's mac and my mums windows laptop :p Did that for like maybe 2 / 3 months on and off or so.. Back then it wasnt worth a great deal. It was taking forever and I gave up.

Put it this way, If Keiser is indeed correct, that the price of 1BTC could rise up to £10k then i'll have made an actual fortune from very very little investment. Im not mining on a mega rig to get loads of profit.. im relying on the exchange rate fluctuation to see me pull in some cash more so. Im more than away my little shitty cheap rig setup wont provide any form of worth while income but i just need it for meow to get my coin, then meh.. it'll run in the background.
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Re: Bitcoin Thread

postby Mazduh » 11/18/13 @ 14:44

I had a wallet of 12 coins... I wish i didn't cash them out when they were only worth around $15usd... They'd be worth so much meow. At my old job I had setup a script to run 2 of the labs from 6pm to 6am every day. So it was about 60 machines with 3ghz dual cores. The most I ever managed to mine was around 20 coins over about a 2 year span of time on and off. I paid off my one boss to not say anything about the mining. He still has his share I believe. I never really got into it for investments and such, just kinda bord and wanted to see what it was all about.
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Re: Bitcoin Thread

postby bigx5murf » 11/18/13 @ 14:46

I'd be wary of bitcoins, its mostly good for buying illegal goods, and money laundering. I know there are legitimate uses for it as a currency, but until there's a real solution to the problem of it being used in all sorts of criminal activity, it's days will be numbered.
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Re: Bitcoin Thread

postby Mazduh » 11/18/13 @ 14:49

bigx5murf wrote:I'd be wary of bitcoins, its mostly good for buying illegal goods, and money laundering. I know there are legitimate uses for it as a currency, but until there's a real solution to the problem of it being used in all sorts of criminal activity, it's days will be numbered.


Nope. It held up as a legitimate form of currency in 2 court cases if I remember right. It's here to stay for the most part. It will take some sort of multi country pact to outlaw it for it to really die I think.
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Re: Bitcoin Thread

postby spitefulcheerio » 11/18/13 @ 15:16

spitefulcheerio wrote::unicorn: :kitty: :brokenheart: :phillyb™: :bullet: :kitty: :kitty: :kitty: :kitty: :kitty: :kitty:


um.......how did this get posted? Cause I didn't post this lol

Anyway, I'll be back in this thread tonight. Great topic of discussion
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Re: Bitcoin Thread

postby bigx5murf » 11/18/13 @ 16:28

Mazduh wrote:
bigx5murf wrote:I'd be wary of bitcoins, its mostly good for buying illegal goods, and money laundering. I know there are legitimate uses for it as a currency, but until there's a real solution to the problem of it being used in all sorts of criminal activity, it's days will be numbered.


Nope. It held up as a legitimate form of currency in 2 court cases if I remember right. It's here to stay for the most part. It will take some sort of multi country pact to outlaw it for it to really die I think.


Even so you can't deny criminals love it for certain benefits, and unless there's a solution to that which doesn't affect legitimate users, it's not the safest for of equity to keep your savings in.
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Re: Bitcoin Thread

postby Mazduh » 11/18/13 @ 16:32

bigx5murf wrote:
Mazduh wrote:
bigx5murf wrote:I'd be wary of bitcoins, its mostly good for buying illegal goods, and money laundering. I know there are legitimate uses for it as a currency, but until there's a real solution to the problem of it being used in all sorts of criminal activity, it's days will be numbered.


Nope. It held up as a legitimate form of currency in 2 court cases if I remember right. It's here to stay for the most part. It will take some sort of multi country pact to outlaw it for it to really die I think.


Even so you can't deny criminals love it for certain benefits, and unless there's a solution to that which doesn't affect legitimate users, it's not the safest for of equity to keep your savings in.



Oh yea I agree. Not saying it makes sense for investments. On one side, your money is your own and your responsibility. On the other side, it's your responsibility.
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Re: Bitcoin Thread

postby iRoadster » 11/18/13 @ 17:02

https://en.bitcoin.it/wiki/Main_Page

1 coin is meow worth more than $600 apparently. How the hell do I get in on this? I need money. Where do I go? What do I need?
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Re: Bitcoin Thread

postby bigx5murf » 11/18/13 @ 17:16

iRoadster wrote:https://en.bitcoin.it/wiki/Main_Page

1 coin is meow worth more than $600 apparently. How the hell do I get in on this? I need money. Where do I go? What do I need?


There are numerous "exchanges" around the world for buy/sell/speculation of it. To actually "mine" it, you basically run it like SETi or folding@home. From what I've gathered, unless you can build a farm that runs off solar power (some sort of renewable energy), the amount of coins you mine will not be worth more than the amount you spend on electricity. Best bang for buck mining hardware is probably GPUs from ati.

Also, most "businesses" which take them for payment are actually on TOR. An anonymous web browsing protocol.

I've only done research into it, I've not actually dabbled in the bitcoin community myself, so take my research findings with a grain of salt.
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Re: Bitcoin Thread

postby iRoadster » 11/18/13 @ 17:26

I think part of my problem is that just all sounds Greek to me. :phillyb™:
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Re: Bitcoin Thread

postby bigx5murf » 11/18/13 @ 18:57

iRoadster wrote:I think part of my problem is that just all sounds Greek to me. :phillyb™:


What does anal sex have to do with any of this? :huh:
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Re: Bitcoin Thread

postby vfbj1584 » 11/19/13 @ 05:13

I think this might be something I should look into also... Gotta few old spare pcs I can prob hook up... Gotta figure out what will work and what equipment I should get...
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Re: Bitcoin Thread

postby DK Wolf » 11/19/13 @ 06:44

Ok.. let me get into this.

Bitcoin is not a criminals currency. Nor should it be associated with criminals at all. Bitcoin is an anonymous currency to avoid any sort of government regulation/speculation which allows manipulation of any variety. Also this appeases to my beliefs that you can do whatever the fuck you want with your money, should you want to buy as many weapons as you want. Go for it. If you want to buy as many drugs as possible? Go for it. I don't believe either should be wrong or illegal to do and the people who utilize BTC don't think so either. Silk Roads was the modern test of mature drug dealing/consumption. Contrary to popular belief, your average drug dealer has no idea how to use BTC/Silkroads/TOR. 90% of the drugs being sold there were from private individuals who cultivated it themselves as opposed to more inhumane ways. The people who consumed it did it because they simply enjoyed the drugs, or intended to sell it to make their own profit off of others who also want to make the adult decision to consume drugs.


Anyway. BTC should absolutely not be associated with criminal activity. Making anonymous purchases or untraceable payments does not mean anything negative.. and if you associate criminal activity with BTC then you have a serious problem since you can't seem to identify the tremendous upside to an unregulated currency.


Anyway. You use BTC to support it's growth in the market for the most part. Just because 1 BTC is $600 meow doesn't mean you can just get one BTC... it's value increases because it's so much harder to gain 1 BTC. There is a limited number of BTC available in the world (much like how there is a limited supply of gold) there is only 21 million BTC in the world according to the algorithm. There will never be more, and you absolutely cannot fake BTC.

I will promise all of you, unless you have access to extremely powerful computers, and many of them.. and you don't have to pay the electricity bill.. you will NOT make a profit off of BTC from mining. I have one of the ultimate cost effective ways of mining with my BFL Jap and I get 5G/hash rate and I will probably never see return on investment. I did it mostly to be part of a pool and expand the total number of BTC in circulation.

You can do the math with this.
http://www.bitcoinx.com/profit/

Anyway, I would suggest investing in BTC mostly because it's experiencing it's optimal market penetration.. at this point. Only more users will be utilizing BTC. Amazon, Subway are two major companies that currently accept BTC as payment for their goods. The most BTC users, the more it's value increases.

bigx5murf wrote:
iRoadster wrote:https://en.bitcoin.it/wiki/Main_Page

1 coin is meow worth more than $600 apparently. How the hell do I get in on this? I need money. Where do I go? What do I need?


There are numerous "exchanges" around the world for buy/sell/speculation of it. To actually "mine" it, you basically run it like SETi or folding@home. From what I've gathered, unless you can build a farm that runs off solar power (some sort of renewable energy), the amount of coins you mine will not be worth more than the amount you spend on electricity. Best bang for buck mining hardware is probably GPUs from ati.

Also, most "businesses" which take them for payment are actually on TOR. An anonymous web browsing protocol.

I've only done research into it, I've not actually dabbled in the bitcoin community myself, so take my research findings with a grain of salt.


Your average miner will be mining more than his electricity bill (unless you live in Japan or somewhere in Europe where it's goddamned expensive). You don't want to run anything off solar power because that shit isn't cheap to initially purchase, and again.. it's more to make up for in your investment which takes significantly longer.

And GPU mining has been phased out for 2 years. No one uses GPUs anymore to be competitive in mining for bitcoins. ASICs chips are the current trend. Butterfly Labs has produced some seriously sicky sicky gnar gnar ASICs processors that are specifically designed CPUs JUST for mining bitcoin. Unlike GPUs that were made originally from graphic processing.. ASICs are made FOR bitmining. They meow have dedicated cards, external buses, and usb chips that are ASICs.

Here's the hardware big boys use.
http://minr.info/

And most businesses are not on TOR. Many normal businesses accept Bitcoin.
https://en.bitcoin.it/wiki/Trade


Also.. I have to fucking laugh at waffles because meow I know he's full of shit. You can screen cap your entire screen that shows your wallet. Your wallet ID is useless without a transaction password to allow a withdrawal.

You don't gotta lie to kick it.
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Re: Bitcoin Thread

postby UrbanFuturistic » 11/19/13 @ 09:48

It doesnt look unprofitable. Because if it were, why do it at all?

This interests me, especially if the potential value of one is speculated to go so high.
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Re: Bitcoin Thread

postby Derek » 11/19/13 @ 10:56

I find this extremely interesting, and I completely agree with DK about not associating this with criminal activity. Any opportunity to leave .gov in the dark is OK with me.

That being said, I do not have the technical know-how or interest to engage in any kind of mining, but I'm in for the economic conversation (even if my knowledge is limited on that front is limited, as well).
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Re: Bitcoin Thread

postby minto » 11/19/13 @ 11:13

Well Said DK - Anyone who thinks that this isnt here to stay.. is only for buying drugs or criminals needs to shut up and go actually research wtf there talking about and not just spread lies.

Its legit..

Government (fed) want it stopped.

They cant stop it. They can try fuck it up like the FBI are doing but they wont win.

Long live BTC.
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Re: Bitcoin Thread

postby DK Wolf » 11/19/13 @ 11:45

UrbanFuturistic wrote:It doesnt look unprofitable. Because if it were, why do it at all?

This interests me, especially if the potential value of one is speculated to go so high.

Bitminers are outstanding idealists.

The majority mine to promote the bit economy. Like myself.
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Re: Bitcoin Thread

postby spitefulcheerio » 11/19/13 @ 11:49

I was involved with TOR before it was compromised and have a little bit of BTC to my name. This currency is not for criminals. If you truly believe that, then you have let the government turn you into sheeple.

Something that isn't regulated doesn't automatically become illegal, guys. Open your eyes.
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Re: Bitcoin Thread

postby Elder Yodeling Hipster » 11/19/13 @ 11:56

Did anybody have their wallet compromised recently?

I luckily cashed out my bitcoins about a year ago. Some guy gave me a few for a "pizza" I delivered back in 09 right when the silk road had just come out. Needless to say, the bitcoins value raised substantially within that time frame. I did not become a millionaire like some however

Never mined, saw it as a poor investment choice for me personally as there are other ventures that have been available to myself.

Do you guys have a preferred crypto currency and why? Litecoin? Bitcoin?
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Re: Bitcoin Thread

postby DK Wolf » 11/19/13 @ 12:10

Elder Yodeling Hipster wrote:Did anybody have their wallet compromised recently?

I luckily cashed out my bitcoins about a year ago. Some guy gave me a few for a "pizza" I delivered back in 09 right when the silk road had just come out. Needless to say, the bitcoins value raised substantially within that time frame. I did not become a millionaire like some however

Never mined, saw it as a poor investment choice for me personally as there are other ventures that have been available to myself.

Do you guys have a preferred crypto currency and why? Litecoin? Bitcoin?


You... you also are full of shit.

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Re: Bitcoin Thread

postby minto » 11/19/13 @ 12:49

lol ^ I see BTC topped over $700 last night.. wowsa.
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Re: Bitcoin Thread

postby andy » 11/19/13 @ 13:29

I am having trouble understanding how mining works if it is already a finite source.

Why would it need your gpu? It might make some sense if it was people paying to borrow your computers system resources.
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Re: Bitcoin Thread

postby spitefulcheerio » 11/19/13 @ 13:30

mining creates new blocks which allows for new currency creation iirc
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Re: Bitcoin Thread

postby andy » 11/19/13 @ 13:32

But it was a finite source that has already capped. Unless I am misinformed as to all possible bitcoins being in circulation.

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