Bitcoin Thread

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Re: Bitcoin Thread

postby minto » 11/19/13 @ 13:36

I believe there to be only an X amount of coins?
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Re: Bitcoin Thread

postby bigx5murf » 11/19/13 @ 13:39

That's true, algorithm limits them to something like 20 million
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Re: Bitcoin Thread

postby andy » 11/19/13 @ 13:42

If there is only x amount how can you mine them?

Unless the target x number has not been reached.
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Re: Bitcoin Thread

postby andy » 11/19/13 @ 13:46

Ok I did a quick search on the inter webs. The limit is 21million or so but currently there are only 12 million in circulation.

http://www.pcworld.com/article/2064502/ ... ining.html
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Re: Bitcoin Thread

postby spitefulcheerio » 11/19/13 @ 13:54

That's what it is, thank you
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Re: Bitcoin Thread

postby spitefulcheerio » 11/19/13 @ 13:59

Would anyone be willing to sell .1 BTC or trade me for something? I could always use a little more
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Re: Bitcoin Thread

postby minto » 11/19/13 @ 14:03

I too would wish someone would send me some coins :p cause im broke ass.. lmao.

I just checked preev.com ... I paid £70 for 0.5 about 3 weeks ago? Same seller on eBay selling .5 for £405!
According to that preev site, my .5 has earned me £150 :) STOKED!!!
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Re: Bitcoin Thread

postby minto » 11/19/13 @ 14:06

http://www.amazon.co.uk/Charging-Adapte ... B005NGQWL2

This is the hub im gonna get on pay day I think. DK, Thoughts? I know.. its a shit rig.. its gonna earn nothing much.. but im doing it for fun and in the hopes that my tiny coin earns me enough to clear my debt one day hahhaa (I can dream man.. dont piss on my cloud ;) ) lol.

P.s. Im not paying for electricity. :) Havent paid for any since I started mining.
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Re: Bitcoin Thread

postby spitefulcheerio » 11/19/13 @ 14:15

Mining hubs are not a good way to make money...end of story. Use the money you would've spent on the hub and just buy BTC.
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Re: Bitcoin Thread

postby andy » 11/19/13 @ 14:15

Ok meow I am even more confused. Why do you need to have a usb hub? I was under the impression it works via a computer application that utilizes gpu.
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Re: Bitcoin Thread

postby DK Wolf » 11/19/13 @ 14:22

Minto.. just lease Hashrate..

bitcoinfrenzy.com is your friend. You can make a profit from that quite well.
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Re: Bitcoin Thread

postby minto » 11/19/13 @ 14:23

Yeah but you can only plug in a couple, Or how ever many ports you have.. Im using a mac, which can only take one because of their size. I have 9.. So I need a powered hub.

The Price of BTC is too high to buy meow.. considering the price a few weeks ago.. this mining isnt costing me anything more meow. I'll be interested to see how much I can mine with 9.. but tbh, even If I sold all 9 for their current price.. id make money, I paid a third of the price when i bought mine. There almost £30 meow!!!
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Re: Bitcoin Thread

postby minto » 11/19/13 @ 14:24

DK Wolf wrote:Minto.. just lease Hashrate..

bitcoinfrenzy.com is your friend. You can make a profit from that quite well.


Hey dude - Sweet lemme check this out, iv not used this service.

So I buy a $200 contract from them, they mine for me? I get paid each month for a year? Is that correct?
How much would 5GH make me a week BTC wise.. any clue? Or how would I work that out DK.. Sorry for the questions..
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Re: Bitcoin Thread

postby DK Wolf » 11/19/13 @ 14:56

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Re: Bitcoin Thread

postby bigx5murf » 11/19/13 @ 15:01

Get a TOR browser setup, find Sheep marketplace, spend all your bitcoins on cocaine... profit
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Re: Bitcoin Thread

postby Skinny » 11/19/13 @ 15:11

If its easy to get the money why isnt everyone doing it and why does it use so much electricity?
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Re: Bitcoin Thread

postby andy » 11/19/13 @ 15:15

^My thoughts exactly.

Why would it use more electricity than my xbox or a desktop computer that is plugged in.
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Re: Bitcoin Thread

postby minto » 11/19/13 @ 15:17

I dunno but each miner gets fucking hot. So much so you should use fans. I have a USB fan but no friken hub!

Cheers again DK. :)
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Re: Bitcoin Thread

postby bigx5murf » 11/19/13 @ 15:31

xbeatles4x wrote:^My thoughts exactly.

Why would it use more electricity than my xbox or a desktop computer that is plugged in.


Bit mining with off the shelf PC hardware is supposed to work best using GPUs, and in particular ATI gpus. meow look at these graphs showing the power consumption at idle, and while bit mining.

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The GPU in your xbox is over 10 years old, it was an old design when the xbox was brand new. Efficiency with PC hardware advances in a weird way. Yes it gets more efficient with each generation's die shrink. But then manufacturers go and pack way more into the same space, and actually end up using more power lol.

As for you desktop PC, Check the graphs I posted, realize a PC doesn't draw power at a constant rate. Like a car, drive like a bitch get good mpgs. Drive like a man, experience single digit mpgs.

Basically your xbox is a 1980s civic, and the way you use your PC is akin to never revving past 3k.
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Re: Bitcoin Thread

postby Sploinkin » 11/19/13 @ 15:49

Has it already been completely mined?
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Re: Bitcoin Thread

postby bigx5murf » 11/19/13 @ 15:51

As someone already stated, only a little past half are mined.
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Re: Bitcoin Thread

postby minto » 11/19/13 @ 15:52

No.. not even a little bit lol.
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Re: Bitcoin Thread

postby DK Wolf » 11/19/13 @ 17:57

Lets get something clear here.. the difficulty for mining bitcoin increases exponentially after a certain amount of coins have been mined within a period of two weeks.. if that amount of coins hasn't been mined, then the difficulty automatically drops until the number is reached. It's a self checking algorithm within the code of the coins themselves. It will never be harder or easier to mine bitcoins (per capita, if this was a perfect market) however it will become more difficult to attain one coin.


Also.. the difficulty in where the money is created isn't just from speculation, the value of bitcoins is also determined in large part by the sheer amount of computing energy required to get a coin. The energy spent to mine costs you in real life.. thus having an actual tangible value.. the desirability, difficulty, and usability will affect it's prices.

It isn't easy mining especially since more people aren't mining large amounts of coins anyway. It takes quite a bit of money invested to make a sizable living from it. And you quickly blow your profits upgrading your hardware to keep up with the increase in difficulty. Thus the money spent on the parts themselves also heavily factor into the value of a bitcoin.

It isn't easy, it takes a shitload of time to make any amount of money from it.


Also.. GPUs had the advantage as opposed to any other processing portion of a computer due to their ability to dual compute, something a CPU can't do anywhere near as well as a GPU with single taskings (bring in multiple variables and the CPU quickly takes the cake). GPUs, like CPUs get quite hot. Eventually hardware designers developed a chip specifically dedicated to render any GPU processing absolutely obsolete.. SO STOP FUCKING TALKING ABOUT GPUS BECAUSE THOSE GET LIKE 30mb HASH RATES YOU FUCKING QUEERS.

ASICs, are the mining specific components for mining hardware. And they are unbeatable. And relatively inexpensive. (compared to the guys buying giant server racks and uploading 25 of the top of the line GPUs on it to reach 50GB hash rates.. costs them 15k at first.. meanwhile we can meow reach 50GB hashrates for less than 5k... with ASIC chips).

There will still be bitcoin to be mined by at least 2047 or so according to the algorithm. It won't dry up any sooner because the faster we mine.. the higher the difficulty increases. Once we have mined all of it. Then it becomes a regular non-production currency and hopefully will be the launching platform for other cryptocurrencies (such as litecoin which is gaining quite a bit of traction).
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Re: Bitcoin Thread

postby minto » 11/20/13 @ 09:28

In regards to the other options of cyrptocurrency would you advice for litecoin? As there cheap atm.
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Re: Bitcoin Thread

postby Ssublime » 11/20/13 @ 11:20

Bitcoins are for boys and sissies.. Real men use the bartering system. So I will give you a chicken for 2 gallons of milk. Do you accept?
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Re: Bitcoin Thread

postby Mazduh » 11/20/13 @ 11:26

I heard somewhere that OP who created bitcoins is said to still hold like 51% share of all the bitcoins in the world. Valued somewhere in the billions.
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Re: Bitcoin Thread

postby minto » 11/20/13 @ 11:30

Satoshi Nakamoto was a collective pseudonym for a group of people.
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Re: Bitcoin Thread

postby DK Wolf » 11/20/13 @ 11:39

Mazduh wrote:I heard somewhere that OP who created bitcoins is said to still hold like 51% share of all the bitcoins in the world. Valued somewhere in the billions.

He doesn't have that many bitcoins, no where near that much. The largest wallet is something near a million or so coins and it's suspect to be Satoshi's. However no one knows.


You are probably confusing the community mining sites that require community cooperation to mine effectively where some sites are nearing the 50% mark of total mining processing power in the world.. if a website surpasses that, then a major benefit of bitcoin goes out the window.

Last year I believe it was BTC Guild that was nearing the 48% mark and the owners of that website were making a killing.. but they agreed for the sake of bitcoin to break up the community in two (which is why it's at near 25% meow). Having a dominant control in mining for bitcoins isn't healthy for the bitcoin economy
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Re: Bitcoin Thread

postby minto » 11/20/13 @ 11:44

Never thought about that.. Hmm. Do u use any pools? Im using bitminter.
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Re: Bitcoin Thread

postby DK Wolf » 11/21/13 @ 16:40

I'm still with BTC guild. Has been quite good to me.
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Re: Bitcoin Thread

postby Teejay187 » 11/24/13 @ 08:25

Just tried mining. Getting 260Mhash/s on my two GTX680s. Going slow. And I am not going back to AMD!
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Re: Bitcoin Thread

postby minto » 11/25/13 @ 16:17

:) I just won 9 USB miners, an Anker hub and a artic fan for less than a yearly contract with Bitcoin Frenzy so should hash about 3GH/s with 9 and iv got another 9 and another hub too so Should be getting like 6GH/s when there up and running.

Been setting up a Raspberry Pi to run this, save my mac dieing on me. :)
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Re: Bitcoin Thread

postby DK Wolf » 11/29/13 @ 10:15

Topped 1k.

Holy fuckstain
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Re: Bitcoin Thread

postby DK Wolf » 01/04/14 @ 11:45

Sold my first car part for btc
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Re: Bitcoin Thread

postby Highschool » 01/10/14 @ 15:25

^ came across the post on FB. Excited for you.... and (like iRoadster) only wish I could understand how this works. Not because I want to mine, but to understand how the profit is generated behind it.

Looks like I need to start researching, if I can understand the language and theory.

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Work with me... I just can't understand how solving mathematical equations leads to fractions of a coin that can in turn be changed into a hard currency. How does the owner use the currency other than to sell it on the free market? Where does the value come from?

This is really interesting stuff! I'm so confused!
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Re: Bitcoin Thread

postby Highschool » 01/10/14 @ 15:27

This is where I'll begin trying to figure out 'the game'. Tell me if I'm headed in the wrong direction, if you guys could be so kind.

http://thebitcoinnews.co.uk/2013/06/10/all-about-bitcoin-mining-road-to-riches-or-fools-gold/

There are 11 million bitcoins in circulation right meow with a collective “market value” of around $1.4 billion. You can spend bitcoins online at shops like BitcoinStore.com, but they’re not exactly a mainstream currency for everyday transactions.


So, I gather bitcoins are categorized the same as 'precious materials'. Example? Gold, Silver, etc.

Then I come across this...
Bitcoin retail economy, and a sign on his clinic door advertises his accepted forms of electronic payment: Visa, MasterCard or Bitcoin.


yet, it's not quite cash....

But, this particular sperm donor in the article made out quite well in theory with the current exchange rate today. He was paid in bitcoins for a donation!

The sign alone hasn’t generated any business, Lee admits.

“We see 10 to 40 patients a day, and nobody even bothered to ask what the sign meant,” he said in recent presentation at Bitcoin 2013, a conference dedicated to the fledgling currency.

So Lee escalated. Determined to find a patient willing to pay him in bitcoins, Lee put an ad up on Reddit last year offering a “male fertility evaluation” — basically, a sperm test — in return for 15 bitcoins, which at the time were worth around $5 each.

The customer who finally took up the offer didn’t actually care about his sperm count, Lee said. He just wanted to participate in what may have been the world’s first bitcoin-funded medical transaction. (“It turned out he had really good sperm!” Lee said happily while recounting the deal.)


Oh, last question. Who prints bitcoins?
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Re: Bitcoin Thread

postby DK Wolf » 01/13/14 @ 08:12

Remind me to answer these questions tonight on fb.
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Re: Bitcoin Thread

postby Highschool » 02/19/14 @ 12:00

Phorgot to ask. Still interested.

The going rate for bitcoin has been climbing recently eh?
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Re: Bitcoin Thread

postby DK Wolf » 02/21/14 @ 15:42

it's been crashing steadily for the past few weeks. Lots of issues in the exchange markets and false reporting really. BTC will bounce back again soon enough.


But meow is the time to BUY BUY BUY BUY
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