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Anyone Mining BitCoins?
    #14162209 -

I just started and was wondering if anyone had made a good amount off it?
It seems like it has the possibility of putting banks out of business if it catches on. It also intrigued me that it was a way to transfer money completely anonymously and has a capped inflation rate.

Info- http://www.bitcoin.org/


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"The dream is dreaming itself"--Kalahari Bushmen

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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162225 -

I don't understand the concept :shrug:


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Sit up and meditate, there's no time to contemplate.
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I have an international Hitech Psytrance project with a friend: BioChronic
I make various form of Psytrance as a solo Project Dendriform

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Re: Anyone Mining BitCoins? [Re: Psy Baba]
    #14162245 -

yeah i just read the website and i don't get it.

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Re: Anyone Mining BitCoins? [Re: Psy Baba]
    #14162260 -

DuNeRaVeR said:
I don't understand the concept :shrug:


Currently currency is an agreed upon value set by what people will pay. Like $39 =  4oz Gyokuro green tea
BitCoin is the same as it relies on an agreed upon value.
Currently 50.65BTC(bitcoin)= $39 = 4oz Gyokuro green tea(if the person selling accepts BTC)


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"The dream is dreaming itself"--Kalahari Bushmen

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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162274 -

Salvia_Antics said:
DuNeRaVeR said:
I don't understand the concept :shrug:


Currently currency is an agreed upon value set by what people will pay. Like $39 =  4oz Gyokuro green tea
BitCoin is the same as it relies on an agreed upon value.
Currently 50.65BTC(bitcoin)= $39 = 4oz Gyokuro green tea(if the person selling accepts BTC)


But, you would have to buy bitcoin with real money? so it is just adding another step?


--------------------
---------------------------------------------------
Sit up and meditate, there's no time to contemplate.
-------------------------------------------------
I have an international Hitech Psytrance project with a friend: BioChronic
I make various form of Psytrance as a solo Project Dendriform

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Re: Anyone Mining BitCoins? [Re: curious mouse]
    #14162276 -

The mining part is still out of my reach of explanation. But its like folding@home but you get bitcoin for it. There is a limited number of coins thus the cap on inflation.


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"The dream is dreaming itself"--Kalahari Bushmen

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Re: Anyone Mining BitCoins? [Re: Psy Baba]
    #14162300 -

DuNeRaVeR said:
Salvia_Antics said:
DuNeRaVeR said:
I don't understand the concept :shrug:


Currently currency is an agreed upon value set by what people will pay. Like $39 =  4oz Gyokuro green tea
BitCoin is the same as it relies on an agreed upon value.
Currently 50.65BTC(bitcoin)= $39 = 4oz Gyokuro green tea(if the person selling accepts BTC)


But, you would have to buy bitcoin with real money? so it is just adding another step?


Well if your mining it you dont have to buy bitcoin. Also If you want to be paid for "risky" things there is the anonymousness to it.


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"The dream is dreaming itself"--Kalahari Bushmen

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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162314 -

Quote:
Also If you want to be paid for "risky" things there is the anonymousness to it.


AlertPay, brosef.


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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162498 -

But why would anyone accept it as "legal tender"?


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The Prophecy!

Learn To Code

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Re: Anyone Mining BitCoins? [Re: The Whale]
    #14162501 -

im confused to how do you anonymousey buy and/or mine bitcoins


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We were sent to hell for eternity :hellfire: Ø:omgawesome:h®
We play on earth to pass the time :foreheadslap:

Over-population the root of all Evil-brings the Elites Closer to the gates.

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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162510 -

Salvia_Antics said:
DuNeRaVeR said:
I don't understand the concept :shrug:


Currently currency is an agreed upon value set by what people will pay. Like $39 =  4oz Gyokuro green tea
BitCoin is the same as it relies on an agreed upon value.
Currently 50.65BTC(bitcoin)= $39 = 4oz Gyokuro green tea(if the person selling accepts BTC)



but cant I make all this bitcurrency I want?


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California Has Legalized Child Prostitution

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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
    #14162528 -

no no no only the website is allowed to digitally print as much as they want, triangle scheme's only work if your the eye at the top of it


--------------------
We were sent to hell for eternity :hellfire: Ø:omgawesome:h®
We play on earth to pass the time :foreheadslap:

Over-population the root of all Evil-brings the Elites Closer to the gates.

Extras: Filter Print Post Top
Re: Anyone Mining BitCoins? [Re: makaveli8x8]
    #14162533 -

makaveli8x8 said:
no no no only the website is allowed to digitally print as much as they want



so it's central banking on the internet... yay


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California Has Legalized Child Prostitution

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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
    #14162554 -

blewmeanie said:
But why would anyone accept it as "legal tender"?


Because they are? I dont know. People are trading goods with it so its not totally bunk.

makaveli8x8 said:
im confused to how do you anonymousey buy and/or mine bitcoins


That sorta explains it http://en.wikipedia.org/wiki/Bitcoin
Quote:


Prisoner#1 said:
Salvia_Antics said:
DuNeRaVeR said:
I don't understand the concept :shrug:


Currently currency is an agreed upon value set by what people will pay. Like $39 =  4oz Gyokuro green tea
BitCoin is the same as it relies on an agreed upon value.
Currently 50.65BTC(bitcoin)= $39 = 4oz Gyokuro green tea(if the person selling accepts BTC)



but cant I make all this bitcurrency I want?


Not without putting the CPU cycles in. I believe there is something blocking counterfeiting which i can't explain currently.

I dont know everything about it I just found out about it today and was intrigued by it.


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"The dream is dreaming itself"--Kalahari Bushmen

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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162559 -

so i contribute cpu cycles to doing????? and i get an unspecified amount of "bit" play money that i can spend on?????


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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
    #14162560 -

Free money? What's the catch?


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The Psychedelic Salon -- Erowid -- MAPS -- The Genesis Generation

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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
    #14162566 -

Prisoner#1 said:
makaveli8x8 said:
no no no only the website is allowed to digitally print as much as they want



so it's central banking on the internet... yay


Actually its complete opposite of that. Its a P2P currency, completely decentralized. Which is what makes it so interesting and makes it resilient to being taken down.


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"The dream is dreaming itself"--Kalahari Bushmen

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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162577 -

Salvia_Antics said:
Prisoner#1 said:
makaveli8x8 said:
no no no only the website is allowed to digitally print as much as they want



so it's central banking on the internet... yay


Actually its complete opposite of that. Its a P2P currency, completely decentralized. Which is what makes it so interesting and makes it resilient to being taken down.



lol... one source for the coin and it's not central banking


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California Has Legalized Child Prostitution

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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162578 -

ok so we donate cpu cycles, and in return we get bits, and we use those on what our energy bill?


--------------------
We were sent to hell for eternity :hellfire: Ø:omgawesome:h®
We play on earth to pass the time :foreheadslap:

Over-population the root of all Evil-brings the Elites Closer to the gates.

Extras: Filter Print Post Top
Re: Anyone Mining BitCoins? [Re: bryguy27007]
    #14162581 -

zenthor said:
so i contribute cpu cycles to doing????? and i get an unspecified amount of "bit" play money that i can spend on?????


The cpu cycles are unlocking the currency at a specific rate for a controlled inflation over time until it caps out. Thats about all I know on that. 50 bitcoins per "block" solved. Bitcoins can be sold for money currently at $1 = .77 bitcoins.


bryguy27007 said:
Free money? What's the catch?


Technically its not totally free. The power used to run the cpu cycles or GPU cycles costs money. Although the value of bitcoins is supposedly above what it costs to get them in electricity. For now it is said to be profitable.


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"The dream is dreaming itself"--Kalahari Bushmen

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