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Salvia_Antics
DMT Convert




Registered: 01/28/07
Posts: 378
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Anyone Mining BitCoins?
#14162209 - 03/21/11 11:24 PM (12 years, 11 months ago) |
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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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Psy Baba
That was zen, This is Tao



Registered: 01/30/06
Posts: 16,430
Loc: The land of Ports.
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I don't understand the concept
-------------------- --------------------------------------------------- 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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curious mouse
meandering wanderer


Registered: 08/25/09
Posts: 775
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Re: Anyone Mining BitCoins? [Re: Psy Baba]
#14162245 - 03/21/11 11:29 PM (12 years, 11 months ago) |
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yeah i just read the website and i don't get it.
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Salvia_Antics
DMT Convert




Registered: 01/28/07
Posts: 378
Loc: The Garden Of Eden
Last seen: 12 years, 6 months
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Re: Anyone Mining BitCoins? [Re: Psy Baba]
#14162260 - 03/21/11 11:31 PM (12 years, 11 months ago) |
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Quote:
DuNeRaVeR said: I don't understand the concept 
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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Psy Baba
That was zen, This is Tao



Registered: 01/30/06
Posts: 16,430
Loc: The land of Ports.
Last seen: 2 years, 8 months
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Quote:
Salvia_Antics said:
Quote:
DuNeRaVeR said: I don't understand the concept 
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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Salvia_Antics
DMT Convert




Registered: 01/28/07
Posts: 378
Loc: The Garden Of Eden
Last seen: 12 years, 6 months
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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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Salvia_Antics
DMT Convert




Registered: 01/28/07
Posts: 378
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Re: Anyone Mining BitCoins? [Re: Psy Baba]
#14162300 - 03/21/11 11:38 PM (12 years, 11 months ago) |
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Quote:
DuNeRaVeR said:
Quote:
Salvia_Antics said:
Quote:
DuNeRaVeR said: I don't understand the concept 
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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The Whale

Registered: 11/01/10
Posts: 2,384
Loc:
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Quote:
Also If you want to be paid for "risky" things there is the anonymousness to it.
AlertPay, brosef.
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blewmeanie




Registered: 10/01/06
Posts: 28,984
Loc:
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But why would anyone accept it as "legal tender"?
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makaveli8x8
Stranger

Registered: 02/28/06
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Re: Anyone Mining BitCoins? [Re: The Whale]
#14162501 - 03/22/11 12:13 AM (12 years, 11 months ago) |
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im confused to how do you anonymousey buy and/or mine bitcoins
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  We were sent to hell for eternity Ø h® We play on earth to pass the time Over-population the root of all Evil-brings the Elites Closer to the gates.
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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Quote:
Salvia_Antics said:
Quote:
DuNeRaVeR said: I don't understand the concept 
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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makaveli8x8
Stranger

Registered: 02/28/06
Posts: 21,636
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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
#14162528 - 03/22/11 12:19 AM (12 years, 11 months ago) |
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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
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  We were sent to hell for eternity Ø h® We play on earth to pass the time Over-population the root of all Evil-brings the Elites Closer to the gates.
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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Re: Anyone Mining BitCoins? [Re: makaveli8x8]
#14162533 - 03/22/11 12:20 AM (12 years, 11 months ago) |
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Quote:
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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Salvia_Antics
DMT Convert




Registered: 01/28/07
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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
#14162554 - 03/22/11 12:24 AM (12 years, 11 months ago) |
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Quote:
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.
Quote:
makaveli8x8 said: im confused to how do you anonymousey buy and/or mine bitcoins
That sorta explains it http://en.wikipedia.org/wiki/BitcoinQuote:
Prisoner#1 said:
Quote:
Salvia_Antics said:
Quote:
DuNeRaVeR said: I don't understand the concept 
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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kintos
Stranger



Registered: 06/01/06
Posts: 2,015
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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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bryguy27007
Cosmonaut



Registered: 01/26/08
Posts: 10,525
Loc:
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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
#14162560 - 03/22/11 12:25 AM (12 years, 11 months ago) |
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Free money? What's the catch?
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Salvia_Antics
DMT Convert




Registered: 01/28/07
Posts: 378
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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
#14162566 - 03/22/11 12:26 AM (12 years, 11 months ago) |
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Quote:
Prisoner#1 said:
Quote:
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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Prisoner#1
Even Dumber ThanAdvertized!


Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Quote:
Salvia_Antics said:
Quote:
Prisoner#1 said:
Quote:
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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makaveli8x8
Stranger

Registered: 02/28/06
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ok so we donate cpu cycles, and in return we get bits, and we use those on what our energy bill?
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  We were sent to hell for eternity Ø h® We play on earth to pass the time Over-population the root of all Evil-brings the Elites Closer to the gates.
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Salvia_Antics
DMT Convert




Registered: 01/28/07
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Last seen: 12 years, 6 months
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Re: Anyone Mining BitCoins? [Re: bryguy27007]
#14162581 - 03/22/11 12:31 AM (12 years, 11 months ago) |
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Quote:
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.
Quote:
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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