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Invisiblekintos
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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162593 - 03/22/11 12:34 AM (12 years, 11 months ago)

so ive got like 3k blocks so far, am i rich? how can i tell how many blocks are solved? where can i trade the coins for usd?


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OfflineSalvia_Antics
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Re: Anyone Mining BitCoins? [Re: Prisoner#1]
    #14162597 - 03/22/11 12:35 AM (12 years, 11 months ago)

Quote:

makaveli8x8 said:
ok so we donate cpu cycles, and in return we get bits, and we use those on what our energy bill?




Yes :smile: but as I said its supposedly still profitable.

Quote:

Prisoner#1 said:
Quote:

Salvia_Antics said:
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Prisoner#1 said:
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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




You can buy bitcoins. Maybe i don't know what you are saying. The money stays on your computer it isnt stored anywhere else.


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"The dream is dreaming itself"--Kalahari Bushmen

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InvisibleDarkMatterOfFact
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Re: Anyone Mining BitCoins? [Re: makaveli8x8]
    #14162598 - 03/22/11 12:35 AM (12 years, 11 months ago)

Sounds like someone is skimming a % to me. If somthin sounds to  good to be true it  usually is.


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Nixon was a asshole. Just look at his biggest creation. Ladies and gentlemen, I give you the DEA.

Which secretly stands for Demonizing Everyone by Allegations.

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Invisiblekintos
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Re: Anyone Mining BitCoins? [Re: DarkMatterOfFact]
    #14162617 - 03/22/11 12:38 AM (12 years, 11 months ago)

also its only using about 5% of my cpu, can i crank it up to 100% for more money?


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OfflineSalvia_Antics
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Re: Anyone Mining BitCoins? [Re: kintos]
    #14162625 - 03/22/11 12:39 AM (12 years, 11 months ago)

Quote:

zenthor said:
so ive got like 3k blocks so far, am i rich? how can i tell how many blocks are solved? where can i trade the coins for usd?




The blocks you see adding up at the bottom of your bitcoin client are not blocks you have generated. It has to download all completed blocks before it starts to generate coin. Currently the number of blocks is
114503.

If you want more info on Mining, general info, market info, etc. go here http://www.bitcoin.org/smf/index.php


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"The dream is dreaming itself"--Kalahari Bushmen

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Offlinemakaveli8x8
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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162651 - 03/22/11 12:44 AM (12 years, 11 months ago)

so...you havn't cashed in yet i take it?


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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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OfflineSalvia_Antics
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Re: Anyone Mining BitCoins? [Re: makaveli8x8]
    #14162665 - 03/22/11 12:48 AM (12 years, 11 months ago)

Quote:

makaveli8x8 said:
so...you havn't cashed in yet i take it?



I dont have enough to make it worth cashing in yet. Cashing in being either buying USD or trading it for an actual good.


Heres a general podcast about it(not specifically pointed at you makaveli8x8)

Also a chart of values and such http://bitcoincharts.com/markets/



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"The dream is dreaming itself"--Kalahari Bushmen

Edited by Salvia_Antics (03/22/11 12:54 AM)

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Offlinecurious mouse
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Re: Anyone Mining BitCoins? [Re: Salvia_Antics]
    #14162706 - 03/22/11 01:06 AM (12 years, 11 months ago)

might set up my old comp to sit and mine all day.

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Offlinethebehnjamin
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Re: Anyone Mining BitCoins? [Re: curious mouse]
    #14163535 - 03/22/11 08:32 AM (12 years, 11 months ago)

How have I not heard about this before now?!
It's been out for two years, you have failed me internet.
So much for going to sleep any time soon...now to get comfy, smoke up and watch bitcoins get generated!!

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Invisiblekoraks
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Re: Anyone Mining BitCoins? [Re: thebehnjamin]
    #14163566 - 03/22/11 08:52 AM (12 years, 11 months ago)

As I understand it, you basically sell a service (computing power) in return for a cash equivalent. That cash equivalent then has some technical doodles to make it susceptible to other forms of fraud than regular cash or bank transfers, but less susceptible to theft than plain old cash.

The fact that the total amount of bitcoins is limited to 21 million, but the return service isn't (overall computing power can be anticipated to grow according to Moore's Law, at least for a few years to come), make the system exhibit a phenomenon inverse to inflation, with the real value of a bitcoin rising over time (deflation). Economists will probably argue that this innate tendency towards deflation is the biggest drawback to the bitcoin system, as it ultimately will discourage production, growth and investment, while favoring saving and disproportionally enforcing the economic strength of the rich.

Its only merit in my opinion is the secure nature of transactions, although this is probably not much more secure than bank-to-bank transactions. The essential method of value creation is at least as dangerous as that of the regular economy, and I therefore see little advantage in implementing it on a wider scale than its original intended purpose.

If you don't like banks, you could argue that an advantage to bitcoins is that it is a system that can function without banks as we know them. Instead of a bank, however, you end up with a single bitcoin governance entity, which arguably is even more difficult to control and keep in check than banks as we know them now. So I would argue that if you don't like the role of banks in the recent credit crunch and the overall shortcomings of our economic system, then bitcoins is the last thing you should consider, as it will only concentrate the power of all banks into one central authority on which the entire economic system is dependent.

Oh yeah, and due to the inherent dynamics of bitcoin, with its limited total of 21 million and the intended behavior that more aspects of the economy than only the selling of computing power are gradually sucked into the bitcoin economy, it is predictable (intended?) that existing currencies, including the US dollar, will drop in value as the bitcoin economy grows. This makes it particularly dangerous to migrate from the currently used monetary economy to a bitcoin economy, as the latter does not allow for a fixed exchange rate to maintain market stability during the period of migration.

Edited by koraks (03/22/11 08:59 AM)

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Invisibledaytripper05
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Re: Anyone Mining BitCoins? [Re: koraks]
    #14163791 - 03/22/11 10:16 AM (12 years, 11 months ago)

There was several really good Podcasts covering Bitcoin in detail on Security Now with Steve Gibson from http://steve.grc.com. He covered the topic in depth and how to make money. In the three or four weeks he has been doing it, he solved a computational block and earned 50 bitcoins.

The idea makes perfect sense, in theory anyway. Steve Gibson is a leader in security and cryptography and has scrutinized bitcoin, and it passed. I will be watching closely (but not participating).

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Invisiblekoraks
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Re: Anyone Mining BitCoins? [Re: daytripper05]
    #14163804 - 03/22/11 10:20 AM (12 years, 11 months ago)

It makes sense from a technical/cryptographic viewpoint. To me, it doesn't from a broader economic viewpoint. I think it's important to separate the two, because it might be desirable to implement the security aspects in regular economic/transaction systems while not inheriting its economic vulnerabilities.

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Invisibledaytripper05
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Re: Anyone Mining BitCoins? [Re: koraks]
    #14163808 - 03/22/11 10:21 AM (12 years, 11 months ago)

Quote:

koraks said:
The fact that the total amount of bitcoins is limited to 21 million, but the return service isn't (overall computing power can be anticipated to grow according to Moore's Law, at least for a few years to come), make the system exhibit a phenomenon inverse to inflation, with the real value of a bitcoin rising over time (deflation). Economists will probably argue that this innate tendency towards deflation is the biggest drawback to the bitcoin system, as it ultimately will discourage production, growth and investment, while favoring saving and disproportionally enforcing the economic strength of the rich.





That's not completely the way I understand how it works. The way the system scales overtime to the influx users, faster CPU's, and bitcoin farming, at least from my understanding, is one of the things that makes the system so great.

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OfflineSalvia_Antics
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Re: Anyone Mining BitCoins? [Re: curious mouse]
    #14163831 - 03/22/11 10:26 AM (12 years, 11 months ago)

Quote:

curious mouse said:
might set up my old comp to sit and mine all day.




I would look in to joining a pool if you have an old processor or are not running your GPU. Its really hard to solve a block without a fast CPU/GPU on your own.


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Invisiblekoraks
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Re: Anyone Mining BitCoins? [Re: daytripper05]
    #14163881 - 03/22/11 10:35 AM (12 years, 11 months ago)

Quote:

daytripper05 said:

That's not completely the way I understand how it works. The way the system scales overtime to the influx users, faster CPU's, and bitcoin farming, at least from my understanding, is one of the things that makes the system so great.



Well, I'm no expert here either, but what is clear to me is that the economy of bitcoins cannot scale upwards. Those 21 million bitcoins form a mathematical limit. So the currency is capped to a fixed value, but the other side of the balance, the product or service whose value is represented in bitcoins, is not limited. So as the products and services grow, the only way of accommodating for that increasing value is to raise the value of the bitcoin. This is the fundamental difference from the monetary economy, in which the total amount of currency is some representation (although a thoroughly fucked up one, but that's a different story) of the 'real' value in the form of physical goods and services. Hence, the total amount of currency is adjusted upwards as we exploit (or expect to exploit) new resources, either physical or virtual.

Based on this discrepancy between bitcoins and currency, I fear that both systems are essentially incompatible, but I'm no economist, so I'm willing to accept well-founded views on that.

Edited by koraks (03/22/11 10:36 AM)

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Invisiblebryguy27007
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Re: Anyone Mining BitCoins? [Re: koraks]
    #14164535 - 03/22/11 01:04 PM (12 years, 11 months ago)

So this is safe to run? I'm skeptical of it. But if I could get 20 bucks or whatever for it that would be great.

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Invisiblebryguy27007
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Re: Anyone Mining BitCoins? [Re: bryguy27007]
    #14164637 - 03/22/11 01:28 PM (12 years, 11 months ago)

I just read a little on it and I started mining. It said it should take about a year to get 50 bitcoins.

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OfflineSalvia_Antics
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Re: Anyone Mining BitCoins? [Re: bryguy27007]
    #14165260 - 03/22/11 03:20 PM (12 years, 11 months ago)

Quote:

bryguy27007 said:
I just read a little on it and I started mining. It said it should take about a year to get 50 bitcoins.



Solo mining is a gamble, you increase your chances of solving a block and getting 50 BTC by having a highend GPU. If you dont have a high end GPU i would recommend joining a pool, where the rewards are consistent and handed out according to the amount of work your processor put in. If you look in here http://www.bitcoin.org/smf/index.php?board=14.0 there is a few pools floating around accepting members.


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Invisibledaytripper05
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Re: Anyone Mining BitCoins? [Re: koraks]
    #14165525 - 03/22/11 04:20 PM (12 years, 11 months ago)

Quote:

koraks said:
Quote:

daytripper05 said:

That's not completely the way I understand how it works. The way the system scales overtime to the influx users, faster CPU's, and bitcoin farming, at least from my understanding, is one of the things that makes the system so great.



Well, I'm no expert here either, but what is clear to me is that the economy of bitcoins cannot scale upwards. Those 21 million bitcoins form a mathematical limit. So the currency is capped to a fixed value, but the other side of the balance, the product or service whose value is represented in bitcoins, is not limited. So as the products and services grow, the only way of accommodating for that increasing value is to raise the value of the bitcoin. This is the fundamental difference from the monetary economy, in which the total amount of currency is some representation (although a thoroughly fucked up one, but that's a different story) of the 'real' value in the form of physical goods and services. Hence, the total amount of currency is adjusted upwards as we exploit (or expect to exploit) new resources, either physical or virtual.

Based on this discrepancy between bitcoins and currency, I fear that both systems are essentially incompatible, but I'm no economist, so I'm willing to accept well-founded views on that.




Here is my perspective. Gold (or any precious metal) is not a good representation of money, because in theory the only way to get more money is go out and dig it out of the ground. (So even if the economy needs more money, if we don't have enough gold, there is no more money.) Gold is gold, and can be sold for money, but it's not money. It was simply the best representation of the currency at the time. Money is really just a scale to judge how much something is worth, obviously...

A system like bitcoin is good because it can regulate with mathematics exactly how fast currency is created based on the number of users creating it, and how fast it's being spent, and a number of other variables. The more coins that are spent, the more new coins that are created. This system would no partisanship, and would not discriminate or cave it the idiot people screaming for bailouts. A system like bitcoin is ideal for the free market.

Like you, I am no expert. I was trying to offer another perspective. You weren't wrong in any way from my understanding, and what I am saying isn't contradicting you, just another interpretation based on the podcast(s) i listened too. I am pretty sure I am not explaining it totally correct though.

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Offlinetk3
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Re: Anyone Mining BitCoins? [Re: daytripper05]
    #14165617 - 03/22/11 04:36 PM (12 years, 11 months ago)

i'm pretty sure i don't understand it, because it seems to me like every person using bitcoin has to be aware of every transaction?  despite the block-chain thing this still seems ridiculous.

Also the way coins are generated is pretty goofy.  They should have partnered with a bank.  Done some shit like second life or that other game i don't recall, europa universe?

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