| Page 1 of 2 |
|
|
 Posted: Sun, 1st Dec 2013 21:13 Post subject: Bitcoin questions |
|
 |
So, me and my friend decided not to wait anymore and start mining some Bitcoins.  We installed some apps and currently downloading bootstrap.dat which is dated 2013 August. Also I have two cell phones. One is Samsung s2 plus smartphone, the other is nokia music phone. Also I have a spare pc at home my mother uses sometimes. So which one should I use? Can I use all of them at once? Tell me info I need to know. 
|
|
| Back to top |
|
|
Morphineus
VIP Member
Posts: 24883
Location: Sweden
|
| Posted: Sun, 1st Dec 2013 21:16 Post subject: |
|
|
You should have stopped waiting in 2009.
|
|
| Back to top |
|
|
|
|
|
| Back to top |
|
|
|
|
| Posted: Sun, 1st Dec 2013 21:24 Post subject: |
|
|
In 2009 I didnt even probably know this thing existed. Better late than never.
| sabin1981 wrote: | Cell phones.... Nokia Music... for Bitcoin mining..... hahahaha! Good one  That bit certainly made me laugh  |
Why? One can mine with phones.
|
|
| Back to top |
|
|
Badrien
Posts: 2118
Location: Netherlands
|
| Posted: Sun, 1st Dec 2013 21:31 Post subject: |
|
|
Mining bc is not gonna be worthwhile. mine some litecoins instead.
you rigs have ati cards? if not you dont really have to bother as nvidia cards dont really lend themselves well to mining(their power/khash/s ratio just gonna end up costing you money)
using your phones..no...just no...
https://litecoin.info/Mining_tutorials
|
|
| Back to top |
|
|
|
|
|
| Back to top |
|
|
|
|
| Posted: Sun, 1st Dec 2013 21:48 Post subject: |
|
|
Sabin dont be so dramatic, I havent read tons of info about it so I asked.
|
|
| Back to top |
|
|
|
|
|
| Back to top |
|
|
|
|
| Posted: Mon, 2nd Dec 2013 18:47 Post subject: |
|
|
| Freakness wrote: | | Sabin dont be so dramatic, I havent read tons of info about it so I asked. |
Just forget about it. This train is gone and the bubble will bust soon enough.
2011 - 2016 Build • Fractal Design R5 Titanium (Window) • i5-2500K @ 4,5GHz • Corsair Hydro h115i • ASRock Fatal1ty P67 Performance • 2x4Gb G.Skill Ripjaws F3-10666CL9-4GBRL • EVGA GeForce GTX 970 SSC ACX 2.0+ • Corsair RM550(W) PSU • 2x Samsung 850 Evo (120gb/500gb) •
2018 - x Build • Fractal Design Define R6 Gunmetal • Intel Core i9 9900K • Corsair H150i Pro RGB AIO • Asus ROG MAXIMUS XI HERO • 2x16Gb Corsair Dominator Platinum DDR4-3200 • EVGA GeForce GTX 970 SSC ACX 2.0+ • Corsair HX850i PSU • 1x Samsung 970 Evo M.2, 1x Samsung 860 Evo SATA, 1x Samsung 850 Evo SATA •
|
|
| Back to top |
|
|
MAD_MAX333
Moderator
Posts: 7020
Location: Toronto, Canada...eh
|
| Posted: Mon, 2nd Dec 2013 18:59 Post subject: |
|
|
hmmmm would it be worth it to buy a cheap computer and put 3 mid range amd cards in there and have it mine 24/7? I need to read up on this and see why its only AMD and not nvidia and why not actual cpus...especially since my electricity is free...
|
|
| Back to top |
|
|
MAD_MAX333
Moderator
Posts: 7020
Location: Toronto, Canada...eh
|
| Posted: Mon, 2nd Dec 2013 21:33 Post subject: |
|
|
hmmm kk well as of next year difficulty will be so massive that these GPU stuff wont even make a dent... at the very minimum i would say you would need systems to run 500GH/s .... i MIGHT look at buying a 2TH unit... if i had a 2TH unit in my hand RIGHT NOW, I would make about a couple thousand dollars a day... fml... all the machines are preordered all the way till april of next year... at that point the 2TH unit will basically be like the current gpu setting at best.
|
|
| Back to top |
|
|
|
|
| Posted: Mon, 2nd Dec 2013 22:15 Post subject: |
|
|
What is a 2TH unit? If you really want to make cash with Bitcoins atm, you need to invest around 200.000 dollar on systems. This is what I gathered from the official bitcoin forums.
|
|
| Back to top |
|
|
|
|
|
| Back to top |
|
|
Airbag
Posts: 643
Location: The Netherlands
|
| Posted: Mon, 2nd Dec 2013 22:38 Post subject: |
|
|
Yup, it's getting harder and harder. TH stands for TeraHash. The total mining pool is about 7000TH/s nowadays? Information is probably old already.
Every 10 minutes, 25 bitcoins are awarded to someone 'random'. But even with 3 AMD GPU's, lets take a 7970 as example, you'd be at 3x1,3=3,9GH/s. Chances of getting a block is practically 0. Which is why you join a 'pool'. They take 1% of the earnings, but award the pool of people their fair share of the bitcoins, depending on how much they contributed. A pool of people might sit around 350TH/s for example, and is pretty much the only way you'll be seeing something, even if you were to have your own 550GH/s miner.
|
|
| Back to top |
|
|
|
|
| Posted: Mon, 2nd Dec 2013 23:40 Post subject: |
|
|
its all a scam anyway , steer clear, we have fucking nuclear reactors running to provide energy for a fucking scam rofl ..
|
|
| Back to top |
|
|
Badrien
Posts: 2118
Location: Netherlands
|
| Posted: Tue, 3rd Dec 2013 00:41 Post subject: |
|
|
| MAD_MAX333 wrote: | | hmmmm would it be worth it to buy a cheap computer and put 3 mid range amd cards in there and have it mine 24/7? I need to read up on this and see why its only AMD and not nvidia and why not actual cpus...especially since my electricity is free... |
If you have free electricity that might not be a bad idea tbh. its the only thing stopping me from getting a 1200/2000 khash/s system, gotta pay for power up the waazo =(
if you mine litecoins, with say a 3 mid range radion card system you should have the system earned back in 2 months(ish). that was when they were at 11 per though, think they doubled again lol.
should have bought some >_>
|
|
| Back to top |
|
|
|
|
| Posted: Tue, 3rd Dec 2013 01:25 Post subject: |
|
|
| PickupArtist wrote: | | its all a scam anyway , steer clear, we have fucking nuclear reactors running to provide energy for a fucking scam rofl .. |
What do you mean it's a scam? I've taken out over 2000 bucks of it. Real money. I wasn't buying BitCoins until the end of 2011. I still have over 4500 USD worth of them.
Stop being ignorant and maybe envious, thank you.
And those saying it's a Ponzi-scheme: Well did you take the risk? If one were to invest over 20-30k dollars in it, he could still make more than the ones buying 10-20 coins back in the beginning days. The question is whether it's still gonna boom in the upcoming years.
I put over a thousand bucks in LiteCoin. Whether it suceeds or not, we'll see. I took the risk with BitCoin, and it's paid off. Also gonna put some couple of hundred in some other potential coin systems. But it's true there's too many coin currencies out there already, it won't last like this.
|
|
| Back to top |
|
|
|
|
| Posted: Tue, 3rd Dec 2013 02:01 Post subject: |
|
|
god damn syncing the databse took like 2 days.  Now I deleted dat.old file and got 13gb of blocks. Perhaps I should buy half of the bitcoin now and wait a couple of months and then sell it rather than mining.
|
|
| Back to top |
|
|
DXWarlock
VIP Member
Posts: 11422
Location: Florida, USA
|
| Posted: Tue, 3rd Dec 2013 02:32 Post subject: |
|
|
| ChairmanRoflMao wrote: |
What do you mean it's a scam? I've taken out over 2000 bucks of it. Real money. I wasn't buying BitCoins until the end of 2011. I still have over 4500 USD worth of them.
Stop being ignorant and maybe envious, thank you.
|
Maybe not so much a scam, it's the wrong term. but more a bubble flip. Like beanie babies, elmo dolls, or domain names 20 years ago. A few get lucky, and you hear about the huge profits, while the rest work their ass off to get a few to find out its burst already and now you got a pile of worthless items because you was holding until the peak and missed it.
-We don't control what happens to us in life, but we control how we respond to what happens in life.
-Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. -G. Michael Hopf
Disclaimer: Post made by me are of my own creation. A delusional mind relayed in text form.
|
|
| Back to top |
|
|
spankie
VIP Member
Posts: 2958
Location: Belgium
|
| Posted: Tue, 3rd Dec 2013 16:53 Post subject: |
|
|
| ChairmanRoflMao wrote: | | PickupArtist wrote: | | its all a scam anyway , steer clear, we have fucking nuclear reactors running to provide energy for a fucking scam rofl .. |
What do you mean it's a scam? I've taken out over 2000 bucks of it. Real money. I wasn't buying BitCoins until the end of 2011. I still have over 4500 USD worth of them.
Stop being ignorant and maybe envious, thank you.
And those saying it's a Ponzi-scheme: Well did you take the risk? If one were to invest over 20-30k dollars in it, he could still make more than the ones buying 10-20 coins back in the beginning days. The question is whether it's still gonna boom in the upcoming years.
I put over a thousand bucks in LiteCoin. Whether it suceeds or not, we'll see. I took the risk with BitCoin, and it's paid off. Also gonna put some couple of hundred in some other potential coin systems. But it's true there's too many coin currencies out there already, it won't last like this. |
So you say a casino is not a scam because a man exists who won some money?
It's a scam when one in the chain benefits from something knowing that someone else down the line will be ripped off. If you steal a crappy car, paint it, and sell it for 20k, it's still a scam, even if you made money...
Anyway, i dont belief shit of the whole bitcoin thingie. Now at record prices a 'thief' stole money from a drug website. Yeah, a 'thief'... Sjeez, the whole things smells so much. People are manipulating the prices like crazy and then always a major hack happens. What a coincidence... http://www.theverge.com/2013/12/2/5167670/sheep-marketplace-bitcoin-heist-nets-at-least-5-million-owners-blamed
I don't understand the whole bitcoin thing. Everybody knows it's a scam. They all quickly pass on the potato. People are 'creating' (mining) a 'currency' to sell it. Everybody wants to get rid off it and exchange it for 'crappy' US Dollars. Why is that? Because everybody thinks the bitcoin is a valid method of payment
It can still go up, but within 1-2 years, the bitcoin is as dead as it can be.
And please, stop wasting shitloads of elektricity on deciphering random hash tags that can be sold to some morons for 1000 USD... Am I the only one who thinks this is a suboptimal allocation of computing resources?? 
I am trying to cure cancer with my computers and stuff, but some idiot is pushing up the price of computing to generate some virtual coins. oh boy oh boy. irony irony.
|
|
| Back to top |
|
|
MAD_MAX333
Moderator
Posts: 7020
Location: Toronto, Canada...eh
|
| Posted: Tue, 3rd Dec 2013 16:54 Post subject: |
|
|
Bitcoin is done to me... Difficulty is insane and even with TH capable ASIC I would not even get my cost back. Buying also seems too pricy and it'll probably barely go up now if it doesn't burst.
I will make a lite coin miner for now. Gotta figure a quiet case setup since it'll be in my room. I'll have to figure how to get a wallet and how to buy litecoin first since I want a grand in coin on hand whole I figure this setup stuff.
|
|
| Back to top |
|
|
MAD_MAX333
Moderator
Posts: 7020
Location: Toronto, Canada...eh
|
| Posted: Tue, 3rd Dec 2013 17:02 Post subject: |
|
|
No your not the only one who thinks the computational power COULD be put to better use, but then again its our choice to spend our start up cost, pay for electricity and all that and do with the set up as we see fit. People are never gonna be motivated to spend 3 grand to help research cancer. Just won't, not trying to be cold, just realistic.
|
|
| Back to top |
|
|
spankie
VIP Member
Posts: 2958
Location: Belgium
|
| Posted: Tue, 3rd Dec 2013 17:24 Post subject: |
|
|
I don't expect people to pay for cancer research. It's just insane that people are wasting money on mining that thing.
I bet 90% of the people mining have running costs>the value of the bitcoins. This even assumes that the rig is free and the material could not be put to better use.
As always, the guys selling the supplies are the real winners in a scam. They always win, the miners need to use it to get their money back (if they are lucky). Being paid upfront, always the winner...
|
|
| Back to top |
|
|
spankie
VIP Member
Posts: 2958
Location: Belgium
|
| Posted: Tue, 3rd Dec 2013 17:25 Post subject: |
|
|
I don't understand why people think it is viable.
If it really was profitable, Google, Ebay, Twitter, Facebook or Amazon would be mining using their spare resources. They are not mining, so what does this say?!?! Do people really think they have cheaper elektricity or more efficient rigs than those companies... ? ?
|
|
| Back to top |
|
|
Bigperm
Posts: 1908
Location: Alberta,Canada
|
| Posted: Tue, 3rd Dec 2013 17:56 Post subject: |
|
|
Mining is not dead if you have 2 ASICs like me. With 120 Ghash im getting about a coin every 8-10 days with present difficulty. Hardware is paid off. But i got into mining in 2008, ordered my ASIC over a year ago.
If your wanting to get into bitcoin mining now. Sorry you are SOL, the ship has sailed!!!
Your only option is to buy, which is insane imo. Even though day trading on Sunday was very fun /profitable
Oh Spankie. LOL your post make me laugh.
OMG if i hear someone call it a ponzii again. Do you understand what a fucking ponzzi is??? The lack of education in this world boggles me. OR a scam. WTF. Read before you speak!!!
The closest thing to a ponzii is the current US system of printing money, sell bank bonds , repeat. Bitcoin is if anything the complete opposite of a scam or ponzii.
But i digress. I guess i paid off my new truck with a scam or ponzii. yawn!!!!
| Jenni wrote: | | I drunk. I don't fucking care! |
|
|
| Back to top |
|
|
Bigperm
Posts: 1908
Location: Alberta,Canada
|
| Posted: Tue, 3rd Dec 2013 18:11 Post subject: |
|
|
| spankie wrote: | | ChairmanRoflMao wrote: | | PickupArtist wrote: | | its all a scam anyway , steer clear, we have fucking nuclear reactors running to provide energy for a fucking scam rofl .. |
What do you mean it's a scam? I've taken out over 2000 bucks of it. Real money. I wasn't buying BitCoins until the end of 2011. I still have over 4500 USD worth of them.
Stop being ignorant and maybe envious, thank you.
And those saying it's a Ponzi-scheme: Well did you take the risk? If one were to invest over 20-30k dollars in it, he could still make more than the ones buying 10-20 coins back in the beginning days. The question is whether it's still gonna boom in the upcoming years.
I put over a thousand bucks in LiteCoin. Whether it suceeds or not, we'll see. I took the risk with BitCoin, and it's paid off. Also gonna put some couple of hundred in some other potential coin systems. But it's true there's too many coin currencies out there already, it won't last like this. |
So you say a casino is not a scam because a man exists who won some money?
It's a scam when one in the chain benefits from something knowing that someone else down the line will be ripped off. If you steal a crappy car, paint it, and sell it for 20k, it's still a scam, even if you made money...
Anyway, i dont belief shit of the whole bitcoin thingie. Now at record prices a 'thief' stole money from a drug website. Yeah, a 'thief'... Sjeez, the whole things smells so much. People are manipulating the prices like crazy and then always a major hack happens. What a coincidence... http://www.theverge.com/2013/12/2/5167670/sheep-marketplace-bitcoin-heist-nets-at-least-5-million-owners-blamed
I don't understand the whole bitcoin thing. Everybody knows it's a scam. They all quickly pass on the potato. People are 'creating' (mining) a 'currency' to sell it. Everybody wants to get rid off it and exchange it for 'crappy' US Dollars. Why is that? Because everybody thinks the bitcoin is a valid method of payment
It can still go up, but within 1-2 years, the bitcoin is as dead as it can be.
And please, stop wasting shitloads of elektricity on deciphering random hash tags that can be sold to some morons for 1000 USD... Am I the only one who thinks this is a suboptimal allocation of computing resources??
I am trying to cure cancer with my computers and stuff, but some idiot is pushing up the price of computing to generate some virtual coins. oh boy oh boy. irony irony. |
This post is nothing but pure ignorance!!! Learn and read before you speak!!! When ever i read this moronic dribble or hear it from others. I think either your upset you didn't get in or need to learn and research before letting useless shit out of your mouth.
| Jenni wrote: | | I drunk. I don't fucking care! |
|
|
| Back to top |
|
|
MAD_MAX333
Moderator
Posts: 7020
Location: Toronto, Canada...eh
|
| Posted: Tue, 3rd Dec 2013 18:38 Post subject: |
|
|
k guys, lets discuss this maturely and with respect... everyone is truly entitled to their own opinion and should be able to express them without getting attacked.
|
|
| Back to top |
|
|
spankie
VIP Member
Posts: 2958
Location: Belgium
|
| Posted: Wed, 4th Dec 2013 11:57 Post subject: |
|
|
Yeah, I am upset i didn't mine bitcoins 
I am not insulting the guys who made money with it. Good for you. I still think the investment is not worth the pay off, but that's another discussion.
I have nothing against a digital currency.
What's the difference between gold and bitcoins? Both anonymous and 'better than fiat money'. I can live with that opinion, I don't agree but I accept the view on it.
What botters me is that people are wasting hardware and elektricity to generate bitcoins. Why don't they just have bitcoins available for everybody else and just use it. No, people are wasting resources to get them. If it's so super duper, just make 1bln bitcoins and let them be used. Why are people allowed to mine them? Doesnt make sense. It's just a way to allow early adopters to get a bigger piece of the cake and force scarcity down the lane. It's just ill conceived (well, not ill conceived for the inventors of course  ) from the beginning.
Those bitcoin guys always think mining is the only way to make money. If you invest in proper companies that actually produce something, you can get the same returns on your investments. Or if you invest in your own company that actually produces something, you can also make money.
And you made money, how and why? You bought a computer that calculated something and you sold that bit of info to someone else for real Dollars. If your 'money' was a valid payment method you would keep your 'supreme currency' and not convert it to crappy 'fiat USD'.
Heck, why is the bitcoin even denoted in 'bad fiat money' as you call it? I don't denote euros in zimbabwan dollars, because it is a crappy currency, so why is the btc denoted in an inferior currency?
And you paid off your truck with ponzi money, i paid off my car and my upfront for my mortgage with my stock returns, yawn. Even if you went to a casino, flipped the roulette, doubled your money, and paid off your truck with it, still doesn't make it a smart move to flip the roulette wheel. And that's the idea of a scam, someone benefits by getting money for a product from seomeone else, further down the lane, someone loses it, because there is no intrinsic value.
|
|
| Back to top |
|
|
|
|
|
| Back to top |
|
|
|
|
| Posted: Thu, 5th Dec 2013 00:58 Post subject: |
|
|
Time to buy gold or real estate huh? 
|
|
| Back to top |
|
|
| Page 1 of 2 |
All times are GMT + 1 Hour |
like any pyramid, the guys on top dont smell the shit that flows down and most of the time end up believing their own litlle fantasy, all you need is enough fools to support the carrying structure and they sure did a great job at that lol
