BitCoins

[Shinobi]

If you'd like the chance to make money please read!

This IS NOT a scam, kk.

BitCoins are a newish digital currency used to spend online, admittedly not in very many places. But you can cash them out, and at the moment they are worth a LOT. Here's the wikipedia page: http://en.wikipedia.org/wiki/Bitcoin

BitCoins can be "found" or "mined" using your computer's GPU, much the same as Folding@Home or SETI.

BitCoins are generated in blocks of 50 at a time. If you were to do it alone, it'd probably take 4-8 weeks to generate this amount. Which, btw, right now is worth £446!!
You can do "pooled mining" working with others, for quicker/smaller returns, which is what I propose.

I currently have one pc with an AMD Radeon 5770 running about 12 hours a day, a GeForce 9800GTX+ running 24/7 and a shitty old laptop CPU running 2-3 hours a day, 3 days a week.

I'm looking for people with mid-range to high-end GPUs (AMD even better than Nvidia) to join my group which is, in turn, part of a pool. I will not be making anywhere near 50 bitcoins but will be getting smaller returns which I am willing to split equally between anyone who wishes to join my group.

I plan on doing this for 3 months. After which I will be going solo, and will help all members of my group to do the same. Those of you with, say, dual 6970s or something may actually be better going solo anyway. Join my group for 3 months (it's easier than setting up your own solo operation) and I'll prove to you it works. If this works really well I will set up my own pool on the computer running 24/7, and all members of my group will be able to have higher returns than when using an online pool.

Obviously there will be some of you who will doubt my intentions, as it will be me manually splitting money between us, but I can assure you I am not doing this to rip anyone off, just as an experiment to see if this is a viable money-making idea and if it is I will be investing in new hardware. Also this is digital money, so even if I DID rip you off you haven't lost anything. I won't though. If you don't trust me simply don't join my group.

If anybody is interested please PM me as I'm not willing to get into specifics of account details etc as the more people mining for bitcoins the harder it gets. It used to take days to find a block of 50 bitcoins, but now it takes months. Jump on the bandwagon now before it gets near impossible!!

BitCoins are mined by using your GPU to solve increasingly-difficult mathematical problems btw.

Please, PM me even if it's just with a question.

[James]

i was waiting for this thread for months. i advise everyone to ignore this because it has collapsed

[Shinobi]

No James, BitCoins are still going strong mate.

Admittedly finding new bitcoins is becoming difficult but it has NOT "collapsed". It is not a Pyramid, Ponzi or anything kinda scam. Once the limit for new BTC generating is reached, more will be added.

Try to explain in more detail your concerns please James.

EDIT: Funny I should post this today, I've just earned 2 BitCoins. Not much but it's equivalent to about £17 as of right now. I've only been running the mining software 3 days!

[Kaiden]

Just from reading that Wiki page apparently if you caught it early it was great, but it takes months now to get the same as you could get in hours apparently.

[James]

its much less valuable than it was a month ago...

[Shinobi]

Yeah it is, but due to increasing difficulty of mining, this will again rise. Trust me on this one, because there will be a finite number created (21 Million), they will hold their value and then focus will be shifted to earning fees off transactions rather than finding new bitcoins.

Seriously if you don't believe me go solo, wait a number of months and you will have earned a fair amount of money.

[Dae]

Bitcoins is a great idea that relies on freedom and knowledge, the values I personally admire. I can see it pissing off politicians, corporations, moralists, and that gives me a warm, inspiring feeling. Having said that I'm not an anarchist, but I do want to see something that counterbalances (or at least tries to) the existing financial system.

(Similar example: software piracy; it's not a good thing, but due to its enormous scale in my country, producers and vendors had to slash prices. E.g. Steam games cost 2-3 times less here than in the EU or US. And I love that.)

Bitcoins may not kick off now and this is normal. What's more important is that the foundations were laid.

[Aidan]

Bitcoins is a great idea that relies on freedom and knowledge, the values I personally admire. I can see it pissing off politicians, corporations, moralists, and that gives me a warm, inspiring feeling. Having said that I'm not an anarchist, but I do want to see something that counterbalances (or at least tries to) the existing financial system.

(Similar example: software piracy; it's not a good thing, but due to its enormous scale in my country, producers and vendors had to slash prices. E.g. Steam games cost 2-3 times less here than in the EU or US. And I love that.)

Bitcoins may not kick off now and this is normal. What's more important is that the foundations were laid.

This is a very good point. Although I don't think it will last long myself, I do hope this will take off, and become more popular.

[Shinobi]

Help out then? It uses idle system resources and can earn significant money if you have a decent GPU (preferably AMD).

PM me, I'll send info.

[Shinobi]

The more BitCoins created, the more publicity the better. Creating BitCoins is "making new money" which government and corporations have no control over. Whatsoever. Good point Dae.

[Poor]

It's too difficult for generate bitcoins now. You should of started earlier. Here's a calculator that tells you how long it should take to generate a block and get 50 bitcoins.

http://www.btcserv.net/bitcoin/mining-calculator/

And here is a chart of hash rates for graphics cards:

https://en.bitcoin.it/wiki/Mining_hardware_comparison

As you can see, a normal graphics cards takes about a year to make a block. A $1000 card takes 2 months. If you are willing to invest in a card like that, it will eventually pay for itself. But the average gaming card seems impractical once you subtract the electricity cost.

[Shinobi]

I find this is unrealistic, although those charts are more up to date than mine.

Estimated bitcoins within 30 days = 3 (for my 5770)... that's 42 USD. And that's a lame card.

Joining a mining pool enables you to earn smaller amounts such as this much more regularly.

I know I'm a bit late but it's hard to find out about these new things accidentally, I dunno how to find out about new trends.

[Shinobi]

Also - if ya have multiple pc's you will make the 50btc sooner

[Poor]

When I found out about bitcoins, they were worth $1 each. I wish I knew it would quickly rise to $15 per coin. I would have had invested in them and made a nice profit.

[or 1=1]

So...

You receive data that will be elaborated by your GPU and sent back. More data you elaborate and more Bitcoins you get. After getting 50 bitcoins you have "a cube". What do you do with this cube and how do you get "REAL" money?

(Not interested in joining the company, just curious)

[Shinobi]

you convert it to real cash using an exchange market.

it's not a company either.

[or 1=1]

Convert by selling it to who? and why someone would be insterested in buying it?

Sorry to stress you but I personally know a person who buys large quantities of copper, wait for the copper price to rise and sell it at the right moment and it makes sense... but buying "digital numbers" doesn't make any.

[Shinobi]

I don't know lol it's just a currency. It's a cryptocurrency.

[Gishank]

So, basically..

Someone is meant to want to buy a virtual currency which has no actual worth? 0,o

[Shinobi]

Just trust me it DOES have a worth I don't know how it works.

They're paying for it though!

[Kaiden]

You're running protocols to solve mathematical problems or something, then you give whoever the increasingly longer to solve proofs for money, I think.

[Dae]

Someone is meant to want to buy a virtual currency which has no actual worth? 0,o

Following the same logic, real world currency has no actual worth.

Convert by selling it to who? and why someone would be insterested in buying it?

People can buy goods for bitcoins. Of course there aren't many of those goods, but anonymity of the system allows to trade illegal stuff such as drugs, stolen information, viruses etc.

The hashes, which miners generate on their GPUs, basically what they're paid for in bitcoins, are used to back up transactions between members of the network.

[Shinobi]

Not sure about US but UK bank notes actually are only an IOU or promise, read em it says"!

[Poor]

Many people are buying them as an investment. As they get more difficult to make, their value increases. Another reason people may prefer bitcoins over cash is because it offers anonymity. Bitcoins are used in the underground market. As for legitimate reasons, bitcoins can be used as an international online currency if a good market develops. It has several advantages over PayPal such as less transaction fees, no chargebacks, anonymity, and an universal currency.

Personally, I believe too many people are trying to invest in Bitcoin and that it will eventually crash. This is called the Ponzi scheme. This is where investors make money selling to other investors and this is repeated until there are no more new investors and then the market crashes. When it is no longer profitable, everyone will try cash out before they lose their investment, effectively killing the market. The losers will be the ones who bailed out too late.

[James]

I strongly believe that too. It's only aided people for quick bucks so far, people getting obsessive with mining from multiple PCs and someone almost died!!

[or 1=1]

someone almost died!!

too many gpus in crossfire made a blackhole?

[Aidan]

someone almost died!!

too many gpus in crossfire made a blackhole?

Bitcoin Mafia.


Serious shit.

[James]

overheating led to a freakishly hot room at night. he had to go to ER for dehydration

[Aidan]

overheating led to a freakishly hot room at night. he had to go to ER for dehydration

This is why bitcoins will not catch on.



My paper bills, change, debit, and credit cards are recognized pieces of money, and do not almost kill me overnight.


Just everything about this keeps changing my mind to, "Lol, Bitcoins".

[Shinobi]

james link or it never happened