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  1. #1
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    Bitcoin Mining

    I just have a few questions to those that are mining. What are your current specs, and how many bitcoins have you brought in? Also, are you using any pooled mining? How'd that work out for you? Think it's better than solo mining?

    Thanks.

  2. #2
    Ksandra Needs To Post Tits
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    Slush's pool. 350mhashes/minute, Sold over $25000 worth already. Get in while you can.

  3. #3
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    Can some one explain to me exactly what bitcoin is?

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    All I know is that you can spend bitcoins on drugs, and they are completely untraceable. I have no idea how to get them, other than buying them straight up with real money.

    http://bitcoinme.com/

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    Edit: Double

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  7. #7
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    Quote Originally Posted by Odon View Post
    Slush's pool. 350mhashes/minute, Sold over $25000 worth already. Get in while you can.
    You must have been doing it a long ass time. Tried it last night, and in the last 12 hours of 150mhashes, i've earned $1.20 worth of coins. That doesn't even make up the electricity cost of running a computer if you don't already run one 24/7.

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    Quote Originally Posted by Odon View Post
    Slush's pool. 350mhashes/minute, Sold over $25000 worth already. Get in while you can.
    wat - you got $25k worth, can you cash them in?

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    I have Bitcoin installed on my computer, but how do i get it to do anything... generate bitcoins, join pools.. etc

  10. #10
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    You need a mining program. I'm using this one, which was very easy to setup, though i didn't look into any others to see if they work better.

  11. #11
    Ksandra Needs To Post Tits
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    Quote Originally Posted by xerodok View Post
    wat - you got $25k worth, can you cash them in?
    I've sold and have that amount's worth more or less.

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    Oh look, a digital pyramid scheme.

    Seno, have you ever earned a dime in a "normal" manner?

  13. #13
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    How is it a pyramid scheme? A pyramid scheme is when people make money by getting others to join, and pay fees, etc. With this, the more people that mine, the harder it is for everyone to make money, and no one directly profits from getting people to join. Being paid to do something useful (ie calculate hashes to run a p2p currency system), which provides a real benefit (ie allows the system to run), is in no way a pyramid scheme.

  14. #14
    Ksandra Needs To Post Tits
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    Because the people who were already into this before it was made public have had their ''wealth'' increased by a fuck ton since they stock piled them, no one is going to be able to stock pile that amount of coins again unless you pay cash or have a server farm.

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    How many MHashes/s do you have to generate for this to be realistically worth it? I don't pay electricity and I tested with a few of my computers + servers and I got to 350MHashes/s but fuck, it's a real sauna in there now.

    e: this might be the perfect use for my dusty PS3.

  16. #16

    Quote Originally Posted by hey View Post
    How is it a pyramid scheme? A pyramid scheme is when people make money by getting others to join, and pay fees, etc. With this, the more people that mine, the harder it is for everyone to make money, and no one directly profits from getting people to join. Being paid to do something useful (ie calculate hashes to run a p2p currency system), which provides a real benefit (ie allows the system to run), is in no way a pyramid scheme.
    Make no mistake, Bitcoins are a bubble that will eventually pop. By getting others to join the Beanie Baby madness, you increase the value of your own Beanie Babies, because more people are wanting a limited pool of items. More demand same supply = increased value. Some day people will become disenchanted with Beanie Babies and when that happens, the bottom will fall out of the market and people who bought in will end up holding the bag.

    http://en.wikipedia.org/wiki/Tulip_mania

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    Quote Originally Posted by SephYuyX View Post
    Seno, have you ever earned a dime in a "normal" manner?
    I use to worked in a door finishing plant when I was 16.. Then I discovered the internet and slowly learned how to make make money on it and I vowed never to do manual labor again. Internet is the heartbeat of the world economy broski. I would say money is money and if you know what you're doing then why not do it?

    Oh look, a digital pyramid scheme.
    If bitcoins are a digital pyramid scheme then so is the dollar. Its a currency. While I agree with Aurik that the bubble will probably burst, that doesn't mean bitcoins will disappear. They're just fairly inflated right now due to everyone finding out about them. More and more services are offered with them. I don't feel the need to argue this, though.

    Anyway, as it stands, bitcoins are a pretty awesome way to monetize sites. I run a porn site that is using javascript to mine. This lets me host ad-free content since I monetized it another way. I'm just running it as an experiment and was wondering how other people were doing with them. I've thought about starting a mining pool with some friends but I have to wonder how effective those pools are.


    edit:

    In terms of game consoles, I was thinking of writing a XNA version of a miner so you could put it on your xbox and mine with those GPU's when you're not using them. I just have a pretty thick workload right now and I dont have the time to write it. I think that mining on consoles is a fantastic idea, though.

  18. #18

    The difference between Bitcoins and fiat currency like the dollar is that fiat currency has the force of government legislation making it legal tender. If people stopped taking Beanie Babies in exchange for services tomorrow then the people with Beanie Babies are basically fucked.

    Just remember, if you're "earning" lots of money but aren't doing anything particularly time-consuming, physically taxing, or unique, then you're part of a scheme. No such thing as a free lunch.

  19. #19
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    Quote Originally Posted by Odon View Post
    Because the people who were already into this before it was made public have had their ''wealth'' increased by a fuck ton since they stock piled them, no one is going to be able to stock pile that amount of coins again unless you pay cash or have a server farm.
    Early investors got rich? FUCK, CALL THE POLICE! Oh wait, that's just how investing works: you buy in early when it is cheap, and probably lose all your money, but on the off chance they do well, get rich.

    e: this might be the perfect use for my dusty PS3.
    I googled this earlier, and came up with someone getting ~22 Mhashes/s using the 6 SPEs. Doesn't seem worth it.

    The difference between Bitcoins and fiat currency like the dollar is that fiat currency has the force of government legislation making it legal tender. If people stopped taking Beanie Babies in exchange for services tomorrow then the people with Beanie Babies are basically fucked.
    And what is the force of government going to do if everyone refuses to accept dollars?

  20. #20
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    Quote Originally Posted by aurik View Post
    The difference between Bitcoins and fiat currency like the dollar is that fiat currency has the force of government legislation making it legal tender. If people stopped taking Beanie Babies in exchange for services tomorrow then the people with Beanie Babies are basically fucked.

    Just remember, if you're "earning" lots of money but aren't doing anything particularly time-consuming, physically taxing, or unique, then you're part of a scheme. No such thing as a free lunch.
    That's outrageous, lol. You're not getting a free lunch. You're offering your pc up to calculate hashes. Its not like you're making a bajillion dollars, but you make a dollar or two a day doing this. The bitcoin pool makes up one of the largest super computers on the planet, far better than protein folding software, etc. You're getting something in return for allowing them to hash on your PC.

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