Compute4Cash: it's a trap or not?

[pantherx12]

^ In his defense he is only bringing up the bigger picture that many people will not bother to see.

It's not a big picture though, that's a very small picture.

It's how every buisiness runs.

No one buys into it, no one gets money.

How ever if people do buy into this.

( people paying people to use their computers) then that's a good thing.

It's another avenue of earning like leasing out a house etc.



A lot of people seem to be very negative about this because it's "to good to be true" or what ever.

But as it stands it's not.

It's like renting out your car/you vagoo etc. ( can get lots of usd per hour for renting out a vagoo! and it's just a vagoo!)

 

[qu4k3r]

What I understood... Bitcoin, a free software proyect under MIT lincense, genereates a new alternative to the money. An electronic currency, becuase the "real money in people pockets" around the world is not enough to cover all the debts and loans done by banks. I'm not an economist and though I am very skeptical to all this, I can deny it sounds like a beautyful dream of trying to change the world. On the other side, all developments in the world have been through dreams/ideas come true. Well... Time will tell.-

If someone has completed the 50 WUs of C4$, let us know if got paid, pls.-

 

[Compute4Cash]

@qu4k3r - We've paid several users already, and many more are near and above the minimum cashout limit, so there are people out there that can confirm our legitimacy for you. The problem is that those people probably aren't wasting their time searching the internet to see if Compute4Cash is real or not - they've already jumped in and started making money.

 

[n-ster]

@qu4k3r - We've paid several users already, and many more are near and above the minimum cashout limit, so there are people out there that can confirm our legitimacy for you. The problem is that those people probably aren't wasting their time searching the internet to see if Compute4Cash is real or not - they've already jumped in and started making money.

So you aren't denying using some kind of bitcoins?

 

[theonedub]

It's not a big picture though, that's a very small picture.

It's how every buisiness runs.

No one buys into it, no one gets money.

How ever if people do buy into this.

( people paying people to use their computers) then that's a good thing.

It's another avenue of earning like leasing out a house etc.



A lot of people seem to be very negative about this because it's "to good to be true" or what ever.

But as it stands it's not.

It's like renting out your car/you vagoo etc. ( can get lots of usd per hour for renting out a vagoo! and it's just a vagoo!)

I was referring to his posts a whole (including the electricity costs).

 

[qu4k3r]

@qu4k3r - We've paid several users already, and many more are near and above the minimum cashout limit, so there are people out there that can confirm our legitimacy for you. The problem is that those people probably aren't wasting their time searching the internet to see if Compute4Cash is real or not - they've already jumped in and started making money.

I meant that I wonder if someone from the this forum have been paid for its WUs.

 

[BlueMatt]

No what Compute4Cash is saying is that compute4cash makes bitcoins, and then pays you for them. Which is exactly what it does, yes it takes a large chunk of what you make, and yes it is much easier to use (paid in USD instead of having to transfer yourself, etc). I don't know if it is more efficient than the existing open source miners it is based on, but I believe both my and his stories are the same, just with a different spin on each.

 

[Easy Rhino]

here is all the crap you can buy with bitcoins.

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

considering how much computational power it takes to make 1 bitcoin the products are incredibly expensive. considering the cost of electricity to run your computer to make the calculations you would be better off not doing bitcoin and instead taking the cash from compute4cash. in the end, it is compute4cash that will lose out on this virtual currency.

 

[pantherx12]

here is all the crap you can buy with bitcoins.

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

considering how much computational power it takes to make 1 bitcoin the products are incredibly expensive. considering the cost of electricity to run your computer to make the calculations you would be better off not doing bitcoin and instead taking the cash from compute4cash. in the end, it is compute4cash that will lose out on this virtual currency.

Compute4cash is selling bitcoins for cash.

It's how they give us cash.


You can exchange bitcoins for cash. twice the amount of what compute4cash is paying out.

( for example if I ran bitcoin gpu client for 6months I'd get 1200 usd after exchanging it vs the 600 usd I get from computer 4cash also I can run it all year and get 2400. or run with 4 6870s and get 9600 usd)

 

[Easy Rhino]

Compute4cash is selling bitcoins for cash.

It's how they give us cash.


You can exchange bitcoins for cash. twice the amount of what compute4cash is paying out.

( for example if I ran bitcoin gpu client for 6months I'd get 1200 usd after exchanging it vs the 600 usd I get from computer 4cash also I can run it all year and get 2400. or run with 4 6870s and get 9600 usd)

no. you make bitcoins if you participate in bitcoin. they are not transferable to any real currency. compute4cash is paying cash for your work units which they make in bitcoins.

 

[PVTCaboose1337]

Compute4cash is selling bitcoins for cash.

It's how they give us cash.


You can exchange bitcoins for cash. twice the amount of what compute4cash is paying out.

( for example if I ran bitcoin gpu client for 6months I'd get 1200 usd after exchanging it vs the 600 usd I get from computer 4cash also I can run it all year and get 2400. or run with 4 6870s and get 9600 usd)

Except it is much more complex that that. Difficulty to generate a bitcoin increases exponentially, while the value might or might not go up. I have been reading this for hours and still don't fully understand.

My conclusion: You waste money on power and cards to get bitcoins, and we don't even know if bitcoins are worth anything yet. Sure you can sell 1 for a dollar, but seriously, if the market flops one day, you are out a whole bunch.

 

[BlueMatt]

no. you make bitcoins if you participate in bitcoin. they are not transferable to any real currency. compute4cash is paying cash for your work units which they make in bitcoins.

Directly transferable, no. Sell able on one of 4 or more markets for usd, eur, etc, yes.

 

[pantherx12]

no. you make bitcoins if you participate in bitcoin. they are not transferable to any real currency. compute4cash is paying cash for your work units which they make in bitcoins.

guess you've not looked hard enough dude

Found loads of places

 

[scaminatrix]

Now it's sounding attractive...

 

[AlienIsGOD]

still not even slightly interested

 

[AphexDreamer]

Wow so much going so many different views. What's the verdict?

 

[Compute4Cash]

@Easy Rhino - you are right, we are exposing Compute4Cash to a substantial amount of risk by offering this service, but we are willing to accept the risk as we believe we can manage it.

@pantherx12 - your calculation is not accurate. There is a certain degree of loss involved with exchanging currencies, though this is relatively minor. The MAJOR flaw in your calculation is the assumption that you will always be able to make bitcoins at the same rate. The bitcoin difficulty changes over time to make it harder to create bitcoins. Compute4Cash shields its users from this, at least as long as we can. A difficulty adjustment is coming in the next few days that will almost halve everyone's bitcoin generation rate, and these adjustments occur about every two weeks.

 

[Easy Rhino]

guess you've not looked hard enough dude

Found loads of places

you dont get how it works then. there are people who claim that they will BUY your bitcoins for actual money. but you cant bring your bitcoins to the bank and cash them in for actual money. there are companies out there that except payment in bitcoins which i have previously linked to but the products are very expensive and not worth it when you factor in the cost of your pc and the cost of running it long enough to generate bitcoins.

that is where compute4cash comes in. they will actually pay you cash if you use their client to do the work for bitcoins. this is the better route to go because you are guaranteed cash and when this virtual currency fails you wont be out anything like compute4cash will.

 

[PVTCaboose1337]

@Easy Rhino - you are right, we are exposing Compute4Cash to a substantial amount of risk by offering this service, but we are willing to accept the risk as we believe we can manage it.

@pantherx12 - your calculation is not accurate. There is a certain degree of loss involved with exchanging currencies, though this is relatively minor. The MAJOR flaw in your calculation is the assumption that you will always be able to make bitcoins at the same rate. The bitcoin difficulty changes over time to make it harder to create bitcoins. Compute4Cash shields its users from this, at least as long as we can. A difficulty adjustment is coming in the next few days that will almost halve everyone's bitcoin generation rate, and these adjustments occur about every two weeks.

Yeah this sounds really dumb of you, unless the value of a bitcoin increase ALOT, then you are losing money. This is a risk, and a big one!

 

[Easy Rhino]

Yeah this sounds really dumb of you, unless the value of a bitcoin increase ALOT, then you are losing money. This is a risk, and a big one!

well, at least compute4cash admits it is a risk. but they are actually paying you out cash for doing virtual work. that IMO is a better deal for you then actually getting involved in bitcoin yourself.

 

[Compute4Cash]

We understand the risk and the variables involved here and we maintain a $ reserve so we will never go in the red.

 

[BlueMatt]

@pantherx12 - your calculation is not accurate. There is a certain degree of loss involved with exchanging currencies, though this is relatively minor. The MAJOR flaw in your calculation is the assumption that you will always be able to make bitcoins at the same rate. The bitcoin difficulty changes over time to make it harder to create bitcoins. Compute4Cash shields its users from this, at least as long as we can. A difficulty adjustment is coming in the next few days that will almost halve everyone's bitcoin generation rate, and these adjustments occur about every two weeks.

True the difficulty is about to increase from 25997 to 36229, not quite a x2 increase though. In any case saying that the increase goes up like this every two week is a bit misleading. Yes, the adjustments do occur every two weeks or so, however the reason for the large increase now is due to slashdot's article on bitcoin, as well as security now's discussion of it. It rarely goes up so fast, and actually normally goes up fairly slowly.
I have no problems with what you are doing, I just think it would be better if you are honest about what is going on behind the scenes. There is a pool which takes 10% and does just fine, if you post that you are a bitcoin pool which takes a large percentage (whether its 20 or 50 isn't really relevant), it would seem much less like a con, and a bit more legitimate.

 

[Easy Rhino]

bitcoin is an interesting concept and fairly ingenious code. however i really do not believe people will put their faith in something they do not understand, even if it is a viable solution to our current financial system. all most people understand is cash money in their hand.

 

[PVTCaboose1337]

bitcoin is an interesting concept and fairly ingenious code. however i really do not believe people will put their faith in something they do not understand, even if it is a viable solution to our current financial system. all most people understand is cash money in their hand.

I consider myself a fairly intelligent person and I still don't understand it, therefore, I'm not gonna mess with it.

Anywho, the question has been resolved. This is not a trap. Let's lock the thread and start a new one, about the TPU Bitcoin Pool, where we all pool resources so W1z can use bitcoins to buy hookers and blow.

 

[scaminatrix]

bitcoin is an interesting concept and fairly ingenious code. however i really do not believe people will put their faith in something they do not understand, even if it is a viable solution to our current financial system. all most people understand is cash money in their hand.

I see it as like one of those job oppurtuninties that come up where you have to pay money initially before the company starts paying you. For most people, it will ring alarm bells until we see real results, from real people.