Bitcoins!

[pantherx12]

Welcome to the Bitcoin discussion thread.

Please us this thread to discuss the bitcoin software, it's optimisations and the most effciant hardware combinations.

Feel free to post up what bit-coin per day etc your making.

Due to forum rules we cannot discuss publically where to trade in the coins.

[matteumayo]

Just saw this in the FAQ:

"Your average coin creation rate will be (6 * 50 coins / hour) * (your CPU speed / the total CPU speed in the Bitcoin network)"

[Arctucas]

As I understand it bitcoins are;

1) Money that really is not money.

2) Something that costs more to produce than is 'valued' at.

It sounds like something the US Government came up with.

[W1zzard]

i looked at this for about 30 seconds and it seems to be a get rich quick scheme for the people running it.

how many US DOLLARS have you been paid doing anything with it ? and how much did you pay to generate that income?

[matteumayo]

Originally Posted by W1zzard

i looked at this for about 30 seconds and it seems to be a get rich quick scheme for the people running it.

how many US DOLLARS have you been paid doing anything with it ? and how much did you pay to generate that income?

I'm not sure there's anyone in this forum that has successfully been paid using bitcoins, myself included.

EDIT: I don't mean to seem like I'm saying the idea of bitcoin exchange doesn't work, I'm pretty unsure, but I don't want to flat out say no, especially since most of us just learned about it.

[n-ster]

Originally Posted by matteumayo

I'm not sure there's anyone in this forum that has successfully been paid using bitcoins, myself included.

because this is new to us

[Easy Rhino]

Originally Posted by W1zzard

i looked at this for about 30 seconds and it seems to be a get rich quick scheme for the people running it.

how many US DOLLARS have you been paid doing anything with it ? and how much did you pay to generate that income?

ugh, w1zzard, you don't even know. if you havnt, read through this thread which is pretty enlightening. the comput4cash rep even made an account to answer questions.

[pantherx12]

Originally Posted by W1zzard

i looked at this for about 30 seconds and it seems to be a get rich quick scheme for the people running it.

how many US DOLLARS have you been paid doing anything with it ? and how much did you pay to generate that income?

Well with my rig, assuming a constant 250Mhash/s That's 1200 dollars every 6 months.

it will cost me about 400-500 dollars in electricy.

Other than that the cost is nothing as I already have equipment.



Only hiccup is there is only 21million bitcoins total in existance.

Originally Posted by Arctucas

As I understand it bitcoins are;

1) Money that really is not money.

2) Something that costs more to produce than is 'valued' at.

It sounds like something the US Government came up with.

You earn a profit with it assuming you do it smartly.

Also that's what ALL money is.


Wiz the premise behind this thing is that normal people are doing the exact same thing banks are doing.

Making money that doesn't exist. If they can do it so can we, just needs people to support it.

For example, items in wow, don't cost a thing right? no value at all. Yet people can sell them.

If something can get a value it becomes something WORTH something eh


We're essentially getting money for work, it's just not us doing the work it's something we own.

Like leasing out a digger etc.

[matteumayo]

Originally Posted by pantherx12

Well with my rig, assuming a constant 250Mhash/s That's 1200 dollars every 6 months.

it will cost me about 400-500 dollars in electricy.

Other than that the cost is nothing as I already have equipment.



Only hiccup is there is only 21million bitcoins total in existance.

How would you turn the bitcoins into actual dollars?

This is my main question, still have no idea. If I need to I could ask this in a PM as to not upset Blue Rhino.

[pantherx12]

Originally Posted by matteumayo

How would you turn the bitcoins into actual dollars?

This is my main question, still have no idea. If I need to I could ask this in a PM as to not upset Blue Rhino.

Since I can't answer directly


All possible information you could need is here https://en.bitcoin.it/wiki/Main_Page

Including some neat data about cards!

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

[n-ster]

There are some exchange sites, you pay them bitcoins, they pay you $$

[matteumayo]

Originally Posted by pantherx12

Since I can't answer directly


All possible information you could need is here https://en.bitcoin.it/wiki/Main_Page

Including some neat data about cards!

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

Thanks for the link, but all I can find about conversion/exchange to USD is this page:

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

And there's only one USD exchange, is that what you're using? (bitcoinmarket.com)

EDIT: Also found this site

https://www.bitcoin2cc.com/

But... not sure if I trust it, and I'd rather just have it sent to my PayPal account instead of these VISA pre-paid card deals...

[Easy Rhino]

ive gone through everyone of those currency exchange sites and they are all shady as hell. what's more, they are for buying bitcoins. there is one where you can sell bitcoins for cash but it is some weird site where you have to wait for somebody to put an offer in to buy them from you. honestly very shady.

[pantherx12]

Originally Posted by matteumayo

Thanks for the link, but all I can find about conversion/exchange to USD is this page:

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

And there's only one USD exchange, and it says "Registration closed" (bitcoinmarket.com)

EDIT: Also found this site

https://www.bitcoin2cc.com/

But... not sure if I trust it, and I'd rather just have it sent to my PayPal account instead of these VISA pre-paid card deals...

I would go for what ever one requires ONLY a paypal email address to be given.

That way, even their a scam not to much they can do eh? Either not give you money or do.

Rather than take

[n-ster]

Originally Posted by pantherx12

I would go for what ever one requires ONLY a paypal email address to be given.

That way, even their a scam not to much they can do eh? Either not give you money or do.

Rather than take

they can steal your bitcoins....

[pantherx12]

Originally Posted by n-ster

they can steal your bitcoins....

Potentially, that's why you look them up first.

This is precisely why this thread needs to be here.

Legit places could be suggested here, scams can be reported.

[n-ster]

Originally Posted by pantherx12

Not if you are smart.

You gotta pay bitcoins to HOPE to get $$ delivered toyour paypal. It's not like they are going to pay 1st and receive bitcoins later

EDIT: ninja edited on me

[matteumayo]

Well, it seems that the site I mentioned earlier is the way to go, doesn't seem too fishy I suppose, and not much they can do with just your bitcoin address and your paypal email.

Also, n-ster, they only get bitcoins if you confirm that you received payment FIRST.

[n-ster]

Originally Posted by matteumayo

Well, it seems that the site I mentioned earlier is the way to go, doesn't seem too fishy I suppose, and not much they can do with just your bitcoin address and your paypal email.

Also, n-ster, they only get bitcoins if you confirm that you received payment FIRST.

then cant you scam them? xD

[pantherx12]

Yeah i edited my post as I wasn't 100% sure, matteumayo confirmed it though, checking for myself now.

You can't scam them because if they don't recieve bitcoins you've commited theft.

You get in trouble.

[matteumayo]

I wish there was a more steady, controlled version of this.

That would be as an alternative to having to have someone accept each of your offers...

[pantherx12]

Originally Posted by matteumayo

I wish there was a more steady, controlled version of this.

That would be as an alternative to having to have someone accept each of your offers...

That's what compute4cash is.

Only after it goes down to 10cents and per wu it's no longer a viable option in the UK.

Hell even 20 cents per wu only nets me 374 in 6 months of running the program.



Like I said in the compute4cash thead with 4 6870s I could potentially make 9600 usd a year. ( best case)

[matteumayo]

Originally Posted by pantherx12

That's what compute4cash is.

Only after it goes down to 10cents and per wu it's no longer a viable option in the UK.

Hell even 20 cents per wu only nets me 374 in 6 months of running the program.



Like I said in the compute4cash thead with 4 6870s I could potentially make 9600 usd a year. ( best case)

Yeah, I just wish they didn't take such a huge cut of the money...

However it is stable, and pretty legit to my knowledge.

Back to hardware/tech:

Do you know if leaving the PC on nearly 24/7 for bitcoins or compute4cash would damage the GPU more quickly than usual use?

Also, would it use the GPU to the effect that performance in games and such would suffer?

[pantherx12]

Originally Posted by matteumayo

Do you know if leaving the PC on nearly 24/7 for bitcoins or compute4cash would damage the GPU more quickly than usual use?

Also, would it use the GPU to the effect that performance in games and such would suffer?

Yes it will degrade the GPU faster, but should still last a decent amount of time.

Certainly the entire warranty period, and if not, it's in warranty! woo.


Also pause the client when running a game else you will get MASSIVE slow downs

Unless it automatically can tell when gpu is being used by something else.

[matteumayo]

Originally Posted by pantherx12

Yes it will degrade the GPU faster, but should still last a decent amount of time.

Certainly the entire warranty period, and if not, it's in warranty! woo.


Also pause the client when running a game else you will get MASSIVE slow downs

Unless it automatically can tell when gpu is being used by something else.

One last question, how much faster do you think it will degrade the GPU? I'm getting a new 5850 soon and I don't want to significantly reduce its life just for some extra cash.