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Bitcoins!

Discussion in 'General Software' started by pantherx12, Feb 17, 2011.

  1. Wrigleyvillain

    Wrigleyvillain PTFO or GTFO

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    I don't know man. Still don't fully understand this nor do I really care to. But I can't help the feeling that someday, like Facebook, you'll wish you just never bothered with it in the first place. If you don't already, at least in the case of the latter.
     
  2. THRiLL KiLL

    THRiLL KiLL

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  3. PVTCaboose1337

    PVTCaboose1337 Graphical Hacker

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    Magic.

    Also, did you know how the stock market crash worked? The stocks kept going up and up and people were like "OMG I GONNA INVEST SUCH A GOOD IDEA FREE MONIES!111!!11!"

    Then it crashed. Bitcoin will do this, although I think it hits $50 before that happens.
     
  4. silkstone

    silkstone

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    I just started mining bitcoins, and i gotta say it's confusing as hell. I think i got it down though.

    #1 i downloaded a gui client and signed up to a mining pool.
    #2 Every time i reach 1 bit coin i will cash out for $20-25 to my paypal account.
    #3 buy new hardware with the cash in paypal

    It does all seem to be a bit of a ponzi scheme unless it get some major backing it seems bound to fail. but if i can cash out after a couple of weeks, i don't see how i can lose much apart from a few bucks on electricity.
     
  5. cadaveca

    cadaveca My name is Dave

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    News i saw yesterday says FBI is invetigating BitCoins, as they are used for drug transactions.


    Dunno the veracity of that, but it's enough that I'mma not going anywhere near that.
     
  6. Captain.Abrecan

    Captain.Abrecan New Member

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    How long does it take to mine a bitcoin? cuz electricity and bandwidth are expensive for me
     
  7. Easy Rhino

    Easy Rhino Linux Advocate

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    people use cash everyday to buy drugs that doesnt mean everyone who uses crash is a drug dealer. just sayin' :)
     
  8. cadaveca

    cadaveca My name is Dave

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    NO, that's not the issue...LuLz.


    There's just the potential that BitCoin's accounts get frozen by the FBI, and your coins will be worth NOTHING.

    It's very much set up to launder funds, the way you have to go to turn it into real cash.

    iwas more refering to dude's comment about it being a ponzi scheme...which I do not beleive, at all.
     
  9. silkstone

    silkstone

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    i think it's on a sliding scale, but it seems that you i can make about $8 a day with my card, although i haven;t confirmed it and it's a lot of estimation.
     
    Captain.Abrecan says thanks.
  10. AphexDreamer

    AphexDreamer

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    Yeah I read about that.

    They use it because there is no tracing back the money. So its the safest way to buy drugs (Ironic?).
     
  11. Easy Rhino

    Easy Rhino Linux Advocate

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    i would be more worried about getting into a car accident today then having the FBI freeze some people's bitcoin accounts.
     
  12. cadaveca

    cadaveca My name is Dave

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    I'm not concerned with personal accounts. It's the accounts that hold the bitcoin company's funds that would matter.

    Fort Gox?


    You know, it's like Fort Knox getting emptied...that value would drop sharply, very quickly. This means you need to cash out very often in order to truly protect your interests. And it isn't easy to cash out.

    Just liek teh housing market...mortgages became exposed as worthless, peopel started selling, and the actual homeowners got stiffed.

    Using and earning BitCoins isn't the issue. It's holding onto your coins that becomes risky.
     
  13. Easy Rhino

    Easy Rhino Linux Advocate

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    ah i see what you saying now. but bitcoins isnt centralized like our governments are. i could see an FBI investigation though leading to people liquidating their own personal accounts.
     
  14. cadaveca

    cadaveca My name is Dave

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    Yes, that is what I would think would happen, exactly. I mean, earning coins for doing DC projects is very cool...but holding onto them while trying to earn enough to replace hardware is a very slippery slope.

    If the FBI goes after Fort Gox hardcore, then alot of people will bail out. I mean, maybe not...BitCons needs to work on that to protect the "investors" from such things.

    Which amounts to money laundering, if done wrong.
     
  15. Easy Rhino

    Easy Rhino Linux Advocate

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    perhaps. it would take a lot though for the FBI to make any argument against bitcoins that can't be made for any other currency in the world. telling though that they would investigate little old bitcoin while not investigating how the federal reserve spends its money.
     
  16. cadaveca

    cadaveca My name is Dave

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    I agree, but you know how hysteria works. I'll wait a bit until they are far more established.
     
  17. silkstone

    silkstone

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    Hmm.. i wish i had started mining when i read this thread first... i love get rich quick schemes. As it is, i'll be happy if i can get (and sell) a single bit coin
     
  18. n-ster

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    I had 15 BTC left over since when I stopped mining (heat :() and made over 400$ lol o.o
     
  19. matteumayo New Member

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    Right now a friend of mine has over $180,000 worth of BTC, lol.

    I still have 30, and should have 50 by September.

    P.S. get ready for a huge price jump!

    I'm thinking <$100 by July.
     
  20. LAN_deRf_HA

    LAN_deRf_HA

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    Why would you try to hold onto bitcoins? Wouldn't you want to cash out as soon as possible? And typically you already have a card for mining. What's the downside here? Seems all you have to do is never buy bitcoins yourself and you wont be at risk of losing anything if it all goes to shit.
     
  21. matteumayo New Member

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    1. Because you believe in BTC as a currency.

    2. Because the price may go up in the future.
     
  22. DOM

    DOM

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    i started my 4870 today doing this and how do you get paid ? and is it real money lol

    havent read into it just saw u get money for doing it haha
     
  23. theonedub

    theonedub habe fidem

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    I wonder how BTC works as far as taxes are concerned.
     
    Crunching for Team TPU
  24. P1n3apqlExpr3ss New Member

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    Whats the catch? Theres gotta be something with the AMD generation thing?

    edit: Will this work okay with virtualbox running 11.04 unbuntu 64bit in w7 64bit??
     
    Last edited: Jun 11, 2011
  25. n-ster

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    If anyone has problems selling, or wants a way to sell fast but cheaper than the actual value, PM me

    Virtualbox? The thing needs full access to your GPU
     
    silkstone and P1n3apqlExpr3ss say thanks.

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