Bitcoins!

[AphexDreamer]

Ive never heard of this have have no idea what the hell the point of it is.

Are you interested? Or just felt like sharing your lack of knowledge with us?

 

[CrAsHnBuRnXp]

Are you interested? Or just felt like sharing your lack of knowledge with us?

Im confused more than anything.

 

[pantherx12]

Im confused more than anything.

Basically it's like renting out a car/other machine you own for work and then getting I.O.Us for your trouble.

Only in this case your computers GPU is doing calculations instead of a car driving round stuff

And instead of I.O.Us you get bit coins which current have a 2-1 to real American money.

 

[AphexDreamer]

Im confused more than anything.

PantherX beat me to it via short explanation. If your still confused you can use mine.

Well... basically you use your Card's or CPU's (Not as effective/not worth it) power to play a lottery in which you have a random chance of getting a Block (which contains 50 bitcoins) within a set amount of time given how fast your card is.

Bitcoins is a virtual currency. The goal is that by 2033 they get Bitcoin popular enough to be used as a standard currency to be used around the world.

This is why they allow you to generate money (AKA Bitcoins). They have a limit of something million or billion (I don't remember) that will be generated for free, once its all generated no more free bitcoins.

Catch is that every two weeks its becomes harder and harder and harder to generate a block (Which contains 50 bitcoins).

You can join a pool of people to get a steadier pay rate if you don't have a PC powerful enough to do this.

 

[pantherx12]

Is it still 2 for 1 Aphex?

Not sure if the difficulty change has effected it's trade price.

 

[AphexDreamer]

Is it still 2 for 1 Aphex?

Not sure if the difficulty change has effected it's trade price.

You can check here.
http://bitcoincharts.com/markets/

 

[CrAsHnBuRnXp]

So has anyone from here actually gotten paid yet?

 

[AphexDreamer]

So has anyone from here actually gotten paid yet?

There are a few ways to exchange.

I have sent my Generated Bitcoins to get a $50 Virtual Visa Gift Card which I'm using to get Crysis 2 of Newegg.

I even activated IT off of Visa's site and saw my funds so I know its legit

In 19 more confirmations I'll have another 50 Bitcoins I will again exchange for for another $50 visa gift card which I will then use to pay off a parking ticket

 

[CrAsHnBuRnXp]

There are a few ways to exchange.

I have sent my Generated Bitcoins to get a $50 Virtual Visa Gift Card which I'm using to get Crysis 2 of Newegg.

I even activated IT off of Visa's site and saw my funds so I know its legit

In 19 more confirmations I'll have another 50 Bitcoins I will again exchange for for another $50 visa gift card which I will then use to pay off a parking ticket

Maybe I will actually give this a go then considering im unemployed.

Long and somewhat easy way to get a new computer.

 

[AphexDreamer]

Maybe I will actually give this a go then considering im unemployed.

Long and somewhat easy way to get a new computer.

Best of luck then!

Let us know if you strike gold!

If you need help they have a forum or you can read this one/ask us but I'm going to bed now.

 

[HookeyStreet]

It's great if you don't pay for your own electricity and you like the prospect of maybe making a little money (or losing money if you do pay for electricity) and you like taking chances with something new and not determined to be really legitimate or not. Not for me.

I feel the same way m8.

But for those that are doing this, good luck

 

[n-ster]

PantherX beat me to it via short explanation. If your still confused you can use mine.

Well... basically you use your Card's or CPU's (Not as effective/not worth it) power to play a lottery in which you have a random chance of getting a Block (which contains 50 bitcoins) within a set amount of time given how fast your card is.

Bitcoins is a virtual currency. The goal is that by 2033 they get Bitcoin popular enough to be used as a standard currency to be used around the world.

This is why they allow you to generate money (AKA Bitcoins). They have a limit of something million or billion (I don't remember) that will be generated for free, once its all generated no more free bitcoins.

Catch is that every two weeks its becomes harder and harder and harder to generate a block (Which contains 50 bitcoins).

You can join a pool of people to get a steadier pay rate if you don't have a PC powerful enough to do this.

21 million bitcoins is the limit.

The exchange rate atm is 0.94$ USD per bitcoin.

Difficulty can also drop. Difficulty increases when the TOTAL Mhash/s rises, and decreases if that rate goes down. This is done so that we don't achieve the 21million bitcoins too fast. Price of bitcoins varies very similarly, but instead of Mhash/s, it rises when bitcoin is more popular

 

[AphexDreamer]

21 million bitcoins is the limit.

The exchange rate atm is 0.94$ USD per bitcoin.

Difficulty can also drop. Difficulty increases when the TOTAL Mhash/s rises, and decreases if that rate goes down. This is done so that we don't achieve the 21million bitcoins too fast. Price of bitcoins varies very similarly, but instead of Mhash/s, it rises when bitcoin is more popular

Ah, thanks n-ster. Wasn't aware of that but it makes sense.

 

[n-ster]

Ah, thanks n-ster. Wasn't aware of that but it makes sense.

np I might save my bitcoins until we get passed 180 000 blocks. At that point blocks will be 25 BTC, therefore USD per bitcoin should shoot up

 

[AphexDreamer]

np I might save my bitcoins until we get passed 180 000 blocks. At that point blocks will be 25 BTC, therefore USD per bitcoin should shoot up

Well although that sounds like a good theory, I'm going to pay my parking ticket

But I'm going to try saving up as well (if I can )

 

[n-ster]

Imagine, at the beginning, people could get 100BTC ever 4h with an i7, 600 BTC a day, 18000 BTC a month. Even if that lasted 2 weeks, 14 x 600 = 8400 BTC right there! in 2 weeks! save that up til when parity arrived and it would be 8400+$ USD

 

[matteumayo]

Ive never heard of this have have no idea what the hell the point of it is.

It's a new online currency that lets the users generate the currency and use it how they wish.

0.9BTC/1USD average, so you can easily make some extra cash with it.

 

[matteumayo]

Oh yeah, so yesterday I cashed out $11.29 worth of BTC to my address, and on the C4C site it says they've been sent.

And also, I earned 2 BTC testing out the pool last night, and it says it's been sent.

However my balance remains the same, and I don't know why.

Is there some wait time to be expected here? It's been about 24hrs since C4C "sent" them.

EDIT: oh what, just looked again, balance updated.

 

[n-ster]

It's a new online currency that lets the users generate the currency and use it how they wish.

1BTC/1USD average, so you can easily make some extra cash with it.

not 1 for 1 on average at all... more like 0.9 lately.

 

[matteumayo]

Okay, I have a little question here. Running the new pool, I get ~3BTC every 12 hours, (21 a week, 84 a month).

Running solo, this is my chart:

Probability Time
Average: 12 days, 13 hours, 28 minutes
50%: 8 days, 16 hours, 57 minutes
95%: 37 days, 15 hours, 6 minutes


I currently have 64.52 BTC, and am looking to trying to buy a $100 virtual visa, then transferring the funds to my bank account.

My question is, would I be better off going solo for a bit again, or sticking with the pool and getting the visa at the end of the month?

Thanks,
-Matt

 

[n-ster]

depends if you wanna play the lottery or not... IMO after 10 days average, it is a good idea to stay in the pool. My average was 7 days until the difficulty rise and now it is 10. I've been mining 9 days practically non-stop but no luck on the bitcoins

 

[PVTCaboose1337]

np I might save my bitcoins until we get passed 180 000 blocks. At that point blocks will be 25 BTC, therefore USD per bitcoin should shoot up

I think you are too quick to judge how this is going to work. From an economics standpoint, if people are working say, 10 days to get 50 BTC, and then have to work the same amount of time to get 25 BTC, then how would their habits change? Would they try to invest more money into hardware? Possibly, but unlikely. Here is my take.

Do you know how real money gets value? People buying it. Just like stocks, the more something is bought, the more value it has. Let's assume after the update people get mad, cash out all their bitcoins, and run off. If the user base goes down, the value of bitcoins will drop. Therefore, my prediction is less people will be interested in continuing to generate bitcoins. Because of this, there will be less to buy. THEREFORE if I had to predict what would happen, I would say, if anything, the USD per BTC would decrease (at least the rate of which the value goes up, if not the USD per BTC value).

 

[n-ster]

I think you are too quick to judge how this is going to work. From an economics standpoint, if people are working say, 10 days to get 50 BTC, and then have to work the same amount of time to get 25 BTC, then how would their habits change? Would they try to invest more money into hardware? Possibly, but unlikely. Here is my take.

Do you know how real money gets value? People buying it. Just like stocks, the more something is bought, the more value it has. Let's assume after the update people get mad, cash out all their bitcoins, and run off. If the user base goes down, the value of bitcoins will drop. Therefore, my prediction is less people will be interested in continuing to generate bitcoins. Because of this, there will be less to buy. THEREFORE if I had to predict what would happen, I would say, if anything, the USD per BTC would decrease (at least the rate of which the value goes up, if not the USD per BTC value).

in which case it would be smarter to sell right before the 180K

but IMO, bitcoin is starting to have more and more support. by the time we reach 180K, there will be alot of businesses accepting bitcoin. If mass people leave nbitcoin mining, then the difficulty will dramatically decrease, enough so that it is easier to make bitcoins and people come back! On top of that, people prefer mining for half the time for half the payout. makes a steadier income and keeps people happy.

There is not even 6 million bitcoins in circulation and we are at 111XXX blocks. If bitcoin has a dramatic fall, the return should be as dramatic IMO. I just wish I was an earlier adopter, would have made a fortune by now

 

[PVTCaboose1337]

If mass people leave nbitcoin mining, then the difficulty will dramatically decrease

Difficulty won't decrease, remember how the amount of computing power is distributed equally? Yeah, difficulty is pretty much set to go up. Too bad it is an exponential curve. "steadier income?" LOLNO.

You make a lot of assumptions. I might ask my economics professor tomorrow about this topic. I can already give you an answer however.

From my econ book:

 

[n-ster]

It's only a few hundred bucks that I generated so at worst it isn't that bad

thing is, the supply won't grow exponentially, and will stop at 21 million, which is the beauty of bitcoin. On top of that, they are thinking of ways to take bitcoins off the market and back into the mining pool gradually, therefore the supply won't be that high, while more and more companies use bitcoin. The popularity WILL increase demand, while supply will stabilize in a sinusoidal pattern. supply = stable, demand = continously rising = WIN

There aren't many huge Mhash farms, so the average miner is usually not far from the average hash rate. Also, don't underestimate the demand of bitcoins, even from non-mining people. There are maybe a thousand people with 1000 BTC or more, and out of those, a few hundred never even mined. lotsa people buy and sell bitcoin as a good analyst can easily predict the value of BTCs, especially early on, as long as he followed the adoption rate

ATM Bitcoins are very volatile, but it WILL stabilize later on