Do any other CRHers Mine Bitcoin?

I really think to mine bitcoins much anymore you have to have multiple GPUs/video cards.

Myself, I think bitcoins have a place in commerce, but both the dollar and bitcoins have a crucial flaw: they are unbacked by any commodity and therefore worthless.
 

Bitcoin was hacked a few days ago. Prices plummeted.

I looked into it, but the expenditure far outweighed the monetary gain.

And to date, no place I receive goods or services from accept them.

Interesting idea, but it is doomed to failure IMO.

WM
 

Wyomingmedic said:
Bitcoin was hacked a few days ago. Prices plummeted.

I looked into it, but the expenditure far outweighed the monetary gain.

And to date, no place I receive goods or services from accept them.

Interesting idea, but it is doomed to failure IMO.

WM
Click to expand...

That wasn't bitcoin though, that was just an exchange site (Mt.Gox) a bit like a stock exchange of sorts. Bitcoin itself has not been hacked and is quite reliable against hacking attempts, but third-party sites are vulnerable to hacking attacks just like the NYSE or a bank is.
 

Coppercrazy said:
Sorry, but what is bitcoin? Enlighten me
Click to expand...

I'm sorry it would take too long, the best I can do is a completely digital currency. Google it sometime..
 

Wyomingmedic said:
Bitcoin was hacked a few days ago. Prices plummeted.

And to date, no place I receive goods or services from accept them.

Interesting idea, but it is doomed to failure IMO.

WM
Click to expand...


The price actually just skyrocketed over the last few days. $130+ per bitcoin, Check Ebay. Selling better than copper pennies:-)

As for the doomed to fail part, you could be right. I have to agree with Generic Lad on the fact that it is not backed by anything makes it flawed. Then again so are the green pieces of paper we have in our safes, wallets, and banks. The only difference I see is that there is a known amount of bit-coin that exists while no one really knows how many US dollars are out there, or how many trillions more they'll print.

I'm no economist and I won't pretend to be.

I already had the equipment (a fast computer with a decent graphics card) so all I'm really putting into it is a slight increase in my electric bill.. I'll probably only keep with it till I get a dozen or so bitcoin, then sell half and keep half just in case it hits gold prices..
 

FormerTeller said:
I googled it. Now my head hurts.

:BangHead:
Click to expand...


Basically Bitcoin is a digital currency that is designed to be as anonymous as possible, like cash.

There is a set amount of Bitcoins that can be created, and to create more bitcoins you have to "mine" them which basically consists of giving the computer a really hard math problem that takes it a long time to solve and once it gets the right answer it gets some bitcoins.

Bitcoins are easily divisible to tiny fractions of a bitcoin so it can handle increases in value.

There's plenty of different sites that will accept Bitcoin to buy nearly anything you want.

Bitcoin isn't the easiest to use though, it usually requires using a third-party wallet for maximum ease of use and they aren't always 100% secure.
 

Generic_Lad said:
Basically Bitcoin is a digital currency that is designed to be as anonymous as possible, like cash.

There is a set amount of Bitcoins that can be created, and to create more bitcoins you have to "mine" them which basically consists of giving the computer a really hard math problem that takes it a long time to solve and once it gets the right answer it gets some bitcoins.

Bitcoins are easily divisible to tiny fractions of a bitcoin so it can handle increases in value.

There's plenty of different sites that will accept Bitcoin to buy nearly anything you want.

Bitcoin isn't the easiest to use though, it usually requires using a third-party wallet for maximum ease of use and they aren't always 100% secure.
Click to expand...

So basically you literally produce/make your own virtual money?
 

Wow I just looked it up, and I'm just not even going to worry about it right now. I'm not smart enough for it anyway probably.
 

Coppercrazy said:
So basically you literally produce/make your own virtual money?
Click to expand...

If the Feds can do it with paper $$$ why shouldn't the rest of us be able to make up our own virtual $$$ in thin air as well???
 

This is actually quite interesting, as I read more and more I begin to get it a little more and more, but it is still quite confusing. I don't have the hardware to do this though to even give it a shot it seems. Very interesting though!
 

Iamrussell said:
If the Feds can do it with paper $$$ why shouldn't the rest of us be able to make up our own virtual $$$ in thin air as well???
Click to expand...

Hahaha that is actually really hilarious yet awesome! I wonder how long it will be until bitcoins become the main form of currency or everything is electronic/virtual at least?
 

So are there just people out there running their "super" computers that costs them thousands of dollars and making money?
 

Coppercrazy said:
Hahaha that is actually really hilarious yet awesome! I wonder how long it will be until bitcoins become the main form of currency or everything is electronic/virtual at least?
Click to expand...

You know thats about how it is now in the US...

Only 3% of US dollars are in actual physical currency, the rest is digital

Check out the documentary, Zeitgeist Addendum, its on netflix and youtube
 

Yes I did know that because someone has mentioned it before on the forum and so what happens of everyone goes to withdrawal their money from the bank? The bank says "Oh sorry, we've run out." I thought banks had to keep at least 10% of customers' money on hand at all times.
 

I went on Wikipedia and now I have a headache... How does one "mine" them? What equipment does one need for that? Is the concept like stocks- owning something virtual?

Thanks,
~Sax Player
 

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