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  3-Apr-13, 07:47   #1
Bitcoin - once again... 0 
Mysik86 

Joined: Nov '11
Location: Poland
Age: 30 (M)
Posts: 773
Are you interested about Bitcoin?

It's crypto-currency which now reach their peak! Yesterday some who invest cash, get 140% !!! So 40% pure profit... It's insane and give better ROI than poker Smile

     
  3-Apr-13, 08:15   #2
  0 
Administrator 

Joined: Aug '07
Location: Malta
Age: 37 (M)
Posts: 7839
Wow, that was quite an increase yesterday. Bitcoin is interesting for sure, but not so easy for people to understand how it works - and not so many places to use them yet, not even in the gaming industry.

     
  3-Apr-13, 08:44   #3
  0 
lukasb 

Joined: Mar '11
Location: Croatia
Age: 36 (M)
Posts: 1735
I was reading about that in the news the other day and must say i didn't really got it. Ok its a virtual currency that is generated by no-one?!? In the article i was reading the guy was saying that the concept is almost like "mining" to find a bitcoin..... Confused

I've read it twice... googled it after and read a bit more. except for the part of having to create a bitwallet and install some heavy duty program to make some difficult equations,the concept is not much more clearer. So in the end what prevents someone else to create a "bitdollar" or "biteuro" as well?

     
  3-Apr-13, 09:03   #4
  0 
Administrator 

Joined: Aug '07
Location: Malta
Age: 37 (M)
Posts: 7839
lukasb, I have tried a few times to understand it too and I also don't fully get it yet.

But yes, somebody could easily create a bitdollar or biteuro as well if they wanted, but it takes a lot of work to get such a p2p network up and running plus you need people to get interested in it. Bitcoin would lose all of its value overnight if everybody stopped accepting it, I'm sure.

     
  3-Apr-13, 09:10   #5
  0 
saynothing 

Joined: Nov '12
Location: Canada
Age: 55 (F)
Posts: 589
I have heard about this, also have heard it takes an insane amount of time to mine these bitcoins, I am still not 100% sure on how it all works thou

     
  3-Apr-13, 10:09   #6
  0 
Mysik86 

Joined: Nov '11
Location: Poland
Age: 30 (M)
Posts: 773
I must clear those informations:

- mining bitcoins - yes, now it's much harder than it was be, mostly because price (high price=more miners=higher difficulty)
- there're some sites which accept BTC (even pokersites!)
- BTC is great way to earn cash Smile I made some deposits on PokerStars using BTC !

     
  3-Apr-13, 10:15   #7
  0 
Administrator 

Joined: Aug '07
Location: Malta
Age: 37 (M)
Posts: 7839
PokerStars accept bitcoins as deposit, directly? Or do you need to go through a middle-man first?

     
  3-Apr-13, 11:44   #8
  0 
Hazardi90 
Joined: Dec '09
Location: Finland
Age: 26 (M)
Posts: 15
yea some sites accept bitcoins directly, most of them only bitcoins

     
  3-Apr-13, 11:53   #9
  0 
Mysik86 

Joined: Nov '11
Location: Poland
Age: 30 (M)
Posts: 773
Posted by Administrator:
PokerStars accept bitcoins as deposit, directly? Or do you need to go through a middle-man first?

Exactly - there are few pokersites which are played ONLY in BTC... The most famous is Seals with Clubs

     
  3-Apr-13, 11:59   #10
  0 
rbdflyboy 

Joined: Apr '11
Location: Canada
Age: 60 (M)
Posts: 1222
Played on a Bitcoin site for awhile...haven't been there for some time now.
@Mysik86 you have the perfect set up to mine...if memory serves me right. Don't think the average joe has the ability to earn a decent ROI based on outlay vs return these days. Maybe in the earlier days, now one would need free power to drive enough miners to make it worth while. Smile

------------
Posted by Mysik86:
Posted by Administrator:
PokerStars accept bitcoins as deposit, directly? Or do you need to go through a middle-man first?

Exactly - there are few pokersites which are played ONLY in BTC... The most famous is Seals with Clubs



That's where I played.

     
  3-Apr-13, 12:12   #11
  0 
IceQueenAce 
Joined: Feb '13
Location: United Kingdom
Age: 40 (F)
Posts: 2196
wtf is a bitcoin...

     
  3-Apr-13, 12:16   #12
  0 
rbdflyboy 

Joined: Apr '11
Location: Canada
Age: 60 (M)
Posts: 1222
Posted by IceQueenAce:
wtf is a bitcoin...


Big Smile ...best you google it. Did that awhile back...there's lots of info out there on bitcoins and how they work and how they came into being. Big Smile

     
  3-Apr-13, 12:19   #13
  0 
Administrator 

Joined: Aug '07
Location: Malta
Age: 37 (M)
Posts: 7839
Posted by IceQueenAce:
wtf is a bitcoin...


     
  3-Apr-13, 12:22   #14
  0 
IceQueenAce 
Joined: Feb '13
Location: United Kingdom
Age: 40 (F)
Posts: 2196
ty

I don't understand how people get bitcoins in the first place :/

     
  3-Apr-13, 12:28   #15
  0 
Administrator 

Joined: Aug '07
Location: Malta
Age: 37 (M)
Posts: 7839
I think they are "found" by mining data blocks. It takes a lot of CPU/GPU resources and of course electricity - so if you just have a normal computer then I don't think it's worth it. But people with optimized setups might be able to make it pay more than what they are investing.

Then other users can buy bitcoins in exchange for real money.

I think.

     
  3-Apr-13, 12:47   #16
  0 
rbdflyboy 

Joined: Apr '11
Location: Canada
Age: 60 (M)
Posts: 1222
Posted by IceQueenAce:
ty

I don't understand how people get bitcoins in the first place :/



another place that has lots of info is utube...one can see the miners in action.

     
  3-Apr-13, 12:51   #17
  0 
IceQueenAce 
Joined: Feb '13
Location: United Kingdom
Age: 40 (F)
Posts: 2196
thanks, just wondering if I can make a few pence from it ;p

     
  3-Apr-13, 13:00   #18
  0 
rbdflyboy 

Joined: Apr '11
Location: Canada
Age: 60 (M)
Posts: 1222
Posted by IceQueenAce:
thanks, just wondering if I can make a few pence from it ;p



IMHO best way now is to join a poker site, like the one mentioned above. They deal exclusively in bitcoins. If you make a deposit they'll convert that to bitcoins and off you go. There are freerolls as well where you can start with 0 and build up one's account. Pretty well all the normal rules apply when deciiding to withdraw/cashout. Then to convert back to cash one will use a bitcoin exchange where one has an account there. Hope this helps.

     
  3-Apr-13, 13:04   #19
  0 
IceQueenAce 
Joined: Feb '13
Location: United Kingdom
Age: 40 (F)
Posts: 2196
it does, I will try the freeroll route, ty

     
  3-Apr-13, 14:13   #20
  0 
Administrator 

Joined: Aug '07
Location: Malta
Age: 37 (M)
Posts: 7839
This article did a pretty good job at explaining it to me:
http://alvarofeito.com/articles/the-big-book-of-bitcoin/

     
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