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  12-May-16, 18:11   #1
Bitcoin mining becoming mainstream 0 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 27 (M)
Posts: 1877
I don't know if any of you guys are aware of what bitcoins and other cryptocurrencies are, but most experts agree that in the next year the value of the bitcoin is going to go back up. The whole system is hard to explain but it's easy to find how it works if you search for it. The interesting idea about bitcoins is that there's a limited number of it, unlike real money.

Pro miners usually are in pools and use hardware like graphic cards to do this 24/7 and they've been doing that for years. But you can also try to mine bitcoins from nothing. There's a lot of free faucets and bitcoin mining generators where you can invest the free bitcoins you make. Best faucet I know you can click every hour, it has a lottery every week and everytime you claim free bitcoins you have a chance to hit a big prize (if you roll a number higher than 9985, if you hit 10 000 you get half a bitcoin which is worth about 280 USD right now). Besides, once you have farmed some bitcoins into your bitcoin wallet, you can send them on other sites to try and gamble with them or try to buy other cryptocurrencies with it before their value goes up... It's really easy to use and the transactions are fast. Better than Skrill. lol

Anyways, I'm not even sure if using cryptocurrencies is legal in most countries but I was wondering if some BRM members know more about this? I'm no expert at all I just started 2 weeks ago.

Edited by TheMachineQC (Thursday, May 12, 2016 @ 18:14 GMT)


     
  12-May-16, 18:38   #2
  0 
magatt966 

Joined: Jan '09
Location: Italy
Age: 46 (M)
Posts: 3676
Hi there bud,

you started only twoo weeks ago but understood it way better than a lot of people already into it way longer than you.

I'm a bitcoin believer and enthusiast and am into it since december 2013...even if I first heard of it in 2011 but missed to understand its potential and fold that hand ( it was soooo cheap that times).

Then when its value skyrocketed I heard of it again on massmedia and merged my hobby for gambling with bitcoin and still doing it.

Unfortunately Bitcoins don't have much success here on bankrollmob so happy to read your post.

Feel free to ask whatever you want and also let me know if you need any help of any nature cryptorelated and I will be happy to help.


     
  12-May-16, 19:03   #3
  0 
shokaku 

Joined: May '08
Location: Germany
Age: 51 (M)
Posts: 6208
Isn`t bitcoin mining with normal pc hardware long dead after the Asic chips were developed? One can hit the faucets, but the results are quite poor. But a few sites do accept bitcoin. One can even make deposits into the Neteller account.

     
  13-May-16, 00:39   #4
  0 
bowie1984 

Joined: Apr '12
Location: Hungary
Age: 32 (M)
Posts: 4440
Posted by shokaku:
Isnt bitcoin mining with normal pc hardware long dead after the Asic chips were developed?

Yeah, sort of. But don't tell them since they are seem to be quite into the idea.
Also soon any kind of mining gonna be dead because when more coins gonna be in circulation less the mining rewards gonna be to cover ones mining efforts - which is costly.

     
  13-May-16, 09:47   #5
  0 
magatt966 

Joined: Jan '09
Location: Italy
Age: 46 (M)
Posts: 3676
Posted by bowie1984:
Posted by shokaku:
Isnt bitcoin mining with normal pc hardware long dead after the Asic chips were developed?

Yeah, sort of. But don't tell them since they are seem to be quite into the idea.
Also soon any kind of mining gonna be dead because when more coins gonna be in circulation less the mining rewards gonna be to cover ones mining efforts - which is costly.


I'm very well aware of it (if with "don't tell tem" you were referring to me as one of them).

Anyway "any sort of mining will be dead" is a completely wrong statement : bitcoin solo-mining maybe will be dead.
There will be a halving in mining rewards that will take place shortly that will turn mining less profitable. Therefore less miners will be active and therefore mining diffciulty will decrease and therefore less mining power will be needed to mine.
Am not a tech guy but its a sort of self-balancing process and thats the way I understood it.


Solo-mining is still effective for many altcoins (other crypocurrencies - there are more than a coupole hundreds) that can be mined and then exchanged for bitcoins or fiat currencies by the way.


Shokaku is right: faucets are a waste of time nowadays; they're just something useful to bring people into knowledge of crypotcurrencies.

And there are everyday new sites/businesses accepting Bitcoin: one of the latest is STEAM ( online gaming platform) where you can now buy games skins items with bitcoin.

     
  13-May-16, 11:53   #6
  0 
Ingrind33 

Joined: Sep '15
Location: Netherlands
Age: 34 (F)
Posts: 475
Hey there guys,

Can you guys help me with the answer to this question about mining.

I don't know anything about bitcoin, but a friend of mine says your PC costs more electricity, thus your electro bill will be higher and that the bitcoin you earn are less valuable then the power it costs to mine them?

is this true?

thanks in advance

     
  13-May-16, 12:03   #7
  +1 
shokaku 

Joined: May '08
Location: Germany
Age: 51 (M)
Posts: 6208
This can easily be the case. But of cause it depends on the actual price you have to pay for every kw/h of electricity in your neck of the woods. There are calculators on the web to do the math for you.

     
  13-May-16, 17:42   #8
  0 
Mober 
Joined: Mar '09
Location: Greece
Age: 39 (F)
Posts: 9657
I had never looked at the whole bitcoin thing and how it works.
After reading machine's post, spent sometime searching and reading about it.
I was impressed how it works. Checked prices also in a site for the "mining"
and some devices, chips etc are cheap.
But after reading the rest of the posts here, i see that solo cant be that profitable.
A goof research is needed, if you want to participate here.

     
  13-May-16, 18:39   #9
  0 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 27 (M)
Posts: 1877
Well, most faucets are indeed a waste of time, but the good ones aren't. I can't post the links here but it's easy to find it. If you hit that 1/10000 roll you get half a bitcoin which you can reinvest and try to earn more from it. You have nothing to lose doing this, except time.

On the other hand, mining with hardware is an investment of time and money, and you need to be in a pool of miners to have a steady income (atleast that's what I've been told). Here in Canada electricity cost is low so I wish I knew about this a couple of years ago ^^

     
  13-May-16, 19:31   #10
  0 
magatt966 

Joined: Jan '09
Location: Italy
Age: 46 (M)
Posts: 3676
Posted by shokaku:
This can easily be the case. But of cause it depends on the actual price you have to pay for every kw/h of electricity in your neck of the woods. There are calculators on the web to do the math for you.




Exactly this. Thumbs Up

     
  13-May-16, 21:31   #11
  0 
pinotte 
Joined: Jun '13
Location: Canada
Age: 72 (M)
Posts: 3445
Since i have seen this thread i read a little about Bitcoins but really don't understand this think very well. It just seems to me that this think like a pyramid scam.

Some of the very first peoples that started it will or already make a lot of money but one day that will just go dead when there won't be any buyers for that.

I maybe did not look at it very seriously and am wrong but this is what i think. Confused Confused

     
  13-May-16, 23:05   #12
  0 
SBEP 

Joined: Nov '14
Location: Macedonia, The former Yugoslav Republic of
Age: 36 (M)
Posts: 948
They are good for buying stuff on the deep web, if incognito buying and surfing is your thing, but from what i have read and heard on them, they are like 20mil to be had world wide, even dou they are open for mining to everyone that has a PC and an internet connection, still most of the people will not see a dime of them since there are more then 7 billion people on this planet...
In the past governments and banks were against this new currency, but now since we move more and more in a direction of cashless society, they see the potential of this kind of currency, which is entirely DIGITAL, and that suits them very well, coz its far more easier to print money on a computer screen then in real life, not to mention they have no loss by doing that, whereas when printing on piece of paper...
So i expect this to become a real thing, but i know for a fact that BITCOINS would not be the digital currency of the cashless world central banks will bring in, coz of the simple fact they dont control the currency, but maybe, it might have been a test balloon from the central banks, since no1 knows who came up with, and created the bit coin, its possible that they have done it, coz of the simple fact that the bit coin is still around and in use...
Never have i quite figure it out, how do they buy guns and weed on the deep web with bit coins, i mean i understand the transaction part, but the delivery part is still a mystery to me Big Smile

     
  14-May-16, 06:57   #13
  +1 
shokaku 

Joined: May '08
Location: Germany
Age: 51 (M)
Posts: 6208
Of cause it is like a pyramid scam. That is always the case, if something can be made out of thin air. But that is not to different to the "normal" money used anywhere around the world. Simbabwe dollar anyone?

     
  14-May-16, 15:40   #14
  0 
pinotte 
Joined: Jun '13
Location: Canada
Age: 72 (M)
Posts: 3445
To me it is looking like thin air who is behind this money as you call it Question Question If you take legal money there is a central bank that is there to try controlling it for the country need some are very good at it others are not and you have the mondial bank to help some of them. what about bitcoin to me it just look like a little gold mine that overrated their prospection just to sell shares and the owners sell leaving the little buyers with nothing.

Like i said before i am maybe wrong about that but this is what i think. Smile

     
  14-May-16, 19:56   #15
  +1 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 27 (M)
Posts: 1877
Posted by shokaku:
Of cause it is like a pyramid scam. That is always the case, if something can be made out of thin air. But that is not to different to the "normal" money used anywhere around the world. Simbabwe dollar anyone?


Exactly. "Normal" money is the cause of a lot of corruption around the world. Of course the money itself is not physical, but is it really different from a piece of paper? It's still a currency. And you can use it to buy stuff online or even convert it to real dollars.

Thing is, I don't think these transactions are trackable by the governement, which is why I'm not sure if the bitcoin itself is legal or not?

     
  14-May-16, 20:04   #16
  0 
shokaku 

Joined: May '08
Location: Germany
Age: 51 (M)
Posts: 6208
Why shouldn`t the transactions be trackable? They are all saved in the block chain, and as the system works today, for all to see and for all time. So one should not be to sure, that no one can follow them.

     
  14-May-16, 20:10   #17
  0 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 27 (M)
Posts: 1877
Oh, ok. I thought it was the whole idea to make it untrackable by governements. I assumed bitcoin was created to be used for illegal activities/transactions in the begining, but I guess I was wrong.

So why did the FBI seize so many bitcoins in 2013? Simply because of the way the bitcoin was being used? Or because you don't have to pay taxes if you use it?

Like I said Im a newbie ^^

     
  16-May-16, 15:23   #18
  +1 
shokaku 

Joined: May '08
Location: Germany
Age: 51 (M)
Posts: 6208
If i recall that correctly, they closed down the website Silk Road, and seized all the property of the sides owner. That included, among others, a lot of bitcoin, but those were not especially targeted.

     
  18-May-16, 02:34   #19
  0 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 27 (M)
Posts: 1877
Oh, that makes more sense. Thanks Shokaku.

What aobut bitcoin miners (websites)? Anybody familiar with them?

All I know is they are like big mining servers that rent a part of their hardward in exchanges for cryptocurrencies. I know one that gives 10% back everyday for your investment, so after 10 days you get your money back then after that it's all profit. But the website is new and obviously it could s**t down anytime?

     
  18-May-16, 06:53   #20
  0 
magatt966 

Joined: Jan '09
Location: Italy
Age: 46 (M)
Posts: 3676
Posted by TheMachineQC:
Oh, that makes more sense. Thanks Shokaku.

What aobut bitcoin miners (websites)? Anybody familiar with them?

All I know is they are like big mining servers that rent a part of their hardward in exchanges for cryptocurrencies. I know one that gives 10% back everyday for your investment, so after 10 days you get your money back then after that it's all profit. But the website is new and obviously it could s**t down anytime?



SCAM ALERT!!!


Most of them are ponzi schemes, they just pretend to be mining farm: my strong suggestion is to stay away from the most of them.


My advice is if you are interested in a specific service use the search button on bitcointalk.org and see what users think about it or open a thread yourself about it asking for users opinions.

And above all no one on the earth (either in cryptocurrency world and out of it) my provide a 10% daily profit in a legit way .
If it is too good to be true.....well most of times it's not true and you will ikely lose your money.


Suppose you invest 1 Bitcoin in that "mining farm": after a month you will own 4 bitcoin Evil Evil

Being 1 bitcoin worth around $450 it means you may turn $450 into $ 1800 within a month: would you believe this if someone would make you this last proposal? Same applies to crypto world.



     
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