Joined: Jan '09
Location: Italy
Age: 53 (M)
Posts: 3871
C/P from wikipedia:
"Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto. The name also refers both to the open source software he designed to make use of the currency and to the peer-to-peer network formed by running that software.
Unlike other digital currencies, Bitcoin avoids central authorities and issuers. Bitcoin uses a distributed database spread across nodes of a peer-to-peer network to journal transactions, and uses digital signatures and proof-of-work to provide basic security functions, such as ensuring that bitcoins can be spent only once per owner and only by the person who owns them.
Bitcoins can be saved on a personal computer in the form of a wallet file or kept with a third party wallet service, and in either case bitcoins can be sent over the Internet to anyone with a Bitcoin address. The peer-to-peer topology and lack of central administration are features that make it infeasible for any authority (governmental or otherwise) to manipulate the quantity of bitcoins in circulation, thereby mitigating inflation."
Have you ever heard about it? What's your opinion? Are you part of this network? Can you tell us something more than what writtne above? any tips?
Joined: May '09
Location: India
Age: 37 (M)
Posts: 4873
looks like a dream come true for someone involved in money laundering lmaoo tried to google and the stuff that came up is making my head spin, its like rocket science lollll
Joined: Sep '10
Location: Romania
Age: 45 (M)
Posts: 104
hm always somthing involved in bid and demand cant be 100% protectet from inflation or deflation and withaout any regulation from an authority how will protect that bitcoin from speculators atack on the value of the bitcoin ,you sell a car on internet and you recive a amount of bitcoin and now you want $ for the bitcoin to buy a car from a shop how are not trading in bitcoin so i change you bitcoin to $ with a paryti of 2,3 bitcoins for 1$ tomorow Supernoob want to by car in bitcoin but he has only $ so i sell him that on a paryti 2 bitcoins for 1$ ok now think ther are some tausends of transaction per day involving that and some smart guys entering in a not regulatat market with some billions of money to puting pressure on the bid and demand how will be the looser? today even a regulatet market is not save from that kind of speculation just google George Soros
Joined: Apr '11
Location: Romania
Age: 35 (M)
Posts: 6669
Gio, i think you are right, this bit coin is smply a way of putting another name to real money if you ask me. Other than nameing the money in another way i don't see any other difference compared to a regular e-wallet provider like moneybookers, neteller or paypal. I mean other e-wallet could also name the dollars you have in your account moneybooker coins for example and it would basically be the same deal, Well, at least this is what i understand from this presentation, but of course i don't use it and i also don't have the intention to use another e-wallet since i already have accounts on all major ones. Still, i think it's a good strategy to advertise your newly created e-wallet, i mean to put another name to real money.
Joined: Jan '09
Location: Italy
Age: 53 (M)
Posts: 3871
It is not an e-wallet: it is a currency whose creation (if I understood correctly) is based on a peer to peer software. The total number of bitcoins that will be created is predetermined. And the great advantage, in opinions of its fans, is they guarantee the complete anonymity of the transactions.
Joined: May '09
Location: India
Age: 37 (M)
Posts: 4873
from wht i understand you can buy bitcoins with your money from a seller. now these bitcoins themselves are worthless and have no intrinsic value, they are good only if someone needs them. in that case you can sell him bitcoins to get real money.
so why would someone use it ??? 1. anonymity - dont think u need one unless u doin some illegal stuff or evading taxes 2. Stability from external market - events happening in the outside world to other currencies wont affect bitcoins, but what about fluctuations in internal market of bitcoins ????
i might be wrong as i didna go into much details but doesnt look worth trying to me.
Joined: Nov '11
Location: Poland
Age: 37 (M)
Posts: 1088
Bitcoin is great I discovered it pretty recently (about 4 months ago), but it great way to earn easy cash! With AMD/ATI Radeon cards I earn about $7-10 per week with nothing to do!
It's so awesome! And I see on youtube, that some people are really freaky onto it - they buy machines with dozens of cards and they earn thousands dollars per day!
Now, I'm waiting to transfer some cash from BTC to skrill and then deposit it to poker Thank you BTC
Joined: Jan '09
Location: Italy
Age: 53 (M)
Posts: 3871
Posted by Mysik86: Bitcoin is great I discovered it pretty recently (about 4 months ago), but it great way to earn easy cash! With AMD/ATI Radeon cards I earn about $7-10 per week with nothing to do!
It's so awesome! And I see on youtube, that some people are really freaky onto it - they buy machines with dozens of cards and they earn thousands dollars per day!
Now, I'm waiting to transfer some cash from BTC to skrill and then deposit it to poker Thank you BTC
Which bitcoin-software are you running? And did you set it up in a particular way or just run it by default?
Joined: Nov '11
Location: Poland
Age: 37 (M)
Posts: 1088
OK. So there will be mini tutorial.
1. First, you must check which graphic card you have. If you have ATI/AMD card (Radeon), then you may read more... Otherwise, unlucky for you, you may stop read - NVIDIA cards aren't good for BTC.
2. Register on site that operate mining (there are many many of them, I use deepbit)
3. Download miner (I use guiminer), run it, and set data from mine (point above)
4. MINE
5. On the mine (deepbit or other) you may change specific amount, how frequently Bitcoin will be transfer to your...
6....wallet You must download and setup wallet. Check google for Bitcoin client. From now, you have unique Bitcoin account. Don't be surprised - for first time, the client need a lot of time to download every transactions. And you must be always up-to-date with transaction - client automatically update with every start.
7. After some time, you mine some BTC. Now it's the best part - sell! You must register on any BTC market (again, I recommend Mt.Gox or bitcoin-24). And you may start trade Trade have rules as true market. Some have bid, some have sell and you must make good price for both of you
I think, that this topic would be useful for you. You may ask me for more details
Joined: Nov '11
Location: Poland
Age: 37 (M)
Posts: 1088
GeForce cards are totally unuseful Even one of the strongest cards from NVIDIA - GTX680 has power ~120MHash/s, and it much worse than the high-end cards from ATI (around 700MHash/s), so if you want to mine - you should change card for any card from ATI. PS. Bitcoin is one of the reason, that almost all of the top ATI cards in Poland are out of stock.
And the RAM has nothing to do with it. The architecture of GPU (graphic cards) are much better than the CPU (processor), because the GPU have many many cores (shaders, etc.) and not only 4 max like CPU.
Joined: Mar '11
Location: Canada
Age: 44 (M)
Posts: 1490
I myself found out about bitcoins awhile ago, and decided to do some research. Seems bitcoins are the number one way of conducting illegal activities online. I suggest anyone interested in this, to google "Tor Browsers". It's an entire subnet, consisting of complete anonymous and encrypted websites, outside of the normal top level domains you find on the net, such as .com's or .ca's.
There's a site in there, called Silk Road, where you can purchase pretty much anything illegal, including drugs, weapons, and even assassination contracts. I spent a few hours poking around, and it's crazy the s**t you can find on there.
As for bitcoin mining, i'm not entirely convinced the small amount of bitcoins you can mine, will end up being worth as much as the power you consume leaving your computer running to mine those coins.
I discovered it pretty recently (about 4 months ago), but it great way to earn easy cash! With AMD/ATI Radeon cards I earn about $7-10 per week with nothing to do!
Even one of the strongest cards from NVIDIA - GTX680 has power ~120MHash/s, and it much worse than the high-end cards from ATI (around 700MHash/s), so if you want to mine - you should change card for any card from ATI.
