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Old 12-18-2013, 03:00 PM   #801
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So, what's the real reason behind people getting into Bitcoin? They truly want a currency with no regulation or tax? Or ... they just want free money?
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Old 12-18-2013, 03:14 PM   #802
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Originally Posted by Spheris View Post
So, what's the real reason behind people getting into Bitcoin? They truly want a currency with no regulation or tax? Or ... they just want free money?
Hopefully none of those are the reason because bitcoin won't provide any of that.

The only reason its semi useful is that the transaction costs are low because there is no bank as a middle-man. Otherwise the government is just as capable of regulating/tracking it like any other commodity.
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Old 12-18-2013, 03:35 PM   #803
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So, what's the real reason behind people getting into Bitcoin? They truly want a currency with no regulation or tax? Or ... they just want free money?
Because it's the money of the future!

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Old 12-18-2013, 03:40 PM   #804
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I used to live nextdoor to the guy who invented those things.

****ing prick.
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Old 12-18-2013, 04:07 PM   #805
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I used to live nextdoor to the guy who invented those things.

****ing prick.
What's his net worth, in bitcoins?

.

Last edited by RastaMon; 12-18-2013 at 04:14 PM. Reason: typo
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Old 12-18-2013, 04:09 PM   #806
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I do not know what I'm doing. I know enough to know you can mine solo or choose to join a pool.

I do not know the real monetary advantages of a pool since I'm assuming they take a cut for administration. I also would have no idea where to start in picking a pool to join.

Can my friends and I create a private pool?
Ok with your hardware its not worth mining solo. Difficulty is too high and you could mine for weeks and get nothing.

Mining with a pool pays out by how much hashrate you put into pool. This is much more profitable in the end because you're guaranteed some type of return and not wasting time.

My suggestion is to join coinotron.com, they fee a percentage, but its so little for your hashrate its not worth caring about. The bigger fee comes only if you transfer the coins under a certain amount. Registration is open.

You could technically create a private pool, but unless you pretty much have the collective equivalent a mini data center its not going to be worth the hassle of doing so then you have to figure out shares and what not.

For the interface on the PC. I prefer GUIminer but since I mine using mostly CPU's and only one GPU (nvidia) i'm not exactly sure which interface is best for ATI cards. I would assume cgiminer. I use a combination of minerd.exe and cudaminer.

Setup is easy once you figure out what interface you want to use. Point the stratum proxy to the coinotron proxy address with your username and password and start it.

Give the website about 5min to update your average hashrate and it will show you what you are making per round and per day.

To withdraw your funds you can do it a number of ways. I transfer my FTC coins from coinotron to btc-e. exchange into btc, then transfer to coinbase then to bank. This way I don't have to worry about having a wallet.

It seems like a lot to do, but its really not. The hardest part is figure out what interface you want to use. If you just want some where to start use GUIminer its easy to set up.

C/N: GUIminer setup pool to Coinotron send to BTC-E for exchange withdraw to Coinbase exchange to $$$ transfer to bank. Profit.

Last edited by timskyline86; 12-18-2013 at 04:14 PM.
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Old 12-18-2013, 04:11 PM   #807
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So, what's the real reason behind people getting into Bitcoin? They truly want a currency with no regulation or tax? Or ... they just want free money?
Me personally, free money, could care less how the system works. Whether I make $50 or $5000 or $50,000. Its money i didn't have and that I made by leaving my computer on. The only risk I have is that I walk away with the same amount I put in. Nothing.
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Old 12-18-2013, 04:45 PM   #808
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What's his net worth, in bitcoins?

.
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Old 12-18-2013, 06:37 PM   #809
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Originally Posted by timskyline86 View Post
Me personally, free money, could care less how the system works. Whether I make $50 or $5000 or $50,000. Its money i didn't have and that I made by leaving my computer on. The only risk I have is that I walk away with the same amount I put in. Nothing.
How much less?
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Old 12-18-2013, 08:50 PM   #810
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I would still like someone to explain this part to me.

Consider bitpay for example. How do these people eat?

Bitcoins come in.
Dollars go out.

At the end of the month, you're out a ton of cash but you have a ton of bitcoins sitting in the computer. Rent is due and the fridge is getting bare. "Hey landlord do you take bitcoins?" ..... "**** off".

What do they do with the bitcoins? Donate them to someones blog? Exchange them through another identical "this really doesn't buy anything" service and get dollars back?

How do they survive? Can I buy a loaf of bread anywhere with bitcoins? Seriously, what can I buy?

With the interia of the dollar, I can't understand people exchanging for them. IF there ever comes a day where everyone accepts them, ok maybe.

Last edited by jim_newton; 12-18-2013 at 08:56 PM.
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Old 12-18-2013, 08:53 PM   #811
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So do you dummies realize your computer uses more power when it's sitting there doing whatever complicated bull**** calculation Al Qaeda needs done under the guise of this Bitcoin ruse?

Somebody's making money off of this... And it's probably not you.
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Old 12-18-2013, 08:56 PM   #812
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Originally Posted by jim_newton View Post
Bitcoins come in.
Dollars go out.
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Old 12-18-2013, 08:59 PM   #813
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Yep



Probably should get one of those before you start. 100W at idle VS 800W at full load 24x7 is a big hit on your electric bill, probably bigger than non-useful internet money can cover.
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Old 12-18-2013, 09:35 PM   #814
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Originally Posted by jim_newton View Post
I would still like someone to explain this part to me.

Consider bitpay for example. How do these people eat?

Bitcoins come in.
Dollars go out.

At the end of the month, you're out a ton of cash but you have a ton of bitcoins sitting in the computer. Rent is due and the fridge is getting bare. "Hey landlord do you take bitcoins?" ..... "**** off".

What do they do with the bitcoins? Donate them to someones blog? Exchange them through another identical "this really doesn't buy anything" service and get dollars back?

How do they survive? Can I buy a loaf of bread anywhere with bitcoins? Seriously, what can I buy?

With the interia of the dollar, I can't understand people exchanging for them. IF there ever comes a day where everyone accepts them, ok maybe.
Do the exchange sites take a commission?
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Old 12-18-2013, 09:38 PM   #815
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Originally Posted by jim_newton View Post
I would still like someone to explain this part to me.

Consider bitpay for example. How do these people eat?

Bitcoins come in.
Dollars go out.

At the end of the month, you're out a ton of cash but you have a ton of bitcoins sitting in the computer. Rent is due and the fridge is getting bare. "Hey landlord do you take bitcoins?" ..... "**** off".

What do they do with the bitcoins? Donate them to someones blog? Exchange them through another identical "this really doesn't buy anything" service and get dollars back?

How do they survive? Can I buy a loaf of bread anywhere with bitcoins? Seriously, what can I buy?

With the interia of the dollar, I can't understand people exchanging for them. IF there ever comes a day where everyone accepts them, ok maybe.
As of now the system is pretty much funded by those who bought into it with their own money. This is how the miners and exchangers make their money: Off the people who put real money and gave the coin value.

As of now if you put your own money down to buy coins its nothing but a gambling game. Its a casino stock exchange with little to no predictability, especially if you're not on the inside scoop about when a pump and dump is coming.

It only has value because people want it. Outsiders saw it go up, media got hold of it, everyone went crazy now wanting in. They wanted shortcuts so they demand coins in exchange for real money. The early miners who did it for fun said sure here you go but its going to cost you. Rinse and repeat. And now nothing became something because people wanted in and saw it as a get rich scheme. And some did become rich, but very few of those who gave up their real money.

Quote:
Originally Posted by Davemeister View Post
So do you dummies realize your computer uses more power when it's sitting there doing whatever complicated bull**** calculation Al Qaeda needs done under the guise of this Bitcoin ruse?

Somebody's making money off of this... And it's probably not you.
[email protected]

But in all seriousness the people who are just joining in now it is a waste of time and energy trying to mine BTC or even LTC now. Most people aren't mining BTC they are putting their own money on the line or mining a smaller coin and trading in making a few dollars after expenses. T

Only people who really came out on top are the ones who started pre-2011 and did it for fun.

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Originally Posted by jsmaze View Post
Do the exchange sites take a commission?
Yes, the usual fee is 2% of whatever your trading. Whether its real money or coins.
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Old 12-18-2013, 09:47 PM   #816
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Originally Posted by cwb124 View Post
yes, Pets.com.

Remember this guy?

**** yeah.

Not pets.com but I remember when some stock I owned was like $35 and my friend sold his and I was like "you're dumb I'm gonna buy a Corvette" and then a couple days later it was $7 a share.

This was a gamble some people did well on. Sometimes you win, sometimes you lose, but if you know you're going to win, you're probably not going to win much at all.
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Old 12-19-2013, 02:51 PM   #817
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How to steal Bitcoin in three easy steps

http://www.theverge.com/2013/12/19/5...ree-easy-steps

Quote:
1. Copying the keys

There is no such thing as a Bitcoin. The virtual currency is nothing more than a public ledger system, called the blockchain, that keeps track of an ever-expanding list of addresses, and how many units of bitcoin are at those addresses.


2. Getting away with it

While Bitcoin has some features that make it great for thieves, it also has some features that make it not so great. The fact that the blockchain is public means that anyone can see to which address the coins were transferred next. After the Sheep Marketplace heist, some users tracked the thief as he or she moved the stolen coins from address to address.


3. Get rich

Now you’ve got clean bitcoins — hopefully a lot of them! — and you’ve got your eye on a villa in the south of France. Unfortunately, the landlord doesn’t accept Bitcoin. Like most merchants in the world, she wants a government-sanctioned currency, preferably the euro.

Quote:
Earlier this month, someone pulled off the largest heist in the history of Bitcoin, the virtual currency that approximates cash on the internet. The illegal drug bazaar Sheep Marketplace was plundered, either by hackers or insiders, and about $100 million worth of the currency was stolen from customers.
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Old 12-19-2013, 03:29 PM   #818
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Well what a strange coincidence. I go to check my bank account this morning, and discover this:

12/17/2013
CHECK CARD PURCHASE XXXXX7617 BITCASH TOKYO JP
$48.72

12/17/2013
INTERNATIONAL POS FEE VIS 1114 JP
$1.46

Thieving bastards. As soon as I called the bank the girl said "is it the bitcash Tokyo thing?" Evidently they're on a looting spree, and bitcoin made it possible for them, somehow, since it actually posted. Great invention, can't wait to see it grow.

And still no good explanation for "how to survive if you're only allowed to transact in bitcoins".
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Old 12-19-2013, 03:32 PM   #819
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Never heard of bitcash. I have a Mt. Gox account that I've never used, because it's also based in Japan. I used coinbase to buy mine, no complaints with them.
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Old 12-19-2013, 03:36 PM   #820
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someone used your bank acct info to buy bitcoins? how'd they get your checking acct #?
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Old 12-19-2013, 03:38 PM   #821
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Yeah I don't know exactly what it is or what they did, but it's at least a +1 for the organized crime argument. They probably will get to keep it and avoid prosecution for a while at least. She said the phones were tied up because this same thing has been happening to everybody for a week now.

Somehow they got the debit card # .. which has now been canned
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Old 12-19-2013, 03:49 PM   #822
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Somehow they got the debit card # .. which has now been canned
Shop at Target in the last few weeks?
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Old 12-19-2013, 03:52 PM   #823
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Yes. I bought some new bathroom rugs and a shower curtain on Dec. 4th. I used that visa debit card.
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Old 12-19-2013, 03:55 PM   #824
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Originally Posted by jim_newton View Post
Yes. I bought some new bathroom rugs and a shower curtain on Dec. 4th. I used that visa debit card.
Well there you go.

I wonder if that's what all 40 million card #'s they stole got used for.

-Steal CC #s
-Use CC to buy bitcoins
-???
-Turn bitcoins into cash
-Profit
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Old 12-19-2013, 04:08 PM   #825
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Originally Posted by WhiteKnightSTi View Post
Well there you go.

I wonder if that's what all 40 million card #'s they stole got used for.

-Steal CC #s
-Use CC to buy bitcoins
-???Change font to Comic Sans
-Turn bitcoins into cash
-Profit
Comic Sans is the key.
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