BITCOIN - mining 4 a year now

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Well I think the people buying the coins are doing it. It's just like a stock. A stock in the market really has no value. It's only worth what someone else is willing to buy it for. Granted yes it is supposed to be a share of ownership in a company, but let's really think about it. Can you take that stock up to the company and liquidate it for anything? You can't even trade a companies stock for their product.

If there is a market for the bitcoins and someone is willing to buy them, then who cares. What gives them the value is what people think they will be worth in the future, just like a stock. What gives it its value is the future cashflows of the company.

The problem, this bitcoin market is highly unregulated and probably will eventually be shut down.

MrSmith said:
This mining and bitcoin thing seems retarded and the only winner behind it is the creator.

Whoever thinks they can make big bucks on it either runs a million PC botnet or simply just hijacked a bunch of bitcoin miners computers and transferred it.

So who's doing the payouts for bitcoin? :) The Central Bank of Obukistan?
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albaniax said:
Is it theoratically possible to infect 100 computers & set them up to go mining for you :D ?
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There is a guy that has a script that when you are on his website it runs and your comptuer is mining for him. That was pretty cool. He resells the script too. It was on the forums awhile back.
 
linkdropper4 said:
Well I think the people buying the coins are doing it. It's just like a stock. A stock in the market really has no value. It's only worth what someone else is willing to buy it for. Granted yes it is supposed to be a share of ownership in a company, but let's really think about it. Can you take that stock up to the company and liquidate it for anything? You can't even trade a companies stock for their product.

If there is a market for the bitcoins and someone is willing to buy them, then who cares. What gives them the value is what people think they will be worth in the future, just like a stock. What gives it its value is the future cashflows of the company.

The problem, this bitcoin market is highly unregulated and probably will eventually be shut down.
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If we use the stock market example, financial reports are released every Q. Bitcoin's over do no release any such information of assets/liquid/cost etc. of his company, thus, you have absolutely no clue besides doing a few stabs in the dark and looking at charts at what people sell their bitcoins for.

Tbh, I don't see a purpose with it. I guess I just like US Dollars, Euros, GBP and other currencies that I know are "real" and backed by some sort of security.
 
http://finance.yahoo.com/banking-budgeting/article/112907/bitcoin-triples-again-smartmoney
 
Seems like an online currency would be a natural evolution on the internet. Just like PayPal. And just like the Euro evolved and the proposed North American currency.

But since Bitcoin was basically a grass roots effort I would expect the government to shut it down eventually because nobody pays tax using it. They will view it as the next Napster.

Now on the other hand, if big players like Google and Amzon banded together and created an online currency the government would love it and they would be able to tax it.
 
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MrSmith said:
If we use the stock market example, financial reports are released every Q. Bitcoin's over do no release any such information of assets/liquid/cost etc. of his company, thus, you have absolutely no clue besides doing a few stabs in the dark and looking at charts at what people sell their bitcoins for.

Tbh, I don't see a purpose with it. I guess I just like US Dollars, Euros, GBP and other currencies that I know are "real" and backed by some sort of security.
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you are correct. It is not like a company stock but more like a foreign currency. Only difference is that you can't pay your taxes directly with a bitcoin, you have to convert it first. Being able to pay your taxes with a dollar is in theory what give the dollar it's "security" backing. Since it is more like a foreign currency the only reporting you can see is the history of the open trades. You can also go on a site that accepts bitcoins as currency and see what it can buy for you. I read today that some webhosts/registrars are accepting bitcoins to help people setup truly anonymous sites.
 
pigp3n said:
you are correct. It is not like a company stock but more like a foreign currency. Only difference is that you can't pay your taxes directly with a bitcoin, you have to convert it first. Being able to pay your taxes with a dollar is in theory what give the dollar it's "security" backing. Since it is more like a foreign currency the only reporting you can see is the history of the open trades. You can also go on a site that accepts bitcoins as currency and see what it can buy for you. I read today that some webhosts/registrars are accepting bitcoins to help people setup truly anonymous sites.
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I still wouldn't touch this currency with a 10 foot pole. Accepting bitcoins for my services (i run a few) would be like shooting myself in the face...

What and how am I going to convert that into a lamborghini? The car dealership is certainly not accepting bitcoin, let alone, would even have heard of it.

I'm just wondering.... :) I see its purpose with buying anonymous stuff online, but someone is going to be "responsible" for that somehow if shit hits the fan.
 
Bitcoin is a very interesting concept and I have a feeling it's going to receive some legal resistance the more popularity it gains.

I know it's fairly decentralized but what if they start throttling or blocking traffic at the ISP level? The federal reserve bank doesn't like competition
 
Edit: I overclocked my cpu and gpu and got 17Mh/s more then i was getting before. I also turned my fan to 100% so it wont heat up.
 
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Roparadise said:
Edit: I overclocked my cpu and gpu and got 17Mh/s more then i was getting before. I also turned my fan to 100% so it wont heat up.
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I had 20Mh/s and it was not worth it. If you want something better, buy a Radeon HD 5830. That alone will bring you to around 240Mh/s with the lower Mhz card... but then again you need a power supply that supports it.
 
marcgenesis said:
I had 20Mh/s and it was not worth it. If you want something better, buy a Radeon HD 5830. That alone will bring you to around 240Mh/s with the lower Mhz card... but then again you need a power supply that supports it.
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Before I OC my card, i was getting 140Mh/s to 150Mh/s, now im getting 168Mh/s to 174Mh/s. I have the HD5770 1GB.
 
I set my fan to 75% and im staying at 62-65 degrees C,idk if thats good or bad.
 
Right the value of bit coin isnt anything to do with how easy or not it is to mine. its the fact that its anonymous and easyly laundered

there are sites on the deep web using bitcoin to trade kilos of mdma, bitcoin is quickly becoming a serious blackmarket currency, the thing is withall blackmarket currencys the trick is to have only the ammount you need in that currency because sooner or later like egold it will get taken down for money laundering, or it wil be illegal for vendors to exchange it and the value plummets.
 
Roparadise said:
I set my fan to 75% and im staying at 62-65 degrees C,idk if thats good or bad.
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60 C + is HOT. Depending on the CPU, it could be outside the max. temperature specs. You could fry your CPU. It shouldn't be that hot, even with CPU maxed at 100%. Did you use a good thermal compound?

Check your CPU specs here:
http://www.cpu-world.com/
 
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