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Does this BitCoin idea make any sense?

Discussion in 'Black Hat SEO' started by Thoughtful, Mar 29, 2013.

  1. Thoughtful

    Thoughtful Registered Member

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    I had a vague idea about setting up some Amazon EC2 high perf servers with GPU processors as bitcoin miners - I did a little research and it is possible but it seems the Amazon ones are pretty crap - Even with the GPUs.

    There are other cloud servers available with GPU procs and looked into it a year or so ago - Did the calculations and it would not have been feasible - You would not have broken even.

    However, it was not that far out - Just a few percent.

    With the massive jump in value of BCNs it should be pretty profitable by now.
    Could be worth some more research ....

    What is your take on this idea?

    Just remember me if you do become rich[​IMG][​IMG][​IMG]!!
     
  2. dvdgangster

    dvdgangster Junior Member

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  3. closedCaption

    closedCaption Regular Member

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    No it won't work.

    Amazon is using NVidia for GPU acceleration. NVidia doesn't work for mining.

    Also, last time I checked, GPU powered instances ran at 2 USD per hour. That's waaaay to much than you would be able to earn with mining.

     
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  4. TheLinkGuy

    TheLinkGuy Power Member

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    My question about Bitcoin is who created it? Where is the mystery man behind it all?

    Whoever it is that's the guy that's getting rich, I heard there were something like 6 million bitcoins in circulation before it really started to gain traction. You do the math.
     
  5. Z0mbie

    Z0mbie Regular Member

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    Does it matter? Bitcoin is open source.

    That's the guy whose getting rich? What does that even mean? BTC = digital currency people earned by mining. He doesn't own it. It is generated.

    Either ask, or learn about how bitcoin works before stating such baseless and stupid assumptions.
     
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  6. TheLinkGuy

    TheLinkGuy Power Member

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    Think about it for a minute, there were 6 million BTC in circulation before it started to gain a lot of traction about the time that it was coming out of "beta" and people started to embrace it.

    This mate made serious coin well everyone's riding the coattales of a crypto currency based on the conception that its worth something. Until I can buy something of value, besides my reddit membership or pay wordpress, I dont see the real value behind hte currency. Maybe you need to visit your Silk Road again to calm your nerves...
     
  7. Z0mbie

    Z0mbie Regular Member

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    Again, learn how BTC works, and how new technology works.

    Get updated on BTC as well. Now you can buy domain names, and there are online shops which accept BTC. There is also talk about a peer to peer BTC card.

    And just FYI, never ordered anything from silk road. It's all available locally. ;p

    Anyway, you obviously aren't interested in researching things you don't know about and are just speculating on before posting, and as such, I'm out.
     
  8. teal777

    teal777 Newbie

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    No, won't work now because ASICs are being released (Avalon has already released) that will make mining much harder for GPUs (and not really cost effective).
     
  9. mogaz

    mogaz Jr. VIP Jr. VIP

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    So where is this bitcoin is actually coming from??
     
  10. elitewarrior

    elitewarrior Newbie

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    i am thinking of investing 10 dollars in bitcoin and 5 or 6 dollars in litecoin. what do you guys think about that? is it worth it. i must think for a while if it is a scam before i proceed. maybe a very risky investment. maybe start off with 5 dollars and 3 dollars just to test the waters. maybe this is fake money and not real money. like someone use big word like fiat, isnt that the same as fake. where i get real money from. duh sorry me so stupid. doh. best regards


    PS. How much can i make if i buy shovel from home depot and start mining, i very strong and good digger. plan on digging 12 hours a day and than after proof of concept i will outsource digging to prisons.

    PSS. If anyone steals my idea and becomes millionaire feel free to donate 18 percent to yours truly!
     
    Last edited: May 2, 2013
  11. pmtuckner

    pmtuckner Junior Member

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    i never think Bitcoin is a good idea in internet
    mining money - it's can burn our wallet
     
  12. judif414

    judif414 Regular Member

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    If you order now, it would take probably a year for you to reach profitability (running 24/7).

    People that receive the new ASICs now are lucky, they can make a lot of money with current mining difficulty. But as the network hash rate increases, so does the difficulty, lowering the overall profitability for everyone until a new device comes out.

    So my opinion? Too late to buy any ASIC whether its avalon or butterflylabs, they have a HUGE backlog of orders so you would be lucky to get yours July or (most likely) later.