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New to Bitcoin - Is this right?!

Discussion in 'CryptoCurrency' started by alephnull, Mar 30, 2014.

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  1. alephnull

    alephnull Newbie

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    Hello, I just started mining out of curiosity, and so far I've got 500 shares on slush's pool.
    Now according to an article which I am not allowed to link to each share is worth about 0.000204 BTC
    (I'm assuming this would be roughly the rate for slush's pool).

    At the current rate of $520 per bitcoin that is $0.10608 per share.....So $0.10608 x 500

    means I've earnt $53?????!!!!!!

    WTF???....This can't be right.

    Can somebody please confirm or clarify?
     
  2. Jeff Bezos

    Jeff Bezos Junior Member

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    You don't get the whole share, you get part of it. What's your hash rate?
     
  3. alephnull

    alephnull Newbie

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    Hash rate as it currently stands is 55.277 Mhash/s
     
  4. 0815.ru

    0815.ru Newbie

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    There are several mining calculator google that
     
  5. alephnull

    alephnull Newbie

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    Hashrate as it currently stands is 55.277 Mhash/s.
     
  6. cool.dude123

    cool.dude123 Jr. VIP Jr. VIP Premium Member

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    55.277MH would only get you 1BTC in 220,137.30 days (over 600 years, current price that would be $0.75 a year), but the difficulty will go up a lot during that time. since you have such a low hash rate I guess you are mining using your computer and not an ASIC, since Asics have come out it is useless to mine with your computer. I have an 200GH (200,000MH) ASIC, and that only making about 0.02BTC a day. if you are only using your computer it would be a lot better to mine a scrypt alt coin as the market isn't flooded with ASICs for scrypt based coins yet.
     
  7. evilclown

    evilclown Senior Member

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    Let me know when I can pay for real things with bitcoins.
     
  8. cool.dude123

    cool.dude123 Jr. VIP Jr. VIP Premium Member

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    what do you want to buy? you can use bitcoin to buy anything already, just use https://www.joinsnapcard.com. other than that lots of sites already accept it.
     
  9. evilclown

    evilclown Senior Member

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    The utilities companies are not accepting bitcoins, the gas stations are not accepting bitcoins, the major store outlets are not accepting bitcoin. Insurance companies are not accepting bitcoins.

    Again, let me know when you can pay for real stuff.
     
  10. cool.dude123

    cool.dude123 Jr. VIP Jr. VIP Premium Member

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    you can buy plenty of real stuff with bitcoins, just because not everyone accepts bitcoin doesn't mean you can't buy real stuff with it.

    places that accept bitcoin:
    wordpress
    namecheap
    scan.co.uk
    and a huge list here https://en.bitcoin.it/wiki/Trade#Online_products

    and just because not everywhere accepts bitcoins doesn't mean its useless, you can easily exchange bitcoins for USD and pay for stuff.
     
  11. evilclown

    evilclown Senior Member

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    I never say its useless. You can buy bunch of online stuff, and some products trough some website. But you can't pay you living expenses with bitcoin. How many coins has you exchanged for cash? How many people you know that all their living expenses are paid using bitcoin? My apologiez, my statement should have say as follow:

    When you can pay your living expenses with bitcoins let me know. Exchanging bitcoin for cash really defeat the purpose of having a digital currency.
     
  12. cool.dude123

    cool.dude123 Jr. VIP Jr. VIP Premium Member

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    I agree, but in the last year bitcoin has come very far and a lot more people have begun to accept it. at the moment it is treated more like an investment and not a currency due to the volatile price and the uncertainty of if and how countries are going to regulate it, but in the next 5-15 years (I believe) the price will stabilise and more and more people will be accepting it and using it as a global currency.
     
  13. chrisros

    chrisros Newbie

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    use preev d cm to calculate your bitcoin, just copy and paste.
     
  14. evilclown

    evilclown Senior Member

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    If you want to invest, sure go ahead save some. It won't hurt. But if you really want to invest. Gold bullion or Silver bullion. Bitcoin has gone trough so many things within one year. Yes, there is a need for a digital currency and bitcoin is a step in that direction. But we are far from a real solution.
     
  15. norm1388

    norm1388 Jr. VIP Jr. VIP Premium Member

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    I've never mined BTC directly but theres almost no way thats right unless you've been mining a long time or have an insanely high hashrate, it could be your reading the shares part wrong or their estimation is way off.
     
  16. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

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    Current price of BTC is $483.43. One week earlier it was $523.44. I have found its going down.
     
  17. rodvan

    rodvan Jr. VIP Jr. VIP

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    I heard Stripe is going to adapt BTC usage.
    That is AWESOME!