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What is bitcoin?

Discussion in 'BlackHat Lounge' started by chad362wiley, Jan 31, 2012.

  1. chad362wiley

    chad362wiley Supreme Member

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    Can someone explain to me what bitcoin mining is? I looked it up but still can't find out what it is.

    Thanks

    Chad
     
  2. G-S-T

    G-S-T Executive VIP Jr. VIP

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    A waste of time...

    You can find stories of people who have invested thousands on mining rigs, (racks of processors) that they run 24/7

    The majority of people barely recover their running costs, nevermind their investment.

    And then when you get paid, its not even in a real currency, you have to find people who will take bitcoins as value and exchange them for something you find valuable.
     
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  3. cherub

    cherub Regular Member

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  4. chad362wiley

    chad362wiley Supreme Member

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    What is mining it? What do you have to do?
     
  5. G-S-T

    G-S-T Executive VIP Jr. VIP

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    in a nutshel, mining is using your computers processor power to solve complex equations. which result in being rewarded with bitcoins
     
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  6. chad362wiley

    chad362wiley Supreme Member

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    What are these equations for? What's the point?
    Thanks for answering :)

    Chad
     
  7. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    The link cherub gave you has your answers. Take 10 minutes to read it! :)
     
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  8. tonlilaz

    tonlilaz Executive VIP Premium Member

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    bitcoin is a waste of time....

    unless you're selling the rigs ;)
     
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  9. G-S-T

    G-S-T Executive VIP Jr. VIP

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    In the old days of the gold rush, they called it mining the miners :p
     
  10. Freezerburn

    Freezerburn Registered Member

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    I think the bitcoin market pretty much crashed. It's not worth the time.
     
  11. Melloe

    Melloe Newbie

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    Price crashed to below £2 recently.
     
  12. Gogol

    Gogol Elite Member

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    Hey thanks everyone for the insights. :)
     
  13. cioraneanu

    cioraneanu Newbie

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    Good to know... skipping this
     
  14. ShadeDream

    ShadeDream Elite Member

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    Retards bumping old posts... ^^
     
  15. Gogol

    Gogol Elite Member

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    Not retards actually. Just posted to say thanks to everyone who participated in this thread. It isn't a method or anything which is not recent anymore. Infact, I have been looking for the merits and demerits of bitcoin for some days. I got the definitions but not the real life experiences before I got this one. Sounds good now?
     
  16. ShadeDream

    ShadeDream Elite Member

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    Definitely but that's not the thing, those insights are dated. The thread is over a year old and a lot has changed.

    On the other side, if all you had to say was "Hey thanks everyone for the insights." you could have just pressed the "Thanks" button. It's there for a reason. :D
     
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  17. Gogol

    Gogol Elite Member

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    I was drunk hehe :p
    Yes, the rates seems be up again, so a bit back dated as I am guessing now.. Still looking for some updated resource on this...
     
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