Bitcoin takeover?

[Vyal]

I been reading about Bitcoin and I guess all you need to do is run a Bitcoin miner to generate Bitcoins, right?
These things are selling @ 1 Bitcoin for 334 dollars.
With Russian economy temporary crashing due to sanction and Bitcoin trading 1 for 35,500 rubles was wandering who is involved in pools on p99, I wanna get in on this and invest like thousand of rubles in some Russian company now before sanctions end and prices return.

Is that even how it would work? I know you people are super nerds and know this shit, explain please...

[Kimm Bare|y]

http://i.imgur.com/xHdgwXh.jpg

[Vyal]

http://i.imgur.com/xHdgwXh.jpg

This explains everything, thanks!

[Samoht]

These things are selling @ 1 Bitcoin for 334 dollars.

Just FYI: for an average American, it would cost more than $334 to power the processing required to mine 1bc.

[Vyal]

Just FYI: for an average American, it would cost more than $334 to power the processing required to mine 1bc.


I was thinking of using a Javascript miner on webpages then having everyone load it on their phones so it mines all day long. Get 20 pc's and 20 phones all mining for the same account...

[Zombiehasslehoff]

It's pretty much too late for the average person to get involved with mining and make a profit. Unless you can design your own chips and boards, your either going to get scammed or get the equipment too late to make a profit. Google butterfly labs to see how big of a scam one of the larger company's are.

Your best bet to make a profit now would be to buy and hold. It's pretty much at its lowest price in almost a year right now. Coinbase.com and circle.com are reputable US based places to buy from if you don't mind giving them all your personal info. After that you can try your hand at trading on exchanges or selling to your your local tech savvy druggie for a premium on localbitcoins.com.

[Red_Psyphon]

Paddy's bar dollars at work

[BulletCatcher]

This explains everything, thanks!

Well fuck.. They didnt give you the exact answer? I mean they didnt research it for you? They didnt do your work? Oh my fucking god... those assholes.

[Ele]

Little late to the mining bitcoins operations.

[Bardalicious]

Waaaayyyy late to that party, sorry OP.

[Rais]

Or if you live on a military base with free electricity you can have at it.

[Vyal]

But you can hide miners in forum signatures and avatars so really you don't need any electricity. Anyone who see's the image mines for you and no need to buy anything...

Why is the party over, I don't get it..

[KagatobLuvsAnimu]

It's about 2 years too late...

[Kimm Bare|y]

https://randomsheettery.files.wordpress.com/2012/01/fuck-this-gay-earth.jpg

[Ele]

But you can hide miners in forum signatures and avatars so really you don't need any electricity. Anyone who see's the image mines for you and no need to buy anything...

Why is the party over, I don't get it..

The amount of time and energy required to actually mine a bitcoin is more than their value.

Play the market and buy low, sell high if you want to get into bitcoin. Or try mining one of the alternative crypto-currencies which still has a good ROI for mining.

[Orruar]

I was thinking of using a Javascript miner on webpages then having everyone load it on their phones so it mines all day long. Get 20 pc's and 20 phones all mining for the same account...

Bitcoins are mined by ASICs (application specific integrated circuits). CPUs are so terribly slow at running the hashing algorithm that even if you got 1000 PCs all running at 100%, you'd make like 4 cents per day. Now if you could somehow tap into people's GPU, you might be able to mind some of the Scrypt coins at a decent rate.

[Zombiehasslehoff]

But you can hide miners in forum signatures and avatars so really you don't need any electricity. Anyone who see's the image mines for you and no need to buy anything...

Why is the party over, I don't get it..

The processors being used for mining now are specialized for SHA256 hashes and are in the 3rd generation of chips. A i7 processor might get you about 15mh/s or about with proper cooling and one of say antminer's second gen chips for example will get 2200mh/s.

Think of it this way there's a math teacher and he is holding a lottery every class period. You can enter as many times as you want but you have to finish a math problem in that period for every ticket. You also goto school with thousands of millionaire kids that can pay experts to do the work for them and don't tell anyone else how they do it. You, the guy mining with your cpu is the potato in the back that would be drooling but you just ate a roll of toilet paper.

If hiding miners in ads were profitable all of our computers would be at full load as soon as they connected to the the Internet. It's been tried before its considered malware and usually ends in litigation.

[Joeport]

It only make sense to buy bitcoin at this point, although it's way to much money at the moment for any kind of reasonable investment.

What you really want to be doing is looking for the next bitcoin. There's a bunch of alt coins out there looking to take this spot. You just need to find which one has any longevity. I invested in some reddcoin (http://reddmeup.blogspot.com/p/what-is-reddcoin.html) seeing how they are aiming at social media websites to spread the coin and what not.

[Swish]

The processors being used for mining now are specialized for SHA256 hashes and are in the 3rd generation of chips. A i7 processor might get you about 15mh/s or about with proper cooling and one of say antminer's second gen chips for example will get 2200mh/s.

Think of it this way there's a math teacher and he is holding a lottery every class period. You can enter as many times as you want but you have to finish a math problem in that period for every ticket. You also goto school with thousands of millionaire kids that can pay experts to do the work for them and don't tell anyone else how they do it. You, the guy mining with your cpu is the potato in the back that would be drooling but you just ate a roll of toilet paper.

If hiding miners in ads were profitable all of our computers would be at full load as soon as they connected to the the Internet. It's been tried before its considered malware and usually ends in litigation.

lol'ed hard :D

[Argh]

I hear people are moving out west in search of gold.

[jarshale]

I've still got a handful of bitcoins from years ago. I guess I'll just sit on them for now.