BITCOINS...tax free money.

As stoner said, ASICS are coming and then the difficulty will skyrocket and GPU mining won't be profitable anymore. Also not all GPU's are good for mining, you need certain cards, mainly AMD's. And as for CPU mining - forget it.
Here is a list of CPU's, GPU's and their corresponding MH/s.

Also there are companies selling rigs of 5 GH/s and much more, up to some TH/s even. But they are extremely hard to get and not many are being shipped. There are some scammers around, so be careful what you buy. Plus you have to consider the amount of power you are using, since it's certainly not cheap to have a mining rig running 24/7.

 

seems like asics are where its at...if I only had enough time to study and learn the nittty gritty of it...it could be built with off the shelf parts

 

uh oh..... leave it to the U.S goverment to fuck up a good thing, dammit!

good thing i did,nt use mx.gox. ..here,s some news about them getting shut down.

looks like we might HAVE to move to using litecoins, there easier to mine i believe.(mabye cpu)

http://english.ruvr.ru/news/2013_05_21/US-Government-cracks-down-on-Bitcoin/

 

I wouldn't worry too much about the US goverment, or any other goverment for that matter, shutting down sites. Many are not based in the US anyway and there are plenty of other options to buy/trade etc. They can not simply 'ban' a cryptocurrency.

 

i see it,s still up.

well....they did shut down bitcoin24, bitfloor.
they did return everyone,s money at least. i don,t know how or why they shut em down.

 

I still have BTC and Euros on MtGox and I am not affraid to keep them there. Not all of it though, I prefer to spread my assets.

 

bird you seem to know a thing or two about this so I would like to ask a question. I am very interested in BTC. I live in America, so do you think I am at a greater risk then folks in other countries that invest? If so, is the risk worth it?

 

It doesn't matter where you live really. There is no government that can effectly bring down the BTC, since it is decentralised and untraceable if you choose so. Technically they could forbid stores to accept Bitcoin payment, but that would be killing for their own economy since businesses will simply move elsewhere. The biggest risk right now is the volatility of the BTC, but if you have money to spare it could be a fun rollercoaster ride for sure. It could be worth ten of thousands of dollars in a few years. Or absolutely nothing.

 

i'm up to 0.0108 BTC from free sites

and i just started playing bitcoin poker at bcpoker.eu
they give you 100 chips for registering and have free tournaments every half hour

i'm over 3000 chips in just a day or two, which is 0.003 BTC


i was talking to my co-workers today about bitcoin. a girl i work with is gonna give free bitcoin sites a try, and she thought about making multiple wallets.

do you guys think those free bitcoin sites know your IP address, so that you can't use multiple wallets there?

for example, bitvisitor eventually says "no more ads, come back tomorrow"
but if you had another wallet and bitcoin address, could you keep going?

 

do you realize that .01 btc is worth about $1.10

 

I am pretty sure that your IP is recorded so you can't use it more than once. Using a different wallet is pointless, your info is stored at the wallet.dat file and not directly in the wallet that you see.

 

so there's probably no [easy] way to manipulate the free bit coin system into getting a little more?

if so...good. makes me feel smarter for not thinking of it first.

 

...and i'm pumped :sunny:



i realize it's hardly anything.

but when bitcoins reach $100,000 a piece....that .01 BTC is gonna be worth a thousand bucks and i would have gotten it for free!

 

Well, there are ways ofcourse, but it's not worth the effort. It might be much more fun to go to a site like Cryptsy.com and turn your BTC into a currency that is of little value, like YAC. You get like 30 YAC for your 0.01 BTC and then you can do some trading to make your money grow.

 

i'm really loving this free poker.

i still have to check out seals with clubs though. i used you as a referral.

 

I'm sick of seeing this damn bitcoin thread hear and trying to ignore it.

It's a circle of insanity, it's shady, it's extremely sketchy, it's environmentally and economically irresponsible...

Even IF it WASN'T a scam. Even if it WASN'T unstable. It is still extremely environmentally wasteful. The system relies on millions of server racks, maxed out CPU's, maxed out GPU's constantly processing billions of hash calculations at HUGE power costs. This is fossil fuel power down the drain for an IMAGINARY value currency. That most likely is determined by a few crooks who will eventually walk away with most of your money. Not only is there no real value tied to this currency, it has a real negative value or deficit. This IMAGINARY currency COSTS huge amounts of power.

It's equivalent to someone brainwashing you to burn a 100 dollar bill for $120 of imaginary money. But it's OK because there are millions of brainwashed people who will take that imaginary currency... for right now anyway... until the crooks in charge decide to cash out.

 

Bitcoins behaves kinda like gold.
What is gold? Its value is determined similar to Bitcoins value, based on nothing but trust people give it. And it also costs a lot of money and power to mine.
What is fiat money? It is based on nothing but government backing, which ofcourse is a bit of consolidation, but no guarantee by any means.

I know the environmental issues and there is no denying that it is using huge amounts of power. Same like fiat money or gold.
Explain how it is a circle of insanity, how it's shady and sketchy. Or even a scam. Sure, people who own a lot of coins could crash the market by selling them all at once, but what makes you think that bitcoin won't bounce back and is here to stay?

 

Get a grip, gold is a real tangible heavy metal. It is extremely valuable because of it's many real world uses. It took the destruction of a star to create it. If the global economy collapsed tomorrow it'd still be extremely useful and therefor valuable. People spend money to mine real gold and have a TANGIBLE metal at the end of the day with REAL worth.

Bitcoins are nothing like gold. At this very moment LITERALLY TONS of REAL COAL that took millions of years to naturally develop are being converted into an imaginary virtual currency with zero tangible value.

If you can't find something wrong with that then slap yourself, keep slapping yourself in the face until you wake the fuck up!

 

i'm still gonna play bitcoin poker for now

using my computer for anything is a "waste" of resources
though you make some good points, relaxx

 

I know many metals that are much more useful than gold, yet they are much less valuable. Gold is not really useful, but because of its scarcity people put a value on it, which is set by supply and demand. It has sentimental value more than 'real' value. This is exactly the same for Bitcoins. Don't fool yourself, gold is a commodity much more than it is a workable metal.

And yes, I agree that mining Bitcoins uses a lot of power. So then we use up our fossil fuel a few months sooner then we would have otherwise. This is a completely different argument in my opinion and I do support alternative power sources, as we gonna need to switch to them anyway in the years to come.

So if you think Bitcoins have no value, you are the one who should slap yourself in the face. It is a commodity and a currency and its value is set by its demand. And there is a huge demand for a decentralised currency apparently, because otherwise it would have a value of 0. It's not just Silk Road anymore that sees the opportunities and advantages of Bitcoin, legitimate businesses as adopting them as well.