value is subjective regardless of the ffort required to create the object in question. Why haven't you learned this yet in your life?
value is subjective regardless of the ffort required to create the object in question. Why haven't you learned this yet in your life?
By the card, yes. Not by the operator
You bought the card , and you are paying for electricity.
Now compare that to the US dollar. Actual paper money costs 1.8 cents to create according to the Wikipedia page. But that's the same price for a $1 bill as a $100 bill.
Most US money exists in digital form only, which cost the Fed absolutely nothing to "create"
zinfamous
No Lifer
- Jul 12, 2006
- 111,828
- 31,302
- 146
what do you mean by "zero effort?"
Do you have a factory-sized server mining bitcoins for you?
lxskllr
No Lifer
- Nov 30, 2004
- 59,830
- 10,318
- 126
Effort can be offloaded to machines or other people. The CEO of a granite mining operation isn't swinging a pick ax in a pit, but he's still doing work. He exchanged cash for the physical effort of others. The others exchanged physical effort for machines. It's the same for bitcoin mining. You could crunch numbers with a pencil and paper, or you can buy a machine/energy to do it. Nothing is free, and "easy" is subjective.
Red Squirrel
No Lifer
Yeah but mining IRL produces a product. What exactly does bitcoin mining produce? That's the part I'm trying to get. Or is this equivalant to wow gold farming? Just some people who are actually willing to pay real money for pixel crack? I guess I should read up more on it, and if it really does work then I'll do bitcoins instead of F@H and throw in a couple more nodes too.
Red Squirrel
No Lifer
Not sure what that's suppose to mean?
What I was trying to say is, how does running some client on my computer make me money? What is that doing, that is so valuable to somebody else, that they will pay me for it?
Normally, you need to work to make money, because the money comes from someone willing to pay for that work. It may not be directly, but if you follow the chain of actions that's usually how it works.
I go to a store and buy something I have to pay for it. It maynot take much effort for the cashier, but down the line, somebody had to make that item, package it, ship it etc... so they get paid by me because of their effort, and I get a product out of it.
gorobei
Diamond Member
- Jan 7, 2007
- 3,988
- 1,487
- 136
learn to read the wiki.
bitcoin mining is simply doing cryptographic hashing to ensure the security of bitcoin transactions, the reward block is an incentive setup to encourage large participation.
miners function as a server infrastructure, equivalent to the financial servers processing bank transfers. instead of a few companies handling the money transfers of banks, the work has been outsourced to 10,000 little peer to peer crowd computers.
bitcoin mining is simply doing cryptographic hashing to ensure the security of bitcoin transactions, the reward block is an incentive setup to encourage large participation.
miners function as a server infrastructure, equivalent to the financial servers processing bank transfers. instead of a few companies handling the money transfers of banks, the work has been outsourced to 10,000 little peer to peer crowd computers.
Red Squirrel
No Lifer
Been reading on this, definitely looks interesting. Looks like you need quite a lot of computing power though, but that could probably be reduced by using a dictionary to do the hash lookups instead of having to calculate it each time. I'd have to keep reading on much further but definitely something cool to look into. If people are truly making money off this then it could actually be cost effective for me to buy a couple blades and have them run during hydro off peak hours. I would then have that computing power available for myself too when I need it, and when I don't, I just mine bitcoins. Though it looks like video cards are more effective.... so maybe instead of blades what I really need is multi video card motherboards. Too bad I'd need 4U cases for that though, so it's not as dense as a blade.
Not that I have the money for that now, but maybe in the future.
Not that I have the money for that now, but maybe in the future.
You have to set up a "wallet"
Then either buy bitcoins or sell some product or service in exchange for bitcoins.
Then, you have bitcoins.
zinfamous
No Lifer
- Jul 12, 2006
- 111,828
- 31,302
- 146
I have about 16 or so left, I dumped so so so many as I was invested from back when they were 3-4 dollars, and waited about a year. My long term target was 20 and i was soooooo happy.
then they hit 95.
i'm not a stock trader and generally a big pansy when it comes to risk. A mere 20K investment at 3.50 to todays price is insane. that's in under a year!
then they hit 95.
i'm not a stock trader and generally a big pansy when it comes to risk. A mere 20K investment at 3.50 to todays price is insane. that's in under a year!
Saint Nick
Lifer
- Jan 21, 2005
- 17,722
- 6
- 81
dartworth
Lifer
- Jul 29, 2001
- 15,200
- 10
- 81
It was cool to have 30+ GPUs running and having boxes of more hardware pretty much constantly showing up for a few months. Kind of a cool nerd heaven
Do you have any pics or links to your setups?
lol, I have a wallet with 0,9995 bc, I bought 2 bc a couple of months ago to have access to a particular usenet indexer. It was like 9 euro for a bc, now I can sell for 68 euro
Apparently BTC hit $105.99 today. http://coinlab.com/
I wonder if the rise is due to hoarding, or a lot more people getting into the market. volume appears to be high though. I wonder if it is just more people using it to transfer money.
I wonder if the rise is due to hoarding, or a lot more people getting into the market. volume appears to be high though. I wonder if it is just more people using it to transfer money.
Crash incoming~
And I still think the rise is due to people basing the value and scarcity of coins off the current creation rate without regard for how 'un-rare' they truly are. Not to mention price increases beget increased interest in bitcoins which beget price increases and so on and so forth; kind of like how there was a huge thread about them leading up to the last crash which then subsequently died and now we have this one going.
And I still think the rise is due to people basing the value and scarcity of coins off the current creation rate without regard for how 'un-rare' they truly are. Not to mention price increases beget increased interest in bitcoins which beget price increases and so on and so forth; kind of like how there was a huge thread about them leading up to the last crash which then subsequently died and now we have this one going.
OverVolt
Lifer
- Aug 31, 2002
- 14,278
- 89
- 91
Yes it will crash, but with Cyprus I can understand why all of Europe is using bitcoin as an alternative to under the mattress.
It will crash just not anytime soon.
Most people if they have bitcoins are reluctant to sell them even though its near a high. Thats just human psychology for you.
It will crash just not anytime soon.
Most people if they have bitcoins are reluctant to sell them even though its near a high. Thats just human psychology for you.
Crusty
Lifer
- Sep 30, 2001
- 12,684
- 2
- 81
You can, but at the rate that you would be contributing would net you so little amounts of bitcions that it costs more in electricity to run your GPU. Most of the mining has moved on to custom ASICs.
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