Cryptocoin Mining?

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dust

dust

Golden Member
Oct 13, 2008
1,339
2
71
I didn't try it yet. I've been mining for about 7 hours now and the temp seems to be steady at 70C, at a 63% fan rate. A little too loud though!
 
hawtdawg

hawtdawg

Golden Member
Jun 4, 2005
1,223
7
81
Drivenbyvoltage said:
afterburner?
Click to expand...

Im sure that would do it. These mobility parts aren't OC friendly like the desktop variants, so i've never messed with it. All my OCing is done via vbios flash. I have different copies for gaming/bitcoin mining.
 
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mazeroth

Golden Member
Jan 31, 2006
1,821
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So let's say I generate enough Bitcoins to be worth $1000 USD. How do I sell them and how hard is it to sell them? Who would buy Bitcoins with real money?
 
M

mazeroth

Golden Member
Jan 31, 2006
1,821
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It just seems odd that people would actually be buying these with real money. You would think the only people accumulating them are the geeks that are mining them.

Any proof that people are actually paying for these things?

Another thing I thought of is the guy that created this monster. How do we know he's not holding onto 10 million Bitcoins?
 
C

Chiropteran

Diamond Member
Nov 14, 2003
9,811
110
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mazeroth said:
It just seems odd that people would actually be buying these with real money. You would think the only people accumulating them are the geeks that are mining them.

Any proof that people are actually paying for these things?

Another thing I thought of is the guy that created this monster. How do we know he's not holding onto 10 million Bitcoins?
Click to expand...

Open source. While I am not a programmer, others have looked over the source code and understand the workings of the system enough to know you just can't do that. You can work back and see when the system started and by doing the math figure out how many 50 coin bounties could have been earned in the first months before release.

I suspect the creators could be holding onto a few thousand BTC, but not millions.

Edit:

http://forum.bitcoin.org/index.php?topic=9745.msg141421#msg141421

Apparently it's possibly up to 2.5 million bitcoins were mined before public announcement/release. However it's likely a bit less, and/or split among more people.
 
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notty22

notty22

Diamond Member
Jan 1, 2010
3,375
0
0
mazeroth said:
It just seems odd that people would actually be buying these with real money. You would think the only people accumulating them are the geeks that are mining them.

Any proof that people are actually paying for these things?

Another thing I thought of is the guy that created this monster. How do we know he's not holding onto 10 million Bitcoins?
Click to expand...

As mentioned earlier in this thread certain commerce is spurring some use of this currency. But look at the details, if you want to cash in your bitcoins. You can't actually can't do that, someone has to buy them from you at xx price.

Actual bitcoin mining , I'd be curious to know more details what corporations are actually backing payment in to the bitcoin repository. Who is gaining from the data processing being farmed out ?
People currently profiting from bitcoin mining does not mean its any more legitimate than any other pyramid scheme, is my point.
 
hawtdawg

hawtdawg

Golden Member
Jun 4, 2005
1,223
7
81
mazeroth said:
It just seems odd that people would actually be buying these with real money. You would think the only people accumulating them are the geeks that are mining them.

Any proof that people are actually paying for these things?

Another thing I thought of is the guy that created this monster. How do we know he's not holding onto 10 million Bitcoins?
Click to expand...

the code is open source and the network knows exactly how many coins there are and whos wallet has them.

Also, yes, Mtgox.com. You can pretty much instantly turn them into money that can then be sent to a Dwolla account and transferred to your bank account. I have money in my bank account from mining bitcoins.
 
hawtdawg

hawtdawg

Golden Member
Jun 4, 2005
1,223
7
81
notty22 said:
As mentioned earlier in this thread certain commerce is spurring some use of this currency. But look at the details, if you want to cash in your bitcoins. You can't actually can't do that, someone has to buy them from you at xx price.

Actual bitcoin mining , I'd be curious to know more details what corporations are actually backing payment in to the bitcoin repository. Who is gaining from the data processing being farmed out ?
People currently profiting from bitcoin mining does not mean its any more legitimate than any other pyramid scheme, is my point.
Click to expand...

There is no data processing of any benefit to anyone. Algorithms are solved that have a difficulty level based on the network hash rate. It is all open source, there is no scam.

People make money on them because other people think they are worth money. The system in place to create and manage this currency is the reason people believe they have value.

Also, with MtGox currently, you can practically turn your coins into USD instantly.
 
hawtdawg

hawtdawg

Golden Member
Jun 4, 2005
1,223
7
81
bart1975 said:
Do Newegg, Amazon, and Walmart accept this as currency?
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Not yet, but it's only a matter of time. This thing is just now taking off. Hell this is a forum for somewhat savvy computer users, and none of you even understand what's going on. People are figuring it out though, just in the last month their value has skyrocketed.

Barring a way to exploit the system, which seems rather impossible at this point, this thing isn't going anywhere, and could very well become a legitimate reserve currency.
 
notty22

notty22

Diamond Member
Jan 1, 2010
3,375
0
0
hawtdawg said:
Not yet, but it's only a matter of time. This thing is just now taking off. Hell this is a forum for somewhat savvy computer users, and none of you even understand what's going on. People are figuring it out though, just in the last month their value has skyrocketed.

Barring a way to exploit the system, which seems rather impossible at this point, this thing isn't going anywhere, and could very well become a legitimate reserve currency.
Click to expand...
I don't understand why you don't leverage your savings to bitcoins right now, and reap the benefits of this skyrocketing, free monies for you !

Here is some new news about 'bitcoin' .
http://gawker.com/5808314/everyone-wants-bitcoins-after-learning-they-can-buy-drugs-with-them

economics Share


Everyone Wants Bitcoins After Learning They Can Buy Drugs With Them




Above is a chart of the exchange rate, in dollars, of the digital currency Bitcoin. That red arrow shows the price on Wednesday afternoon right after we published a story about Silk Road, a Bitcoin-powered online marketplace where you can easily buy illegal drugs. In the past 48 hours alone, a Bitcoin's worth has jumped from around $9.90 to around $14.
The Bitcoin market is notoriously volatile, and it's all but certain that there's a Bitcoin bubble. If anything, the revelations about Silk Road have delayed the popping of the bubble now that folks realize there's actually something you can do with the stuff besides buying alpaca socks and web design services. You're welcome!
 
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hdfxst

Senior member
May 13, 2009
851
3
81
what i don't understand about this is whats backing this currency?What gives it any value?
 
WelshBloke

WelshBloke

Lifer
Jan 12, 2005
30,439
8,108
136
hawtdawg said:
what gives the American dollar any value? Peoples belief that it is worth something.
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Lots of peoples belief its worth something.

That's an asinine argument. You can't just invent a currency overnight, have it backed by nothing and then point to the dollar and say its the same thing.
 
O

OVerLoRDI

Diamond Member
Jan 22, 2006
5,494
4
81
hdfxst said:
it's backed by gold and silver.I'm asking a serious question,where does the value come from?
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The US dollar has not been backed by any precious metals for quite sometime.

Value in a currency comes from the collective belief that is has value. For example, we all are pretty much 100% sure that we can wake up tomorrow and use our dollars to buy a certain amount of goods. It is this combined belief that makes money have value.
 
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hdfxst

Senior member
May 13, 2009
851
3
81
OVerLoRDI said:
The US dollar has not been backed by any precious metals for quite sometime.

Value in a currency comes from the collective belief that is has value. For example, we all are pretty much 100% sure that we can wake up tomorrow and use our dollars to buy a certain amount of goods. It is this combined belief that makes money have value.
Click to expand...

so why is counterfeiting illegal?If moneys not worth the paper it's printed on,why can't i print my own?
 
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WelshBloke

WelshBloke

Lifer
Jan 12, 2005
30,439
8,108
136
hdfxst said:
so why is counterfeiting illegal?If moneys not worth the paper it's printed on,why can't i print my own?
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Because its fraud?

Unless you mean printing money that dosnt pretend to be dollars? That's ok, there must be billions of Monopoly dollars out there!
 
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