Bitcoins and Other Crypto-currencies

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Dblock
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PostRe: Bitcoins and Other Crypto-currencies
by Dblock » Wed Jul 16, 2014 7:52 pm

Has this gooseberry fool collapsed ?

''Saying it's because I was controlling you and making you sad when actually I just asked you to wear some trousers'' :lol: :lol:
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Christmas CrackErrkal
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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Wed Jul 16, 2014 7:58 pm

Far from it. It is expanding it's use fairly week and value is pretty stable and slowly rising.

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PostRe: Bitcoins and Other Crypto-currencies
by Dblock » Wed Jul 16, 2014 7:59 pm

[iup=3508949]Errkal[/iup] wrote:Far from it. It is expanding it's use fairly week and value is pretty stable and slowly rising.


How does someone invest in one and what website would you trust ?

Seems to be a very dodgy business .

''Saying it's because I was controlling you and making you sad when actually I just asked you to wear some trousers'' :lol: :lol:
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PostRe: Bitcoins and Other Crypto-currencies
by Meep » Wed Jul 16, 2014 8:00 pm

I think this is getting to the point where governments are going to have to start intervening and clamping down the trade of bitcoin. The ever advancing levels of power needed to get worthwhile returns from mining has reached a point where, depending on local price of power, breaking even can be a challenge. IMO, this has turned bitcoin into a vector for hacking as related malware for mining is becoming a much greater problem. Once malware becomes the only profitable way of producing new coins then the currency itself will be an incitement to computer misuse and should be extinguished if possible.

If you get to a situation where the only way to produce new bitcoins and stay in the black is not pay for hardware or electricity then you have a situation where every new one created is likely the result of mal or ransomware activity.

Last edited by Meep on Wed Jul 16, 2014 8:07 pm, edited 1 time in total.
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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Wed Jul 16, 2014 8:00 pm

There are a few. Netagio is one of the few that is very easy to use in the UK. Most are us based.

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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Wed Jul 16, 2014 8:16 pm

Breaking even isn't all that hard. It depends how you mine.

Alot of places are actually beginning to embrace it hmrc announced a few weeks back it would be viewed as a foreign currency.

The miner kits is coming down in price dramatically.

I have a very small so at home but because i user p2pool to effectivly be my own node to mine on i make about £4 a day which is more than the power costs and although not much it's better than nothing especially as the value slowly rises that get worth more.

There are us universities that accept tutor fees in bitcoin. It had gone past a way to do illegal stuff and I'd becoming much more wide spread. There are ATMS popping up all over the place and a PayPal of sorts in bitpay to make it cry easy for merchants to accept it.

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PostRe: Bitcoins and Other Crypto-currencies
by Dblock » Wed Jul 16, 2014 9:44 pm

[iup=3508968]Errkal[/iup] wrote:Breaking even isn't all that hard. It depends how you mine.

Alot of places are actually beginning to embrace it hmrc announced a few weeks back it would be viewed as a foreign currency.

The miner kits is coming down in price dramatically.

I have a very small so at home but because i user p2pool to effectivly be my own node to mine on i make about £4 a day which is more than the power costs and although not much it's better than nothing especially as the value slowly rises that get worth more.

There are us universities that accept tutor fees in bitcoin. It had gone past a way to do illegal stuff and I'd becoming much more wide spread. There are ATMS popping up all over the place and a PayPal of sorts in bitpay to make it cry easy for merchants to accept it.


Do I have to run several servers from my room ?

Man that is cray cray.

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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Wed Jul 16, 2014 10:14 pm

Naaa

If you want to do mining you have to run asic miners there are either self contained devices or uab devices.

I onlY run a server because me and a couple of mates wanted our own pool to mine on rather than using someone elses.

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PostRe: Bitcoins and Other Crypto-currencies
by Dblock » Wed Jul 16, 2014 10:25 pm

[iup=3509082]Errkal[/iup] wrote:Naaa

If you want to do mining you have to run asic miners there are either self contained devices or uab devices.

I onlY run a server because me and a couple of mates wanted our own pool to mine on rather than using someone elses.


Can I join you and your mates?

I can be the Token of the group if that makes you happy.

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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Wed Jul 16, 2014 10:27 pm

haha if you want.

details of the pool are here: http://errkal.homeserver.com:8080

you will need to get some mining hardware but that's easily got from amazon or ebay, starter stuff AntMiner U2 or Rockminer R-Box devices are a good place to start.

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PostRe: Bitcoins and Other Crypto-currencies
by 1cmanny1 » Wed Jul 16, 2014 11:01 pm

What is this mining hardware? Why can't you just use your computer?

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PostRe: Bitcoins and Other Crypto-currencies
by Grumpy David » Wed Jul 16, 2014 11:42 pm

You can use a computer but for the number crunching tasks and the amount of heat and power they use to mine bit coins there would be no profit in it. Plus it would take too long, you'd mine nothing as everyone else is using very specialist equipment whilst you're using some nasty New Zealand spec prebuild.

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PostRe: Bitcoins and Other Crypto-currencies
by Dblock » Wed Jul 16, 2014 11:42 pm

:lol: :lol:

''Saying it's because I was controlling you and making you sad when actually I just asked you to wear some trousers'' :lol: :lol:
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PostRe: Bitcoins and Other Crypto-currencies
by Dblock » Wed Jul 16, 2014 11:43 pm

[iup=3509098]Errkal[/iup] wrote:haha if you want.

details of the pool are here: http://errkal.homeserver.com:8080

you will need to get some mining hardware but that's easily got from amazon or ebay, starter stuff AntMiner U2 or Rockminer R-Box devices are a good place to start.


Thanks Erkal for the info. I will inbox you for further info/guidance.

Doesn't hurt to try....i spend money on bullshit stuff like games that I never play so why not.

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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Wed Jul 16, 2014 11:48 pm

[iup=3508952]Meep[/iup] wrote:I think this is getting to the point where governments are going to have to start intervening and clamping down the trade of bitcoin. The ever advancing levels of power needed to get worthwhile returns from mining has reached a point where, depending on local price of power, breaking even can be a challenge. IMO, this has turned bitcoin into a vector for hacking as related malware for mining is becoming a much greater problem. Once malware becomes the only profitable way of producing new coins then the currency itself will be an incitement to computer misuse and should be extinguished if possible.

If you get to a situation where the only way to produce new bitcoins and stay in the black is not pay for hardware or electricity then you have a situation where every new one created is likely the result of mal or ransomware activity.


As Erkall said, hardware prices are coming down and computing power is going up so this situation is not likely to happen. There will eventually be a point where no new coins can be mined, but I think that is something like 100 years away.

Alternatively there are also other currencies like Doge Coin that do not have a maximum amount of coins (from what I understand), as they are inflationary like normal money.

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PostRe: Bitcoins and Other Crypto-currencies
by 1cmanny1 » Thu Jul 17, 2014 3:53 am

[iup=3509155]Grumpy David[/iup] wrote:You can use a computer but for the number crunching tasks and the amount of heat and power they use to mine bit coins there would be no profit in it. Plus it would take too long, you'd mine nothing as everyone else is using very specialist equipment whilst you're using some nasty New Zealand spec prebuild.


A tiny USB computer would be able to do it faster than a gaming PC? Also Errkal you said you only make 3 pounds a day, what mining equipment do you have?

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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Thu Jul 17, 2014 6:04 am

[iup=3509162]Rightey[/iup] wrote:
[iup=3508952]Meep[/iup] wrote:I think this is getting to the point where governments are going to have to start intervening and clamping down the trade of bitcoin. The ever advancing levels of power needed to get worthwhile returns from mining has reached a point where, depending on local price of power, breaking even can be a challenge. IMO, this has turned bitcoin into a vector for hacking as related malware for mining is becoming a much greater problem. Once malware becomes the only profitable way of producing new coins then the currency itself will be an incitement to computer misuse and should be extinguished if possible.

If you get to a situation where the only way to produce new bitcoins and stay in the black is not pay for hardware or electricity then you have a situation where every new one created is likely the result of mal or ransomware activity.


As Erkall said, hardware prices are coming down and computing power is going up so this situation is not likely to happen. There will eventually be a point where no new coins can be mined, but I think that is something like 100 years away.

Alternatively there are also other currencies like Doge Coin that do not have a maximum amount of coins (from what I understand), as they are inflationary like normal money.


Yeah there is a limit to how many coins there are but as you say that is a long way off. Also ever time you send money to someone there is a small transaction fee. Most of the blocks people are mining now are blocks made up of a load of transactions the fees of which all add up to 25 BTC (or there abouts) thats then what is given as reward. So even though new block may not get found it doesn't matter as long as people spend money as that creates work for miners and gives them the reward making people moneys.

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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Thu Jul 17, 2014 6:08 am

[iup=3509215]1cmanny1[/iup] wrote:
[iup=3509155]Grumpy David[/iup] wrote:You can use a computer but for the number crunching tasks and the amount of heat and power they use to mine bit coins there would be no profit in it. Plus it would take too long, you'd mine nothing as everyone else is using very specialist equipment whilst you're using some nasty New Zealand spec prebuild.


A tiny USB computer would be able to do it faster than a gaming PC? Also Errkal you said you only make 3 pounds a day, what mining equipment do you have?


It isn't a USB computer is is a USB ASIC http://en.wikipedia.org/wiki/Application-specific_integrated_circuit.

IT is basically a processor thats job is to run calculations that are then submitted to the Bitcoin Network. The rate in which you can do calculations is called youer hash rate.

Where a £500 graphics card could do maybe 120 MegaHash a £16 AntMiner U1 ASIC will be able to do 1.8 Gigahash.

A lot of Alt-Coins use GPU and CPU mining only but BTC has gone passed that, using your GPU as a miner is good as a learning tool as it saves spending money but because it has to run at 100% utilization all the time it wont make you anything.

My setup at the moment is this:

10 x http://www.amazon.co.uk/Bitmain-AntMiner-U1-1-6GH-Bitcoin-Black/dp/B00HLQ73RY/ref=sr_1_1?ie=UTF8&qid=1405573715&sr=8-1&keywords=antminer+u1
2 x http://www.amazon.co.uk/RockMiner-R-BOX-~32-37GH-Bitcoin-Asicminer/dp/B00KU39CDS/ref=sr_1_sc_1?ie=UTF8&qid=1405573743&sr=8-1-spell&keywords=Rockmine+R-Box

The Antminer were bought a while back and from the BTC they have generated I bought the two R-Boxes.

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PostRe: Bitcoins and Other Crypto-currencies
by 1cmanny1 » Thu Jul 17, 2014 8:43 am

10 of them? That is quite the investment.

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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Thu Jul 17, 2014 8:44 am

Not a huge amount I waste more than that on random useless crap from Amazon and Ebay so its not too bad.


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