bitcoins... when paypal ain't enough.
really tho, the idea is bullshit. I don't understand why people are so freaky about it.
bitcoins... when paypal ain't enough.
really tho, the idea is bullshit. I don't understand why people are so freaky about it.
Well part of it is the anonymity, not perfect but pretty damn close. And bitcoins can never go back on transactions, reverse them, anything of the sort. Once it's made, its safely yours and you wont lose it. Also, PayPal will turn over records if law enforcement asks for it whereas the Bitcoin record is publicly available but as a super complex math equation that would be a royal pain to track a payment and to add to the confusion if your doing something with bitcoins your probably going to use some sort of proxy as well... Finally, the investment opportunity like Ragehottie mentioned. While investing now won't be quite as good as it was when bitcoins first started, it could still be worth the cash as bitcoins rise in value. Pay $6 each now and sell for $20 each in 5 years, something along those lines
and what's the point in investing in bitcoin when there is stock and real estate?
10 % a month is not difficult in stocks.
Very true. But bitcoins can also be invested in without any cash. Just start mining, and either try to do it yourself or join a mining pool. Personally I don't think it's worth it atm, but other people seem to think it is.
ok how does a mining pool work , can i make my own with a bot-net ?
ok how does a mining pool work , can i make my own with a bot-net ?
Yes you can, though technically that's not a pool since it's all done by you. A mining pool is a bunch of people pooling their resources to do bitcoin mining, and they split the rewards. There is a list of current pools here (https://en.bitcoin.it/wiki/Comparison_of_mining_pools) that you can join, and it talks about how rewards/work is split.
No, it would be considered a pool, a pool is just more than one computer working together to mine bitcoins.
My mistake then, must not have read deep enough into it. thanks for the correction
This is also how bitcoins are added to make the available currency pool larger.
Is this to say that bitcoin mining will hurt the bitcoin economy in the long run?
During mining, your computer runs a cryptographic hashing function (https://en.bitcoin.it/wiki/Proof_of_work) (two rounds of SHA256) on what is called a block header (https://en.bitcoin.it/wiki/Block_hashing_algorithm). For each new hash, the mining software will use a different number as the random element of the block header, this number is called the nonce. Depending on the nonce and what else is in the block the hashing function will yield a hash which looks like this:Optimize this process to death, 'til you cannot optimize it anymore.93ef6f358fbb998c60802496863052290d4c63735b7fe5bdaac821de96a53a9aYou can look at this hash as a really long number. (It's a hexadecimal number, meaning the letters A-F are the digits 10-15.) Now to make mining difficult, there is what's called a difficulty target. To create a valid block your miner has to find a hash that is below the difficulty target. So if for example the difficulty target is 1000000000000000000000000000000000000000000000000000000000000000, any number that starts with a zero would be below the target, e.g.:0787a6fd6e0782f7f8058fbef45f5c17fe89086ad4e78a1520d06505acb4522fIf we lower the target to 0100000000000000000000000000000000000000000000000000000000000000, we now need two zeros in the beginning to be under it:00db27957bd0ba06a5af9e6c81226d74312a7028cf9a08fa125e49f15cae4979Because the target is such an unwieldy number with tons of digits, people generally use a simpler number to express the current target. This number is called the mining difficulty. The mining difficulty expresses how much harder the current block is to generate compared to the first block. So a difficulty of 70000 means to generate the current block you have to do 70000 times more work than Satoshi (https://en.bitcoin.it/wiki/Satoshi_Nakamoto) had to do generating the first block. Though be fair though, back then mining was a lot slower and less optimized.
The difficulty changes every 2016 blocks. The network tries to change it such that 2016 blocks at the current global network processing power take about 14 days. That's why, when the network power rises, the difficulty rises as well.
I had bad experiences with BitCoins. That stuff is unstable man, wouldn't waste my time on it. Not yet anyway.
I used to do bt mining with some of the most powerful GPU in the world and still it was a waste of time.
The ASIC miners that are currently present will quickly go futile once they become used en masse. The difficulty will jump significantly.
That's why I went for LTC. Most of the others will crash and burn, but these guys claim they are independent from the operations of BTC and the BTC peer network.
Actually out of the mass of altcoins that have cropped up, by process of elimination, me and my friends ended up only with LTC as the most viable replacement for the shitty system that BTC turned out to be.
Also this: http://www.reddit.com/r/litecoin/comments/1cssqr/the_math_why_litecoin_is_more_secure_than_bitcoin/ (http://www.reddit.com/r/litecoin/comments/1cssqr/the_math_why_litecoin_is_more_secure_than_bitcoin/)
Just look at the exchange charts of LTC and BTC over the last 3 months and you will see that at the moment, LTC is very related and tied to Bitcoin.
Haha I was just trying to figure that question out last week. And in all fairness, it is an abstract concept that took me a solid day to figure out. So here goes with what I coukd figure out about them bubzuru
Bitcoins are a currency that is transferred virtually anonymously through complex mathematical algorithms called blocks. These blocks are super complex, and must be solved in order to allow future transactions. Bitcoin mining is the act of using your GPU to solve these equations, for which you are rewarded 50 bitcoins. This is also how bitcoins are added to make the available currency pool larger. These bitcoin.generations are severly reatricted however due to a number of factors.
First, they are capped at 21 million. After 21 million bitcoins are generated there will be no more
Second, every week an algorithm runs and adjusts the complexity of the blocks so that bitcoins are geberated at roughly the same rate that gold is mined. At this point it takes about 2 weeks to solve a block and only the person who solved it gets the coins.
Also, I say virtually anonymous because anyone with no life can go back and look at blocks to trace transactions. However, it just aint worth their time cause of everything they would have to sort throufh. So it is possible, but 99% unlikely. Or thereabouts
So doing bitcoin mining on your own comp.just ain't worth the time tbh, however joining a bitcoin mining pool could be worth it. you'll have to check that out yourself. If I did a poor job explaining thia, ask for clarification and ill do what I can. Cahse I do think the hows and whys of bitcoins are quite confusing lol
Very nice response man. But, what is a bitcoin mining pool? And how do you join one? What sort of skills/specialties must you have?
Thanks
Ok seriously. I just read all ten of your posts and most of them are a bunch of questions that you obviously didn't even bother to research for a second on your own, and the others are just unnecessary/silly statements. If you want to know about bitcoins, you will find more information than you can get from asking us by just googling bitcoins.
A question here and there is fine, but making a post every time a question comes to your head is not good. Clean your shit up and you'll do fine here.
Four letters: RTFM.
I know I can easily Google most of my questions but I'm new to the community and want to be known for being willing to learn and help others.
Plus, I ask a lot of these questions to see how in depth this forum really goes, which honestly seems it goes pretty far. This is why I plan on sticking around.
Really you should work on your attitude.
Really you should work on your attitude.
Totally off-topic but: Oh man! Been a long time since I saw anyone say RTFM. Why dont we use that more often? Such a great thing to say.