Dismiss Notice
Want to Shorten Your Long URL? Check out our sister website Tiniurl to solve your needs!

Bitcoin

Discussion in 'Chit-Chat' started by Skyline_GTR, Dec 17, 2013.

  1. Skyline_GTR

    Skyline_GTR GzP Admin Staff Member Admin

    Messages:
    9,789
    Likes Received:
    151
    Joined:
    Nov 23, 2005
    Does anyone can give a simple answer on what is this thing and how can people mine it on the internet? I tried to find the answer online but they are quite complicated..How can you mine this virtual money? I see some sites are selling hardware specify for mining bitcoin and they can cost up to 4k for that piece of hardware:twitch:
     
  2. LCS

    LCS

    Messages:
    1,727
    Likes Received:
    164
    Joined:
    Nov 23, 2005
    It's too late for that now. The difficulty of mining Bitcoins goes up as time passes. Had you started in the early 2000s, you would've gotten them easily. Now it's uneconomical for most people to do it as the cost of electricity to mine the Bitcoins is greater than the value of Bitcoin itself (which fluctuates wildly). If you want to get into it, buy them like you would buy gold; it's an investment.
     
  3. Skyline_GTR

    Skyline_GTR GzP Admin Staff Member Admin

    Messages:
    9,789
    Likes Received:
    151
    Joined:
    Nov 23, 2005
    But it doesn't have any intrinsic value like gold? perhaps you only put them into a disc?
     
  4. LCS

    LCS

    Messages:
    1,727
    Likes Received:
    164
    Joined:
    Nov 23, 2005
    It's the electronic version of gold. I would also say that gold has no intrinsic value. All of it is valued at whatever price people will pay for it. Gold, in fact, can be invested in like a stock. Consider Bitcoin another stock.
     
  5. Skyline_GTR

    Skyline_GTR GzP Admin Staff Member Admin

    Messages:
    9,789
    Likes Received:
    151
    Joined:
    Nov 23, 2005
    ah.. seems like there will be ATM machines which people can use to buy and sell bitcoin. Getting so much attention these few years.
     
  6. shaheenster

    shaheenster Retired Staff Member

    Messages:
    2,277
    Likes Received:
    213
    Joined:
    Jun 29, 2007
    just wait for the crash. The way bitcoin currency is currently inflating will prolly lead to its crash sometime soon. A lot of marketers have predicted sometime in late 2014 too
     
  7. hesham8

    hesham8 Retired Staff Member

    Messages:
    2,482
    Likes Received:
    23
    Joined:
    Nov 25, 2005
    Honestly, I think Bitcoin is likely to die out as quickly as it rose to prominence in the last year.
    That said, mining at this point isn't worth it - we're nearing the cap for the maximum amount of bit coins that can be in existence, and to be frank you won't make any money on it anymore (the power costs of operating the hardware is often more than what you'd make by mining).
     
  8. omegaskillz96

    omegaskillz96

    Messages:
    246
    Likes Received:
    0
    Joined:
    Sep 2, 2011
    To mine bitcoin its recommended that you use amd GPUs, the best one currently is ati radeon hd 5850 (not 100% sure).

    P.s 4C H A N has started something called dogecoin....
     
  9. LCS

    LCS

    Messages:
    1,727
    Likes Received:
    164
    Joined:
    Nov 23, 2005
    Bitcoin is here to stay, and a limited supply only makes it more valuable. The next most valuable cryptocurrency would be Litecoin. I'm not sure if Dogecoin is a serious contender though.
     
  10. omegaskillz96

    omegaskillz96

    Messages:
    246
    Likes Received:
    0
    Joined:
    Sep 2, 2011
    Dogecoin is a joke right now, but you never know it might grow as big as Bitcoin. And like you said the limited supply of Bitcoin will make it worth more and more until there is no more.
     
  11. Skyline_GTR

    Skyline_GTR GzP Admin Staff Member Admin

    Messages:
    9,789
    Likes Received:
    151
    Joined:
    Nov 23, 2005
    All of a sudden it seems so many different ___coin on the internet..
     
  12. Krnboy323

    Krnboy323 Retired Staff Member

    Messages:
    3,073
    Likes Received:
    253
    Joined:
    Jan 11, 2008
    bitcoin would grow in value if it wasnt the only online online currency out there. you see virtual currencies like dogecoin that is the same shit as bitcoin except dogecoin has the cute little dog meme as its marketing approach. ultimately online currencies only have value because people use it and online business accept bit coin as payment.

    For mining bitcoins you can either buy bitcoins and wait for it raise in value or the really bad way set up a trading thing on tor and accept bitcoin as payment. then when the money goes into the escrow of the site you can just take it all. which is a scam and thats why you see big news about the online black markets taking millions of dollars from people and scamming them.
     
  13. 2Disturbed

    2Disturbed

    Messages:
    581
    Likes Received:
    3
    Joined:
    Dec 15, 2005
    i wonder what you guys think now that 3 yrs have passed.

    sorry for the bump.
     
  14. Skyline_GTR

    Skyline_GTR GzP Admin Staff Member Admin

    Messages:
    9,789
    Likes Received:
    151
    Joined:
    Nov 23, 2005
    It is actually pretty crazy after 3 years. from around 1000 to now over 15K. I wish I has purchased some when I started this post....
     
  15. 2Disturbed

    2Disturbed

    Messages:
    581
    Likes Received:
    3
    Joined:
    Dec 15, 2005
    same! i knew i should of bought them at that time, they were around $300 each if im not mistaken. imagine the profit if held until now >.<
     
  16. BlackStone

    BlackStone

    Messages:
    4
    Likes Received:
    0
    Joined:
    May 10, 2018
    Gender:
    Male
    Bitcoin is interesting. I read it's used for criminal activity but there will be a huge backlash if it ever completely crashes.
     

Share This Page