Solve : Bit Coins & Bit Coin Hardware?

1.	Solve : Bit Coins & Bit Coin Hardware?
Answer» Looking at deals at newegg this caught my eye as unusual. I didnt know that hardware specific for bitcoin mining was being sold out there. http://www.newegg.com/Product/Product.aspx?Item=9SIA68020W5714&cm_re=BitCrane_T-110S-_-9SIA68020W5714-_-Product Personally I feel that if money was really to be made mining bitcoins, then wouldnt everyone be doing it? Anyone out there mined in the past to share on this subject. Also i have seen tons of sites out there offering software to turn your computer into a bit coin miner and these so called POOLS where groups of random members farm with teamed processing power and then the so called honest site when a bit coin is farmed will share the value of it with the members whose computers were farming them in which what type of auditing is going on to protect these people in the pools from basically donating their computers processing power and not getting anything in return for the wasted electricity and wear on their system. Are there any that are trusted out there or is it the wild west of the internet where there are many thieves among a potentially profitable gold mining venture if you are not taken advantage of?It's the Wild West... Tread carefully...many who have bought such PC's will never get enough coins to RECOUP their investment.Thanks Patio for your input on this. I have no plans to farm them, nor buy a box for $700 just to crunch them out. If there was a honest farming program out there I would probably test it out, but not commit to paying an addition to my electric bill just for a chance to farm one of them etc.DaveLembke ... want a great deal on a bridge? It's a big risk. the values fluctuate massively. Nowadays it is very hard to mine bitcoins in a cost effective manner, people starting now are trying to get into it based on all the success stories from years ago when it was much easier. Devices like that use ASICs - Special chips designed purely for calculating the hashes that Bitcoin mining requires - This makes them extremely fast since that is all the chip is designed to do. In fact, nowadays for Bitcoin at least, they are the only viable option, the days of GPU and CPU mining are long gone. That said, the time that it would take nowadays to break even is very high and it is extremely hard to predict what will happen to the value in that time.Better off using those resources for Folding...or SETI.... Quote from: DaveLembke on February 07, 2015, 03:32:00 PM Personally I feel that if money was really to be made mining bitcoins, then wouldnt everyone be doing it? The days of being able to profitably mine Bitcoin, or many other coins, without a big risky investment have long since come and gone. Those that jumped on the bandwagon near the start and hit it hard, then kept the coins until the prices rose, have made a fortune - just like the stock market really. That's not to say there isn't still money to be made in mining but it's riskier than it was and requires a lot of research before wading in.Thanks everyone for the feedback on this subject. And geek... Quote ... want a great deal on a bridge? Did you get that wireless bridge working between you and neighbor? BTW... I know its not that bridge you were referring to.. I'm still of the mind that Bitcoin is a pyramid scheme. 1. Early adopters buy bitcoins at relatively low initial prices. 2. Early adopters publicize bitcoin to get more adopters and raise demand. 3. More people wanting bitcoin raises demand, The price goes up, and the early adopters cash out. 4. The second wave of people does the same thing. 5. Repeat until the price drops by HALF in the span of a day because of a single individual performing certain transactions to change the price to make it a buyers market to buy more bitcoins, and those people who took out loans to "invest" are screwed, and the miners are screwed as a result because their once-profitable operation is now in the red and costs more to run than it makes back in bitcoins. The reason I am of the mind that it is a pyramid scheme is because it has all the requisites. Only a subset of people at the top actually get out of it with a positive net effect. Everybody else get's pretty much screwed, but as you go down the pyramid you find each level trying to screw with the one below.Quote I'm still of the mind that Bitcoin is a pyramid scheme. I agree with you here, and thats the main reason why i never farmed them when this first started, but its surprising that it hasnt topled yet, and more and more places are accepting them as valid forms of payment. I downloaded Libre Office today on a new computer for a client and at their site right at the download it PROMPTS for you to make a donation if you wish, and one of the options was to make a donation using bitcoin. https://donate.libreoffice.org/Quote from: DaveLembke on February 08, 2015, 05:22:04 PM I agree with you here, and thats the main reason why i never farmed them when this first started, but its surprising that it hasnt topled yet, and more and more places are accepting them as valid forms of payment. Usually when a company "takes bitcoin" it's partly for the PUBLICITY- a lot of the bitcoin folks are the Anarcho-capitalist type who are convinced that the world's financial infrastructure is going to collapse anyday now and a decentralized, unregulated currency is a solution somehow- being able to "pretend" to be on their side can cause them to be very loyal customers. I say "pretend" because when a company takes bitcoin they almost always have simply consigned an intermediary to convert bitcoins directly to USD (or an applicable currency) for them.

Answer»

Looking at deals at newegg this caught my eye as unusual. I didnt know that hardware specific for bitcoin mining was being sold out there. http://www.newegg.com/Product/Product.aspx?Item=9SIA68020W5714&cm_re=BitCrane_T-110S-_-9SIA68020W5714-_-Product

Personally I feel that if money was really to be made mining bitcoins, then wouldnt everyone be doing it? Anyone out there mined in the past to share on this subject. Also i have seen tons of sites out there offering software to turn your computer into a bit coin miner and these so called POOLS where groups of random members farm with teamed processing power and then the so called honest site when a bit coin is farmed will share the value of it with the members whose computers were farming them in which what type of auditing is going on to protect these people in the pools from basically donating their computers processing power and not getting anything in return for the wasted electricity and wear on their system.

Are there any that are trusted out there or is it the wild west of the internet where there are many thieves among a potentially profitable gold mining venture if you are not taken advantage of?It's the Wild West...

Tread carefully...many who have bought such PC's will never get enough coins to RECOUP their investment.Thanks Patio for your input on this. I have no plans to farm them, nor buy a box for $700 just to crunch them out.

If there was a honest farming program out there I would probably test it out, but not commit to paying an addition to my electric bill just for a chance to farm one of them etc.DaveLembke
... want a great deal on a bridge? It's a big risk. the values fluctuate massively. Nowadays it is very hard to mine bitcoins in a cost effective manner, people starting now are trying to get into it based on all the success stories from years ago when it was much easier.

Devices like that use ASICs - Special chips designed purely for calculating the hashes that Bitcoin mining requires - This makes them extremely fast since that is all the chip is designed to do. In fact, nowadays for Bitcoin at least, they are the only viable option, the days of GPU and CPU mining are long gone. That said, the time that it would take nowadays to break even is very high and it is extremely hard to predict what will happen to the value in that time.Better off using those resources for Folding...or SETI.... Quote from: DaveLembke on February 07, 2015, 03:32:00 PM

Personally I feel that if money was really to be made mining bitcoins, then wouldnt everyone be doing it?

The days of being able to profitably mine Bitcoin, or many other coins, without a big risky investment have long since come and gone. Those that jumped on the bandwagon near the start and hit it hard, then kept the coins until the prices rose, have made a fortune - just like the stock market really. That's not to say there isn't still money to be made in mining but it's riskier than it was and requires a lot of research before wading in.Thanks everyone for the feedback on this subject.

And geek...
Quote

... want a great deal on a bridge?

Did you get that wireless bridge working between you and neighbor?

BTW... I know its not that bridge you were referring to.. I'm still of the mind that Bitcoin is a pyramid scheme.

1. Early adopters buy bitcoins at relatively low initial prices.
2. Early adopters publicize bitcoin to get more adopters and raise demand.
3. More people wanting bitcoin raises demand, The price goes up, and the early adopters cash out.
4. The second wave of people does the same thing.
5. Repeat until the price drops by HALF in the span of a day because of a single individual performing certain transactions to change the price
to make it a buyers market to buy more bitcoins, and those people who took out loans to "invest" are screwed, and the miners are screwed as a result because their once-profitable operation is now in the red and costs more to run than it makes back in bitcoins.

The reason I am of the mind that it is a pyramid scheme is because it has all the requisites. Only a subset of people at the top actually get out of it with a positive net effect. Everybody else get's pretty much screwed, but as you go down the pyramid you find each level trying to screw with the one below.Quote

I'm still of the mind that Bitcoin is a pyramid scheme.

I agree with you here, and thats the main reason why i never farmed them when this first started, but its surprising that it hasnt topled yet, and more and more places are accepting them as valid forms of payment. I downloaded Libre Office today on a new computer for a client and at their site right at the download it PROMPTS for you to make a donation if you wish, and one of the options was to make a donation using bitcoin.

https://donate.libreoffice.org/Quote from: DaveLembke on February 08, 2015, 05:22:04 PM

I agree with you here, and thats the main reason why i never farmed them when this first started, but its surprising that it hasnt topled yet, and more and more places are accepting them as valid forms of payment.

Usually when a company "takes bitcoin" it's partly for the PUBLICITY- a lot of the bitcoin folks are the Anarcho-capitalist type who are convinced that the world's financial infrastructure is going to collapse anyday now and a decentralized, unregulated currency is a solution somehow- being able to "pretend" to be on their side can cause them to be very loyal customers.

I say "pretend" because when a company takes bitcoin they almost always have simply consigned an intermediary to convert bitcoins directly to USD (or an applicable currency) for them.

Solve : Bit Coins & Bit Coin Hardware?

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