BitCoin Mining

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wilson34

Member
Aug 4, 2017
144
0
Does anyone know anything about BitCoin Mining? I have a friend who started a mining group and swears he is making money. I have read mixed reviews, but I do see BitCoin is growing in popularity.
Any info would be helpful.

 

warren

Preferred Member
Sep 13, 2013
7,350
30
Seems your friend knows something. I'd watch and learn. If he's making money perhaps he'll share his insight with you.

 

cosmicbobo

Preferred Member
May 11, 2017
659
0
I guess if you're lucky enough to unlock some money out there it's fine.

One of the people I followed on YouTube swears by it, thinking it will replace the dollar. Woe is us if it does. I am not a Fed fan, but a two dollar loaf of bread stays relatively the same over months. With Gold and Bitcoin it may be 2/1000 of a bitcoin. However, what it costs to get that bitcoin or portion of gold may cost an arm one day then an arm, a leg, and your future body parts the next.

Not that I have an opinion, mind you

 

sablebrush52

Preferred Member
Jun 15, 2013
9,604
100
The chief benefit of BitCoin will lie in the sheer volume of criminality it will support.

 

balkisobrains

Preferred Member
Jun 27, 2016
1,505
0
I think that these days you are probably better off just buying some if you want some. Running a pool is generally a constant nightmare. Building your own rig is also a nightmare, and you will need about $1M to build one that can actually turn a profit.

 

andrew

Preferred Member
Feb 13, 2013
2,883
0
Bitcoin is going to leave a lot of people in financial distress, if you haven't cashed out, do it now

*I am not a financial advisor and hold no bitcoin, do not take this as advice*

 

jacks6

Preferred Member
May 9, 2016
1,019
0
I think that these days you are probably better off just buying some if you want some. Running a pool is generally a constant nightmare. Building your own rig is also a nightmare, and you will need about $1M to build one that can actually turn a profit.
Listen to this guy.

 

wilson34

Member
Aug 4, 2017
144
0
Yeah-I have heard it is suppose to become the universal currency in the future. I see Starbucks already accepts bitcoin.
I heard the mining can be costly do to buying a rig and the heat it produces.

 

cosmicfolklore

Preferred Member
Aug 9, 2013
17,929
116
I'm trying to imagine paying someone with bitcoin for mowing my lawn, my kid's allowance, or just sliding a few bitcoins to the delivery guy for being prompt. I hate the very idea of bitcoin to the core. It's like those self-driving cars. We've become so stupid, that we imagine that everyone is as stupid as we are, so the day will come that no one will be allowed to operate their vehicle. Call me a luddite, but I root for the total collapse of all technology. Sure, sure, the hypocrisy of being on an online forum saying this doesn't escape me. But, we could use a few generations of pen and paper by candlelight.

 

jpmcwjr

Preferred Member
May 12, 2015
13,529
129
Monterey Peninsula
I imagine it's pretty great for laundering money!
Otherwise, it's back to the greater fool theory. I'd rather speculate in pork bellies- at least you can eat the stuff if you accidentally take delivery of a few tons.

 

cosmicfolklore

Preferred Member
Aug 9, 2013
17,929
116
It would only be good for laundering money, if we also have paper and coin currency to transfer it to after cleaned. Otherwise, there can be no laundering if the treasury can monitor all transactions. I would hope that small government people would be all over stopping this from happening.

 

jpmcwjr

Preferred Member
May 12, 2015
13,529
129
Monterey Peninsula
I'm an expert on laundering money after watching Ozark! The laundering comes through the purchase of materials (hard drives and servers) at inflated prices, inflated wages, inflated profits all of which get turned into real money after a bit. (pun, whoops).

 

deathmetal

Preferred Member
Jul 21, 2015
7,724
0
We've become so stupid, that we imagine that everyone is as stupid as we are, so the day will come that no one will be allowed to operate their vehicle. Call me a luddite, but I root for the total collapse of all technology. Sure, sure, the hypocrisy of being on an online forum saying this doesn't escape me.
Insightful. One thing to keep in mind is that everything from making spears through making spaceships is technology, so maybe we are not talking of technology as a yes/no question but a question of degree. With that in mind, we're basically using 1970s technology here to communicate through this forum. The more we use technology, the fewer abilities we retain, through a process that Darwin called "degeneration."
I have spent most of my life working in digital technology, and have become suspicious of it because the technology is only as good as the people who use it. And most people have become, as you say, "stupid" in the old meaning of "insensible." They do not understand what they read, do and see, and fill in the blanks with media tropes.
When humanity has an epitaph, it will be a monosyllable. Something like Durrrr, or maybe Hurrrr, perhaps even Unk.

 

wilson34

Member
Aug 4, 2017
144
0
The sad thing is technology has been so developed, the criminal aspect blows my mind. I never knew Bitcoin was originally used for buying and selling illegal goods and services on The Dark Web. My identity was stolen a few years back through my PayPal account, along with 850.00. Once tracked down, I learned of the Dark Web-where illegal credit card's can be bought and sold, Paypal accounts, guns, Hit Men, Drugs; anything that can you bought or sold is available at your figure tips. Probably a backdoor supply of Esoterica can be found. It's Incredible the ways technology has transformed out lives, and not for the better at times. Who would have thought Bitcoin has revolutionalized the criminal world. You could literally get a Tore Browser, get on the Dark Web and rent a computer hacker to doctor your work history or college grades, or degrees, or communicate with criminals from all around the world behind your computer screen.

 

tuold

Preferred Member
Oct 15, 2013
2,108
0
Beaverton,Oregon
Computer video card manufacturers are turning to bit coin mining to make up for the sagging PC gaming market. I found out about this last month when I started shopping for a replacement video card. Retailer shelves have been emptied because of this bit coin rush. It seems the added computer power of the video processor synergises with the CPU to gather more coins.
As for the intrinsic value of bitcoins, well, any currency is only worth whatever people will pay for it.
If you want to start mining, here's some hardware:
Mining Hardware Link