BitCoin Mining

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fitzy

Preferred Member
Nov 13, 2012
2,933
0
NY
Your friend is pulling your leg. The odds of him finding a block are slim to none unless he's invested a very large fortune in hardware. It's possible he thinks he's made money speculating on exchange rates but not from mining.
He's got a better chance of making money off mining alternative cryptocurrency's.

 

aldecaker

Preferred Member
Feb 13, 2015
4,409
7
Fiat currency is for idiots, unless you are the sole controller of it. We have already been forced at gunpoint to adopt one; why deliberately adopt another? If you want to gamble on becoming rich or losing your shirt, John is right. Try commodities instead.

 

oldmansmoking

Preferred Member
May 13, 2017
586
44
UK
I think you have to be very careful with this type of thing.

If you lost everything and were ok with the loss then go for it, if the loss would hurt you or cripple you don't even look at it.

 

balkisobrains

Preferred Member
Jun 27, 2016
1,191
13
That overview is pretty accurate woods. GPU mining Bitcoin became "not worth it" years ago. You can still ASIC mine, but right now you need about a million bucks to get the rig off of the ground, mostly in specialized mining gear, but also including somehow securing an air-conditioned warehouse, installing your commercial service upgrade from the power company, not to mention paying their bill at the end of the month, and you would need to know how to set it all up right away and keep it running as efficiently as possible to turn a profit. None of this is user-friendly. You could avoid all of that and set up and run a mining pool, but like running a rig, there are always problems, and if you make too many mistakes, your miners will go elsewhere very quickly. None of this is user-friendly either. Costs a lot less to start one than setting up a solo rig, but unless it becomes massive, you'll earn a lot less as well. You could rent cloud-mining space and hope to get something, but it is probably less expensive to just buy some Bitcoin at a good price if you want some.
Until they make major changes to the source-code, Bitcoin probably won't become a day-to-day currency. When it comes to small transactions it has become too expensive to use and can't get out of its own way in terms of confirmation times. No one can yet agree on making major changes to the source code to solve these issues, and that's why there was a recent fork of the Bitcoin blockchain, and there will probably be another one in November. If people want to take the idea and tie it to their economy and apply it towards small transactions then they will continue to look under the hood of Bitcoin for new and better ideas, or continue to develop / adapt what is there to overcome Bitcoins shortcomings in the form of their own blockchain. As that happens, then you are probably going to see different tailor-made solutions emerging from within different regions, and those solutions might not be useful or valuable outside of that region, and I doubt that it would replace the currency already in that region. But what is under the hood is probably where the value of the original idea might be in the long run. People are trying to develop more useful "encrypted decentralized ledgers", which is basically all that Bitcoin is at the moment. Maybe we will see things like an irrefutable voting system, or a system for storing and hosting pictures on the web where a single entity cannot suddenly break all of your links. Or maybe an warehouse inventory system that is extremely accurate and always has a number of real-time "backup" nodes elsewhere off-property, in case the one on-site gets compromised somehow. I think that in a few years, people will be using "blockchain tech" everyday and not even realize it. Bitcoin will have some USD value for at least as long as the Chinese keep flipping Yuan from China, to Bitcoin, to US Dollars somewhere not in China. Beyond that is anybodies guess.

 

woodsroad

Preferred Member
Oct 10, 2013
8,374
297
Then again, I know someone who put $700 into BitCoins when they were under $100 each.

 

wilson34

Member
Aug 4, 2017
144
0
@Balkisobrians-you nailed it, my friend is in a mining pool. I never wanted to join. I was just curious about it and how it worked.
Sablebrush52-you forgot beer can collecting lol

 

warren

Preferred Member
Sep 13, 2013
7,590
499
You're kidding of course. At least I hope you are. My sympathies if you are serious.

 

andrew

Preferred Member
Feb 13, 2013
2,883
3
Hey it started at .05 cents and has hit almost 5000$, I prefer speculating on shares to the traditional form of gambling

 

wilson34

Member
Aug 4, 2017
144
0
I remember when I got a equality line of credit on my house, And bought several Bank stocks when the recession hit. Everyone told me I was crazy and the banking system is going to fail. Boy it felt good to cash out several bank stocks that I bought for 99 cents and sold for 28.95 to 30.00 a share a few years later.
Always remember: Be greedy when others are fearful, and fearful when others are greedy.

 

nevadablue

Preferred Member
Jun 5, 2017
1,193
1
Oddly, I get bitcoin junk mail since I opened this thread right after it started. Never ever got those before.

 

jvnshr

Moderator
Staff member
Sep 4, 2015
3,979
42
Baku, Azerbaijan
Then again, I know someone who put $700 into BitCoins when they were under $100 each.
That could have been me in 2009, but I was a student and said 'Nah, I will just go grab a beer'.
Oddly, I get bitcoin junk mail since I opened this thread right after it started. Never ever got those before.
Before opening this thread you probably did a Google search, and now you are a potential target for bitcoin miner friendly websites.

 

nevadablue

Preferred Member
Jun 5, 2017
1,193
1
Not before, but after. It was the links in this thread I think. I did look at both of them. No big deal, but I had never searched or looked at bitcoin stuff.

 

ashdigger

Preferred Member
Jul 30, 2016
5,296
111
John, when I was buying a handgun the other day, I saw my first Bitcoin ATM. So it's clearly a thing. They didn't have a regular ATM though.

 
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