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S99

BitCoin BTC

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S99

 

user posted image

Most of info sourced from bitcoin.org

 

BitCoin History

 

Bitcoin is one of the first implementations of a concept called crypto-currency, which was first described in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of a new form of money that uses cryptography to control its creation and transactions, rather than relying on central authorities.

 

In 2009, the first Bitcoin specification and proof of concept was published in a cryptography mailing list by a member under the pseudonym of Satoshi Nakamoto. Towards the end of 2010 Satoshi left the project, saying he had moved on to other things. The creator of Bitcoin never revealed his identity and simply left his invention to the world. The origin and the motivation behind Bitcoin are still today a great source of mystery.

 

Since 2010, the Bitcoin community has grown with many developers working on the project. During June and July 2011, Bitcoin suddenly gained media attention leading to a massive buy rally. The resulting bubble slowly deflated through the latter part of 2011, and since then the value of Bitcoin has slowly climbed once again back to its 2011 heights.

 

On September 27th 2012, the Bitcoin Foundation was created in an effort to standardize, protect, and promote Bitcoin. Today, the Bitcoin economy is developing quickly with new users joining every day.

 

BitCoin what are they?

 

To put it simply it is a online currency. 1 BitCoin is worth around 105 USD

 

BitCoin are they legal?

 

Yes and No. If you are in a pool it is Fully LEGAL as they should pay the tax and if they don't they get shut down and you get your coins. If you do it alone you must pay the tax.

 

BitCoins How do i get them?

 

There are two methods. Buy them using your local currency e.g USD or GBP

or

You can mine them with any good PC

DON'T CPU MINE you will loose you need to GPU Mine with your GFX card.

 

Now, i am going to tell you how to join a pool to mine not our self.

 

•First find a Pool you like the sound of (see below for the different types).

•The go to http://bitcoin.org and watch the video if you want then press get started with bitcoin.

•Choose your wallet (MultiBit) download it.

•The register with your chosen pool.

•They will give you a worker ID and password. Go to http://guiminer.org/ and download it.

•Put the username/worker id in the box and same with password.

•Then start Mining

 

BitCoins Types of Pools

from https://en.bitcoin.it

 

Types of Pools.

 

DGM - Double Geometric Method. A hybrid between PPLNS and Geometric reward types that enables to operator to absorb some of the variance risk. Operator receives portion of payout on short rounds and returns it on longer rounds to normalize payments. [1]

Prop. - Proportional. When block is found, the reward is distributed among all workers proportionally to how much shares each of them has found.

PPLNS - Pay Per Last N Shasres. Similar to proportional, but instead of looking at the number of shares in the round, instead looks at the last N shares, regardless of round boundaries.

PPS - Pay Per Share. Each submitted share is worth certain amount of BC. Since finding a block requires <current difficulty> shares on average, a PPS method with 0% fee would be 25 BTC divided by <current difficulty>. It is risky for pool operators, hence the fee is highest.

SMPPS - Shared Maximum Pay Per Share. Like Pay Per Share, but never pays more than the pool earns. [2]

ESMPPS - Equalized Shared Maximum Pay Per Share. Like SMPPS, but equalizes payments fairly among all those who are owed. [3]

RSMPPS - Recent Shared Maximum Pay Per Share. Like SMPPS, but system aims to prioritize the most recent miners first. [4]

CPPSRB - Capped Pay Per Share with Recent Backpay. [5]

POT - Pay On Target. A high variance PPS variant that pays on the difficulty of work retuened to pool rather than the difficulty of work served by pool [6]

Score - Score based system: a proportional reward, but weighed by time submitted. Each submitted share is worth more in the function of time t since start of current round. For each share score is updated by: score += exp(t/C). This makes later shares worth much more than earlier shares, thus the miner's score quickly diminishes when they stop mining on the pool. Rewards are calculated proportionally to scores (and not to shares). (at slush's pool C=300 seconds, and every hour scores are normalized)

 

to choose a pool for you https://en.bitcoin.it I use mining.bitcoin.cz Becuase it is fair

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sivispacem

The rate of return for anything other than dedicated FPGA and ASIC-based specialist miners is crap, though. The combined cost of a GPU plus power over a three-year lifetime is considerably higher than the value of the Bitcoins they'd mine in that period of time given the incrementally increasing difficulty of the cryptographic functions they're having to resolve and given that the value of Bitcoins is determined partially as a ratio of the computing power utilised in their production. 600MH/s gets you absolutely nowhere these days- for any real profitability you need to be in the 20-50GH/s range, for which you need about three grand's worth of dedicated ASIC based miner like those produced by people like Butterfly Labs. The costs to newcomers of establishing workable mining systems is far higher than any real return given the volatility of the currency. Hence why some many people re-purpose botnets for Bitcoin mining.

Edited by sivispacem

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S99

Yes and No... I do it for the excitement, just looking and thinking only a few more to 1 BTC.

 

Also sivispacem how you know soo much about everything?

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sivispacem

Given that you're about 14, I can only assume you aren't paying for your own electricity for mining.

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S99

That is correct.

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Otter

Given that I've got a couple offices with free power + interwebs, and a couple older machines kicking around with swell graphics cards, what do you reckon I'm looking at in a month's time? 20 bucks?

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S99

Well it depends otter, from almost nothing upto 106 dollers if you get 1 btc

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Stinky12

Know about this for quite some time, but don't believe in this "monopoly" type of currency.

Also heard that early adopters have a unfair advantage.

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S99

wouldn't say that, though it was easier it the start

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sivispacem
Given that I've got a couple offices with free power + interwebs, and a couple older machines kicking around with swell graphics cards, what do you reckon I'm looking at in a month's time? 20 bucks?

What GPUs are we talking? Not that long ago and a GTX580/680 could pump out a few coins a week but these days you'd be lucky to see 1BC every couple of months from an absurd quad-SLI rig. The entire market belongs to ASICs and FPGAs now.

 

 

Also heard that early adopters have a unfair advantage.

They do, as the cryptographic functions become progressively more difficult the more computing power is applied to them.

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LeVelocar

The only thing bitcoin is good for is laughing at people who use it.

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S99
The only thing bitcoin is good for is laughing at people who use it.

How is it? I have 20 bit coins yes $2100 worth. I use it for buying lots of things

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LeVelocar

You can't buy anything with bitcoins. It's not money.

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S99
You can't buy anything with bitcoins. It's not money.

Er... Yes you can.

 

https://www.spendbitcoins.com/places/

 

yeah i only use some of them and if you click them be warned some are porn I DONT USE THEM FOR PORN. I purchased a pizza last night with them. www.pizzaforcoins.com

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LeVelocar

No, you didn't buy a pizza with bitcoins. Some other fool bought you pizza, in exchange for bitcoins. The company the pizza comes from don't see a bitcoin unless some idiot tries to tip them with a printed out QR code.

 

Bitcoins aren't money. Real money has the productivity of a nation giving it value.

 

The closest there is to "productivity" in the bitcoin economy is people generating them using computers. It's as if a nation decided to base it's major industries around counterfeiting their own currency.

 

It's nothing but an extremely volatile stock in nothingness. Cargo cult wallstreet.

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S99
No, you didn't buy a pizza with bitcoins. Some other fool bought you pizza, in exchange for bitcoins. The company the pizza comes from don't see a bitcoin unless some idiot tries to tip them with a printed out QR code.

 

Bitcoins aren't money. Real money has the productivity of a nation giving it value.

 

The closest there is to "productivity" in the bitcoin economy is people generating them using computers. It's as if a nation decided to base it's major industries around counterfeiting their own currency.

 

It's nothing but an extremely volatile stock in nothingness. Cargo cult wallstreet.

It is a real currency http://rt.com/usa/bitcoin-sec-shavers-texas-231/

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sivispacem
No, you didn't buy a pizza with bitcoins. Some other fool bought you pizza, in exchange for bitcoins. The company the pizza comes from don't see a bitcoin unless some idiot tries to tip them with a printed out QR code.

 

Bitcoins aren't money. Real money has the productivity of a nation giving it value.

 

The closest there is to "productivity" in the bitcoin economy is people generating them using computers. It's as if a nation decided to base it's major industries around counterfeiting their own currency.

 

It's nothing but an extremely volatile stock in nothingness. Cargo cult wallstreet.

It is a real currency http://rt.com/usa/bitcoin-sec-shavers-texas-231/

You do know that's solely for the purpose of arbitrating the court case in question don't you? BitcoinIisn't a currency, it's somewhere between a stock and an arbitrary measure of value for trading. A currency has to be defined, centralised and treated as legal in tender. Bitcoin is not, by any reasonable definition of the word, an actual currency. It is far closer to a stock not least because it has no assigned value or economic underpinning. It's an electronic equivalent of swapping someone Pokemon cards for their lunch at worst, and a cryptic stock that borders on a Ponzi scheme at best.

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Stinky12

I just got some bitcoins too at my local shop. Here is a picture!

user posted image

 

 

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S99

Just...No.

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friendly luggage

Stinky12 LOL

I've never tried mining BitCoins. After paying for electricity, the money made would be pittance for me. I'd rather fold for a team.

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LeVelocar
Just...No.

Bitcoin: not even once.

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unopieceo

This thread is hilarious

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