|
Title: Is mining Illegal? Post by: kuusj98 on October 19, 2012, 06:51:22 PM Hey,
Im mining now but my friends ask me: Isnt this illegal? I asked them why they tough that and they sed: Its actually a program that gives you free money! But now I want to know if Mining IS illegal... someone plz awnser! -kuusj98 Title: Re: Is mining Illegal? Post by: Aahzman on October 19, 2012, 06:57:30 PM No.
Title: Re: Is mining Illegal? Post by: kuusj98 on October 19, 2012, 06:59:20 PM No. Ok, thanks! But what do you actually Proces with mining? Title: Re: Is mining Illegal? Post by: BR0KK on October 19, 2012, 07:08:37 PM Nope mining doesn't give you money ...
U get BTC and you have to exchange them to fiat. Mining is more like finding gold or diamonds. In our case it's like solving a realy hard math problem. And that's not illegal in any country I know Title: Re: Is mining Illegal? Post by: Gabi on October 19, 2012, 07:15:37 PM Nah, go spread FUD elsewhere ::)
Title: Re: Is mining Illegal? Post by: greyhawk on October 19, 2012, 07:17:46 PM OP is 14 and in the Netherlands. He should really explain to his parents what he is doing. Otherwise he'll have to have a talk about why their utility bill suddenly skyrocketed. Electricity is expensive there.
Title: Re: Is mining Illegal? Post by: kuusj98 on October 19, 2012, 08:27:19 PM OP is 14 and in the Netherlands. He should really explain to his parents what he is doing. Otherwise he'll have to have a talk about why their utility bill suddenly skyrocketed. Electricity is expensive there. lol, playing battlefield 3 consumes more energy than this, and I am only EXPIRIMENTATING -__- Come on, I may be 14, but know loads of things aboud pc's and it never hurts to TRY something. Yes indeed here are energy prices towerhigh, thats why I try to save energy on other things like lamps and monitor etc. and I only mine less than 4 hours per day as I have school and that shi*. So, we all learned thing by trying, succeding, failing, and more trying. My system consumes ~200w while mining, that aint too much. (I OC'd the GFX and underclocked the CPU to get max engergy saving possible while still getting ~300 mH/s) PLEASE, dont underestimate people under 16, thats not fair. Some of my friends dont even know what a Cpu means, or Ram. Its almost always the same thing on forums: 'he is only a teen so he cant do anything than play COD' I know what I'm saying, im not a random N00b floating around on the WWW, remind that... Title: Re: Is mining Illegal? Post by: greyhawk on October 19, 2012, 09:01:08 PM I didn't mention your age because I think you're too young to do this :), but to remind you to involve your parents in this due to the possible cost. Miners around here usually have much more ambitious setups that would translate into much higher cost, so that is what we think of when someone talks about mining. ;)
With the setup you describe of course it'll be only between 5 and 10 € depending on your energy cost, so you're in the clear there. On the other hand with this setup it is also very unlikely to produce enough revenue outstripping cost, so there's that. Especially with ASICs and the reward halving just around the corner. :-\ Title: Re: Is mining Illegal? Post by: kuusj98 on October 19, 2012, 09:24:45 PM I didn't mention your age because I think you're too young to do this :), but to remind you to involve your parents in this due to the possible cost. Miners around here usually have much more ambitious setups that would translate into much higher cost, so that is what we think of when someone talks about mining. ;) With the setup you describe of course it'll be only between 5 and 10 € depending on your energy cost, so you're in the clear there. On the other hand with this setup it is also very unlikely to produce enough revenue outstripping cost, so there's that. Especially with ASICs and the reward halving just around the corner. :-\ I know, but remember: Expirimentating. This insnt my job, and I didnt bought the system for this target. Yeah my 'setup' is an AMD phenom ii x4 965 BE, 8 gb ram, Asus Radeon HD7850 (OC'd), Cooler Master Silent Pro M2 620w, antec 900 case.... lol I nevar gonna spend 10.000$ on Ub3r systems. I only discovered Bitcoin 2 days ago you know :P Title: Re: Is mining Illegal? Post by: AndrewBUD on October 19, 2012, 09:26:35 PM You will not mine anything worth while with a 7850 mining 4hours per day..
Title: Re: Is mining Illegal? Post by: SgtSpike on October 19, 2012, 09:28:48 PM You will not mine anything worth while with a 7850 mining 4hours per day.. It's worthwhile for experimenting, which is what he wants to do.Title: Re: Is mining Illegal? Post by: Gabi on October 19, 2012, 09:31:42 PM Quote lol I nevar gonna spend 10.000$ on Ub3r systems That is the top-tier ASIC :DA Jalapeno cost 150$ and a Little Single SC 650 :) Title: Re: Is mining Illegal? Post by: JoelKatz on October 19, 2012, 09:57:04 PM Im mining now but my friends ask me: Isnt this illegal? It's not "free money", it's fair payment for the useful work you did.I asked them why they tough that and they sed: Its actually a program that gives you free money! Title: Re: Is mining Illegal? Post by: BitcoinINV on October 19, 2012, 09:58:19 PM Hey, Im mining now but my friends ask me: Isnt this illegal? I asked them why they tough that and they sed: Its actually a program that gives you free money! But now I want to know if Mining IS illegal... someone plz awnser! -kuusj98 Yes please stop now LOL Title: Re: Is mining Illegal? Post by: kuusj98 on October 19, 2012, 10:11:08 PM Hey, Im mining now but my friends ask me: Isnt this illegal? I asked them why they tough that and they sed: Its actually a program that gives you free money! But now I want to know if Mining IS illegal... someone plz awnser! -kuusj98 Yes please stop now LOL Uhm... I just asked a normal question... Title: Re: Is mining Illegal? Post by: kuusj98 on October 19, 2012, 10:13:41 PM Im mining now but my friends ask me: Isnt this illegal? It's not "free money", it's fair payment for the useful work you did.I asked them why they tough that and they sed: Its actually a program that gives you free money! Thanks for your reply! Title: Re: Is mining Illegal? Post by: nobbynobbynoob on October 19, 2012, 10:20:04 PM Yes please stop now LOL Uhm... I just asked a normal question... He's just kidding. ;D Title: Re: Is mining Illegal? Post by: BitcoinINV on October 19, 2012, 11:04:04 PM yea Im just giving you a hard time dude. Its part of bitcoin lol. Mine away!
Title: Re: Is mining Illegal? Post by: mufa23 on October 19, 2012, 11:11:38 PM It's legal as of right now in most (if not all?) countries. I can see China or Iran making it illegal in the near future though. But that's mere speculation.
Title: Re: Is mining Illegal? Post by: BitcoinOxygen on October 19, 2012, 11:42:53 PM Im mining now but my friends ask me: Isnt this illegal? It's not "free money", it's fair payment for the useful work you did.I asked them why they tough that and they sed: Its actually a program that gives you free money! i agree with you The Bitcoin Network pay's you for the work you do. Title: Re: Is mining Illegal? Post by: Armando on October 19, 2012, 11:55:23 PM Im mining now but my friends ask me: Isnt this illegal? It's not "free money", it's fair payment for the useful work you did.I asked them why they tough that and they sed: Its actually a program that gives you free money! i agree with you The Bitcoin Network pay's you for the work you do. Even if this will be considered as "free money", there is nothing illegal to take more for free. There are many ways of earning money, that are illegal, but receiving something for free will never be) Title: Re: Is mining Illegal? Post by: kuusj98 on October 20, 2012, 08:09:12 AM Ok, thanks for all of your awnsers! lol I have finnaly got 4 hours and more than 5 posts
Title: Re: Is mining Illegal? Post by: SaintDevil on October 20, 2012, 08:55:11 AM Someone mentioned that to me before too, and I was omg scary. But then found out that
In states, not illegal to mine, not illegal to trade, not illegal to trade for other stuff. Quote The U.S. Treasury states quite clearly: There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy. Coinage Act of 1965, Section 31 U.S.C. 5103 United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts. Referenced: http://skeptics.stackexchange.com/questions/7701/is-it-illegal-to-refuse-us-currency-for-a-purchase Title: Re: Is mining Illegal? Post by: Gabi on October 20, 2012, 10:19:23 AM About the free money thing
I find funny that we find... well, "weird" the fact that we can create "money" and we find it disturbing and somehow wrong. It's funny because 1)that's how bitcoin work 2)central banks all around the world print billions of dollars, euros, whatelse everytime and they are perfectly fine at doing that ::) Title: Re: Is mining Illegal? Post by: nobbynobbynoob on October 20, 2012, 12:47:36 PM And mining is not creating money out of thin air anyway. That's the beauty of Bitcoin.
Title: Re: Is mining Illegal? Post by: osmosisjoe on October 20, 2012, 04:53:55 PM Im suprised the world Governments haven't started to step in yet. Bitcoin is the only true "virtual currency" that was made specifically for transactions, unlike other stuff like Linden dollars who's primary purpose is a gaming enviroment. Also btc's main transactions were blackmarket drug and gun markets.
When this gets bigger expect the big politicians to be mongreling fear and paranoia, and saying the word "terrorist" repeatedly in speeches to put pressure on the community, while the Government creates it's own specialized miners in their science labs to take over the whole scene. Title: Re: Is mining Illegal? Post by: kuusj98 on October 20, 2012, 05:07:06 PM Someone mentioned that to me before too, and I was omg scary. But then found out that Yeah thats why I asked it, I dont like doing illegal money stuff xD (especially here in Netherlands, they are cencoring the whole internet and screen everything D:)In states, not illegal to mine, not illegal to trade, not illegal to trade for other stuff. Quote The U.S. Treasury states quite clearly: There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy. Coinage Act of 1965, Section 31 U.S.C. 5103 United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts. Referenced: http://skeptics.stackexchange.com/questions/7701/is-it-illegal-to-refuse-us-currency-for-a-purchase Title: Re: Is mining Illegal? Post by: kuusj98 on October 20, 2012, 05:17:32 PM Quote lol I nevar gonna spend 10.000$ on Ub3r systems That is the top-tier ASIC :DA Jalapeno cost 150$ and a Little Single SC 650 :) Thats the all big problem, my parants are technofoobs and I dont have Paypall :/ I also aint gonna reach 15.03 BTC in a year with 300 mH/s and running a mere 4 hours/day.. normally its around 13 btc but I have to ship it to Europe :@ Title: Re: Is mining Illegal? Post by: nobbynobbynoob on October 20, 2012, 05:52:48 PM Im suprised the world Governments haven't started to step in yet. Bitcoin is the only true "virtual currency" that was made specifically for transactions, unlike other stuff like Linden dollars who's primary purpose is a gaming enviroment. Also btc's main transactions were blackmarket drug and gun markets. When this gets bigger expect the big politicians to be mongreling fear and paranoia, and saying the word "terrorist" repeatedly in speeches to put pressure on the community, while the Government creates it's own specialized miners in their science labs to take over the whole scene. Yes, Bitcoin is the biggest s#!%-stirrer since Kennedy ordered the Treasury to issue silver-backed promissory notes. It has many of the characteristics of gold while at the same time being a secure, global, near-instant e-cash system. It's so brilliant it's almost too good to be true, and that's why it's so exciting. Wiesner's paper on cryptocurrency circa 1960 was ridiculously ahead of its time (Simon Singh discusses it in The Code Book: holler if you want quotes), in one sense ahead of today's cryptocoins in applying quantum cryptography with photons, but even he only envisaged that as a way of protecting central bank notes from external counterfeiting. On the other hand, if states try to interfere with Bitcoin they're probably well on the way to outlawing personal gold and silver ownership as well. And if so, Stalin reawakes... Title: Re: Is mining Illegal? Post by: SaintDevil on October 20, 2012, 06:34:14 PM Im suprised the world Governments haven't started to step in yet. Bitcoin is the only true "virtual currency" that was made specifically for transactions, unlike other stuff like Linden dollars who's primary purpose is a gaming enviroment. Also btc's main transactions were blackmarket drug and gun markets. When this gets bigger expect the big politicians to be mongreling fear and paranoia, and saying the word "terrorist" repeatedly in speeches to put pressure on the community, while the Government creates it's own specialized miners in their science labs to take over the whole scene. Won't they just be mostly scared, cuz they like to control money, how much and when, whereas you cannot do that with bitcoin... Title: Re: Is mining Illegal? Post by: MysteryMiner on October 23, 2012, 09:19:49 PM Quote my friends ask me: Isnt this illegal? Working at construction site is illegal because it gives you free money! Consider changing your friends, they are retards.I asked them why they tough that and they sed: Its actually a program that gives you free money! Title: Re: Is mining Illegal? Post by: Aahzman on October 23, 2012, 09:31:11 PM You could think of it like farming gold in WoW or virtual currency in some other game, but instead of you manually doing the killing and looting and selling, you have a bot doing the repetitive crap.
Or like dancing for Linden tips at a club in Second Life. both ways earning you a virtual currency which can be traded for real-world simoleons. Title: Re: Is mining Illegal? Post by: Luno on October 23, 2012, 09:41:44 PM My six years old daughter told her classmates that I, her father, lets his computer make money. Some of them thought it was a kind of counterfeiting and told her it was illegal. I told her, when she came home, that Bitcoin is a good that one can sell and the value comes from that. Try this with your friends.
Oh, discovering the illusion of value and money. Bitcoin is an eye opener. Title: Re: Is mining Illegal? Post by: pheaonix on October 23, 2012, 09:52:18 PM explaining bitcoin to people is rather difficult considering most people cannot master attaching files to an email.
Title: Re: Is mining Illegal? Post by: nobbynobbynoob on October 23, 2012, 10:09:21 PM explaining bitcoin to people is rather difficult considering most people cannot master attaching files to an email. U srs? ;D Title: Re: Is mining Illegal? Post by: afterlife on October 23, 2012, 11:55:58 PM It should be legal.
Title: Re: Is mining Illegal? Post by: strideynet on October 24, 2012, 06:00:08 AM I'm 12.
I fully understand bitcoin concepts. Age should never be a problem. I run a hosting company. I built my computer. I mine bitcoins and have fully worked out electric costs and shares per hour. Never underestimate a kid. Title: Re: Is mining Illegal? Post by: strideynet on October 24, 2012, 06:03:33 AM And it's level until the governments start controlling our internets.
Is the worldwide web the law ain't matter here. The currency is virtual. They can't repossess it. They can't shutdown any physical servers. The only thing they can do is arrest anyone using a currency better then there currency. They just envy the success and the fact bitcoin isn't in debt. Jk But seriously bitcoin is level until governments think they can control internets. Title: Re: Is mining Illegal? Post by: RaTTuS on October 24, 2012, 07:25:36 AM no it is not illegal
4hrs a day wont get you much it will cost more in electricity running a client as a relay will help more being 14 is not a barrier welcome Title: Re: Is mining Illegal? Post by: kuusj98 on October 24, 2012, 05:43:56 PM I'm 12. I fully understand bitcoin concepts. Age should never be a problem. I run a hosting company. I built my computer. I mine bitcoins and have fully worked out electric costs and shares per hour. Never underestimate a kid. Yep, your like a copy of me :D I was busy with pc's when I was 5 :P My Share per minute rate is 4.5 per minute. Happy to have some other ''age related'' people around! Im also 90% in it now (yes I learn very fast) Title: Re: Is mining Illegal? Post by: lophie on October 24, 2012, 07:21:41 PM I'm 12. I fully understand bitcoin concepts. Age should never be a problem. I run a hosting company. I built my computer. I mine bitcoins and have fully worked out electric costs and shares per hour. Never underestimate a kid. I never underestimate kids. But kids who claim to par with phd knowledge in cryptography and praxeology...... I would suggest you start learn how to be humble and respective. Granted that most 12 years old are just "being kids". But don't forget you are not alone of such achievements. Take pride in what you do and being humble is a golden virtue, or a "bitcoiny" virtue, you might say :P. Title: Re: Is mining Illegal? Post by: allthingsluxury on October 24, 2012, 07:37:11 PM Definitely not illegal.
Title: Re: Is mining Illegal? Post by: lophie on October 24, 2012, 07:41:41 PM I mine with free electricity at my college dorm room. It's not like I am stealing it they just don't have rules on what to spend the electricity on :P
Title: Re: Is mining Illegal? Post by: Siturb on October 24, 2012, 10:24:24 PM Anyone know the easiest way to find your computer's mining capability other than mining for days?
Title: Re: Is mining Illegal? Post by: AndrewBUD on October 24, 2012, 10:40:32 PM CPU = next to nothing.
Gpu = http://bit.ly/SjbIlG Title: Re: Is mining Illegal? Post by: c0ffer on October 24, 2012, 11:08:28 PM Yes, mining is completely and utterly, absolutely illegal, regardless of where you are located.
That being said, you should all stop your mining activities. But, so that there is no shortage in the creation of Bitcoins, I would be happy to mitigate the legal risks and continue mining on behalf of the Bitcoin community. ;D Title: Re: Is mining Illegal? Post by: PatMan on October 24, 2012, 11:22:39 PM Bitcoin mining illegal? I think you're confusing it with the banking industry. They're getting investigated and prosecuted all over the place, fraud, embezzlement, rate fixing, laundry - you name it. Banks - definitely illegal........ ;D
Title: Re: Is mining Illegal? Post by: RicRock on October 25, 2012, 12:21:36 AM Not Illegal. Title: Re: Is mining Illegal? Post by: MysteryMiner on October 25, 2012, 01:51:42 AM explaining bitcoin to people is rather difficult considering most people cannot master attaching files to an email. U srs? ;D Title: Re: Is mining Illegal? Post by: DannyHamilton on October 25, 2012, 02:12:11 AM Bitcoin mining illegal? I think you're confusing it with the banking industry. They're getting investigated and prosecuted all over the place, fraud, embezzlement, rate fixing, laundry - you name it. Banks - definitely illegal........ ;D You have any proof Bitcoin is legal? Post it please, I could not find any in over 30 days now. Title: Re: Is mining Illegal? Post by: PatMan on October 25, 2012, 12:16:40 PM Bitcoin mining illegal? I think you're confusing it with the banking industry. They're getting investigated and prosecuted all over the place, fraud, embezzlement, rate fixing, laundry - you name it. Banks - definitely illegal........ ;D You have any proof Bitcoin is legal? Post it please, I could not find any in over 30 days now. What about dinner - is that legal? Peace. Title: Re: Is mining Illegal? Post by: AndrewBUD on October 25, 2012, 01:07:48 PM Well if it's illegal cops have no idea.... I have been dealing with an officer for the past little while... I got burned on some broken GPU's local.. I called the cops....
I ended up explaining to the cop what I am doing with the GPU's... |