Bitcoin Forum

Hello there,

How can i make the most money out of bitcoins? My idea was starting a pool and get fees, ideas?

Thanks

Buy goods, sell for bitcoins, rinse, repeat.

5 BTC for consultation, want to pay?

But if i buy goods, i only lose money, right?

You sell them for more than you bought them.  This is called profit.  It's why people buy and sell things they don't actually want to use directly.

But you've got to pay the cost for shipping etc. and what kind of goods?

;D

Do you want someone to pack and ship the products for you too?

What I'm trying to say is that you make money from bitcoins the same as you make money from dollars.  You sell goods or services for more than they cost to produce or acquire.

haha can you do that for me?

okay, i get you, but what kind of goods are you thinking of?

That's a decision for you to make.  What are you into?

not really something, and is it safe? but can't i make more money by setting up my own mining pool?

Maybe, but how are you going to beat the plentiful competition, or p2pool for that matter (no fees, plus extra subsidy from donations)?

As a new user, you should probably leave the network internals to the experienced professionals at least until you understand the market better.  No matter what your business, do your research on competitors.

There is no "easy money" here.  If you want profit, you have to put in significant work.

Why should I use bitcoins than? It was my idea to set up a large mining pool, and earn money with the fees.

As a merchant, you don't have to worry about credit card fraud (chargebacks) with bitcoin.

As a customer, you don't have to give every merchant the info needed to spend all your money (or credit line) like you do with credit/debit cards.

If mining was the only use for bitcoin, bitcoin wouldn't be anything.  Mining (or "transaction processing") is just how it works, not what it is.  Bitcoin allows you to send money nearly instantly to anywhere in the world, for less than a penny in fees (often free).  Try doing that from your bank account without giving out details sufficient to drain it.

To get to the stage where you have a "large" pool, you'll have to be really knowledgeable in bitcoind and the stuff. And you must have to get people mine on your pool to make it "large". That's the hard part  ;). Go take a look at the mining pools subforums and see for yourself.


As for this, unless you have extremely high hashing speeds in your pool (50 Gh++), you'll be better off mining at one of those 0% fee pools. You'll take an eternity to find a block below those speeds.

So, if i'm going to make my own pool, how do i setup a front-end and a back-end?

Seriously, if you're not with the know-how of setting up a pool, just go with what deathandtaxes said on the other post - run p2pool and set a fee to your own instance, and get your people to mine on it.

Setting a pool up would involve you having a VPS or dedicated server running bitcoind. That's a lot of effing work, especially when it's not documented well and most pools use their own customized version of it.

I like the P2Pool idea, I looked at the site, but it is not clear, what do i excatly have to do?

Seriously, just http://lmgtfy.com/?q=setting+up+p2pool&l=1 (http://lmgtfy.com/?q=setting+up+p2pool&l=1) would do.

p.s.:that's seriously twice in a row

Thank you all for your answers, it really helped me, but can my 'miners' connect from computers outside the home network?
And how do they connect than? Also with a standard miner like GUI-miner? And can i change the payout method, from PPLNS to something else?

bump, anyone?

Bitcoin - get not very rich slowly.

There is no particular way to make money out of this. 
Mining is marginal and to get a decent income takes a lot of expenditure and long payback.
Creating a pool is discussed above, and taking fees from miners who don't like paying fees is hard work. 
Trading - win some, lose some.
Speculate - win some, lose lots (I'm more a pessimist for spec trading).

Of course, you could buy a whole lot of coins at a high price and watch the value drop 90%.

can my 'miners' connect from computers outside the home network? And how do they connect than? Also with a standard miner like GUI-miner? And can i change the payout method, from PPLNS to something else?

Respectfully, you're asking some very basic questions in this forum, and expecting to set up a pool and have people give you money.

If you can't do this yourself, what exactly are you offering of value?

I'm not a mining pool operator, and I have enough knowledge to set up p2pool. I also have enough knowledge to know it isn't worth my time.

Bitcoin is money. Money is hard to get.

But bitcoins ARE money. :)

What i like most is the repeat process.

And hey once cheaperinbitcoins realeses you can buy, sell rinse repeat no programming or technical knowledge required

not the physical one you mean.