Shawnna (OP)
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March 24, 2013, 05:35:18 PM |
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I've been mining through btcmp with two works for a week now. So far I have 243 'shares' and 0.00117471 'rewards' that I can't take until I get to 0.01. I've also been visiting BitVisitor sites for 'free' bitcoin and have 0.00103244 BTC in my wallet. My question is - why do people 'mine' and pay a 2-4% fee if they can get virtually the same amount via BitVisitor? And at this rate, I'm thinking I'll get 1.0 bit coins in about 2 months or so. Of course, I'll probably spend an extra $60/month on electricity for the privilege.  Look forward to being enlightened  |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Smt923
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March 24, 2013, 05:37:07 PM |
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Because mining gets more than that on any decent hardware (latest/powerful AMD cards), also I'd guess they're using you to mine for them too, or something along those lines anyway (might be wrong.)
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Shawnna (OP)
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March 24, 2013, 05:40:00 PM |
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hmmm.... so 'mining' is kinda like Amway in the bitcoin world.
Interesting.............
Still trying to figure out the allure of all of this. For me, I love the idea of not supporting the banksters. I think I've gotten in too late though.
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mccoyspace
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March 24, 2013, 05:42:21 PM |
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How are you mining? CPU based?
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Shawnna (OP)
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March 24, 2013, 05:46:15 PM |
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No - GPU (I think?). Have two workers; one using GeForce 9400 and one using GeForce 9600 according to the GUIMiner info I'm seeing. I'm no computer geek and frankly, don't even understand the whole bitcoin concept so am asking forgiveness in advance if I say anything too stupid.  |
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mmitech
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things you own end up owning you
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March 24, 2013, 06:05:22 PM |
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No - GPU (I think?). Have two workers; one using GeForce 9400 and one using GeForce 9600 according to the GUIMiner info I'm seeing. I'm no computer geek and frankly, don't even understand the whole bitcoin concept so am asking forgiveness in advance if I say anything too stupid. even if you would use the best NVidia card on market now, you wouldn't make anything , it even may not pay for the mining costs and i am saying even if it is a GTX690 , Nvidia = loss of time and energy . ATI is much much better, but hey you did miss the train anyways , GPU mining is almost dead , Diff. factor just raised today about 38% and it will raise again after 2 weeks or less , and even with the Best ATI GPU you wont make any profit, ASIC Owners will be the new leaders of BTC mining ... so if you dont have ASIC just sit and watch, and just to tell you even if you are thinking about ordering an ASIC... bad news my friend too late ... do the math and you will understand why |
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Shawnna (OP)
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March 24, 2013, 06:12:44 PM |
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Ok - I won't bother doing any of this anymore. Looks like I won't be playing in the Bitcoin world at all then.
Pfft.....
How the hell does Bitcoin expect to grow if it can't/won't be attractive to those of us who support the 'cause' but can't compete with the techno experts?
Long term viability to the average member of the masses is critical to Bitcoin's - or any alternative currency's - success.
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Smt923
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March 24, 2013, 06:20:45 PM |
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Ok - I won't bother doing any of this anymore. Looks like I won't be playing in the Bitcoin world at all then.
Pfft.....
How the hell does Bitcoin expect to grow if it can't/won't be attractive to those of us who support the 'cause' but can't compete with the techno experts?
Long term viability to the average member of the masses is critical to Bitcoin's - or any alternative currency's - success.
Most people using bitcoin don't mine it. |
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Shawnna (OP)
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March 24, 2013, 06:24:17 PM |
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Where do they get it if they don't mine for it?
Let me guess - pay for it with USD or some other fiat currency?
That's not going to happen for me given I'm paycheck to paycheck and my mortgage holder won't accept bitcoin for my monthly payment.
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Shawnna (OP)
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March 24, 2013, 07:01:54 PM |
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I'm just trying to acquire bitcoins.
I'm willing to 'work' for them - just trying to figure out the best way within my means.
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Portnoy
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My money; Our Bitcoin.
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March 24, 2013, 07:07:28 PM |
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I'm just trying to acquire bitcoins.
I'm willing to 'work' for them - just trying to figure out the best way within my means.
There are many other sites like bitvisitor... Free Bitcon Sites ( newbie version, including newbie lotto ) https://bitcointalk.org/index.php?topic=90718 |
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JimiQ84
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March 24, 2013, 07:30:00 PM |
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I mine with 2 nVidia GPUs, I am in it for the long run - I expect "final" price at about 50 000 USD per BTC. So I don't care if I am not profitable right away, I can wait for it. Bitcoins are my pension fund :-) Btw I started mining in june 2011, till now I have 12,5 BTC
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Shawnna (OP)
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March 24, 2013, 08:04:13 PM |
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I mine with 2 nVidia GPUs, I am in it for the long run - I expect "final" price at about 50 000 USD per BTC. So I don't care if I am not profitable right away, I can wait for it. Bitcoins are my pension fund :-) Btw I started mining in june 2011, till now I have 12,5 BTC
Thank you for reading and responding. So you've been at this a little less than two years and you have 12.5 total BTC, right? or did you mean 12,500 BTC? Couldn't tell for given you wrote "12,5 BTC". At $50/share, 12.5 BTC is $625 USD. I hope you're really, really young because funding your retirement this was will take a long, long time. Unless I'm missing something? |
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imbladednow
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March 24, 2013, 08:24:29 PM |
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I mine with 2 nVidia GPUs, I am in it for the long run - I expect "final" price at about 50 000 USD per BTC. So I don't care if I am not profitable right away, I can wait for it. Bitcoins are my pension fund :-) Btw I started mining in june 2011, till now I have 12,5 BTC
Thank you for reading and responding. So you've been at this a little less than two years and you have 12.5 total BTC, right? or did you mean 12,500 BTC? Couldn't tell for given you wrote "12,5 BTC". At $50/share, 12.5 BTC is $625 USD. I hope you're really, really young because funding your retirement this was will take a long, long time. Unless I'm missing something? He told he believes 1 BTC will be worth 50 000 USD in future. So, although now unprofitable he may mine like 20 BTC total which may be worth 1 000 000 USD someday  |
I need crypto in my life and garbage out of it.
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DeeSome
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March 24, 2013, 08:42:53 PM |
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I mine with 2 nVidia GPUs, I am in it for the long run - I expect "final" price at about 50 000 USD per BTC. So I don't care if I am not profitable right away, I can wait for it. Bitcoins are my pension fund :-) Btw I started mining in june 2011, till now I have 12,5 BTC
What year do you expect/hope BTC to achieve that price? I hope you right btw. |
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mmitech
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Activity: 1148
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things you own end up owning you
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March 24, 2013, 09:00:23 PM |
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I mine with 2 nVidia GPUs, I am in it for the long run - I expect "final" price at about 50 000 USD per BTC. So I don't care if I am not profitable right away, I can wait for it. Bitcoins are my pension fund :-) Btw I started mining in june 2011, till now I have 12,5 BTC
i will be billionaire by this logic , if you said 500 $ or even 1000 $ i would some how think ok maybe it is possible in the next few years, but 50,000 come on LOL |
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Shawnna (OP)
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March 24, 2013, 09:46:03 PM |
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I mine with 2 nVidia GPUs, I am in it for the long run - I expect "final" price at about 50 000 USD per BTC. So I don't care if I am not profitable right away, I can wait for it. Bitcoins are my pension fund :-) Btw I started mining in june 2011, till now I have 12,5 BTC
Thank you for reading and responding. So you've been at this a little less than two years and you have 12.5 total BTC, right? or did you mean 12,500 BTC? Couldn't tell for given you wrote "12,5 BTC". At $50/share, 12.5 BTC is $625 USD. I hope you're really, really young because funding your retirement this was will take a long, long time. Unless I'm missing something? He told he believes 1 BTC will be worth 50 000 USD in future. So, although now unprofitable he may mine like 20 BTC total which may be worth 1 000 000 USD someday Oh my ...... ok. Thanks for the clarification. Wow..... I hope he's right too. |
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WeTradeCoins
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March 24, 2013, 09:56:48 PM |
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I mine with 2 nVidia GPUs, I am in it for the long run - I expect "final" price at about 50 000 USD per BTC. So I don't care if I am not profitable right away, I can wait for it. Bitcoins are my pension fund :-) Btw I started mining in june 2011, till now I have 12,5 BTC
If you were mining since june 2011 with ATI cards you should have your pension today |
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