Bitcoin thread on OCN, 27 pages in 12 hours

[tgdollaz]

I'm a frequent visitor to overclock.net and just noticed that a huge bitcoin thread showed up. Most of the members on that forums are pc enthusiasts so I have feeling we'll see a lot more people starting to mine bitcoins. Great seeing more people being introduced to bitcoins, but I can foresee huge difficulty jumps if the gamer crows decides to start using their rigs for mining. Thoughts?

http://www.overclock.net/other-software/1001123-earn-your-gpu-bitcoin-mining-guide.html

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[Cusipzzz]

These are my favorite quotes from that thread:

There's really no incentive considering they are likely just going to jack all of your data and/or add your PC to a botnet. Any client you have to run with a BAT is obviously not refined to any sort of acceptable programming standard.

Seriously if anybody thinks they can make money buy basically doing GPU computations for a company or whatever, your absurd. This has scam, and sucker written all over it. When I see proof of actual people making money Ill eat my words. Doubt it though.

[tgdollaz]

This is my favorite quote from that thread:

There's really no incentive considering they are likely just going to jack all of your data and/or add your PC to a botnet. Any client you have to run with a BAT is obviously not refined to any sort of acceptable programming standard.

LOL guess some discussion is better than none, even if it's not the most enlightened. 

[proudhon]

This is my favorite quote from that thread:

There's really no incentive considering they are likely just going to jack all of your data and/or add your PC to a botnet. Any client you have to run with a BAT is obviously not refined to any sort of acceptable programming standard.

Gamers can't be bothered with a command line.  When somebody develops an action/adventure 3D MMORPG where your kills count toward mining, then maybe they'll join in.

[Garrett Burgwardt]

http://www.overclock.net/other-software/1001123-earn-your-gpu-bitcoin-mining-guide-6.html#post13288029

He had to read it for a class? Interesting...

[tgdollaz]

I did notice something interesting, the OP used deepbit in his tutorial "Currently there is 1 pool that is allowing open registration. That would be www.deepbit.net The work from this specific pool is divided into shares. There are 2 ways of receiving payment for the work you do." Yesterday the entire deepbit network was mining at 160 G/hs, after this hit OCN deepbit is up to 200 G/hs. 25% percent increase in less than 24 hours is not bad by any means.

[Garrett Burgwardt]

Can you point them to some links tgdollaz? Nobody seems to get anything about bitcoin really, such a shame.

[proudhon]

The last post, as of my reading, is my favorite.  The very last bit is the best:

While my GTX 570 sleeps at night, you guys are making barely 3$.
3$ minus electricity minus bandwith.
Now is it worth using your GPU for hours in rows just to get 3$ ?
What about hardware degradation ?

Even more that you don't even know what they are actually doing on your GPU.
If they have access to your GPU and your internet, what tells you that they aren't playing in your computer ?

Tell yourself something, why would you pay someone to MINE on their computer ?
I would pay someone to get punched because I would enjoy the scene.
But in this case there is something wrong for sure.
Even if it works and it is not an hacker fetching your data, at a mere 3$ per day, which is 24 hours, how long do you think your graphic card can go ?
Enjoy your free cofee and muffin at Mc donald's everyday.
I wouldn't be skeptical if you only needed a program, but after reading the steps, there is something wrong.


I'm not against this, there are just some weird questions going on here.
And again, 3$ a day ... 90$ a month ...
Does it worth it ?

[eleuthria]

I did notice something interesting, the OP used deepbit in his tutorial "Currently there is 1 pool that is allowing open registration. That would be www.deepbit.net The work from this specific pool is divided into shares. There are 2 ways of receiving payment for the work you do." Yesterday the entire deepbit network was mining at 160 G/hs, after this hit OCN deepbit is up to 200 G/hs. 25% percent increase in less than 24 hours is not bad by any means.

Actually, deepbit had hit 200 ghash a few days prior (unless I was imagining things), but has seen some fairly large fluctuations up/down.  Right now it's back down to 188.

[Cusipzzz]

Ok, I have to add to my favorite quotes from that thread...they get better and better if you keep reading..You can see this guy made some kind of effort, but...

I read the wiki and I understood pretty fast

You sell you're computing power lottery style
1 block = 50 BTC.
depending on market conditions 1 BTC ~ 0.8 - 1.9 $
The company that started this pay a FIXED SUM / HOUR ( they give 6 blocks per hour so 1 every 10 mins ... put another way they pay 300 - 600 $ per hour to the USERS "selling" their computer power) and then they offer this to companies who need it for various tasks on the open market ( hence the fluctuating price )

Its basically luck based because the fixed sum and the varying number of users giving up their computer power and how much power they give

[mewantsbitcoins]

Ok, I have to add to my favorite quotes from that thread...they get better and better if you keep reading..You can see this guy made some kind of effort, but...

I read the wiki and I understood pretty fast

You sell you're computing power lottery style
1 block = 50 BTC.
depending on market conditions 1 BTC ~ 0.8 - 1.9 $
The company that started this pay a FIXED SUM / HOUR ( they give 6 blocks per hour so 1 every 10 mins ... put another way they pay 300 - 600 $ per hour to the USERS "selling" their computer power) and then they offer this to companies who need it for various tasks on the open market ( hence the fluctuating price )

Its basically luck based because the fixed sum and the varying number of users giving up their computer power and how much power they give

  this guy "understood it pretty fast"

[proudhon]

Ok, I have to add to my favorite quotes from that thread...they get better and better if you keep reading..You can see this guy made some kind of effort, but...

I read the wiki and I understood pretty fast

You sell you're computing power lottery style
1 block = 50 BTC.
depending on market conditions 1 BTC ~ 0.8 - 1.9 $
The company that started this pay a FIXED SUM / HOUR ( they give 6 blocks per hour so 1 every 10 mins ... put another way they pay 300 - 600 $ per hour to the USERS "selling" their computer power) and then they offer this to companies who need it for various tasks on the open market ( hence the fluctuating price )

Its basically luck based because the fixed sum and the varying number of users giving up their computer power and how much power they give

  this guy "understood it pretty fast"

Oooooooooooooooooooooohhhhhhhhh, thaaaaat's how it works.

[Raoul Duke]

Somebody should go there and shout to those morons that Bitcoin IS NOT a company... 

[Cusipzzz]

morons or not, this is going to push difficulty through the roof as some of them have managed to get their GPUs mining already, lol.

[eMansipater]

Don't anybody go post there unless you have good soft skills.  People with misconceptions aren't really a problem--people with misconceptions who get argued with and thus solidify their misconceptions are.  There's no harm to bitcoin if these people don't adopt for another couple years.

[jav]

Very entertaining thread indeed. :-) I love how the first 20 pages are basically 5 guys repeatedly saying: "What the hell? This can't be true!"

So many brilliant quotes to be found:

Run your GPU 24/7 and make money? How does that not sound like a scam? Its like someone made up the fake currency called bitcoins and people pay for made up currency? seriously....?

Can we PLEASE stop talking about the motives behind bitcoin. Whatever it is, WE DON'T KNOW.

But, miners brace yourselfs, you also see a couple of posts like this:

I'm deffinitly going to to this in college. Poor Student + "free" power + bitcoin = win

A lot of people seemed very concerned about what it is computing and whether it's cracking passwords or whatnot. This seems like a frequent worry that people have. Do we have a good FAQ entry about that?

[error]

Gawd, I hope they don't start mining en masse. Difficulty is high enough as is.

[Garrett Burgwardt]

I made a big post about bitcoin, should answer a lot of questions.

http://www.overclock.net/other-software/1001123-earn-your-gpu-bitcoin-mining-guide-35.html#post13294060

[trentzb]

Don't anybody go post there unless you have good soft skills.  People with misconceptions aren't really a problem--people with misconceptions who get argued with and thus solidify their misconceptions are.  There's no harm to bitcoin if these people don't adopt for another couple years.

+1

[AmpEater]

"A lot of people seemed very concerned about what it is computing and whether it's cracking passwords or whatnot. This seems like a frequent worry that people have. Do we have a good FAQ entry about that?"

Ditto. I commonly see speculation that bitcoin is being used to break into computers by cracking passwords, or makes you part of a botnet.