Make money out of bitcoins

[tomtheminer]

Hello there,

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

Thanks

[notme]

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.

[nebulus]

5 BTC for consultation, want to pay?

[tomtheminer]

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

[notme]

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.

[tomtheminer]

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?

[Scott J]

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?

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

[notme]

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?

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.

[tomtheminer]

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?

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

haha can you do that for me?

[tomtheminer]

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?

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.

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

[notme]

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?

[tomtheminer]

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?

[notme]

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.

[tomtheminer]

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

[notme]

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.

[John (John K.)]

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.

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

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.

[tomtheminer]

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.

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

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?

[John (John K.)]

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.

[tomtheminer]

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

[John (John K.)]

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

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