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Author Topic: Tips for a beginner  (Read 2435 times)
salparadise
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May 17, 2011, 03:42:44 PM
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OK, first of all- I am brand new to this. Totally new. Please forgive any rookie errors, ok?  Smiley

So, with that out of the way. I would like some bitcoins. I have installed 'Bitcoin', have set it to 'generate coins', and have connected through a socks4 proxy to a pool website, bitcoinpool.com

Is this all I need to do to start mining? Nothing has happened yet, I have 1 connection and an ever growing number of blocks (79000 at the moment). When will I see some bitcoins being credited to my wallet? How many blocks/connections do I need? All the sites I've seen about it so far haven't exactly explained this process in simple language, so any support would be very much appreciated.

I am using a Macbook Pro, if that helps- 2.4GHz processor, Intel Core 2 Duo and 2GB 1067 MHz DDR3 of memory.

So- any tips for a newbie?

Many thanks in advance,

Sal
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barbarousrelic
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May 17, 2011, 03:45:31 PM
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Mining on a CPU is not time or cost effective. It will take probably 5 years or so for you go mine a single block on a CPU.

Mining is only worth the effort if you are using high-end GPUs, and even then it is debatable whether it is profitable.

If you want to get into Bitcoin, I would suggest selling some of your old stuff on Biddingpond, a free auction site that operates with Bitcoin. http://www.biddingpond.com  

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
Jaime Frontero
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May 17, 2011, 03:48:01 PM
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you'll wind up with 8 connections and about 124,600 blocks.  takes a little while.

that said, mining with a CPU (instead of a GPU) is unprofitable.

see here for mining hardware comparisons:

https://en.bitcoin.it/wiki/Mining_hardware_comparison

EDIT:  and here, to calculate the time required to generate Bitcoin:

http://www.alloscomp.com/bitcoin/calculator.php
salparadise
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May 17, 2011, 03:49:01 PM
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Hmm, that site lots good- barely anything for sale on it though, which makes me think it's unlikely I'd ever sell anything.
Can you vouch for its legitimacy?
Also, they charge an insertion fee- which, seeing as I have no bitcoins, I wouldn't even be able to pay!

Any other tips?
Jaime Frontero
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May 17, 2011, 03:51:33 PM
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Hmm, that site lots good- barely anything for sale on it though, which makes me think it's unlikely I'd ever sell anything.
Can you vouch for its legitimacy?
Also, they charge an insertion fee- which, seeing as I have no bitcoins, I wouldn't even be able to pay!

Any other tips?

try The Marketplace:

http://bitcointalk.org/index.php?board=5.0

BTW, stuff does sell on BiddingPond...
barbarousrelic
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May 17, 2011, 03:53:19 PM
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Hmm, that site lots good- barely anything for sale on it though, which makes me think it's unlikely I'd ever sell anything.
Can you vouch for its legitimacy?
Also, they charge an insertion fee- which, seeing as I have no bitcoins, I wouldn't even be able to pay!

Any other tips?

Standard auctions are free, you only pay for highlighting/"Featured Auction" type promotions.

But things do sell on there.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
salparadise
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May 17, 2011, 03:57:41 PM
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I'll check that out and try and get to grips with the marketplace.

Another question- what is a 'transaction'?

Thanks so far guys!
shotgun
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July 14, 2011, 12:23:43 AM
 #8

http://en.wikipedia.org/wiki/Transaction


<luke-jr> Catholics do not believe in freedom of religion.
Leon
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July 14, 2011, 01:10:19 AM
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+1 lol beat me to it.

Opening a webhost soon. Free for the first 5 orders!
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imperi
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July 14, 2011, 02:57:33 AM
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His reply came a month and a half later, and he beat you to it? lol
AngelusWebDesign
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July 14, 2011, 04:01:22 AM
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ZOMBIE THREAD of the month.

It lives!!!!
V4Vendettas
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July 14, 2011, 11:09:56 AM
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Zombie just saw his first wiki  Grin

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