[QUOTE=thf;30409366]Sell Bitcoins when they're worth much and then buy some when they're cheap, but I wouldn't risk investing in Bitcoin since they're so volatile at the moment.[/QUOTE]
im not going to spend actual money in this thing. sure i can sell stuff (like in the example i gave) but i really dislike putting money into a virtual currency.
sure i may make money, but i dont want to lose money either.
i was thinking about making like 3-4 bucks off old TF2 items i have but i dunno how much they're worth and i'll get scammed outta loadsamoney
Are there any disadvantages of doing a payout from btcguild or can i do it whenever i want?
[QUOTE=Giraffen93;30409465]Are there any disadvantages of doing a payout from btcguild or can i do it whenever i want?[/QUOTE]
I like to take out coins as soon as I can, some pools just close for no reason.
I'm actually starting to think about buying some bitcoins when it's worth nothing, then selling it when it reaches the max.
Wait so, whenever you sell coins for dosh, how do you get your money?
So I just ran into this, and it's pretty perplexing how a suddenly imaginary global currency that was invented on a whim has real value to it.
I've watched the video and read the FAQ and it still doesn't really make much sense to me. How exactly does this work? I know what mining is but why can someone just spend hours worth of time making calculations to suddenly generate $22 USD worth of bitcoins per coin? This sounds like those silly websites where you can play games for "points" for days and days, and then cash the points in for a prize that'll get to you in 6 months.
Or is this essentually a fake stock market so you can get a "fake" currency that ends up actually having value due to some services accepting it as legal tender? I.E. 1 bitcoin = 1 stock invested into the Bitcoin company/market.
[QUOTE=Squarebob;30409562]Wait so, whenever you sell coins for dosh, how do you get your money?[/QUOTE]
Wire transfer, Paypal etc. whatever the place you sold your dosh at supports.
[QUOTE=DogGunn;30409224]hahaha a 60% rise. you could play this if you're smart.
it is so embarrassingly volatile
oh well.[/QUOTE]
That's the exact point, the volitilatly makes the market good for a quick hit and run investments. With stock markets you'd have to wait time for a several dollar return (unless they've just had a press announcement or disaster etc) where as with this you can invest in the morning and sell in in the afternoon and make some money. I would in no way advocate actually doing proper investments in this, only invest what you're not bothered to lose.
On another note I know a guy who got into Bitcoins really early and has got 6000BTC, he plans to crash the market by selling them all really cheaply in one go.
[QUOTE=Squarebob;30409562]Wait so, whenever you sell coins for dosh, how do you get your money?[/QUOTE]
The most common place to exchange for dosh is Mtgox which allows transfers to Dwolla, and it's very easy to go from Dwolla to bank account
[QUOTE=KorJax;30409568]So I just ran into this, and it's pretty perplexing how a suddenly imaginary global currency that was invented on a whim has real value to it.
I've watched the video and read the FAQ and it still doesn't really make much sense to me. How exactly does this work? I know what mining is but why can someone just spend hours worth of time making calculations to suddenly generate $22 USD worth of bitcoins per coin? This sounds like those silly websites where you can play games for "points" for days and days, and then cash the points in for a prize that'll get to you in 6 months.
Or is this essentually a fake stock market so you can get a "fake" currency that ends up actually having value due to some services accepting it as legal tender? I.E. 1 bitcoin = 1 stock invested into the Bitcoin company/market.[/QUOTE]
It's not sudden it's been around since 2009 (well I'll give you your due that is sudden for a currency) you can mine because BTC is a hash of code with a certain amount of zeros, if you find it you get to keep it. I'm not entirely sure of the inner works but my understanding is that when they're found they're announced to the BTC website which is basically like "wallet xyz had found fitting code in block yzx" which then means it's yours. However I don't get how this stops them being cloned but if anyone else has a better explaination I'll happy welcome it.
[QUOTE=Callius;30409598]On another note I know a guy who got into Bitcoins really early and has got 6000BTC, he plans to crash the market by selling them all really cheaply in one go.[/QUOTE]
6000BTC :monocle:
[QUOTE=Callius;30409598]That's the exact point, the volitilatly makes the market good for a quick hit and run investments. With stock markets you'd have to wait time for a several dollar return (unless they've just had a press announcement or disaster etc) where as with this you can invest in the morning and sell in in the afternoon and make some money. I would in no way advocate actually doing proper investments in this, only invest what you're not bothered to lose.
On another note I know a guy who got into Bitcoins really early and has got 6000BTC, he plans to crash the market by selling them all really cheaply in one go.[/QUOTE]
Tell the guy to do it right now :q:
What exactly is all the computing power used for? What kind of number cracking is your computer performing? At least with Folding@Home you know it's for medical research.
[QUOTE=acid;30409692]6000BTC :monocle:[/QUOTE]
If he sold them at the current price he would be a millionare.
[editline]12th June 2011[/editline]
[QUOTE=Clavus;30409772]What exactly is all the computing power used for? What kind of number cracking is your computer performing? At least with Folding@Home you know it's for medical research.[/QUOTE]
I think it helps secure Bitcoin itself.
[QUOTE=Callius;30409598]That's the exact point, the volitilatly makes the market good for a quick hit and run investments. With stock markets you'd have to wait time for a several dollar return (unless they've just had a press announcement or disaster etc) where as with this you can invest in the morning and sell in in the afternoon and make some money. I would in no way advocate actually doing proper investments in this, only invest what you're not bothered to lose.
On another note I know a guy who got into Bitcoins really early and has got 6000BTC, he plans to crash the market by selling them all really cheaply in one go.[/QUOTE]
So would you say this is better for say... investing 1-2 bitcoins (about $40 atm, I'd obviously do this when its cheaper though) early on in the day and then selling it at the end of the day for a quick $10-$15 effortless profit that has little risk?
I mean it's insignifigant but could be nice booze or dinner money for free seeing as the market is so volitile apparently. If I lose out on $15 I could just wait till the price increases or well... lose out on $15 :p
While while sucks isn't a huge deal when you already make $1k a month in a real job.
The mining thing doesn't seem worth it since apparently you need to run a super computer 24/7 for a week to generate any kind of currency and not use your computer at all the entire time. Though I imagine early on mining worked out real well for people who were justplaying around with this.
[editline]12th June 2011[/editline]
[QUOTE=acid;30409692]6000BTC :monocle:[/QUOTE]
Wouldn't that drop the value of a bitcoin to be well under 5 or so USD for example?
Would be a good time to do a quick hit-and-run investment to make somenice bonus cash. Buy 10 bitcoins for $50, then due to all the buying it might jump up in price to where it's at now, make $200.
You don't have to not use your computer, I use poclbm on my 570 with level 4 aggression and I still get decent hashrates when I play a game on medium (105 when not playing), and I can bump it up to 115 or so overnight
[QUOTE=KorJax;30409895]So would you say this is better for say... investing 1-2 bitcoins (about $40 atm, I'd obviously do this when its cheaper though) early on in the day and then selling it at the end of the day for a quick $10-$15 effortless profit that has little risk?
I mean it's insignifigant but could be nice booze or dinner money for free seeing as the market is so volitile apparently. If I lose out on $15 I could just wait till the price increases or well... lose out on $15 :p
While while sucks isn't a huge deal when you already make $1k a month in a real job.
The mining thing doesn't seem worth it since apparently you need to run a super computer 24/7 for a week to generate any kind of currency and not use your computer at all the entire time. Though I imagine early on mining worked out real well for people who were justplaying around with this.
[editline]12th June 2011[/editline]
Wouldn't that drop the value of a bitcoin to be well under 5 or so USD for example?
Would be a good time to do a quick hit-and-run investment to make somenice bonus cash. Buy 10 bitcoins for $50, then due to all the buying it might jump up in price to where it's at now, make $200.[/QUOTE]
$15 a day ain't bad, doing this every day for a month would get you $450 which is quite nice for "free" money.
Waait, wait wait.
You're telling me that if I buy 6x6990's and xfire them in 2 computers, I could be getting $4000 a month for doing nothing?
What is this magic that is Bitcoin?
Woo, i now have 0.15 bitcoins in my wallet :dance:
I updated my Nvidia drivers and now I got CUDA miner working, but it's only 16Mhash/s. That's not worth the effort. It even slows down my FF.
PS. I've got Nvidia GeForce 9600GT.
Nvidia cards are not worth mining with, unless you have a very good card, but even then you get limited returns for your electricity.
[QUOTE=Tools;30410086]Waait, wait wait.
You're telling me that if I buy 6x6990's and xfire them in 2 computers, I could be getting $4000 a month for doing nothing?
What is this magic that is Bitcoin?[/QUOTE]
I get rated optimistic for my brilliantness, someone explain to me very briefly how this virtual currency can be traded for $$
[QUOTE=Tools;30410522]I get rated optimistic for my brilliantness, someone explain to me very briefly how this virtual currency can be traded for $$[/QUOTE]
At trading sites like Mt. Gox.
My BTC per round is dropping! It was at 0.22607 but now it's at 0.224!
More miners coming online, more shares going around dilute the value of your shares etc.
It's funny, I usually generate the most dosh when it's night in my timezone, for some reason.
Yeah I understand there's the whole you not using the computer during the night, but I've been staying up until like 7am for the past week or so, just been playing on my computer while mining.
I'm usually gaming during this time, so the electricity isn't that big of a deal with my 580.
I find this pretty nice way to pay for small stuff.
About 18 hours of mining, got 0.51 BTC in my wallet, 0.102 verified funds. 0.22 BTC spent as a test on prepaid Xbox live 1-month subscription code.
Oh god this thing is raping my HD4870 :byodood:
[editline]12th June 2011[/editline]
The fan is spinning at 100%, I can't hear anything :argh:
[editline]12th June 2011[/editline]
Now it's running at 80c
Is it really worth it for 80-90 Mhash/s?
[QUOTE=Hattiwatti;30410919]I find this pretty nice way to pay for small stuff.
About 18 hours of mining, got 0.51 BTC in my wallet, 0.102 verified funds. 0.22 BTC spent as a test on prepaid Xbox live 1-month subscription code.[/QUOTE]
Specs?
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