So, how does one go about converting bitcoins into real money?
Got my 5850 today, running at 300Mhash (3x performance before) & much cooler & quieter than my 4890 which could be heard outside my room when the fan was at 100%.
To anyone who says "shouldn't invest in BTC it's unstable" I'm not, I can sell my 4890 for £50 meaning I've effectively paid £50 to upgrade to a better graphics card. I plan to buy another 5850 because at the current £100 each they're the best value card upgrade for £200. The increase in BTC performance is just a nice bonus.
[editline]14th June 2011[/editline]
[QUOTE=Trumple;30448817]So, how does one go about converting bitcoins into real money?[/QUOTE]
[QUOTE=KorJax;30440665]It's not hard but it sure as hell is convoluted.
The surefire way to do it at the moment is to sell your BTC in the market at Mt. Gox. Except Mt. Gox requires you to also sign up for something called Dwolla in order to put money into Mt. Gox (if you want to buy BTC) or to withdraw. Dwolla needs to be connected to a bank account, which takes several days to authenticate.
Once you authenticate, you can sell your BTC on Mt. Gox. When someone buys at the market price you set, you get that value added to your account. You must then convert your earnings to Dwalla's at Mt. Gox. The process for the money you've made from selling BTC's to be converted into Dwalla's (that show up on your dwalla account) can take anywhere from a few hours to a day.
Once you have the Dwallas you must then log into Dwalla to convert those Dwuallas into USD. Then, transfer the USD into your bank account which can take several days.
The whole process is one giant butt-ugly convoluted mess involving a raping of middlemen. So much for the "peer to peer, direct individual" promise that Bitcoin was established under.[/QUOTE]
[img]http://f.braxupload.se/wjdf6b.png[/img]
:q:
[quote]It's not hard but it sure as hell is convoluted.
The surefire way to do it at the moment is to sell your BTC in the market at Mt. Gox. Except Mt. Gox requires you to also sign up for something called Dwolla in order to put money into Mt. Gox (if you want to buy BTC) or to withdraw. Dwolla needs to be connected to a bank account, which takes several days to authenticate.
Once you authenticate, you can sell your BTC on Mt. Gox. When someone buys at the market price you set, you get that value added to your account. You must then convert your earnings to Dwalla's at Mt. Gox. The process for the money you've made from selling BTC's to be converted into Dwalla's (that show up on your dwalla account) can take anywhere from a few hours to a day.
Once you have the Dwallas you must then log into Dwalla to convert those Dwuallas into USD. Then, transfer the USD into your bank account which can take several days.
The whole process is one giant butt-ugly convoluted mess involving a raping of middlemen. So much for the "peer to peer, direct individual" promise that Bitcoin was established under.[/quote]
You know what, I think I'll stick to a job :v:
[img]http://peecee.dk/uploads/062011/Capture5.PNG[/img]
I guess BTC guild is switching servers now
[url]https://support.mtgox.com/entries/20192703-ddos-in-progress-2011-06-14[/url]
Apparently Mt. Gox and Bitcoin.org are being DDoS attacked at the moment, no clue why or by whom...
I certianly am having a hard time accessing
[editline]14th June 2011[/editline]
[QUOTE=Trumple;30449150]You know what, I think I'll stick to a job :v:[/QUOTE]
It would be a lot easier if paypal didn't have a vendetta against BTC
Thats the only reason why everyone uses Dwolla to get money into and out of Mt. Gox and other trading websites. Sending directly without using Dwolla is risky because there are scam opporutnities everywhere, at least with Dwolla your money is secure.
Started mining, not sure if it'll pay off but who knows. Only CPU mining atm with about 60Mhash/s, gotta install that AMD Stream SDK for my card.
[QUOTE=demoguy08;30449567]Started mining, not sure if it'll pay off but who knows. Only CPU mining atm with about 60Mhash/s, gotta install that AMD Stream SDK for my card.[/QUOTE]
CPU mining yeilds almost no results, don't bother.
Only mining that is worth it is when you GPU mine with an ATI card. 5830's for example can get 350mhash/s
How good is a 5570 at mining?
[QUOTE=KorJax;30449482]
It would be a lot easier if paypal didn't have a vendetta against BTC
Thats the only reason why everyone uses Dwolla to get money into and out of Mt. Gox and other trading websites. Sending directly without using Dwolla is risky because there are scam opporutnities everywhere, at least with Dwolla your money is secure.[/QUOTE]
Is there a different method for us in the UK?
698.40 MH/s AVG. Hell yes!
[QUOTE=Warship;30449950]How good is a 5570 at mining?[/QUOTE]
[url]https://en.bitcoin.it/wiki/Mining_hardware_comparison[/url]
[editline]14th June 2011[/editline]
[QUOTE=KorJax;30449690]CPU mining yeilds almost no results, don't bother.
Only mining that is worth it is when you GPU mine with an ATI card. 5830's for example can get 350mhash/s[/QUOTE]
Aye I'm aware of that but I was in a rush and didn't have time to install the necessary crap for my 5750.
[QUOTE=Trumple;30449150]You know what, I think I'll stick to a job :v:[/QUOTE]
SEPA zone master race.
Yay. 2 BTC!
[QUOTE=1/4 Life;30450896]698.40 MH/s AVG. Hell yes![/QUOTE]
Isn't that like $30 a day or something?
[QUOTE=Trumple;30451166]Isn't that like $30 a day or something?[/QUOTE]
~$23.5 at the current BTC price.
[QUOTE=Trumple;30451166]Isn't that like $30 a day or something?[/QUOTE]
$23 roughly
Now at 1.88 coins
[QUOTE=thf;30451226]~$23.5 at the current BTC price.[/QUOTE]
Incredible. I think I may actually do a huge backpedal and buy me an ATI card.
How about this one? [url]http://www.google.co.uk/products/catalog?hl=en&q=5870&sqi=2&cid=17174836381047859296&os=tech-specs[/url]
If not, could you recommend me a good one?
[QUOTE=1/4 Life;30450896]698.40 MH/s AVG. Hell yes![/QUOTE]
What's your setup?
[img]http://i.imgur.com/iT5Zq.png[/img]
Not bad for a single 6870 tbh
[img]http://i.imgur.com/hs8Bq.png[/img]
Also I'm richer than most of you guys :smug:
(I'd be richer but I needed $10 a couple days ago :v:)
[QUOTE=demoguy08;30449567]Started mining, not sure if it'll pay off but who knows. Only CPU mining atm with about 60Mhash/s, gotta install that AMD Stream SDK for my card.[/QUOTE]
I'd like to know what monster CPU you have that can get 60 Mhash/s
Bought BeatHazard on Steam for BTC, everything went good and it's now downloading.
If my math's right, difficulty will increase in roughly 24 hours by around 33%, so don't sell until then. It might even go way high then way down low again (hope so!)
[editline]14th June 2011[/editline]
And the stupid bitcoin prices keep going up when I'm sleeping so I can't do any meaningful trades.
[QUOTE=Shadaez;30451763]If my math's right, difficulty will increase in roughly 24 hours by around 33%, so don't sell until then. It might even go way high then way down low again (hope so!)
[editline]14th June 2011[/editline]
And the stupid bitcoin prices keep going up when I'm sleeping so I can't do any meaningful trades.[/QUOTE]
I'm assuming when you say trades that's when you convert the bitcoins into dollars?
Yes, bitcoins into dollars on MTGox then I trade it back into bitcoin when the price gets low.
[QUOTE=demoguy08;30451332]What's your setup?[/QUOTE]
Single 5970 with a slight overclock.
[QUOTE=Shadaez;30451763]If my math's right, difficulty will increase in roughly 24 hours by around 33%, so don't sell until then. It might even go way high then way down low again (hope so!)
[editline]14th June 2011[/editline]
And the stupid bitcoin prices keep going up when I'm sleeping so I can't do any meaningful trades.[/QUOTE]
what are you using to trade, a program, site?
if you can't be around when they go up in price, you can use a buy limit and set a target to automatically buy
[QUOTE=djshox;30452333]what are you using to trade, a program, site?
if you can't be around when they go up in price, you can use a buy limit and set a target to automatically buy[/QUOTE]
I know. It's just not something I like doing. I could buy at $24 and then miss a low point and it could go above $24 and that scares me and my $28
[editline]14th June 2011[/editline]
especially this near a difficulty increase, it could rise before the increase because people know the value will go up
Okay, I'm not going to read through all 20 pages, what exactly is the backing for these? As in, what is the work we're doing while mining?
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