Bitcoin-based credit card reportedly due in two months - Polidicks

[QUOTE=Clementine;37347240]What is this stupid mining shit what is a computer mining for I don't get it is it trying to solve algorithms wtf[/QUOTE] Using the processing power of you GPU/s and CPU/s you can hash MD5 sums to "solve" blocks. Once a block is solved you get a set amount of bitcoins. Most people who mine use groups so that they can solve blocks faster and then split the bitcoins among the users who contributed to solving a block.

[QUOTE=MIPS;37345706]Building ultra high-performance or specialty computers with the sole purpose for mining is as close to printing money as you can possibly get without using a printer to make physical cash.[/QUOTE] The only difference being printers generally stay around the same efficiency and get upgraded to more efficient machines every few years. Mining for BTC on the other hand gets more and more difficult as time goes on, only to eventually reach a "singularity" which ensures that no more BTC can be created. So yeah, it's about EXACTLY the same thing as printing money assuming your printer was the only one in existence, would print each group of bills slower than the last, could not be rebuilt or maintained, and would die after a set amount of printed dosh!

[QUOTE=The Baconator;37347130]I never understood this joke mostly because I don't understand bitcoin very well it's hard to get information about it that isn't jokes or opinionated forum posts[/QUOTE] bit and butt are pretty close in pronunciation so people use it to disparage bitcoins [sp]actually bitcoins are terrible for reasons already stated[/sp]

[QUOTE=hexpunK;37346877]Well that's totally different to what you estimated earlier! You suddenly shot up to 6x the build cost and only ~$200 extra profit a day in whatever theoretical world you live in![/QUOTE] It's called a loan. You really don't think I'm smart enough to factor in the electricity cost? You're insulting me, the rig would actually earn a gross profit of $500 per day, after the cost of electric it would be $430 per day. This rig functions at 1 TH/s [url]http://www.butterflylabs.com/order-form-bitforce-sc-mini-rig/[/url] it's powerful as fuck, and the profit/power cost still leaves room for a high profit margin. You're all so quick to flame me, it's quite funny really.

This sounds super sketchy all over.

I make like 0.20 bitcoins daily so this would actually be pretty neat for me, I could use this quite feasibly

[QUOTE=jakedog;37351486]It's called a loan. You really don't think I'm smart enough to factor in the electricity cost? You're insulting me, the rig would actually earn a gross profit of $500 per day, after the cost of electric it would be $430 per day. This rig functions at 1 TH/s [URL]http://www.butterflylabs.com/order-form-bitforce-sc-mini-rig/[/URL] it's powerful as fuck, and the profit/power cost still leaves room for a high profit margin. You're all so quick to flame me, it's quite funny really.[/QUOTE] That's not flaming you're giving impossible numbers and people are naturally skeptic. You're being very defensive which indicates either you completely lack self-esteem or you know how much you're lying to yourself what're you gonna tell the bank when you ask for this $30,000 loan anyway [editline]22nd August 2012[/editline] haahahaa oh god I looked you're trusting a bitcoin site to sell you a $30,000 computer that promises to make your money back in X amount of time

[QUOTE=jakedog;37351486]It's called a loan. You really don't think I'm smart enough to factor in the electricity cost? You're insulting me, the rig would actually earn a gross profit of $500 per day, after the cost of electric it would be $430 per day. This rig functions at 1 TH/s [url]http://www.butterflylabs.com/order-form-bitforce-sc-mini-rig/[/url] it's powerful as fuck, and the profit/power cost still leaves room for a high profit margin. You're all so quick to flame me, it's quite funny really.[/QUOTE] I've mined two coins on my rig, and take it from a pro, you'll be paying more in electricity than making coins. The problem with bitcoins is that the mining market has grown faster than the currency value, making it not too useful. It's been getting much much harder as of late to generate keys, it was way easier last year. As someone who as mined, it is NOT worth it anymore, although I promote the bitcoin currency, it's pretty neat.

[QUOTE=jakedog;37351486]It's called a loan. You really don't think I'm smart enough to factor in the electricity cost? You're insulting me, the rig would actually earn a gross profit of $500 per day, after the cost of electric it would be $430 per day. This rig functions at 1 TH/s [URL]http://www.butterflylabs.com/order-form-bitforce-sc-mini-rig/[/URL] it's powerful as fuck, and the profit/power cost still leaves room for a high profit margin. You're all so quick to flame me, it's quite funny really.[/QUOTE] you fucking deserve every cent of debt you'll be drowning in if you go through with this monumentally stupid decision

I don't fucking understand this at all, can someone help? So far I think that you leave your computer running and somehow you get money or some shit like that, it sounds completely bass-ackwards

Bitcoin is comprised of a "blockchain", a public record of every bitcoin transaction ever. This blockchain is created by mining, which requires computers to calculate hashes as fast as possible to try to find one that matches an adjustable "difficulty" parameter automatically managed by the network. When a block is completed, adjusted to happen every 10 minutes on average by the network, 50 bitcoins are awarded to the miner who generated it by the network. Since the blockchain is public, "counterfeit" bitcoins (if such a thing existed) would be seen to have come out of nowhere by an address that never held those bitcoins in the first place, so the transaction would not be verified by the network and nobody is able to gain any coins out of thin air without mining. While mining is slow, if you have an AMD card, you can actually earn about 1 coin ($10)/week, at least for a 5850. [QUOTE=MIPS;37343406]The whole idea of deregulating a currency and allowing the users to literally print their own money still sounds like such a bad idea. It drives inflation absolutely wild. You have absolutely no control over the relative value against other currencies and if nobody is going to honor the value you put on your currency come time to buy real world products there really is no point to it at all.[/QUOTE] There is no inflation because 50 bitcoins are awarded every 10 minutes, regardless of the power of the mining network. In fact, if more people start mining, there are less coins to go around per miner, and thus bitcoin [b]deflates[/b] instead of inflates. The amount of ignorance around this topic is astounding.

[QUOTE=Lazor;37352644]you fucking deserve every cent of debt you'll be drowning in if you go through with this monumentally stupid decision[/QUOTE] I keep reading this sentence because of how good it is

[QUOTE=jakedog;37342991]I plan on investing at least $5,000 into my setup, just from reading forums it seems people can get that much with FPGA boards and everything.[/QUOTE] You know people are living in poverty and you're blowing $5000 on what amounts to a giant waste of space [editline]22nd August 2012[/editline] Also since this a bitcoin thread: [img]http://i.imgur.com/LRjLB.jpg[/img] [img]http://i.imgur.com/YInsS.jpg[/img]

I'm sorry but isn't the power consumption for mining already higher than the gained result? Also doesn't the mining basically create inflation?

[QUOTE=mblunk;37353183] There is no inflation because 50 bitcoins are awarded every 10 minutes, regardless of the power of the mining network. In fact, if more people start mining, there are less coins to go around per miner, and thus bitcoin [b]deflates[/b] instead of inflates. The amount of ignorance around this topic is astounding.[/QUOTE] That's just as bad. Money that inflates/deflates depending on how many people use it. Imagine a 2 day power outage in the US fow whatever reason, hot summer, accidents, whatever. Less people mining, massive deflation, people in the US lose money. Or more people in China joining. You lose money because other people start using it. And I don't get what exactly values the worth of one bitcoin to be honest. [editline]22nd August 2012[/editline] Also I'd rather see people doing something more useful with the computing power/electricity, distributed computing for example.

[QUOTE=Killuah;37353626]That's just as bad. Money that inflates/deflates depending on how many people use it. Imagine a 2 day power outage in the US fow whatever reason, hot summer, accidents, whatever. Less people mining, massive deflation, people in the US lose money. Or more people in China joining. You lose money because other people start using it. And I don't get what exactly values the worth of one bitcoin to be honest. [editline]22nd August 2012[/editline] Also I'd rather see people doing something more useful with the computing power/electricity, distributed computing for example.[/QUOTE] It's not like it's possible to keep track of what kind of groups of people are generating how much, because bitcoin doesn't operate on that level - as long as you have a suitable computer (amd video cards), mining software, a pool account, and power and network, you can mine and "compete" with all the other miners, even though it's really just creating an incentive at the lowest level to have people help support the network itself. And it's not like losing power means all your coins disappear, and this deflation isn't an overnight kind of thing, plus bitcoin is divisible down to 0.00000001 coins, so even if 1 bitcoin becomes wildly valuable in other currencies, you will still because to send appropriately small amounts. The effects of an ultimately deflationary currency are still debate topics, though, although most of what I've seen suggests it'll work just fine so long as it becomes easy enough to use that it catches on, such as having a "bitcoin credit card."

Jesus fuck what don't you guys get about this? There's no way it isn't going to make $500 a day, I fucking am looking at my power bill right now, all of my math has been done. But whatever I don't care about your guy's opinion, they're pretty fucking stupid anyways. None of you even say why, you're all just riding a fucking band wagon BITCOIN R BAD BCUZ THEY R BAD is literally all I've gotten out of you [editline]22nd August 2012[/editline] [QUOTE=Lazor;37352644]you fucking deserve every cent of debt you'll be drowning in if you go through with this monumentally stupid decision[/QUOTE] See you don't even begin to tell me why, as far as I'm concerned you're just a troll/incredible stupid. [editline]22nd August 2012[/editline] [QUOTE=Lonestriper;37353506]You know people are living in poverty and you're blowing $5000 on what amounts to a giant waste of space [/QUOTE] Fuck you dude, I have that money because MY MOM DIED when I was 12 years old. Don't act like I don't deserve it or something.

[QUOTE=jakedog;37355446] <I'll make thousands of dollars on bitcoin!!>[/QUOTE] [url]http://www.alloscomp.com/bitcoin/calculator.php[/url] ,= using this up to date calculator, the latest difficulty factor, the current USD/coin exchange rate and the sites purpoted speed of 25,200 megahashes/sec the per day profitability comes out to... $115 before power costs. [img]http://i.imgur.com/bOuE9.png[/img] So you'll take what, a year to recoup after power costs? That's assuming a website trying to sell you a [b]thirty thousand dollar specialized and otherwise completely useless brick of computing power[/b] lives up to the advertisements. That's assuming the difficulty stays the same (it won't). That assumes the exchange rate will stay the same (it won't). That's assuming your $30,000 brick isn't a huge scam (it is).

[QUOTE=latin_geek;37339322]Why do I get the feeling Bitcoins will crash and burn if they go mainstream like someone will get their supercomputer mining coins and run the currency into the ground or something[/QUOTE] Its been crashing for a long time now

[QUOTE=scout1;37355939][url]http://www.alloscomp.com/bitcoin/calculator.php[/url] ,= using this up to date calculator, the latest difficulty factor, the current USD/coin exchange rate and the sites purpoted speed of 25,200 megahashes/sec the per day profitability comes out to... $115 before power costs. [img]http://i.imgur.com/bOuE9.png[/img] So you'll take what, a year to recoup after power costs? That's assuming a website trying to sell you a [b]thirty thousand dollar specialized and otherwise completely useless brick of computing power[/b] lives up to the advertisements. That's assuming the difficulty stays the same (it won't). That assumes the exchange rate will stay the same (it won't). That's assuming your $30,000 brick isn't a huge scam (it is).[/QUOTE] Except the $30,000 model churns out one TH/s which is much much more than 25,200 MH/s. Good job though I applaud your effort. Here's what that would look like have you had actually entered in the correct info. [IMG]http://filesmelt.com/dl/IToldYouSoFaggot.png[/IMG] You lack the reading comprehension skills to even know what model of computer I'm talking about. Why the hell should I trust your investment advice, when you can't even get your products straight?

[QUOTE=jakedog;37360182]Except the $30,000 model churns out one TH/s which is much much more than 25,200 MH/s. Good job though I applaud your effort. Here's what that would look like have you had actually entered in the correct info. [IMG]http://filesmelt.com/dl/IToldYouSoFaggot.png[/IMG] You lack the reading comprehension skills to even know what model of computer I'm talking about. Why the hell should I trust your investment advice, when you can't even get your products straight?[/QUOTE] Dude, you're still spending $30k on a computer which they don't even list the spec of (even if it is a "custom" CPU, they should list specs of it). That will only be capable of this one task. Will require constant power, maintenance and cooling. In the hopes it spits out some money for a currency that has only recently stabilised for the hundredth time in a few years. Do you not see how retarded this sounds? It's like the nerd equivalent of investing in a fucking timeshare. Where do you intend to get this 30k from? A bank is not going to loan you 30k for something like this, neither will any respectable loan company. Maybe Borris down that darkened alley will, but your payment will be 2 whole kidneys, fresh from you. Oh. And real grown up. [img]http://i.imgur.com/ZOZsC.png[/img] Get banned.

You're hurting my feelings. There isn't any 'hope' that it spits out money, I'm showing you concrete proof that it will. It lists right on the product page the specifications, go read harder. Of course the value is going to go up and down, that's expected. The electricity cost at .82c. per kw/h (which is the max for my area) is still only going to be $30 per day. [sp]You really shouldn't get so offended over a filename, but then again I forget SH is srs buiznezzz where we have to argue with everyone to prove how big our E-dicks are[/sp]

I don't see how this is a concrete proof, I could code a bullshit calculator myself. But I don't know how mining work so it's maybe accurate. I've never heard of people making lots of money with bitcoins though.

[QUOTE=Kljunas;37361612]I don't see how this is a concrete proof, I could code a bullshit calculator myself. But I don't know how mining work so it's maybe accurate. I've never heard of people making lots of money with bitcoins though.[/QUOTE] Except I'm using two calculators, which surprise! Spit out the same answer, all it is, is a mathematical formula.

[img]https://dl.dropbox.com/u/1439918/Pics/2012-08-22_16-29-45.png[/img] And that's being generous.

[QUOTE=jakedog;37361637]Except I'm using two calculators, which surprise! Spit out the same answer, all it is, is a mathematical formula.[/QUOTE] A formula that represents the most unstable thing since Somalia. Bitcoin hasn't been exceptionally stable, with massive peaks and troughs in the value constantly throughout its history. All because it's decentralised and money can literally just vanish into nothingness forever. You calculations all assume that the currency will sit at the value it is right now for month long periods. It could easily go either way, making you slightly richer, or just ruining you overnight. You're putting far too much faith in something intangible and generally useless in the real world (this "credit card" is the only example I've seen of a chance to use it for something productive and not drugs/ mail order brides (you can tell this shit is run by super-nerd stereotypes)). And again. $30k computer. Where are you getting the capital from this when no respectable loan group will loan that to a nobody, you have to tell them what you need it for you know that right?

[QUOTE=Kabstrac;37361722]even so, why should you trust that $30 000 computer order sheet that lists literally no info except how much it mines and power usage?[/QUOTE] Because they have made other quality products, go read the bitcoin talk forum.

[QUOTE=jakedog;37361760]Because they have made other quality products, go read the bitcoin talk forum.[/QUOTE] Guys it's hopeless, he's not going to listen. Good luck getting that 30k first off, and if you do somehow scam someone out of the money to buy the miner, have fun with your now ruined life and 30 thousand dollar piece of shit that will never amount to any amount of financial success. Aka, you are an idiot, you are going to bankrupt your self and end up homeless, etc. etc. you probably wont even ever get the money to buy it the first place, blah blah shut the fuck up.

Something like this is coming out for Canada so I might wait.

rofl like I said bitcoin is a joke electricity and the rig itself is worth more than you'll even make you can't just "summon money of the blue" how about you just "Get a fucking job" and buy things with actual money and actually earn it. Magic isn't real. Jobs are scarce yes but it's 100% less risky.