SuzukiSavage.com - Not sure if here or Cafe....

Pine

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Not sure if here or Cafe....
04/17/13 at 08:47:01

So.. I like computers .. they are my work and hobby. Many years I looked at the "bitcoin" thing.. but shook my head. Its made no sense, and the cost to get involved in production was pretty steep.

Fast forward to April 2013 - Bitcoins had long dropped off my map, but not others it seemed. It turns out that Bitcoin exchanges are very cheap to exchange currency... and since Bitcoins are really anyone "money", they have unique place as a unit of exchange/store of wealth. Would people really put thier REAL money in an electronic wallet with ZERO value other than a mathmatical algorithm that creates a stable/limited supply? CRAZY! Yet, the Bitcoin, marched along up to $60 some-odd US dollars each!

Then .. and this is were it gets political... Cyprus decided to actually RAID the savings accounts of thier citizens. Just up and took thier money! Somehow this got translated into a rush to get INTO Bitcoins... or to at least use the Bitcoin exchanges as a method to get out of thier currentcy and into another... or even just sit in the Bitcoin as a store of wealth. After-all - the government cant take money out of an offline "electronic wallet". Bitcoined screamed up to $250 before actually breaking the exchange servers, which allowed everyone to cool off and the price to drop backdown to the $60's ....though even today the price is back up to the $70's.

There you have it... nearly every government on the planet is "stealing" money from wage earners by devalueing their currency. It is the most incidious of taxes. And the internet .. people... have created thier own alternative store of wealth. I remember the first time heard that tibes on islands use shells as money... groups have used goats, pigs, even rocks... though us "civilied" types use gold and silver. And now.... people are useing their faith in a mathmatical algorithm and the power the of the net.

To tie this back to the CAFE... it takes a desktop PC with a nice powerful GPU to be effective with this. Theres been talk of an ARM "miner" but they are too weak to be used at this time. Ahhhh.. something for my dino to do before being repalced with a tablet.

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Dane Allen

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Re: Not sure if here or Cafe....
Reply #1 - 04/17/13 at 08:54:27

This reminds me of a fiction novel that took place over two time periods, WW2 and the present, and the two timelines came together at the end of the book. They were using gold burried by the Japanese in WW2 to create the basis of a new currency with the current day people being computer and business savants.

Where does the money go when you purchase bitcoins? How does it not also end up in a bank to be stolen by the government? Some force is trying to crash the world economy and they seem to be succeeding. John Galt, maybe?

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Paraquat Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 2206	Re: Not sure if here or Cafe.... Reply #2 - 04/17/13 at 09:14:37 One powerful, global currency...? What's next, one unified language that will allow everyone to communicate with everyone else? Esperanto? --Steve
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Pine

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Re: Not sure if here or Cafe....
Reply #3 - 04/17/13 at 12:35:58

Dane Allen wrote on 04/17/13 at 08:54:27:

This reminds me of a fiction novel that took place over two time periods, WW2 and the present, and the two timelines came together at the end of the book. They were using gold burried by the Japanese in WW2 to create the basis of a new currency with the current day people being computer and business savants.

Where does the money go when you purchase bitcoins? How does it not also end up in a bank to be stolen by the government? Some force is trying to crash the world economy and they seem to be succeeding. John Galt, maybe?

Just looking at the bold text... and I am no expert on this...heck I just read about it saturday!
The largest exchange and the one that crashed.. is in Japan. So I guess electronic payments ended up there. Which would pretty much secure it away from Cyrpus. Though I see your point... no one flew a plane with cyprus money to Japan. Though once the cyprus person had bitcoins they coudl turn around and exchange that for US dollars or Euros, or Yen .. or they can BUY gold and silver directly for Bitcoins.

As for trying to crash the world economy... policitians are MORE than capable of doing that on thier own and of their own free will. No conspiracy there. One world currency... Bitcoin is the first (succesful) of its kind. I doubt it is perfect, BUT it does at least give a demostration that there is method for creating a standard of exchange that both removes some of the bad of a paper fiat system and is electronic and can be used globally. Is the bitcoin the end-all.. doubtful, but its a model of things to come, and it does so without creating the monster called Central Banks.

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Dane Allen

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Re: Not sure if here or Cafe....
Reply #4 - 04/17/13 at 13:48:11

Pine wrote on 04/17/13 at 12:35:58:

Dane Allen wrote on 04/17/13 at 08:54:27:

This reminds me of a fiction novel that took place over two time periods, WW2 and the present, and the two timelines came together at the end of the book. They were using gold burried by the Japanese in WW2 to create the basis of a new currency with the current day people being computer and business savants.

Where does the money go when you purchase bitcoins? How does it not also end up in a bank to be stolen by the government? Some force is trying to crash the world economy and they seem to be succeeding. John Galt, maybe?

Just looking at the bold text... and I am no expert on this...heck I just read about it saturday!
The largest exchange and the one that crashed.. is in Japan. So I guess electronic payments ended up there. Which would pretty much secure it away from Cyrpus. Though I see your point... no one flew a plane with cyprus money to Japan. Though once the cyprus person had bitcoins they coudl turn around and exchange that for US dollars or Euros, or Yen .. or they can BUY gold and silver directly for Bitcoins.

As for trying to crash the world economy... policitians are MORE than capable of doing that on thier own and of their own free will. No conspiracy there. One world currency... Bitcoin is the first (succesful) of its kind. I doubt it is perfect, BUT it does at least give a demostration that there is method for creating a standard of exchange that both removes some of the bad of a paper fiat system and is electronic and can be used globally. Is the bitcoin the end-all.. doubtful, but its a model of things to come, and it does so without creating the monster called Central Banks.

I have been intrigued by the bitcoin phenominon but I am also very risk averse and this has always had the ponzi feel to it for me. I can't wrap my brain around there not being a physical basis to the bitcoin. If a far off supernova hits the Earth with a mild EMP (just making that scenario up) and all the electronics blink out for a day then what happens? If everyone pulls out of bitcoin then at what point durint eh sell off does the value reach zero?

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rfw2003 Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 1108 Yantis, TX	Re: Not sure if here or Cafe.... Reply #5 - 04/17/13 at 14:15:06 It sounds fairly interesting to me, I may setup one my main desktop todo a bit of mining and give it a month or 2 to see how well it does, to see if it's even worth it. R.F.
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Pine

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Re: Not sure if here or Cafe....
Reply #6 - 04/17/13 at 14:46:22

rfw2003 wrote on 04/17/13 at 14:15:06:

It sounds fairly interesting to me, I may setup one my main desktop todo a bit of mining and give it a month or 2 to see how well it does, to see if it's even worth it.

R.F.

Actually ... I am not doing bitcoin... I am doing litecoin. The same algorithm that make sure that the coin cant be just "overly made" .. has put the bitcoin mining out of reach of most. But Litecoin is newer and is designed to compliment Bitcoin like silver is to gold... more plenitful and thus worth less. So while 1 bitcoin ( BTC is over $70.. one litecoin ( LTC) is a mere $1.92.. and can be mined with any PC using the CPu or can be mined more effectively with a good GPU.
According to the pool I joined.. my gaming PC with one GPU ( AMD 6850), will net me about .70 LTC per day. If I add my sons GPU to the mix, I gross a solid 1 LTC per day... two whole dollars .. for free!... well not free you have to pay for electricy.. and yup they have an "app for that" .. I make about .95 on each LTC I mine.

So far.. its just a fun thing. But its enjoyable to me as I like computers.. esp highend gaming hardware.. and who doesnt like money!

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rfw2003

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Re: Not sure if here or Cafe....
Reply #7 - 04/17/13 at 15:11:53

Pine wrote on 04/17/13 at 14:46:22:

rfw2003 wrote on 04/17/13 at 14:15:06:

It sounds fairly interesting to me, I may setup one my main desktop todo a bit of mining and give it a month or 2 to see how well it does, to see if it's even worth it.

R.F.

Actually ... I am not doing bitcoin... I am doing litecoin. The same algorithm that make sure that the coin cant be just "overly made" .. has put the bitcoin mining out of reach of most. But Litecoin is newer and is designed to compliment Bitcoin like silver is to gold... more plenitful and thus worth less. So while 1 bitcoin ( BTC is over $70.. one litecoin ( LTC) is a mere $1.92.. and can be mined with any PC using the CPu or can be mined more effectively with a good GPU.
According to the pool I joined.. my gaming PC with one GPU ( AMD 6850), will net me about .70 LTC per day. If I add my sons GPU to the mix, I gross a solid 1 LTC per day... two whole dollars .. for free!... well not free you have to pay for electricy.. and yup they have an "app for that" .. I make about .95 on each LTC I mine.

So far.. its just a fun thing. But its enjoyable to me as I like computers.. esp highend gaming hardware.. and who doesnt like money!

sounds good, might do that instead then. can you give me some links either here for all to see or via pm if you don't want to post that. My electricity is included in my rent so it won't cost me anymore even if I run my machines 24/7 at 100% Grin

and I can make a little money on the side when I'm not doing anything with the machines as they are just sitting Idle most of the time anyways, might as well have them make me a few dollars a month

R.F.

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Pine

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Re: Not sure if here or Cafe....
Reply #8 - 04/17/13 at 20:02:53

Here is the pool I use: http://netcodepool.org/index
Thier site has a link to the miner software.. guiminer-scrypt
Even a very short vid on how to set it up.
UNder get paid they show you how to set up a wallet from the Litecoin.org with another vid
thats really all you have to have.
There are many other pools with different rules, this one charges a fee of 2%, some do not charge at all.

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justin_o_guy2 Serious Thumper Offline What happened? Posts: 55279 East Texas, 1/2 dallas/la.	Re: Not sure if here or Cafe.... Reply #9 - 04/17/13 at 23:33:16 Owning dollars is scary enough for me,,Im not gonna play with anything else. IF I had the $$$ Id buy gold & silver,, Alas,, Ima Po Boy,,
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Pine

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Re: Not sure if here or Cafe....
Reply #10 - 04/20/13 at 08:28:22

justin_o_guy2 wrote on 04/17/13 at 23:33:16:

Owning dollars is scary enough for me,,Im not gonna play with anything else. IF I had the $$$ Id buy gold & silver,, Alas,, Ima Po Boy,,

I am certainly NOT advocating this. But think of it this way:
I already own the PC and everything needed to mine these coins. Thus my cost is electricity only. I am not buying anything. Yet I have already "made " 2 LTC @ 2.43 each ( value went up while mining). I can trade this pretend LTC for real silver.

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Pine

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Re: Not sure if here or Cafe....
Reply #11 - 04/25/13 at 12:17:02

Bump...

The litecoin.. that I started mining at $1.96 US is now over $3.60 US. I have only earned 5. So ~ $18.00, but its free to do (save the electricity).

The US Treasury has declared that cryptocurrency and Bitcoins in particular ARE currency, and therefore money exchangers must abide by the "bank secrecy act" (report transaction over $10,000 US).

It is very hard to get info on current news on the stuff. Wild fluctuations and fear mongering are rampant.

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rfw2003 Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 1108 Yantis, TX	Re: Not sure if here or Cafe.... Reply #12 - 04/25/13 at 13:20:49 I really need to get off my butt and get started on this, only issue I'm finding for setup is most of the info I'm finding is geared towards ATI chipsets and not nvidia gpu's R.F.
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Paraquat Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 2206	Re: Not sure if here or Cafe.... Reply #13 - 04/26/13 at 06:04:48 Can someoen dumb this down for me? I like money and I have three computers idling at home. One is my primary, one is dedicated to CCTV cameras, and one is the gf's. --Steve
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Pine Serious Thumper Offline SuzukiSavage.com Rocks! Posts: 1694 Mississippi, USA Gender:	Re: Not sure if here or Cafe.... Reply #14 - 04/26/13 at 09:41:20 What you need: A PC with windows or linux a free "wallet" to hold your earnings a powerful graphics card preferably AMD a free mining program join a mining "pool" http://www.youtube.com/watch?v=SeOOsm0BS24 http://www.youtube.com/watch?v=jj849rSg1Nw&feature=youtu.be http://www.youtube.com/watch?v=Ih6uTtIM6e0
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