Any one heard of Bitcoin?

M

mrDMxtreme

New member
Someone told me to look into it.... supposedly you can use your computer to crunch numbers (kinda like folding?) but not for science, but for money transactions and then somehow that get turned in money???

don't have the time to look too much into it right now, so just wondering if anyone has heard of it or has any experience with it.
 
The biggest problem with a decentralized currency is security. If someone steals your credit card, hacks your bank account, counterfeits money, etc, you have a legal recourse. With BitCoin, you don't. Hacking and stealing BitCoins is not a crime, and there is already malware floating around doing this. Just seems pointless to put any trust into a system with no security.
 
Bitcoin is still around
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I thought that came and went, from what I read about it you needed to be running something like 3 580's to earn anything and what you did earn worked out to what you were paying out in electric.
 
Bitcoin was/is used by anonymous, lulzsec and wikileaks for moving money around as it's meant to be 'anonymous'

A security researcher checked into how anonymous transactions were and found they can be tracked.

Also bitcoin is known to be used by various botnet owners to make money from their unknowing bot systems (including people like Ryan Cleary who was arrested and owned a botnet for lulzsec/anonymous).

There are also reports that bitcoin wallets were being stolen a while ago as a group of people made a virus which attacks the bitcoin files.

I would personally stay away from bitcoin and am surprised it's still going.

As SieB says you need some amazing power to even make any money from it on a normal pc.

There are a few mini bitcoin folding systems people made specifically for it that can make you money tho (very low power) & last time I heard about these the designers had made a limited number in a manufacturing run and were selling them at a expensive price.
 
You won't make money with bitcoin any more. If you got in 2 years ago that would be different. Now the bitcoin market has tanked and new miners will get next to nothing for their efforts.

A work colleague of a friend of mine started bitcoin mining early this year. He tried convincing us to do it as well. ATI cards were best suited for this so he was buying up and building PCs like crazy. Between him and his group of friends, they invested around $20k into hardware. They also had to get dedicated meters and electrical to power their farm.

I did a ton of research and found how volatile the market is and how the original founders are making huge money from the whole bitcoin scheme. I warned this guy, but he wouldn't listen. Then the first bitcoin crash happened. The market did bounce back a little, but has been on a steady decline. Him and his friends ended up stopping and selling all their hardware. With the hardware costs and electrical they actually did make a tiny bit of cash. They didn't lose any money. Starting today though, you will never make anything.

Bitcoin is dieing. More and more places will not accept the currency even for donations.
 
I thought the main use for bitcoin was for the silk road. I'd recomend caution googling for information about it, and certainly wouldn't do it at work.
 
Diablo said:
I thought the main use for bitcoin was for the silk road. I'd recomend caution googling for information about it, and certainly wouldn't do it at work.
Click to expand...

the old chineese trade routes?? i assume its something alot more serious than that ...
 
WelshD1K said:
the old chineese trade routes?? i assume its something alot more serious than that ...
Click to expand...

Drugs bought and sold using Bitcoin as the currency. Many people believe bitcoin is completely anonymous. It's not. It's not as easily traced as paypal for example, but it can be tracked down.
 
Ahh i see . didnt really look into it . sounds like fun . can make decent coin i guess if you work ina company with say 100 pc's just put them to run over night costs u 0 and you get back whatever .
biggrin.gif
think of a big company with a super pc and 1000's of pc's caaaaaaching lol
 
WelshD1K said:
Ahh i see . didnt really look into it . sounds like fun . can make decent coin i guess if you work ina company with say 100 pc's just put them to run over night costs u 0 and you get back whatever .
biggrin.gif
think of a big company with a super pc and 1000's of pc's caaaaaaching lol
Click to expand...

You need high end ATI cards to get any sort of work done. If you have crappy machines you won't get the work to mine. It's not like F@H where there is work available and you just get it, crunch it, submit the results, and make tons of money. It's absolutely amazing how complex bitcoin is.
 
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