Anyone here using Bitcoin?

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Forums › Finance and wealth management › Anyone here using Bitcoin?

freitasm

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#82546 1-May-2011 14:55

I was wondering if anyone here is using Bitcoin?

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Ultimate Geek

#464195 1-May-2011 15:59

not using it but listened to a very interesting podcast by Steve Gibson explaining it all a few weeks ago now. Podcast is called Security Now if anyone is interested and is usually very good. He even managed to get himself 50 bitcoins by finding one of the numbers with the leading zeros that you can set your pc to search for to earn bitcoins.

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cdouble

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#464225 1-May-2011 18:09

freitasm: I was wondering if anyone here is using Bitcoin?

I've been using it. I have a small amount, used the various exchanges, and stay up to date with the goings on in the community.

JodiTheTigger

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#467148 9-May-2011 15:24

I've mined 120 btc so far, sold my first 50btc for NZD $75, my second 50btc for NZD $200.

I've spent $1764 on my mining rig, which runs at around 1200 MHash/second. I get around 8-10 btc / day now. However that should decrease in about 6 days time when the difficulty increases.

I expect to pay off my kit within 60 days.

icepicknz

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#467157 9-May-2011 15:47

I dont get it, sounds like it installs a client on your pc to do what? Steal your data? Backdoor to operate a DDoS attack? All sounds a bit fake to me :)

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icepicknz

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#467158 9-May-2011 15:48

Ahh its a game?

Barry Murphy
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cdouble

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#467164 9-May-2011 15:56

icepicknz: Ahh its a game?

No, it's an alternative currency using cryptographic principles to handle generation and spending. See http://www.weusecoins.com/

Whalefreezer

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#467932 11-May-2011 14:18

Heh, I've been watching this for about a year or so and becoming more and more depressed. I had an opportunity to invest way back then but i procrastinated on it

.

If anyone wants to trade 10 or so coins, pm me and I can wire you the money or something.

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lokeynz

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#469179 14-May-2011 23:17

I've been using it for 3 weeks, built a mining setup consisting of 8x graphics cards, nets about 12 bitcoins per day at current difficulty.

Do you accept BTC for subscriptions?

freitasm

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#469983 17-May-2011 09:39

If you hae Bitcoins and want to pay for a subscription, why not? Let's try it...

athor

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#470020 17-May-2011 11:04

But what does the mining setup actually do? Aside from generate bitcoins.

Does it calculate anything of actual use? Like the ps3 folding@home project? Or does it simply calculate stuff for the purpose of generating bitcoins?

cdouble

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#470029 17-May-2011 11:22

athor: But what does the mining setup actually do? Aside from generate bitcoins.

Does it calculate anything of actual use? Like the ps3 folding@home project? Or does it simply calculate stuff for the purpose of generating bitcoins?

It calculates stuff for the purpose of generating bitcoins. Each miner gets given a block of data and must perform a cryptographic hash of this plus data the miner comes up with (called a nonce). If the hash of this combined data is less than a target value, decided by the network, then the miner 'wins' and a block is generated. The block contains the new 50 bitcoins and any transaction fees attached to the transactions included in the block.

So a miner basically takes this data adds a nonce, hashes it and compares it to the target. If it fails then it comes up with a new nonce (it's usually an incrementing integer number), re-hashes it and compares again. It repeats this until successful or given a new block of data, You can see how this can be paralleized (run hashes with different nonces on each CPU) and why GPU's are useful for the process.