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Bitcoins (and other crypto currencies)



So, anyone deal with them or invest in them?

Crazy to see that 1 BTC (bitcoin) was worth $2 this time last year, currently now worth $190...

Some people are making some huge profits here!

Started mining LTC (litecoins) myself, will get around 4-5 a day, currently worth around $4 each!
 
  Clio 172
IIRC, you are given a program, and you run it on a computer. Your computer does s**t loads of maths and algorithms, and every now and then you get one coin for your hard work.

Takes a long time to get anywhere, and some people have farms (basically, lots of computers) doing the maths 24/7.

I think it's something to do with finding a "block" with algorithms and stuffs, what a block is I don't know, I guess it's like a game?

But doing it on your own, will take years before you even generate a coin, from what unread
 
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  Bus w**ker
LOL, if you saw £5 a month I'd be surprised. One of my properly geeky mates posted up a bitcoin mining device specific to the task on FB the other day, £2,500. With the amount of people mining now, especially those doing it from a commercial angle running farms, the chance of you happening across a hash with one device is slim to none.
 

Knuckles

ClioSport Admin
Interesting read that on Wiki, and I've still got no idea. How does one mine?
​This lol

But from this thread I gather; you buy a bitcoin. Load the program into your computer. Your computer does loads of math s**t and may, some day in the near future, possibly find you a block which you can trade for Internet money?
 
  BMW F21 125d
Can I not just buy some bitcoins, with actual cash, from a broker?

They are over £60 each now, they were £2 each 18 months ago!

And then sit on them for a few years and make actual cash back, its a limited currency, by 2040 no more will be "created".
 
Can I not just buy some bitcoins, with actual cash, from a broker?

They are over £60 each now, they were £2 each 18 months ago!

And then sit on them for a few years and make actual cash back, its a limited currency, by 2040 no more will be "created".
There is a Malta based bitcoin hedge fund specifically for BitCoin. Name escapes me
 

...

ClioSport Club Member
Can I not just buy some bitcoins, with actual cash, from a broker?

They are over £60 each now, they were £2 each 18 months ago!

And then sit on them for a few years and make actual cash back, its a limited currency, by 2040 no more will be "created".



yes you can ..... i looked into it all when i needed some for a website membership .....

there are a few of us that looked and being honest it all looks to flakey/dodgey and open to huge risk just to buy one from sources i looked at .....

nothing to stop it being a nigerian the other end emptying your bank account/loading up your credit card



http://www.slate.com/articles/technology/technology/2013/04/how_to_buy_bitcoins_a_dispatch_from_inside_the_digital_currency_bubble.html
 
  BMW F21 125d
I've looked at a couple of sites, and they are £200 EACH, where as on the stock exchange they are only $240 ish, which is like £150.....
 
  Clio 172
Interesting.

Have a read up on what a Radeon HD 5970 is capable of mining then ;).
It's not the capabilities of the hardware though is it?

I thought it was more the fact that the makers made it harder to find a block, may be wrong though
 

TomSx

ClioSport Club Member
My mate bought some bitcoins to use on some dodgy site where you can order litterally anything. As they was a minimum spend he's actually made money.
 
  Clio
How do you buy one? Do you get an email saying you got 1 bit coin or is it more like a online bank account?
 
  Nissan 350z
Surely the time it takes to mine will end up costing you more in running your computer 24/7 under "load" than the coins are worth?
 


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