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Bitcoin Discussion Thread

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Jbort1984 said:
solo still new to this bitcoin thing how do i mine in a pool??
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command line or GUIminer...?

go to a site, register, create a worker and password for that worker...then...

for command line...(I use Deepbit and the poclbm.exe miner)

start /DC:\bitcoin\poclbm_py2exe_20110428 poclbm.exe --host=deepbit.net --port=8332 --user=xxxx --pass=xxxx --device=0

for GUIminer...pick your site from the drop down menu, fill in your user, password, flags (optional) and then start mining...
 
note235 said:
them i guess idk, i was just trying to sell some stuff lol
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there are a lot of scams, I was trusting at first and got scammed on Bitcoin Classifieds, got that user banned and have since gotten another user banned that was trying to pass off someone else's heat as his own...

if you use clearcoin they will be more receptive, P2P transactions are just a scam waiting to happen, seriously, you need to use a middle man (clearcoin or something similar) for them to take you seriously...
 
any guesses as to why the value dropped so far...? my guess is that one of the early adopters finally cashed out and flooded the market...

if this is what happened then the result is pretty encouraging imo, as a lot of doubters said that bitcoin would collapse and bitcoins would have no value if this happened, if everyone panics and sells then this could easily happen, hopefully most of the early adopters aren't this shortsighted...

we'll see...
 
Does anyone have any moral qualms about doing this, since bitcoin is used primarily to purchase drugs and child pornography?
 
money is also used to make the same transactions? any currency can? lol...no
 
wol-va-rine said:
any guesses as to why the value dropped so far...? my guess is that one of the early adopters finally cashed out and flooded the market...

if this is what happened then the result is pretty encouraging imo, as a lot of doubters said that bitcoin would collapse and bitcoins would have no value if this happened, if everyone panics and sells then this could easily happen, hopefully most of the early adopters aren't this shortsighted...

we'll see...
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Value dropped because people cashed in, that's actually a good sign. To just have a straight up increase (candle) would not be healthy, and would have to break eventually. Plus being able to issue options, as I posted about previously, allows you to make bitcoins on a decreasing market. This is working much better than I originally thought.
 
an option is something you buy that gives you the right to buy or the right to sell at a given price
they expire after a given time (quarterly perhaps) and are sold in blocks of 100.
if unused you essentially lose your money.

say that todays value is $30. an option to sell @ $35 might cost $1 (or more), whereas an option to sell @ $40 might cost $.50. If the bitcoin value becomes more than your option price you can then cash in your options.

an option is essentially a legal bet about the future price of something.
 
ScretHate said:
Does anyone have any moral qualms about doing this, since bitcoin is used primarily to purchase drugs and child pornography?
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lololololololololololol...

which one does my (mostly) bitcoin bought 6850 fall under...? lolololololololololol...

hey, do you have any qualms about using the US dollar, since it's the most prevalent currency used in the drug and child pornography trades...?

lololololololololololololololol...
 
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note235 said:
could you explain what options are?
thank you very much
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jiminator said:
an option is something you buy that gives you the right to buy or the right to sell at a given price
they expire after a given time (quarterly perhaps) and are sold in blocks of 100.
if unused you essentially lose your money.

say that todays value is $30. an option to sell @ $35 might cost $1 (or more), whereas an option to sell @ $40 might cost $.50. If the bitcoin value becomes more than your option price you can then cash in your options.

an option is essentially a legal bet about the future price of something.
Click to expand...

I should add here is a link to bitoption.org It's in it's infancy, but the concept is there.

Like jiminator said, you are judging that the (in this case) currency will be (or not be) at value "x" at time "x", while using a fraction of the risk of a normal trade. (buy low sell high (long) or buy high sell low (short) in reguler trade language. Options are called Calls & Puts).
 
if nothing else this is a fun way to learn forex stuff
 
ScretHate said:
Does anyone have any moral qualms about doing this, since bitcoin is used primarily to purchase drugs and child pornography?
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Ladies and gents, the voice of ignorance and imperialistic hypocrisy has spoken.
 
Chihlidog said:
Plenty of us are using 5850s. Expect about 265 witch stock clocks. Your 6950 will do almost as well without you spending a dime.
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My 6950 is doing 400Mh/s currently. I have 2 additional PCIe slots available though...
 
so paypal can no longer be used for bitcoin. Seems like a pretty big problem. Are there any forms of payment like amazon or google that allow virtual currency?
 
Kardonxt said:
so paypal can no longer be used for bitcoin. Seems like a pretty big problem. Are there any forms of payment like amazon or google that allow virtual currency?
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Yeah it's a devastating problem because paypal is the only known way to use or spend bitcoins :rolleyes:, not to mention paypal and other money transfer services that accept credit cards are reversible and could be used to scam you. Paypal just did everyone a favor by not accepting bitcoins. But I'll help you spread your shortsighted panic: Everyone should just give up now and forget bitcoin ever existed!11!!oneONE1!!

It's actually kinda funny seeing all these doomsayers popping up left and right. I almost hope people get scared and flee because that will only decrease the difficulty to get coins for the rest of us. :D
 
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Lorien said:
Yeah it's a devastating problem because paypal is the only known way to use or spend bitcoins :rolleyes:. Everyone should just give up now and forget bitcoin ever existed :rolleyes:

It's actually kinda funny seeing all these doomsayers popping up left and right. I almost hope people get scared and flee because that will only decrease the difficulty to get coins for the rest of us. :D
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+ 1 There were already ways to spend them without paypal. I hope the paypal issue causes a few people to get out of the rush, so that means steadier long-term profits for those who stick with it.
 
well lets face it most people aren't mining because they want an "i bought this pin with bitcoins" pin.

The other current methods of converting coins to cash can take weeks. Not having a liquid currency is a problem.

I'm not all ZOMG NO MOARS BITZCOYNZ!!!!. Just asked a question
 
Kardonxt said:
well lets face it most people aren't mining because they want an "i bought this pin with bitcoins" pin.

The other current methods of converting coins to cash can take weeks. Not having a liquid currency is a problem.

I'm not all ZOMG NO MOARS BITZCOYNZ!!!!. Just asked a question
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There are verified ways of converting them to amazon gift cards, I know a few of our members here have already done it. If it never gets more spendable than that, thats totally OK with me since I view mining as simply a chance to buy some hardware for free.
 
Paypal and other forms of reversible money transfer services are inherently dangerous, especially when using bitcoins because bitcoin transactions are by design irreversible. Don't forget the fees paypal charges for every transaction you make with them.
 
So Ive tried out BTCguild and the payout is....disappointing to say the least. Should I expect a big jump at some point if I give it long enough? Am I understanding correctly that payout there arent as much over short term but can see big jumps to even it out?
 
Chihlidog said:
So Ive tried out BTCguild and the payout is....disappointing to say the least. Should I expect a big jump at some point if I give it long enough? Am I understanding correctly that payout there arent as much over short term but can see big jumps to even it out?
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I think large pools like BTCguild are pretty consistent. I just started yesterday but @ 1200 Mh/s I'm on track to make about 2 bitcoins today.

If the market settles down I'm going to run to micro center and pickup some 5770s for an old 780i i have laying around.
 
Kardonxt said:
I think large pools like BTCguild are pretty consistent. I just started yesterday but @ 1200 Mh/s I'm on track to make about 2 bitcoins today.

If the market settles down I'm going to run to micro center and pickup some 5770s for an old 780i i have laying around.
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At the rate I'm going with my 5850, I'll make .2 BTC/day with BTCguild. I was well over .5 at deepbit. If I understand correctly, though, it could fluctuate quite a bit and go way up, to even things out, right?
 
gigatexal said:
how? what clocks?
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Unlocked 940/1350 1.175vcore, guiminer flags -v -w128 -f10 gets me ~400Mh/s (or -f30 if I'm using the PC and it feels choppy, but that knocks me down to ~395Mh/s). +20% Power Control setting in CCC, this is a big one, without it I'd top out at ~350Mh/s no matter what core overclock I set.

I even managed to play about an hour of TFC (12y/o version) last night with -f30 and it only dropped me down to 385Mh/s...It did eventually crash my computer though so I'm not sure I'd recommend trying that.

All Mh/s numbers are from the bottom right corner of GUIminer and fluctuate slightly (more with -f30).
 
Chihlidog said:
At the rate I'm going with my 5850, I'll make .2 BTC/day with BTCguild. I was well over .5 at deepbit. If I understand correctly, though, it could fluctuate quite a bit and go way up, to even things out, right?
Click to expand...

I'm not sure to be honest. I thought deepbit had much higher percentage fees where as BTCguild is free if you don't mind waiting 17 hours for your coins. In the end you should be still be getting close to the same overall just a different rates.

maybe I'm wrong tho I'm not coin expert. If deepbit is going to dbl my coins per day then why does any one use btguild?
 
Kardonxt said:
well lets face it most people aren't mining because they want an "i bought this pin with bitcoins" pin.

The other current methods of converting coins to cash can take weeks. Not having a liquid currency is a problem.

I'm not all ZOMG NO MOARS BITZCOYNZ!!!!. Just asked a question
Click to expand...

I bought a 6850 from Amazon.com, with $45 and 4.189 BTC from a really smart dude who has a service up and running so he can basically buy bitcoins for the market value without paying fees, is that the kind of answer you were looking for...?
 
Kardonxt said:
I'm not sure to be honest. I thought deepbit had much higher percentage fees where as BTCguild is free if you don't mind waiting 17 hours for your coins. In the end you should be still be getting close to the same overall just a different rates.

maybe I'm wrong tho I'm not coin expert. If deepbit is going to dbl my coins per day then why does any one use btguild?
Click to expand...

Im no expert myself. At all. Im figuring things out as I go. I THINK that BTCguild just fluctuates more than deepbit, but I was just double-checking on that. My current results seem to confirm this, as in the last 2 hours I have made half of what I made in the last 10 before that. So now I seem to be going way up.

I'm going to stick with it till the [H] pool is online.
 
Chihlidog said:
Im no expert myself. At all. Im figuring things out as I go. I THINK that BTCguild just fluctuates more than deepbit, but I was just double-checking on that. My current results seem to confirm this, as in the last 2 hours I have made half of what I made in the last 10 before that. So now I seem to be going way up.

I'm going to stick with it till the [H] pool is online.
Click to expand...

I agree. I cant wait for the [H] pool to get on up!
 
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