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  1. Phrost is offline
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    Posted On:
    4/04/2013 4:50pm

    Business Class Supporting Memberstaff
     Guy Who Pays the Bills and Gets the Death Threats Style: MMA (Retired)

    2
    Hell yeah! Hell no!

    Bitcoin Mining: What the F is a Bitcoin?

    This, the F is a Bitcoin. Keep in mind that when this was originally made, Bitcoins were worth around $6. They're currently worth $130.

    click for big
    click for big

    In the past 15 minutes after getting around to setting up everything, I've mined about $0.05 worth (by current prices). That's just with a laptop.

    Now, is this something that can make you rich? Hahaha, no. But the concept of Cryptocurrency is what is interesting here, and Bitcoin is the first real proof of that concept, with over a $US Billion already circulating.

    But why would I want a crypto-whatever currency when I've got perfectly good dollars that are worth exactly as much as some group of unelected guys say they're worth?

    Because the idea behind an untraceable, uncontrollable medium of exchange excites those people who believe in a little concept we used to call "freedom", and pisses off the people who either a.) want to have monetary control over others or b.) those who are so chickenshit in their own lives that they're scared of a world where there isn't centralized control over things.

    Also, I read The Diamond Age and the idea of an untaxable, untraceable system of distributed currency gives me an scifianarchocapitalistlibertarian nerd boner.

    How can I get involved?

    Go to Bitcoin.org and read up on things; you have to be mildly non-retarded to set up a miner, and if you're chugging along on a Pentium from 1997, you're going to have a bad time. But for a few minutes of your time and brain power, you can participate in something on the absolute cutting edge of technology, even if the whole goddamn thing goes bust like so many tulip bulbs.

    Besides, once you get it set up right, it just runs on its own. And those of you who have computers that are on all the time anyway, you might as well be putting them to use for something that has tangible results (instead of searching for aliens who somehow never developed digital technology).

    If you do hop on this dubious bandwagon, there's a Bullshido team on btcguild.com's pool. A pool is a group of miners that share their processing to mine coins and then distribute the proceeds based on participation; a much better system for casual miners.
  2. submessenger is offline
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    Transmaniacon MC

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    Posted On:
    4/04/2013 4:54pm

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     Style: BJJ

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    Hell yeah! Hell no!
    It would be nifty to set up a Bullshido mining pool/team.
  3. Phrost is offline
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    Posted On:
    4/04/2013 4:59pm

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     Guy Who Pays the Bills and Gets the Death Threats Style: MMA (Retired)

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    Quote Originally Posted by submessenger View Post
    It would be nifty to set up a Bullshido mining pool/team.
    Just did. There's a team on BTCGuild. Now a pool would be a whole other thing... but I can barely keep this place running so someone else would have to set that up.
  4. submessenger is offline
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    Transmaniacon MC

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    Posted On:
    4/04/2013 5:15pm

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     Style: BJJ

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    Hell yeah! Hell no!
    I'm game. When I return from SF, next week, I'll get smart on the server pieces.
  5. Fuzzy is offline
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    Posted On:
    4/04/2013 5:18pm


     Style: FMA/MMA/HEMA noob

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    Hell yeah! Hell no!
    I'm up for giving this a trial run. Will leave GUIMiner running over the weekend and see what comes out.
  6. Phrost is offline
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    Posted On:
    4/04/2013 5:55pm

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     Guy Who Pays the Bills and Gets the Death Threats Style: MMA (Retired)

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    Hell yeah! Hell no!
    Quote Originally Posted by Fuzzy View Post
    I'm up for giving this a trial run. Will leave GUIMiner running over the weekend and see what comes out.
    Guiminer never broke 10 MH/s for me, but CGminer's doing well over 100 on the same machine with which I'm typing this.
  7. Tranquil Suit is offline
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    I have emotions.

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    Posted On:
    4/04/2013 6:08pm

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     Style: Wrestling

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    Hell yeah! Hell no!
    What happens when 21 million has been mined?

    (tab) Forum > Forum Actions > General Settings > in Thread Display Options > Number of Posts to Show Per Page: 40
  8. Coach Josh is offline
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    Silent Guardian

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    Posted On:
    4/04/2013 6:26pm

    Business Class Supporting Member
     Gladiators Academy Lafayette, LA Style: Judo, MMA, White Trash JJ

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    Hell yeah! Hell no!
    Real **** or bullshit? Is this a tracking thing or an actual serious thing?
    Judo is only gentle for the guy on top.
  9. Phrost is offline
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    Posted On:
    4/04/2013 6:43pm

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    Hell yeah! Hell no!
    Quote Originally Posted by Tranquil Suit View Post
    What happens when 21 million has been mined?
    Deflation? I don't Economics.

    Quote Originally Posted by Coach Josh View Post
    Real **** or bullshit? Is this a tracking thing or an actual serious thing?
    It's a real thing. There are a billion dollars worth of Bitcoins in circulation already. The price has gone from around $10 per 1 BTC when I first heard of this, to $130 per 1 BTC.
  10. Rivington is offline
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    Posted On:
    4/04/2013 7:29pm

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     Style: Taijiquan

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    Hell yeah! Hell no!
    Quote Originally Posted by Tranquil Suit View Post
    What happens when 21 million has been mined?
    Five lucky bitcoin-holders are issued golden tickets to meet Ron Paul in his magic chocolate factory.
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