Bitcoin mining

[gtyjrocks]

Has anyone ever tried this? Anyone have any feedback? Looks interesting to me.

[baseballsim]

Out of curiosity I took some time (30-40 seconds) to read about it but it's very confusing to me. It sounds like you can get bitcoins if you solve math problems or something like that. IDK.

[gtyjrocks]

Quote: Originally Posted by baseballsim

Out of curiosity I took some time (30-40 seconds) to read about it but it's very confusing to me. It sounds like you can get bitcoins if you solve math problems or something like that. IDK.

It's actually you download a computer program that solves math problems for you. But unless you have a powerful GPU, you have to buy something more powerful for it.

[mattsb84]

It never made much sense to me either..but I think at this point, in order to mine bitcoins, you'd probably be hard pressed to break even on the cost of electricity to run your mine. I see more and more people buying bitcoins with real money, then selling them off when theres a price increase. The market seems quite volatile too.

[fistofrage]

I can't wrap my head around Bitcoin. You are essentially paying a premium for a fiat currency that isn't backed by anything. It is extremely volatile. I can see an upside for the criminal underworld. Laundering money, a black market currency, etc. But for the common consumer, why wouldn't you just use US currency and when travelling abroad, an American Express or Visa.

I honestly think its more like Beanie Babies and people are investing in a fad. The Bitcoin itself has gone up in value 1000% over the last year and I really don't understand why. Eventually, it should come crashing down, even if it starts being accepted everywhere, why would you pay more for it than what the US $ is worth?

[USF11]

Here's the issue .... Bitcoins are to stay BUT the level of
difficulty and processing power it takes to mine coins is increasing by the day...compounded by the problem of finding hardware to do it.

Most of these companies supplying hardware want 3-6k thru wire transfer no credit cards or cashier checks with a promise of delivering a product in 2-3 months sometimes more.

[gtyjrocks]

Quote: Originally Posted by USF11

Here's the issue .... Bitcoins are to stay BUT the level of difficulty and processing power it takes to mine coins is increasing by the day...compounded by the problem of finding hardware to do it. Most of these companies supplying hardware want 3-6k thru wire transfer no credit cards or cashier checks with a promise of delivering a product in 2-3 months sometimes more.

Yeah I did more research and when I realized how much the difficulty was going to go up I realized I was too late for it