Bitcoins! New Hustle? **NOT DEEP WEB**

My plans for now is this. I don't expect to suddenly become a millionaire from BitCoin mining.

I want to invest $1250 on that machine, use it until I get my money back. From a Bitcoin calculator I used (http://www.bitcoinx.com/profit/) it would take about 6 months to get my initial investment on the hardware to break even. And then after that, the machine will at least generate Bitcoins for me to use as a stock.

I feel safer doing that then just turning $1250 USD into 10.77 BTC and playing with those BTCs. I am not completely sold on the BTC as a enduring currency.

I like that as long as that machine is on, it is still generating some form of BTC no matter how long or hard it takes.
 
So does the person/persons that created bitcoins also distribute the machines? :nerd:
 
something like the bitcoin is the future of currency. whether it's the actual bc or a similar concept.
 
ConcordFlightXI said:
Sleazyy - what do you think about Mining? Is it worth it? I read that people actually join mining pools/groups so they all work on a Block (puzzle) together.

Can someone with a slightly above average computer knowledge can do (I know how to put together a computer, mess around with BIOS etc) Can I just buy the mining machine, plug it in, set it up and let it run?
Click to expand...

If you know how to put a computer together, you could create your own mining box relatively easy. Just build a run of the mill gaming PC, add a few more graphics cards, and you'll probably see some nice returns for a much smaller investment. (Especially since you can miners on individual cards.)

I've kept away from bitcoins because there are some aspects that have yet to come into light, but it's a legitimate way to net some extra cash. I'll probably build my own box and get to work mining sometime this winter since I'll be so bored.
 
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guess OP forgot about internet and electricity bills epseically with how much power it uses up 24/7

also take into account that the value of bitcoin and most likely will go down...

its not worth it anymore unless you can mine for pretty much free. If you mined in the past when they were worth $15 a piece then you must be rollin in some dough now
 
These numbers I put on my original post took into account the Power Consumption of the Miner and the $.15 per kWh. i.e. the $250 machine only has a power consumption of 40 W and takes the .15 kWh = $.14/day = $52/ year. Internet connection isn't as important and a regular one will do, so thats something that I already pay for.

Also the value of the Bitcoin will not necessarily go down, who knows theres a chance it'll go up. it's like a stock.

But the Joker in the deck is that its the difficulty of mining of the Bitcoin which will go up. Making the efficiency, and power and thus the value of your Miner go down.
 
Bitcoins has nothing to do with the deep web, other than the fact that you can buy stuff from the Silk Road (well not anymore). I've been keeping up with it for a while now, but regrettably never got into it. Last spring the prices shot up. A guy in one of my classes made a killing when he sold his
 
So, buy a "computer thing", turn it on, and watch it create money out of thin air?

Seems legit. At the end of the day it's unsustainable as a currency for the same reasons gold or any other physical resource is.
 
FrankMatthews said:
So, buy a "computer thing", turn it on, and watch it create money out of thin air?

Seems legit. At the end of the day it's unsustainable as a currency for the same reasons gold or any other physical resource is.
Click to expand...

It isn't a 'computer thing'. It's a computer, as is anything with a processor and a mother board.

It doesn't create money out of thin air. It creates money by calculating SHA hashes (used for encryption).

I agree that it certainly is unsustainable though.
 
the only reason why the silk road bust came because bitcoin went mainstream and being on fox news the other morning the creator rustled a few jimmies and two day later silk rod gets busted hmmmmmmmmmm




hmmmmm
hmmm
mmm
 
FrankMatthews said:
So, buy a "computer thing", turn it on, and watch it create money out of thin air?

Seems legit. At the end of the day it's unsustainable as a currency for the same reasons gold or any other physical resource is.
Click to expand...
Bro, you gotta keep up with the times....VIRTUAL GOODS is a 15billion dollar market worldwide.  To say you make something up out of "thin air" is exactly what a virtual good is.  I create a "skin" for you favorite xbox character/game and charge $, I get paid for creating something out of thin air.  BITCOINS IS REAL AND IT WILLS STAY RELEVANT
 
THE QBZ said:
the only reason why the silk road bust came because bitcoin went mainstream and being on fox news the other morning the creator rustled a few jimmies and two day later silk rod gets busted hmmmmmmmmmm
Click to expand...

That's not the case at all. Sleazy, feel free to correct me.

The Silk Road bust wasn't ever a matter of if, more of a matter of when. The Silk Road was a massive site, and while only the CEO's arrest has been made public, I can guarantee you that there are at least a few more people being detained in connection with the case. This bust came after a LONGGGGG series of DDOS attacks, server outtages, and other 'suspicious' activity. Many people who were long-time users of SR were spectulating that the FBI had gained control of SR's servers, others said that the feds simply changed it into a honeytrap operation. At any rate, those in the know expected Silk Road to get got at any time. I'm sure the only reason that Fox News caught wind of it was because of the indictment filing(s).

Furthermore, bitcoins have been mainstream since earlier this year, and arguably have been "mainstream" on the internet since at least mid-2011 to 2012. Well established businesses (Dominos, Wordpress, NameCheap, the list goes on) accept bitcoins as means of payment, and as bitcoins grow in popularity, you'll see them pop up more and more frequently.
 
P4L

Also I was reading up on the silk road thing yesterday... I need to read up more on the deep web :smh:

I missed the boat :smh:
 
Yeah said:
That's not the case at all. Sleazy, feel free to correct me.

The Silk Road bust wasn't ever a matter of if, more of a matter of when. The Silk Road was a massive site, and while only the CEO's arrest has been made public, I can guarantee you that there are at least a few more people being detained in connection with the case. This bust came after a LONGGGGG series of DDOS attacks, server outtages, and other 'suspicious' activity. Many people who were long-time users of SR were spectulating that the FBI had gained control of SR's servers, others said that the feds simply changed it into a honeytrap operation. At any rate, those in the know expected Silk Road to get got at any time. I'm sure the only reason that Fox News caught wind of it was because of the indictment filing(s).

Furthermore, bitcoins have been mainstream since earlier this year, and arguably have been "mainstream" on the internet since at least mid-2011 to 2012. Well established businesses (Dominos, Wordpress, NameCheap, the list goes on) accept bitcoins as means of payment, and as bitcoins grow in popularity, you'll see them pop up more and more frequently.
Click to expand...

Yeah I knew bitcoins was pretty mainstream just throwing out conspiracy theroy. So is the ceo going to get charge under rico standards . it crazy he went to westlake in austin that whole community has been in an uproar since the news of who he was
 
ConcordFlightXI said:
My plans for now is this. I don't expect to suddenly become a millionaire from BitCoin mining.

I want to invest $1250 on that machine, use it until I get my money back. From a Bitcoin calculator I used (http://www.bitcoinx.com/profit/) it would take about 6 months to get my initial investment on the hardware to break even. And then after that, the machine will at least generate Bitcoins for me to use as a stock.

I feel safer doing that then just turning $1250 USD into 10.77 BTC and playing with those BTCs. I am not completely sold on the BTC as a enduring currency.

I like that as long as that machine is on, it is still generating some form of BTC no matter how long or hard it takes.
Click to expand...
You've failed to account for electricity costs and difficulty of mining going up.  Where are you getting an asic miner for $1250, the more profitable miners cost over $4000 but cost isn't the issue its the time it'll take to get your miner delivered.  So while your waiting for delivery, difficulty goes up and then you can never get your money back.

The best way to profit off bitcoins at the moment is to buy bitcoins and hope the continue to go up in value.  The only way to profit long term on mining is to not have to pay for mining equipment or electricity.

I looked into this earlier this year and was ready to sink about 20k into mining but held off when delivery of an asic miner was 3 months away.  I could have and should have just sunk that money into buying bitcoins which were $40 per bitcoin at the time, they went up to $200 per bitcoin 2 months later.  There are a number of dudes that are millionaires of this but I think I've missed the boat on making any significant amount of money.
 
Been wanting to research this after that silk road website or whatever got shut down. 

I always thought they were illegal, not legal. 

Worldwide currency? Sounds interesting.

Keep info coming. 
 
LOL!!!!!!111

I should have started mining 2 years ago, but now? I'm good b.

The hardware is getting super expensive, the good hardware. You'll need a couple of mining machines or whatever and the good ones are upwards of a G and up. Then, you gotta take into account the eletricity used by the machines and the computer. PLUS the added fact that it's getting harder and harder to mine bitcoins.

Kill all that noise, the more people that mine, the harder it is to get bitcoins and since this broke to the masses not too long ago, now you really got up your hardware game to mine.
 
Purchased a few BTC, been following it for two years or so. The future of Bitcoin is interesting and potentially revolutionary. Highly suggest everyone become educated on it.
 
Me and my boys were looking into this last football season. They were at like $32 at the time :smh: :smh:. I'm thinkin about just buying a couple dollars worth and hoping they spike in price like they seem to do a few times a year.
 
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