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

[concordflightxi]

So I've been looking at Bitcoins recently. I remember reading about it a while back but I thought it was too techy for me. After doing a search on NT, all the threads about it lead up Deep Web talk. I want to clarify that Bitcoins does NOT equal Deep Web.

It is starting to become a widely used legitimate currency to purchase food, beer, furniture etc, online and in public places.

http://www.forbes.com/sites/kashmirhill/2013/05/01/living-on-bitcoin-for-a-week-the-journey-begins/

- It can be obtained 2 ways:

1) By exchanging your actual cash into a bitcoin. Currently the Exchange rate is $116.6 USD for 1 BTC (Bitcoin)

2) By "mining" it.

Now this is where it gets interesting and where my questions pop up.

- If you want your own Bitcoin, you would have to mine them. And there are these things called "blocks" which are like word problems built for computers, and if they are solved, you get 1 BTC from it. I was initially turned away from this because I thought I would be the one having to solve the word problems, which would be impossible because I have no background in coding/computer science at all.

But I realized that all you need to do is to buy a computer-thing specifically for mining to "mine" them. You leave that sucker on all day, and depending on how powerful it is, your "miner" can solve and retrieve a BTC faster...

- A $250 model will get you ~$500/year.
- A $1250 model will get you ~$3000/year
- A $2500 model will get you ~$5000/year
- A $22,000 model will get you ~$30,000/year

This is all dependent on the Exchange rate and how much you get charged for electricity (since it's an electronic device that runs 24hrs/day)

Now can treat Bitcoins as if it were a stock. I read that 2 years ago, 1 BTC = $6 USD. Now 1 BTC = $116, so you do the math on the % ROI (Return On Investment)

So I'm thinking of getting the $1250 model, cash in half the bitcoins for USD and tuck away the rest on the side and treat it as stock. Rinse and repeat every year.

Any Bitcoiners around here that can give a clear idea of what I'm dealing with and if it's a good idea?

P.S. Before the doubters and naysayers come in, every revolutionary thing has to start from somewhere. When Personal Computers were being developed, would you rather want to be on the side of Yea Lemme give this a shot and now a billionaire or the side that said Damn I should have invested in Microsoft.

 

[championboyz7]

Patiently waiting for RIP sleezy.

 

[mynameismyname]

Will be following this thread.

But leaving the computer on 24/7 for a year? Are there other ways to get bitcoins?

 

[Renaldo Balkman]

interesting...


Social Studies teacher checking in... as a form of currency it would have to be accepted from the seller for you to get items you want. exchange rates can be dictated by value however is there any evidence that a bitcoin will be accepted as currency for items that you will need one day? also, bitcoin seems to be based on anonymity and security in case a government fails however, what if the internet fails or is controlled, theoretically won't you lose out on your value of the bitcoin system? not questioning you, just curious about this concept...

 

[luminari xi]

I have a feeling that these will be really really common in the near future. Who creates the puzzles? Do Bitcoins just create themselves? I find this really interesting -- I heard there were like a few million that were out there and only about a portion have been found. What happens when they run out? People sell the ones they have and their worth rises?

 

[trynafeelmink]

are those numbers in regular dollars/ bitcoins ?

Meaning a 250$ device will get you 500$ worth of bitcoins ?

I wanna kind of invest in this but the bigger this gets the closer we get to a one world currency and once that happens

 

[trynafeelmink]

and are these completely digital? how would you protect them.

 

[nawghtyhare]

heres a vid on it with useful info
dominos pizza accepts bitcoins

 

[nawghtyhare]

anybody think this could be the 1 currency the NWO wants

 

[Renaldo Balkman]

another thing I can't wrap my mind around would be "solving word problems" for currency... who exactly is benefiting from this process?

 

[concordflightxi]

lol. I knew putting Hustle in the title would bring people in. And not scare away those who associate Bitcoins with the Deep Web.

@RAYRAY and TyIsNY - From what I understand about Bitcoin's popularity is that it is intended to be the "world's currency but for the people". As in it cuts the banks, government, etc middleman out.

@TyIsNY - Yes a $250 USD machine will generate $500 USD/ (Or ~4.3 Bitcoins) over the course of a year.

I have a feeling that these will be really really common in the near future. Who creates the puzzles? Do Bitcoins just create themselves? I find this really interesting -- I heard there were like a few million that were out there and only about a portion have been found. What happens when they run out? People sell the ones they have and their worth rises?

Good thing you asked this question. From what I understand, some guy created the puzzle of blocks a long time ago. And set a limit of 21 Million Bitcoins. There thing is, the more people/machines working on trying to solve it, the puzzle makes itself more difficult to solve. (I guess this is the creator's way of keeping the Bitcoin Puzzle from running out? - But I am completely unsure about that) And with the puzzles more difficult to solve, the more computing power you need. So that $250 USD machine which would get u $500/year might end up only making you $300/year.

There is already a Long Line of Preorders for this machine. I heard it takes months before you actually receive it. But guess what, since more and more people are getting it, the more machines are working on the puzzles and the harder it gets.

My hope of countering this "arms race" for machines is the value of a BTC going up...

 

[solexsup]

inb4 an NTer throws away their life savings

 

[RIP sleazyy]

Patiently waiting for RIP sleezy.

BC will be the global currency. I can almost promise you.

and are these completely digital? how would you protect them.

https://en.bitcoin.it/wiki/Securing_your_wallet


Anyone interested RIGHT NOW. Do not just start dumping all of your money into BC, please.


Keep an eye on www.preev.com

The value has been jumping around since the SR bust. Saw them as low as $106 yesterday. Its best to buy when they're down but still, buying a large amount at once is not something I would recommend.


If you want to start mining, find others who will mine with you. You're not going to turn a profit for a long time if you're doing this alone.

I recommend starting a group or contacting one that's already going. This is not a "get bored, pick it up, start today" thing.


Read this https://www.weusecoins.com/en/mining-guide

 

[albooboo]

the reason it gets hard to mine. So it doesn't flood the market

 

[nawghtyhare]

lol. I knew putting Hustle in the title would bring people in. And not scare away those who associate Bitcoins with the Deep Web.

@RAYRAY and TyIsNY - From what I understand about Bitcoin's popularity is that it is intended to be the "world's currency but for the people". As in it cuts the banks, government, etc middleman out.

@TyIsNY - Yes a $250 USD machine will generate $500 USD/ (Or ~4.3 Bitcoins) over the course of a year.

I have a feeling that these will be really really common in the near future. Who creates the puzzles? Do Bitcoins just create themselves? I find this really interesting -- I heard there were like a few million that were out there and only about a portion have been found. What happens when they run out? People sell the ones they have and their worth rises?

Good thing you asked this question. From what I understand, some guy created the puzzle of blocks a long time ago. And set a limit of 21 Million Bitcoins. There thing is, the more people/machines working on trying to solve it, the puzzle makes itself more difficult to solve. (I guess this is the creator's way of keeping the Bitcoin Puzzle from running out? - But I am completely unsure about that) And with the puzzles more difficult to solve, the more computing power you need. So that $250 USD machine which would get u $500/year might end up only making you $300/year.

There is already a Long Line of Preorders for this machine. I heard it takes months before you actually receive it. But guess what, since more and more people are getting it, the more machines are working on the puzzles and the harder it gets.

My hope of countering this "arms race" for machines is the value of a BTC going up...

but there is a set limit i think it runs out in 2017 or 2071 i cant remember but thats when all the bit coins will be mined and no more after
theres like a set limit each year that can be mined and each year that number is halved or something like that

 

[concordflightxi]

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?

 

[Top Boy]

I actually mined for a month straight last year by myself...

Got like 0.00014 BC's

Unless you're joining a pool don't waste your time. And like RIP said, with the SR bust expect the value of BC's to continue to fall.

 

[knowledgebones72]

http://niketalk.com/t/570035/deep-web-heads-what-are-bitcoins

I've been doing some research, and I definitely think NT should get some type of Bitcoin Mining and Investment group going.

Let's keep this thread going.


Where do y'all get your information?

What is the most reliable source for active and up to date BitCoin discussion?

 

[harlemtothebronx]

I'm thoroughly confused by this.

 

[nfynite]

Here is a good read on Bitcoin

http://gizmodo.com/should-bitcoin-be-illegal-1440345614

I may look into it in the future once I have a better grasp on how it works and how I can make money off of it.

 

[concordflightxi]

I actually mined for a month straight last year by myself...

Got like 0.00014 BC's

Unless you're joining a pool don't waste your time. And like RIP said, with the SR bust expect the value of BC's to continue to fall.

Actually we'll see how strong the Bitcoin will be after the SR bust.

http://www.usatoday.com/story/cyber...ug-bust-could-lift-value-of-bitcoins/2913751/

http://www.wired.com/wiredenterprise/2013/10/bitcoin-market-drops-600-million-on-silk-road-bust/

When you tried mining, did you use youre own PC with an ATI video card. I was reading that this new generation of Miners don't use GPU power to mine but ASIC? Therefore making it more efficient in terms of electricity and more powerful...

 

[RIP sleazyy]

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?

There are pools and groups, some public and some nonpublic.

At the cost of the machines, plus energy cost, plus certain depreciation as new models are being made, solo mining seems like not a great idea. With pools your pay is dependent on the work you put in. they're getting harder to find by the day. half of the 21 mil are already gone so literally every time someone finds one your chances become smaller.


In reference to the second part of your post -

http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/


I've been watching very closely since the bust. BC took a major hit that day and I'm wondering if there will be a major upswing with all of this new attention.

 

[lokid300s]

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?

seriously, the best way (and illegal) way to make $$$ off this is if you work in a datacenter with access to 1000 servers, filers, vm's, and secretly install the BT mining app in the back ground, then forward all to your wallet.  

 

[djyoung08]

 

[ninjahood]

da real use of bitcoin's is da anonymous flow of untraceable currency...

US government hates it because they can't track money, tax it, etc. because its used to

da underworld's currency of choice...washing money and hiding where funding comes from is where it earns its stripes.

look at da silk road...so many goods and services traded with it.

government and IRS stay trying to come down hard on people that trade USD for bitcoins & viceversa.