BitCoin

It sounds stupid. Or possibly a conspiracy, actually. Distributed computing... to crack the Pentagon. Like in that episode of NCIS.

So basically, processing power is sucked up to solve random equations and they somehow generate bitcoins? That doesn't make any sense. Or are these equations for something else, done as a sort of service to earn money which is converted into bitcoins?
 
The way I understand it, you have to "Find" the bitcoins. There is a specific mathematical value for every on of the 21 million of them, and the computers work to find them by solving equations to locate said values.

You're part of a brute force approach to find money. Be happy.
 
Pretty sure it's just being done so some guy somewhere can play Crysis full graphics. I mean, with the cumulative power of millions of GPUs at once I am sure you can.
 
XCVG said:
It sounds stupid. Or possibly a conspiracy, actually. Distributed computing... to crack the Pentagon. Like in that episode of NCIS.

So basically, processing power is sucked up to solve random equations and they somehow generate bitcoins? That doesn't make any sense. Or are these equations for something else, done as a sort of service to earn money which is converted into bitcoins?
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Nope, the project is completely open source and there is nothing to hide. Hard to understand at first, but look into it and you'll see why its a better distribution method compared to just one group giving the money away. Think of it like the gold rush, but virtual. The real focus isn't on mining anyway, because eventually they will all be found and it'll just live as a free, decentralized, open currency.

ttsgeb said:
The way I understand it, you have to "Find" the bitcoins. There is a specific mathematical value for every on of the 21 million of them, and the computers work to find them by solving equations to locate said values.

You're part of a brute force approach to find money. Be happy.
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Simply put, this.
 
XCVG said:
Honestly, that makes about as much sense as a screen door on a submarine.
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They're letting us find the money, it's not like we're trying to steal it from some guy in Sweden or something.
 
XCVG said:
Honestly, that makes about as much sense as a screen door on a submarine.
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Look it up if you want. We've all done extensive research on this and its legit.
 
I seriously have made real money from this, money that is now sitting in my bank account..just saiyan.
 
Did you use Mt Gox or something else? And if so did you use Dwolla or Liberty Reserve to withdraw?
 
Denominations of course, just like most currencies. A long time ago most things would cost less than a dollar. If you consider how much one bitcoin can be divided into, there is more than enough to go around. (Bitdimes, Bitquarters, whatever they end up calling them)
 
Zero said:
Did you use Mt Gox or something else? And if so did you use Dwolla or Liberty Reserve to withdraw?
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Palmer bought some directly through paypal, and i sold the others on MTgox, withdrew to dwolla, and from there withdrew to my bank account.
 
Dwolla is a Sega. Took 3 daus to verify my account, and im still waiting for money to come in. I missed out on $5.50 bitcoins.
 
So how much energy would producing a Bitcoin consume (assuming I can produce a bitcoin a day)? Can you relate it to the daily power usage of, say, having a tv on for 6 hours/day? And if I already have my computer on for 24 hours a day, how much extra power would mining add to the power I'm already consuming?
 
Bush said:
Dwolla is a Sega. Took 3 daus to verify my account, and im still waiting for money to come in. I missed out on $5.50 bitcoins.
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Sucks, I bought a bunch of them, then sold some of them at $7.50. Keeping the rest. ::3:

Avert, we need more info than that. What kind of computer are you using? Any idea on what graphics card/power supply you have in it?
 
PalmerTech said:
What kind of computer are you using? Any idea on what graphics card/power supply you have in it?
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Graphics card is a Geforce 9400 (I'm assuming this most likely won't work out for me anyway since I have an Nvidia card, but I'd still like to know). Power supply is 400W
 
It seems like unless you have a pretty good ATI card, it isn't worth it. I stopped even trying to get it set up when I saw how terrible nvidia cards do in comparison.
 
vskid3 said:
It seems like unless you have a pretty good ATI card, it isn't worth it. I stopped even trying to get it set up when I saw how terrible nvidia cards do in comparison.
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Well the thing is, I'm planning on getting a new computer with an ATI card soon, so I'm just looking for the amount of extra power it would consume anyway.
 
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