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rulesforrebels
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Not bad on regulations.  Need a money Transmitter license, an some capital to invest in buy machines.

I'm no expert on banking stuff and I do think ATMs making it easy to buy bitcoins is an awesome idea but when dealing in cash there's tons of reporting requirements for banks and stuff. i would imagine they'd have to put limits on how much one person could buy in a day or week or month. otherwise you could dump endless amounts of money into bitcoins with no reporting on it. the gov wouldn't like that. 

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Real interesting thread... Thank You Rulesforrebels.

 

I've been thinking gold and silver... although bitcoins are capturing my interest more and more... still have a lot to learn.

 

The increase in value has been amazing! My luck it would pop just after I bought some. :D That's my only concern.

 

How secure do you think they are? I'd love to hear your opinion about that. Thanks :)

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Real interesting thread... Thank You Rulesforrebels.

 

I've been thinking gold and silver... although bitcoins are capturing my interest more and more... still have a lot to learn.

 

The increase in value has been amazing! My luck it would pop just after I bought some. :D That's my only concern.

 

How secure do you think they are? I'd love to hear your opinion about that. Thanks :)

Just since like Thanksgiving it's gone from $800 up to $1200 and then back down just below $600 so it's very volatile. If you do wanna buy I'd recommend buying on a dip, although who's to say there will be another dip and that btc won't shoot up to say 5k a coin, nobody really knows. I guess it could just as easily drop down to say $400 as well.

 

As far as learning how to buy and hold bitcoins its actually much less complicated than it probably seems when your first getting into it. I was really confused at first mainly just by wrapping my head around the concept of how do I claim ownership of something I can't touch. How do I control my coins, etc. I guess its no different than how do you control most of your money most likely? probably not cash probably online banking and all electronic so it's really not that foreign of a concept. 

 

Basically you have a wallet with an address and that's what you give people or a company if your trying to receive coins. If your trying to send coins you just need their address. You can hold your coins in a wallet on a site like coinbase however most people seem to prefer keeping htem in a paperwallet on your own computer. Its really easy to setup just download bitcoin wallet and the menu options and everything is reallly pretty simple. 

 

silver prices are prett low right now as well and silver is much less volatile and much easier to guess the bottom on.

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Thank You Rulesforrebels :)

 

It's easy to get the concept of it all being electronic... that isn't so foreign.

 

Although I like the idea of keeping it in my own paperwallet... I didn't know about that part of it all.

 

It does sound like it can be quite volatile... but with the dollar in so much question right now I can see the attraction to other currencies.

 

I like silver because it is lower in price (right now) and I think it's pretty safe... bit coin may take off and leave silver in it's dust though. :)

 

Good Luck To You With Bitcoin and Your Reply Is Much Appreciated. :)

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Thank You Rulesforrebels :)

 

It's easy to get the concept of it all being electronic... that isn't so foreign.

 

Although I like the idea of keeping it in my own paperwallet... I didn't know about that part of it all.

 

It does sound like it can be quite volatile... but with the dollar in so much question right now I can see the attraction to other currencies.

 

I like silver because it is lower in price (right now) and I think it's pretty safe... bit coin may take off and leave silver in it's dust though. :)

 

Good Luck To You With Bitcoin and Your Reply Is Much Appreciated. :)

no problem at all. if you have any questions about paper wallets feel free to shoot me a pm, i'd be happy to walk you through how to do it. i was thinking about putting together like a slide show withh screenshots as im getting a lot of friends asking me the same question so if i put osmething together ill either post it or pm you with it. also, if you do manage to get it setup feel free to pm me. as long as you send it back id be happy to send you like $5 in bitcoins and let you send it back to me just so you can get comfortable with sending and receiving. that was my big hangup before i went and bought off craigslist or bitlocal, i was worried about getting taken advantage of not having a clue what it looks like when a transaction clears or is received by me.

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no problem at all. if you have any questions about paper wallets feel free to shoot me a pm, i'd be happy to walk you through how to do it. i was thinking about putting together like a slide show withh screenshots as im getting a lot of friends asking me the same question so if i put osmething together ill either post it or pm you with it. also, if you do manage to get it setup feel free to pm me. as long as you send it back id be happy to send you like $5 in bitcoins and let you send it back to me just so you can get comfortable with sending and receiving. that was my big hangup before i went and bought off craigslist or bitlocal, i was worried about getting taken advantage of not having a clue what it looks like when a transaction clears or is received by me.

 

Thank You So Much RulesForRebels :)

 

If I decide to stick my toe in the water... I will certainly take you up on your offer.

 

Very kind of you...

 

 

 

BTW... I have always liked your name... Good One!!! :)

 

 

 

rules,

 

you or anyone you know doing any mining for Bitcoin or Litecoin?

 

 

Lol Caz :D

 

I realized after I hit post yesterday that I had "mining" and "panning" for gold mixed up.

 

Derr Me!!! :D

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rules,

 

you or anyone you know doing any mining for Bitcoin or Litecoin?

I actually just got back from the mine with my pick axe and pan this morning lol just kidding, got a good laugh at the posts about not getting dirty mining for bitcoins lol.

 

I'm probably better than many but not the best when it comes to technical stuff and computer stuff but I did try my luck at mining through one of the free programs out there. For those who don't know basically your computer essentially figures out math problems and when it does that you free up blocks and earn bitcoins. Early on they are easy to solve and earn coins, as time goes on the harder ones are left and are harder to get. With all the interest in bitcoins as well as money to be made you have people making computers and buying super computers with tons of graphics cards as its graphics cards which work best at this and using those to mine. 

 

Where as traditional mining wastes gas and gas is money, bitcoin and crypto currency mining wastes electricity so you have to balance how much electricity your wasting versus how much money your making. There are free calculators out there where you can put in how much you pay for electricity as well as how fast your machine is hasing, that bascially means how fast your mining and you can figure out if you'd make money or not. I was going to lose $16 a month in electricity and wear and tear on my computers lol.

 

I was doing CPU mining which is pretty much pointless for bitcoins you have to do GPU mining. Please don't ask me to explain as that's about as deep as my knowledge goes lol but basically using graphics cards to solve and not your cpu. 

 

I hear that its gotten so competitive that even really techy people with good computers can't mine alone and have to join mining pools where your computer works with tohers computers to solve these blocks and earn bitcoins which are split up amonst the pool. So basically this means people like you and me basically have no chance of making any money or earning any coins mining. 

if you are interested in mining I'd look into other coins. Ithink litecoins are pretty competitive since they seem to be second most popular to bitcoins but with feathrercoins or peer coins or some of the others you may have some luck mining

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I actually just got back from the mine with my pick axe and pan this morning lol just kidding, got a good laugh at the posts about not getting dirty mining for bitcoins lol.

 

I'm probably better than many but not the best when it comes to technical stuff and computer stuff but I did try my luck at mining through one of the free programs out there. For those who don't know basically your computer essentially figures out math problems and when it does that you free up blocks and earn bitcoins. Early on they are easy to solve and earn coins, as time goes on the harder ones are left and are harder to get. With all the interest in bitcoins as well as money to be made you have people making computers and buying super computers with tons of graphics cards as its graphics cards which work best at this and using those to mine. 

 

Where as traditional mining wastes gas and gas is money, bitcoin and crypto currency mining wastes electricity so you have to balance how much electricity your wasting versus how much money your making. There are free calculators out there where you can put in how much you pay for electricity as well as how fast your machine is hasing, that bascially means how fast your mining and you can figure out if you'd make money or not. I was going to lose $16 a month in electricity and wear and tear on my computers lol.

 

I was doing CPU mining which is pretty much pointless for bitcoins you have to do GPU mining. Please don't ask me to explain as that's about as deep as my knowledge goes lol but basically using graphics cards to solve and not your cpu. 

 

I hear that its gotten so competitive that even really techy people with good computers can't mine alone and have to join mining pools where your computer works with tohers computers to solve these blocks and earn bitcoins which are split up amonst the pool. So basically this means people like you and me basically have no chance of making any money or earning any coins mining. 

if you are interested in mining I'd look into other coins. Ithink litecoins are pretty competitive since they seem to be second most popular to bitcoins but with feathrercoins or peer coins or some of the others you may have some luck mining

 

Thank You for explaining "mining"... who knew.... honestly since I am not math minded nor have a powerful super computer...

 

I think I would have better luck panning for gold in the river. :)

 

Again thanks for explaining it Rulesforrebels.. I really was curious... Much Appreciated.

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NPR is covering bitcoin this week in their technews blips ( get it about 5:30 AM EST). Beware ! The reporter said there are bogus programs being sold as bitcoin mining code. They don't work, just use up CPU time...The angle appears to be that the process is so complex that you must expect to wait a long time for the results, LIKE FOREVER!

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I decided to take a chance on bitcoin because I know the cash wasn't going to go up in value sitting in my safe!  :lol:

Adam i am surprised at this as bitcoins is a very risky investment, their is no way of keeping track of your account if someone hacks it, or the traders you are with go under your stumped.

 

Also surely its far better not making money sat in your safe at least you know it will be SAFE IN YOUR SAFE so to speak

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NPR is covering bitcoin this week in their technews blips ( get it about 5:30 AM EST). Beware ! The reporter said there are bogus programs being sold as bitcoin mining code. They don't work, just use up CPU time...The angle appears to be that the process is so complex that you must expect to wait a long time for the results, LIKE FOREVER!

the media hates on bitcoin i would do some independent research and not just listen to news blips as the news likes to sensationalize things and talk about the scams and the guys thorwing away memorycards with 7 million in bitcoins. not really interested in explaining and educating people on themm. 

 

it doesn't take forever to get results, you know instantly how quickly your computer is hasing or mining bitcoins so you know what you will likely earn. theres calculators where you can figure out what your going to earn vs what your spending on electricity and computer use. 

 

the scams people talk about there's these butterfly mining machines which cost like 16k normally that are going for 20k and 25k because of demand. problem is people are seling them on backorder and not telling customers and someone is spending 20k on asomethingthey may not get for months and who knows if the technology is even still good at that point and bitcoining mining has def gotten more difficult at that point. 

 

what is true is its almost impossible to mine alone now. in the early days it was easy, now only difficult blocks or coins are available meaning you need to mine as teams and split revenue amonst the team.

Adam i am surprised at this as bitcoins is a very risky investment, their is no way of keeping track of your account if someone hacks it, or the traders you are with go under your stumped.

 

Also surely its far better not making money sat in your safe at least you know it will be SAFE IN YOUR SAFE so to speak

its risky in terms of it being volatile and prices fluctuating so wildly. it's really not that risky being hacked as you say. as long as you know what your doing bitcoins are much safer than most other things. as long as you have your coins in a paperwallet, dont use random wifi hotspots, etc your bitcoins are safe. your much more likely to have your credit or debit card stolen online or having a waiter clone your card than you are bitcoins being hacked. heck your online banking is more vulnerable  than bitcoins. the risk with bitcoins is the volatility not being hacked. anyone who's hacked wasn't protecting their coins likethey should.

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Adam i am surprised at this as bitcoins is a very risky investment, their is no way of keeping track of your account if someone hacks it, or the traders you are with go under your stumped.

 

Also surely its far better not making money sat in your safe at least you know it will be SAFE IN YOUR SAFE so to speak

 

Say you stuck a million dollars in $1 bills in your safe 20 years ago.

 

Today, that million dollars in 1$ bills is safe and sound... but is it still worth the same "million" dollars that it was 20 years ago?

 

Definitely not!

 

So... just because it's still "safe" and in your possession, does that mean you didn't get hacked or robbed?

 

Definitely not!

 

Even though you still have your cash, you've been robbed by inflation and the FED, both of which decreased the real value of your "cash". 

 

I'm not saying bitcoin is a "great investment"... what I am saying is simply this: keeping cash in the form of USD is not something I consider a long term opportunity, unless you like losing money. Keeping your money in the form of USD is not even a gamble - we all know it's losing value every day. I don't know one person who thinks the real value of the USD will ever go back up. 

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computer mining? so now you earn money by your computer running a program?

whos money is it in the first place, to ever be competed for by computer software?

so theres no individual skill. basically buy a graphics card, download a software, let your kilowatts spin, and you make money?

i guess the biggest computer wins, or the best hacker? yikes

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computer mining? so now you earn money by your computer running a program?

whos money is it in the first place, to ever be competed for by computer software?

so theres no individual skill. basically buy a graphics card, download a software, let your kilowatts spin, and you make money?

i guess the biggest computer wins, or the best hacker? yikes

i dont understand the real technical aspect of it but yes basically who ever has the most and best graphics cards and the best way of cooling them and running them while using the least amount of electricity makes money. these days everyone is mining in teams though so i guess it also depends on how your team is. as far as wehre the coins come from i from my understanding as your computer figures out problems you earn the coins from the blocks that releases

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I started doing a little research on bitcoin mining and I agree that some of these people are building some crazy computer systems to do their mining for them. Seems like they are using their video graphics processors as they seem to run faster then the computers processor. I saw where some people were using multiple graphic cards all linked together and large power sources to run their systems. Looks like to be a real player you will need to invest some big dollars into your computers to get things rolling. :twocents:

It looks interesting thats for sure

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I started doing a little research on bitcoin mining and I agree that some of these people are building some crazy computer systems to do their mining for them. Seems like they are using their video graphics processors as they seem to run faster then the computers processor. I saw where some people were using multiple graphic cards all linked together and large power sources to run their systems. Looks like to be a real player you will need to invest some big dollars into your computers to get things rolling. :twocents:

It looks interesting thats for sure

yeah the name i always hear come up is these butterfly boxes. i guess htey typically retail for about $16,000 but now with the bitcoin craze people are paying 20k and 25k for these. lots of companies are selling them and then telling people after they paid they are on backorder so by the time you get it it will basically be obsolete or at the very least bitcoins will be even more competitive. you can build your own device using milkcrates and misc parts for probalby $1200

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  • 1 month later...

Ha!  I can't believe I'm just now seeing this topic...It looks like it started about the same time I took up mining BTC seriously.  I learned a horribly expensive lesson in cyber security, but before I had my coins literally stolen right in front of my eyes, my miners had ROI, plus about 50% of the original investment.  In my time on this ride (and yes all of the hyped out drug references are true...I fell like I know what they all do even though I've never tried any of those drugs!) I have learned that if you have the money and connections, the real money is in the mining equipment and will be for years to come.  The reality is, miners will be busy for the next 40 years discovering bitcoins...IF they remain a relevant currency that long.  IF it does, and I happen to think it will, the masses will be lost in the mining wars to a few major players, just like any REALLY healthy business model.  These companies will grow due to the shear size and power consumptions required of current and presumably future mining farms. (Think acres of  warehouse size climate controlled data centers full of millions of nano sized microprocessors...freaking super computing baby!)  My thought is that bitcoin mining will eventually be a lost art hidden behind the scenes growing exponentially until the last coin is mined...(BTW, there is a business opportunity in that for someone out there...relevant even today..Figure out a profitable way to re-task retired/older mining equipment...let me know when you have it, look me up!  I would gladly help you start it up!  Honestly, I think BTC is a good move at most levels, just don't trade if you don't have at least a little experience...the fees alone will eat your lunch! (BTW, this is all my opinion and what I am doing only...it's WAY more risk than IQD so there is your warning if you decide to move in on it :))  There is still a lot of growth needed...it is a very much a raw niche...but then again, in my eyes that is the best way to find em!  Sorry for my rant all...if you have made it to this point, you deserve an award...blessings!  Now I'm off to find someone to buy my Bitcoin in exchange for IQD!  ...  YUP! :twothumbs:B):soon:

 

Adam, if you are seriously looking to make a move in the Bitcoin world still, please get in touch with me.  I give lots of little business ideas away to people to decide to use them or not...the big moves I keep closely to my chest.

 

GO RV!

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A very common practice amongst many is mining alt coins and exchanging them for BTC. Lets face it, it would be entirely too expensive to try to mine BTC unless you have an ASIC miner which isn't cheap by any means. If you were to invest in such equipment, the ROI% would take quite awhile to achieve.

 

My recommendation is to seek out a script based coin (i.e. ltc, doge, etc). The ASIC miners struggle to compete with GPUs.

You can upgrade your video card on your own machine to something like a r9 270x ($220 about) and get about 450 khash and make roughly $6/day +/-

Some people build up some pretty extensive mining farms.... Seems that in most cases people get their investments back around 100 days give/take (depending on the coin your mining, etc).

 

If you're not sure which coin to mine, join a multi-pool. They mine the most profitable coin at the time.

Staying with GPU based mining, if for some reason that crypto's plummet & die, it'll be easier to offload a GPU vs an ASIC

 

Converting from Fiat to Crypto can be a hassle.... But that is only because of anti-money laundering laws & some other weird laws.

Two of that I know of off the top of my head (Coinbase & Vault of Satoshi) Coinbase is located in Cali while VOS is based out of Canada.

 

For those that are unfamiliar with cryptos... The best/easiest way to explain it is digital cash and you can acquire it by buying it (exchangin fiat for crypto) or mining it (similar to panning for gold, except your computer does the work by trying to solve complicated equations).

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I see lots of talk about bitcoin, etc but nothing about it the sale actually taking place (or did I miss that post?).

Now ... I'm a buyer and our group is currently trying to fill an order

If you are interested in a quick transaction and influx of cash ... let me know.

simply leave your particulars on my profile (preferrably with a cell phone #) ... don't worry it won't show

Let me know how much you have, circ or uncirc, and what you are thinking price wise.

I've bought from DV members many times in the past and from all over the US ... it's quick, easy, and safe for both of us.

Check me out ... I've a good rep.

 

Regardless ... Peace

Doc31

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