I dont own any, but casually watch from afar... pretty crazy ride in the last few months: bitcoinity.org/markets recently became $1B market and is sort of out of its infancy but still a mess... Anyone dabble here?
Any bitcoiners out there?
- Thread starter cloneluke80
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I haven't touched it, but I also have been watching. it used to be a around $10 and vary <$5. Then recently it shot up to $100+. Then $200 before the crash back to ~$100. It is pretty volatile now, and way too much risk at this point for me... Basically just gambling.
I'm reading Currency Wars (highly recommended) right now, and if this poses any kind of threat to what the central banks are trying to do, this will be manipulated into a fiery death.
I heard about this a year ago or so. Its definitely intriguing. I had completely forgotten about it.
Been mining for a year now and bought some at $10 (5 of them) + my mining ones so I made about 3 grand on the whole thing. I sold at $200.
cliffs? I've heard bits and pieces, but have no clue on this topic. would like to follow it as it sounds interesting.
This video sums it up and dumbs it down
[video=youtube;Um63OQz3bjo]https://www.youtube.com/watch?feature=player_embedded&v=Um63OQz3bjo[/video]
[video=youtube;Um63OQz3bjo]https://www.youtube.com/watch?feature=player_embedded&v=Um63OQz3bjo[/video]
But seriously if you have any questions regarding bitcoins I will happily answer them. I've been doing it for over a year now and am pretty knowledgeable.
I disagree. Once people of a certain age... to put it bluntly... die. It will prosper and the idea behind bitcoins will be prosperous. (That might sound bad)
How long does mining usually take? months? Obviously it depends on your computer power, but give me an example I guess.
In the early days you could do it by yourself, but when I got around to it that wasn't possible even back then. Nowadays you almost have to join a mining pool. Which is basically a group of thousands of miners joining together and with their own algorithm break up the blocks and send them out to the various computers that will computer their section of the mining block. Then you get a share of the block based on how much you helped mine that block.
For example one of the pools I am in just completed a block in 1.5 hours. There were 11,690,028 shares in that block so you take that and divide 25 by 11.6 million and get 0.00000213857 bitcoins per share you had.
tl;dr By yourself it will takes years, but pool together thousands of people it will take an hour and you get a fraction of a bitcoin
**years. And by the time you finished, your computer probably would've screwed up and it wouldn't have counted.