Deep Web/Bitcoin Mining

[blueapplesoda]

BFL shipped a few jalapenos I saw a few days ago, they were having heating issues with the small case. It is some ray of hope for those who went mining.

I mined a little bit ltc and it's pretty dope. however if everyone should mine with an ASIC..the more even the playing field gets, and we will be back at square 1, except the difficulty to mine has just skyrocketed, making the rest of us with stack of ati cards useless for btc. yeah that's a run on cao ni ma its almost 4am

Which is why (shameless plug) we launched www.billpayforcoins.com last night, well 6ish hours ago. A service to use Bitcoins to pay your bills. It's still sort of an experiment, so its gonna take some massaging since it's the first (or nearly the first) of its kind, and according the gods on reddit, our fees are just too damn high.

[Rsully70sev]

Congradulations Blue! I think that's a great idea, I like the platform, and I don't think your pricing is too crazy. BitInstant is one of the largest and easiest exchanges (money-->btc) and they charge 5%.

They're a bit of the opposite though, they are taking in cash in exchange for bitcoins. On your end, you're taking in bitcoins in exchange for cash (services).

Therefore what's your turn around besides your fees? How much overhead in cash will you need to accommodate people, for example if my friends and I came to you with $2k/month each in electricity bills and wanted to book our monthly Vegas flights/hotels through you. Me being a single customer could easily require the needs of five figures at one time. Are you guys prepared for that?

Idk, I'm just brainstorming but that looks like an awesome project.

[blueapplesoda]

Prepared? Yes, but we have some legal barriers in our way before we are comfortable taking in more. Paperwork is so fresh you can smell the forest it came from. The max payment per day is $1500, for now. That is until all of our paperwork goes through the system, then hopefully up to 10k payments, per day.

We decided to drop the main service fees to promote it. Test it out!

http://www.reddit.com/r/Bitcoin/comments/1d1evi/billpayforcoinscom_hears_its_fellow_redditors_1/

[AsharC]

Can anyone guide me into building a bitcoin rig on a budget?

Thanks, any help is appreciated.

[mr2peak]

I've been doing some reading on what a BitCoin actually is. It seems to be a simplified answer (a hash) to an exceedingly complex math problem (a block), that exists only to verify it's own existence and massive complexity.

The mining system "self-corrects" by increasing the complexity of the problems based on how quickly the blocks are being solved. Meaning that if more people mine, the harder it becomes for the individual to solve a block, as well as the faster the processors are that are thrown at it, the more complex it becomes AGAIN. Combine this with the BitCoin payout halving every 4 years, and mining begins to look less and less like a profitable venture in the future. This also means that the power requirements to solve a block are constantly and exponentially increasing... (Interestingly, Moore's Law is at it's breaking point, with processing power doubling every 3 years by the end of 2013 to help combat the increased power requirements, but it will begin to lag behind unless we have our next major breakthrough).

Anybody know how much power it's going to take to solve the blocks for all 21M BitCoins? It's going to be a frightening amount. I'm going to contact some people I know and see if I can get them to calculate a ballpark number. It's going to be truly staggering I'm sure.

One last point:
Because every BitCoin created is linked to a specific wallet when created, as well as having every transaction recorded (yes, every transaction), the ability exists for someone to link wallets directly to computing power ability. IF you're a major player with enough power to truly mine ahead of everyone else you might get noticed, and your machine might be used for something else by Satoshii or his accomplice's (the assumed creator of BitCoin).

All in all, it is incredibly cool. If it gets you what you want in life, go for it. I think the idea is great, but it's a huge waste of power in an age where we are trying to conserve. Huge waste.

[mr2peak]

https://bitcoinatm.com

First BitCoin ATM goes live at 1:00PM today in San Diego


Is this the beginning of SciFi "Credits"?

[Fusion]

Must watch if you have even the slightest interest in BC. Worth every minute.

[Vedubin01]

hope you guys are paying attention to this as well...









The Department of Homeland Security obtained a warrant from the state of Maryland to seize accounts associated with bitcoin.
Dwolla, the company hosting accounts associated with the seize, is a money transfer company. Many individuals hoping to buy bitcoin purchase it through Dwolla on Japan's Mt. Gox exchange, the exchange that handles most bitcoin transactions.
The accounts were frozen after the Treasury Department ruled in March that firms engaging in the transfer of online currencies not backed by a central bank need to follow the same money laundering rules as traditional currency, according to the Wall Street Journal. The Mt. Gox accounts hosted on Dwolla did not register as a money transferring service.

Read more: http://www.benzinga.com/news/13/05/3...#ixzz2TUrbXoO0

[Fusion]

They can rule all they want, but they won't stop it.
This is history in the making.

[Vedubin01]

http://rt.com/usa/bitcoin-sec-shavers-texas-231/

A federal judge has for the first time ruled that Bitcoin is a legitimate currency, opening up the possibility for the digital crypto-cash to soon be regulated by governmental overseers.
United States Magistrate Judge Amos Mazzant for the Eastern District of Texas ruled Tuesday that the US Securities and Exchange Commission can proceed with a lawsuit against the operator of a Bitcoin-based hedge fund because, despite existing only on the digital realm, “Bitcoin is a currency or form of money.”





More in the article...

[kickinindian]

lol came here just to post that same thing XD ^

[decay]

just accepted a job offer from http://bitpay.com/

they've agreed to pay part of my salary in bitcoin. :)

[Cletonius]

just accepted a job offer from http://bitpay.com/

they've agreed to pay part of my salary in bitcoin. :)

That's awesome!

I wish there was a way to use bitcoins like a debit card.

[decay]

That's awesome!

I wish there was a way to use bitcoins like a debit card.

that's one of the solutions BitPay has built.

https://bitpay.com/bitcoin-for-retail

i'll be the sales engineer there, so if there's a place you want to spend bitcoin, put them in touch with me.

[Cletonius]

that's one of the solutions BitPay has built.

https://bitpay.com/bitcoin-for-retail

i'll be the sales engineer there, so if there's a place you want to spend bitcoin, put them in touch with me.

As a merchant I'd like to accept bitcoin...