Deep Web/Bitcoin Mining

[Fusion]

I was going to buy one of those BFL miners, but luckily didn't pay them after reading the high doubts about their schedule.
Afaik, their new HW isn't out yet, the schedule was late October, so they're holding pre-order money 4 months.
During those four months, BC has gone up from $11 to $17 /BC. Someone on a mining forum calculated they could have over $1mil. in preorder money. Now imagine speculating with that money and a ~70% profit.
Weird ass shit right there.

[payney8]

Any more info on this?

[Rsully70sev]

bump?

Looks like fake investments pay off. When I first started this BTC's were trading at $7/ea and I bought 50 to forget about while I mined. According to the post about just in January they were $11+....now they're trading on MtGox for $48!! (eBay upwards of $65) pretty good return on investment eh?

Now pooling on BTCGuild with TEAM AMERICA.

[jclar]

Definitely good as far as that investment at $7/ea, but for normal PCs isn't the cost of electricity required for mining more expensive than the payout? Even with a real graphics card?

[Farbin Kaiber]

That's $2050 in profit. Nuts.

[Fusion]

What the fuck happened? Did it go up when the higher level was achieved? Iirc, it was estimated to happen 1st Q2013.

[blueapplesoda]

It was all over reddit and forbes as it approached $20, then the prices started shooting up to 30, then 40, then it peaked at $49ish and has been wavering for last few days. When the block split, I thought prices were gonna go down, but a sudden influx of new people and new money came in and it kept climbing.. from what I believe are speculations. But hey it made money, right? I bought in when it was about $9 last September... At that point it wasn't worth mining, just trading.

[gtdragon980]

I really need to get around to setting my computer up for mining...

[Dozyproductions]

so... is this something that will be worth to start in some time, or are the costs per bitcoin mined just going skyrocket at one point?

[dsobering47]

Im still lost. How does xxx amount of BTC equal any real money? Do you just transfer to your paypal or something?


More lost than a elementary-schooler at a Skrillex concert

[Fusion]

From all I've gathered, there's no point in setting up a PC to mine anymore using AGP's.
You'd either have to have a humungous rig or just buy the new standalone ASIC hardware.

BTC is a virtual currency. It's value is based on scarcity, but it is very hard to tell what the future value can be. Look up the BTC wiki on how the whole thing works (pretty damn genius).
It's basically an anonymous "cloud" banking platform with zero fees and could theoretically wipe out fiat currency as we know it.

Btw:

I was going to buy one of those BFL miners, but luckily didn't pay them after reading the high doubts about their schedule.
Afaik, their new HW isn't out yet, the schedule was late October, so they're holding pre-order money 4 months.
During those four months, BC has gone up from $11 to $17 /BC. Someone on a mining forum calculated they could have over $1mil. in preorder money. Now imagine speculating with that money and a ~70% profit.
Weird ass shit right there.

+

now they're trading on MtGox for $48!!

= ~4mil profit in a little over 6 months... in preorder money people basically gave them for free.

[ajackz]

Ill take my currency in precious metals thank you very much. If I can't physically touch it, it isn't real. I'm sure there is some Fable that could explain all this to us. You put a little money in, they give you a return. You put a little more money in, they give you a little bigger return. Next thing you know you put your life savings in to become the billionaire you always wanted to be, what happens then? Ill tell you what happens, some coked out assassin comes into your 500 square foot basement and has a slave kill you over imaginary moneys.

Sent from my HTC6435LVW using Tapatalk 2

[Dozyproductions]

But you can exchange it for real money. I guess 'real' money in this case should be actually called real debt, since that is all a federal reserve note is anyways!

[jrobie79]

did you ever get that $200 TV?

[imsotyerred]

Ill take my currency in precious metals thank you very much. If I can't physically touch it, it isn't real. I'm sure there is some Fable that could explain all this to us. You put a little money in, they give you a return. You put a little more money in, they give you a little bigger return. Next thing you know you put your life savings in to become the billionaire you always wanted to be, what happens then? Ill tell you what happens, some coked out assassin comes into your 500 square foot basement and has a slave kill you over imaginary moneys.

Sent from my HTC6435LVW using Tapatalk 2

if YOU can't physically touch it, neither can the thief and, therefore, such wealth would be completely out of reach...

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