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DXWarlock
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Posts: 11549
Location: Florida, USA
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 Posted: Fri, 19th Oct 2012 19:37 Post subject: |
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| HostFat wrote: | | Nhiumewyn wrote: | I never got into the bitcoin venture, but, as a business, it seems a rather small amount, 60 bitcoins over a span of 8 months, at $12 each, would equal $720.
When making money online, spending time or resources in something that nets you under 3 figures monthly is absurd, in my opinion at least. |
There are better way to mine, and GPUs are actually the worst.
If you want to do business with Bitcoin, it's better you build good services that exploit these features:
- no gov controll ( you can't avoid to ask documents from your users )
- mostly no fees ( good for micro-transactions )
- instant
- no chargeback
- pseudoanonymous
- you can also avoid any registrations sometime ... |
But aren't these same values the ones that would be a negative if used on the a big scale? Like if it was eventually the universal currency?
No central controller or trace ability of its users (being one of its 'selling points), or overseeer...also means no dictating how/what/where or the accountability of its usage, that includes scams, illegal activities, immoral activities, all without burden of fearing identity of where it came from.
And with no govt control over the money (im not saying it good, Im saying without that being an option) its only natural evolution that there will eventually be a private party that amases enough of it to become the controller..
The difference between the 2..with private controller, people have no say or sway in how they do it, its their choice and its boardmembers.
I just cant see it as becoming as popular as any other current form of currency, without the same stigmas effecting it..even if those stigmas are of a different form.
The idea of "its a free to use, none controlled, anonymous form of money everyone can use" is only a pipe dream, because in its current state it is.
Make it powerul enough that it can effect the world, and someone will knock down those walls of 'Utopian money' one by one.
-We don't control what happens to us in life, but we control how we respond to what happens in life.
-Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. -G. Michael Hopf
Disclaimer: Post made by me are of my own creation. A delusional mind relayed in text form.
Last edited by DXWarlock on Fri, 19th Oct 2012 19:37; edited 1 time in total
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| Posted: Fri, 19th Oct 2012 19:37 Post subject: |
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| HostFat wrote: | | Nhiumewyn wrote: | I never got into the bitcoin venture, but, as a business, it seems a rather small amount, 60 bitcoins over a span of 8 months, at $12 each, would equal $720.
When making money online, spending time or resources in something that nets you under 3 figures monthly is absurd, in my opinion at least. |
There are better way to mine, and GPUs are actually the worst. ( search about FPGA/ASIC )
If you want to do business with Bitcoin, it's better you build good services that exploit these features:
- no gov controll ( you can't avoid to ask documents from your users )
- mostly no fees ( good for micro-transactions )
- instant
- no chargeback
- pseudoanonymous
- you can also avoid any registrations sometime ...
Even if you think that this project will fail someday, other people think different.
You can have their bitcoins if you give them some good services/items (ex: http://www.bitmit.net ) , and then convert them instantly to your old common loved fiat money.
So you will avoid any possible risks. |
I wasn't referring to bitcoin as a system, on that regard I do mostly have a positive take on it, but as an online business model, it seems to be resource intensive, when compared to other online business techniques.
Last edited by Nhiumewyn on Fri, 19th Oct 2012 22:39; edited 1 time in total
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DXWarlock
VIP Member
Posts: 11549
Location: Florida, USA
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| Posted: Fri, 19th Oct 2012 19:55 Post subject: |
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| HostFat wrote: |
You can have their bitcoins if you give them some good services/items (ex: http://www.bitmit.net ) , and then convert them instantly to your old common loved fiat money.
So you will avoid any possible risks. |
But that was the question I asked that never got answered, whats the motivation, or use to do this? other than the rare situation like your steam one. And those are so rare they cant/wont be the driving force of its popularity in terms of becoming a major currency player.
Why do the: Turn your money into bitcoin, buy items with bitcoins, shop gets bitcoins, and turns bitcoins into money
when: Buy item with money, shop gets the money...works also
why hassle with the 2 steps of converting to a limited use bitcoin in the middle?
For example I just bought a new video card. IF newegg took bitcoins, I still would have no use to use it.
because instead of
"order card, give cash"
its
"find a bitcoin converter merchant, buy bitcoins by giving that same cash, go pay with those to newegg"
it would be an whole extra step of buying something. id have to do two transactions, one with the bitcoin merchant, then one with newegg..
I mean if there was in incentive for me to do that effort I would, but as it is now, its just 2 extra steps to make $10 US = $10 US.
-We don't control what happens to us in life, but we control how we respond to what happens in life.
-Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. -G. Michael Hopf
Disclaimer: Post made by me are of my own creation. A delusional mind relayed in text form.
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| Posted: Fri, 19th Oct 2012 20:14 Post subject: |
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| Nhiumewyn wrote: | | I wasn't referring to bitcoin as a system, on that regard I do mostly have a positive take on it, but as an online business model, it seems to be resource intensive, when compared to other online business techniques. |
I'm missing the point ...
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DXWarlock
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Posts: 11549
Location: Florida, USA
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| Posted: Fri, 19th Oct 2012 20:51 Post subject: |
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I think he means compared to other online options for paying for things as a business model..it make it more complicated, rather than more simple and steamline than it was before you started using it..
Take paypal, it made paying online less steps to use, than before using a CC or debit.
Like say paypal used "palcredits" (i mean technically you can call it that now..I have $45 in my paypal account..if I call them palcredits that are worth $1, it doesnt matter i spend 30 of them..I loose 30 in my account and paypal takes $30 US from my bank accont to replace them).
To use paypal, you click..login and done. about 4 steps less than paying with debit.
bitcoins you have 2-3 more steps to pay using it.
Not to mention they dont auto convert current money, you have to find someone that does that 3rd party.
-We don't control what happens to us in life, but we control how we respond to what happens in life.
-Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. -G. Michael Hopf
Disclaimer: Post made by me are of my own creation. A delusional mind relayed in text form.
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| Posted: Fri, 19th Oct 2012 22:39 Post subject: |
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| DXWarlock wrote: | I think he means compared to other online options for paying for things as a business model..it make it more complicated, rather than more simple and steamline than it was before you started using it..
Take paypal, it made paying online less steps to use, than before using a CC or debit.
Like say paypal used "palcredits" (i mean technically you can call it that now..I have $45 in my paypal account..if I call them palcredits that are worth $1, it doesnt matter i spend 30 of them..I loose 30 in my account and paypal takes $30 US from my bank accont to replace them).
To use paypal, you click..login and done. about 4 steps less than paying with debit.
bitcoins you have 2-3 more steps to pay using it.
Not to mention they dont auto convert current money, you have to find someone that does that 3rd party. |
No, I was comparing with other online business models, making money ventures.
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DXWarlock
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Posts: 11549
Location: Florida, USA
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| Posted: Fri, 19th Oct 2012 22:49 Post subject: |
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OH sorry, mistook what you mean by resource intensive as in effort needed to actively use it as a means of economy. Being a business plan for success to replace a current system..it needs to be more convenient and streamline than what its replacing..or it wont be used.
Are you referring to the 'ease' of making bitcoins out of nothing to convert to money, therefor giving the illusion of 'making money for nothing'. When other means to make that money directly are 10 fold faster?
-We don't control what happens to us in life, but we control how we respond to what happens in life.
-Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times. -G. Michael Hopf
Disclaimer: Post made by me are of my own creation. A delusional mind relayed in text form.
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| Posted: Fri, 19th Oct 2012 23:06 Post subject: |
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| DXWarlock wrote: | OH sorry, mistook what you mean by resource intensive as in effort needed to actively use it as a means of economy. Being a business plan for success to replace a current system..it needs to be more convenient and streamline than what its replacing..or it wont be used.
Are you referring to the 'ease' of making bitcoins out of nothing to convert to money, therefor giving the illusion of 'making money for nothing'. When other means to make that money directly are 10 fold faster? |
No, I was referring to making money schemes, bitcoin mining takes months to profit any decent amount, when there are millions of other things online that you can spend your time in and making a thousand times as much.
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Bigperm
Posts: 1908
Location: Alberta,Canada
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| Posted: Mon, 22nd Oct 2012 20:46 Post subject: |
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| Nhiumewyn wrote: | I never got into the bitcoin venture, but, as a business, it seems a rather small amount, 60 bitcoins over a span of 8 months, at $12 each, would equal $720.
When making money online, spending time or resources in something that nets you under 3 figures monthly is absurd, in my opinion at least. |
I have 3 Computers that do nothing all day while i am at work. And i don't pay for power.
I just doing it for fun. So im not a good example because im not into it to get rich. Literally took me 20 minutes to set them up. After that i have invested 0 time other than syncing my wallet which is also automatic. The guys that are serious miners are in the GigaHash range.
When i was doing the cost/payout ratio with bitcoin it doesn't to me make sense as an investment vs other things i am involved with. But i already had the computers and cards. Free power. So why not.
I drill oil wells to make real money. 
| Jenni wrote: | | I drunk. I don't fucking care! |
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Frant
King's Bounty
Posts: 24658
Location: Your Mom
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| Posted: Mon, 22nd Oct 2012 21:08 Post subject: |
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Single chip ASIC capable of 60 GH/s.
http://www.butterflylabs.com/
Hefty investment.
Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn!
"The sky was the color of a TV tuned to a dead station" - Neuromancer
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sausje
Banned
Posts: 17716
Location: Limboland, Netherlands
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| Posted: Fri, 7th Dec 2012 17:01 Post subject: |
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As i'm looking into things to get some extra on the side, is this a good way to get some extra cash eventually, or are there better ways to let your pc/bandwidth work for you? 
Proud member of Frustrated Association of International Losers Failing Against the Gifted and Superior (F.A.I.L.F.A.G.S)
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| Posted: Fri, 7th Dec 2012 17:08 Post subject: |
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Frant
King's Bounty
Posts: 24658
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garus
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Posts: 34197
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| Posted: Fri, 7th Dec 2012 17:26 Post subject: |
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snip
Last edited by garus on Tue, 27th Aug 2024 21:58; edited 1 time in total
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sausje
Banned
Posts: 17716
Location: Limboland, Netherlands
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| Posted: Fri, 7th Dec 2012 18:55 Post subject: |
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| Ghos7 wrote: | | @sausje even at the best time for mining, which was about 18 months ago, two 6870 were not gonna make you much. |
Heh, it's not the only rig i got here.
Got an older dual xeon processor rig, Phenom 2 x4 955 rig, i5-2500k rig and my i7-2600k rig, and my i3 SB laptop, all of those could mine if the CPU mining wasn't so fucking bad (makes me wonder why, as the 2500k and 2600k has way more processingpower then a gpu)
But yeah, this is what i can get max on my i7 rig:
Just look how terrible my CPU is compared to the GPU, even tho i got all cores enabled for it... 
Proud member of Frustrated Association of International Losers Failing Against the Gifted and Superior (F.A.I.L.F.A.G.S)
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| Posted: Fri, 7th Dec 2012 19:00 Post subject: |
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Yeah that's the problem, only AMD GPUs the CPU mining is just not possible. And the 6870 is pretty bad at mining, actually the entire 6 series is bad at it. 5 and 7 are great, but mining is not very profitable anymore so...
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garus
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Posts: 34197
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| Posted: Fri, 7th Dec 2012 19:25 Post subject: |
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snip
Last edited by garus on Tue, 27th Aug 2024 21:58; edited 1 time in total
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| Posted: Fri, 7th Dec 2012 19:27 Post subject: |
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mmmno the reward dropped half, and the exchange rate went up by just about 10%.
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garus
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Posts: 34197
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| Posted: Fri, 7th Dec 2012 19:40 Post subject: |
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snip
Last edited by garus on Tue, 27th Aug 2024 21:58; edited 1 time in total
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| Posted: Fri, 7th Dec 2012 19:49 Post subject: |
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Frant
King's Bounty
Posts: 24658
Location: Your Mom
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| Posted: Fri, 7th Dec 2012 19:58 Post subject: |
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| Frant wrote: | | You need ASIC/FPGA hardware |
I'm yet to see something big out of them, maybe I've missed something because I don't mine anymore but aren't they still on preorder and it's looking more and more like a scam. They were supposed to be out october or november and now are postponed for next year, or at least that's the last I heard.
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sausje
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Location: Limboland, Netherlands
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Bigperm
Posts: 1908
Location: Alberta,Canada
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| Posted: Wed, 3rd Apr 2013 20:26 Post subject: |
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Hopefully my ASIC miner will be here soon. BFL said they are shipping.
| Jenni wrote: | | I drunk. I don't fucking care! |
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spankie
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that's probably the reason I have so few posts here despite that I'm lurking around the past 5-6 years. 
