Foxx Posted April 6, 2017 Share Posted April 6, 2017 do you know what BitCoin is? Btc is a digital currency. there are many but Btc was really the first and as such it is the gold standard for all other crypto-currencies. today's valuation is right around $1200 per coin. myself, i got into it back when they were $5 a piece.i have bought, sold and given away hundreds in an effort to get peeps involved in it. today, i am in the mining aspect of it. i am just curious if we have any others here who are into it. Quote Link to comment Share on other sites More sharing options...
BUFFALOKIE Posted April 6, 2017 Share Posted April 6, 2017 How much cash will you give me for my bitcoin? Quote Link to comment Share on other sites More sharing options...
Foxx Posted April 6, 2017 Author Share Posted April 6, 2017 How much cash will you give me for my bitcoin? if you have to ask, i think your phishing. Quote Link to comment Share on other sites More sharing options...
Foxx Posted April 6, 2017 Author Share Posted April 6, 2017 Dumb idea. Cash is king. is it dumb? it is inevitable so it might be wise to get to know something or another about it. Quote Link to comment Share on other sites More sharing options...
BUFFALOKIE Posted April 6, 2017 Share Posted April 6, 2017 if you have to ask, i think your phishing. Not phishing. If you can't answer the question, then my bitcoin is worthless to me. Quote Link to comment Share on other sites More sharing options...
stevestojan Posted April 6, 2017 Share Posted April 6, 2017 (edited) I've read a lot about bit coin. A LOT. And I still have absolutely no clue how it works. The mining piece is what I truly don't understand. Explain it to me like I'm a 5 year old and I'd be in your debt. Edited April 6, 2017 by stevestojan Quote Link to comment Share on other sites More sharing options...
Miyagi-Do Karate Posted April 6, 2017 Share Posted April 6, 2017 I've read a lot about bit coin. A LOT. And I still have absolutely no clue how it works. The mining piece is what I truly don't understand. Explain it to me like I'm a 5 year old and I'd be in your debt. Yeah, I always thought they were virtual. You mine these things? 1 Quote Link to comment Share on other sites More sharing options...
Augie Posted April 6, 2017 Share Posted April 6, 2017 Honest question: WHY? Quote Link to comment Share on other sites More sharing options...
dhg Posted April 6, 2017 Share Posted April 6, 2017 I have never understood how these things work, but I know that hackers that use ransomware want to get paid in bitcoins to remove the virus because it cant be traced. Quote Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted April 6, 2017 Share Posted April 6, 2017 I've read a lot about bit coin. A LOT. And I still have absolutely no clue how it works. The mining piece is what I truly don't understand. Explain it to me like I'm a 5 year old and I'd be in your debt. I suppose it like hard currency, revolves around a supply, confidence/trust, and working for it. If only we had a tool to use: https://www.bitcoinmining.com Oh... I forgot to add the most important element: Time. "All in time, but the clock is another demon that devours our time in Eden, in our Paradise." Quote Link to comment Share on other sites More sharing options...
Beef Jerky Posted April 6, 2017 Share Posted April 6, 2017 Bitcoins is for buying drugs, weapons, hacking payments, assassination payments, hitmen get paid in bitcoins. Quote Link to comment Share on other sites More sharing options...
sodbuster Posted April 6, 2017 Share Posted April 6, 2017 If you think BTC isn't worth anything because it "isn't real", I have bad news about your USD. 1 1 Quote Link to comment Share on other sites More sharing options...
4merper4mer Posted April 7, 2017 Share Posted April 7, 2017 Yeah, I always thought they were virtual. You mine these things? Can you get the black lung if you mine too much? 1 Quote Link to comment Share on other sites More sharing options...
BUFFALOKIE Posted April 7, 2017 Share Posted April 7, 2017 (edited) If you think BTC isn't worth anything because it "isn't real", I have bad news about your USD.I'll ask for the third time, what will YOU give ME for my big fat shiney bitcoin? I'll take anything you want to trade.(I wont pay shipping though) If I offer you enough bit coins will you come fix my fence? Edited April 7, 2017 by BUFFALOKIE Quote Link to comment Share on other sites More sharing options...
row_33 Posted April 7, 2017 Share Posted April 7, 2017 A few former colleagues got into it, one is a major spokesman for the product. It never interested me. Quote Link to comment Share on other sites More sharing options...
sodbuster Posted April 7, 2017 Share Posted April 7, 2017 I'll ask for the third time, what will YOU give ME for my big fat shiney bitcoin? I'll take anything you want to trade.(I wont pay shipping though) If I offer you enough bit coins will you come fix my fence? I feel like you're trying to say that it's not worth anything, but the exchanges that are paying over a 1,100 USD per BTC and the hundreds of thousands of BTC based transactions daily prove otherwise. Quote Link to comment Share on other sites More sharing options...
4merper4mer Posted April 7, 2017 Share Posted April 7, 2017 I feel like you're trying to say that it's not worth anything, but the exchanges that are paying over a 1,100 USD per BTC and the hundreds of thousands of BTC based transactions daily prove otherwise. How many years of mining net one Bitcoin? Quote Link to comment Share on other sites More sharing options...
BUFFALOKIE Posted April 7, 2017 Share Posted April 7, 2017 I feel like you're trying to say that it's not worth anything, but the exchanges that are paying over a 1,100 USD per BTC and the hundreds of thousands of BTC based transactions daily prove otherwise. I am definately saying that bitcoin is worth nothing to me. If it is worth something to you, I will sell you my bitcoin for $5.00. If you can get 1100 USD for it, more power to yah. I will PM you my address. Bitcoins is for buying drugs, weapons, hacking payments, assassination payments, hitmen get paid in bitcoins. What do I get for 10 bit coins? N E Ting You Wan. Me love you long time. Quote Link to comment Share on other sites More sharing options...
Augie Posted April 7, 2017 Share Posted April 7, 2017 Again, why does this exist? Quote Link to comment Share on other sites More sharing options...
row_33 Posted April 7, 2017 Share Posted April 7, 2017 It exists because a certain element of economists and IT people seriously distrust the government and $$ system. They aren't kooks either. Quote Link to comment Share on other sites More sharing options...
thebug Posted April 7, 2017 Share Posted April 7, 2017 I own 78. Quote Link to comment Share on other sites More sharing options...
Augie Posted April 7, 2017 Share Posted April 7, 2017 I own 78. And what are your 78 worth? Quote Link to comment Share on other sites More sharing options...
thebug Posted April 7, 2017 Share Posted April 7, 2017 And what are your 78 worth? Not as much as Skooby's BMW but pretty darn close! Quote Link to comment Share on other sites More sharing options...
KD in CA Posted April 7, 2017 Share Posted April 7, 2017 Wait...so now bitcoin is a verb? Quote Link to comment Share on other sites More sharing options...
jr1 Posted April 7, 2017 Share Posted April 7, 2017 we were told to buy gold and silver coins because of our "debased currency" now we're told to buy this crap Quote Link to comment Share on other sites More sharing options...
Miyagi-Do Karate Posted April 7, 2017 Share Posted April 7, 2017 Can you get the black lung if you mine too much? I am just picturing this ash-covered miner, picking away at these little gold nuggets of bitcoin. Quote Link to comment Share on other sites More sharing options...
row_33 Posted April 7, 2017 Share Posted April 7, 2017 As one who works in investigating fraud, sometimes defending the accused, I see down the road fantastic opportunities for case work... Quote Link to comment Share on other sites More sharing options...
thebug Posted April 7, 2017 Share Posted April 7, 2017 As one who works in investigating fraud, sometimes defending the accused, I see down the road fantastic opportunities for case work... Bought mine in 2013 for !@#$ all and have sold a bunch so even if my 78 (which are worth close to $1600.00 can each) fall off the face of the earth and get me nothing, I still made money. Now having said that. Nobody is paying close to $1600 can right now. I can sell them all tomorrow for $1200.00 each but I am in wait and see mode. Gotta love the speculation business! Quote Link to comment Share on other sites More sharing options...
Gugny Posted April 7, 2017 Share Posted April 7, 2017 And I get schit for loving baseball? Quote Link to comment Share on other sites More sharing options...
CowgirlsFan Posted April 7, 2017 Share Posted April 7, 2017 No. Quote Link to comment Share on other sites More sharing options...
/dev/null Posted April 7, 2017 Share Posted April 7, 2017 I've looked into BTC but the the electricity cost to value of coins mined ratio represents a net loss Quote Link to comment Share on other sites More sharing options...
Best Player Available Posted April 7, 2017 Share Posted April 7, 2017 I heard you can also use them to buy Amway products. Quote Link to comment Share on other sites More sharing options...
PromoTheRobot Posted April 7, 2017 Share Posted April 7, 2017 I tried to purchase some bitcoin a while back and gave up. Not only is the process convoluted but you get boned on exchange rates. For example this site wanted you to buy gift cards with cash, but after the transaction you are left with a third of the value in bitcoin. No thanks. Quote Link to comment Share on other sites More sharing options...
row_33 Posted April 7, 2017 Share Posted April 7, 2017 A few colleagues realized the mining would lead to a huge demand in certain computer products and made a decent return on stocking up on the cards, I don't know the specifics as I'm not of that world... Quote Link to comment Share on other sites More sharing options...
unbillievable Posted April 7, 2017 Share Posted April 7, 2017 Bitcoin is like speculating on comic books or action figures. Right now they're hot, but it's only worth what a collector is willing to pay. At it's core, it's a pyramid scheme; only the early adopters get rich. The rest are just shuffling money around. Quote Link to comment Share on other sites More sharing options...
row_33 Posted April 7, 2017 Share Posted April 7, 2017 Bitcoin is like speculating on comic books or action figures. Right now they're hot, but it's only worth what a collector is willing to pay. At it's core, it's a pyramid scheme; only the early adopters get rich. The rest are just shuffling money around. and one day coming up... blip... and it's all gone into 3 people's pockets... Quote Link to comment Share on other sites More sharing options...
Simon Posted April 7, 2017 Share Posted April 7, 2017 Wait...so now bitcoin is a verb? Maybe he meant bite coin? Quote Link to comment Share on other sites More sharing options...
Gugny Posted April 7, 2017 Share Posted April 7, 2017 Wait...so now bitcoin is a verb? Past tense. Quote Link to comment Share on other sites More sharing options...
Foxx Posted April 7, 2017 Author Share Posted April 7, 2017 (edited) I've looked into BTC but the the electricity cost to value of coins mined ratio represents a net loss the two most obvious things to be considered, are indeed the operating costs (electricity) and upfront costs (hardware) that will factor into the profitability aspect. then there is the little known Difficulty factor which recalculates every 13/14 days or so and the Pool fees that you pay. that being said, i currently pay around 10 cents a kiloWatt hour and it is still very profitable for me. with my current hashing power, i make enough every month to cover my operating expenses and pay my mortgage. Edited April 7, 2017 by Foxx 1 Quote Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted April 7, 2017 Share Posted April 7, 2017 and one day coming up... blip... and it's all gone into 3 people's pockets... LoL! Ain't that how everything works. :-/ So, from what everybody is saying, it is easier to join these guys: So that where that insufferable Leafs fan thebug got his 78 BitCoins! TO fans, salt of the earth! ;-) J/K buggy! :-) Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.