Bitcoin for kids who have to ride the shortbus

neural0

neural0

Limp Gawd
Joined
May 22, 2011
Messages
484
Am I just completely missing something here, and I am honestly asking this question, what is the actual point of Bitcoin mining?

I understand what the idea of bitcoins are, I have read the whitepaper on how the idea is structured, I understand the technology, but the question I am asking I guess is "OK I have 100 Bitcoins now what the hell do I do to get $[whatever the conversion rate is] into my real life bank account?"

I'm at the end of a Monday, long day at work so I will accept calling me a noob, etc. as long as you can tell me "Hey idiot go to this webpage and click 'convert' and it automagically gets you money into your real life bank account. And now that I have told you how to do it I will make fun of you until you cry."

I will wholeheartedly take the verbal thrashing, because right now I don't see a single way to get anything in the real world from this virtual currency as no one seems to accept them (like NewEgg or my grocery store) so what the hell is the point.

Commence making fun of me, thank you.
 
There are exchange sites to turn it into cash.

However my feelings on the "project" as a whole:
[ame="http://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds"]Extraordinary Popular Delusions and the Madness of Crowds - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:South_Sea_Bubble_Cards-Tree.png" class="image"><img alt="" src="http://upload.wikimedia.org/wikipedia/commons/thumb/2/2d/South_Sea_Bubble_Cards-Tree.png/220px-South_Sea_Bubble_Cards-Tree.png"@@AMEPARAM@@commons/thumb/2/2d/South_Sea_Bubble_Cards-Tree.png/220px-South_Sea_Bubble_Cards-Tree.png[/ame]
 
http://www.bitegg.net/
http://spendbitcoins.com/

I'm not sure Bitcoin will really take off like some people think, but there's the possibility of making a quick buck right now from those who think it will. And there's also the possibility that the 10 BTC you traded for a video card will be worth a million dollars in a few years. Right now the whole thing is in a crazy speculation stage.

I really wish I would've paid more attention to Bitcoins last summer when I first heard about them. I could be an internet billionaire by now!
 
I short bussed my way to a $45 (and 4.189 bitcoin) video card from Amazon.com...

81ZiT2BOIK6L_AA1500_-1.jpg


beep, beep, get outta my way...!!!

lol

I got in to it too late, so I'm not gonna get rich, but I will cash some in at some point to help with bills, one of the guys on [H] cashed in for about $13,000, why don't you ask him where...?
 
I think its a very fun and funny concept.
also
The creator gets to sit back and watch what happens to his "creation".
and some people make a quick buck, or a quick few grand.
The market is fun to play... (damn rollercoaster)
 
Suprfire said:
The creator gets to sit back and watch what happens to his "creation".
and some people make a quick buck, or a quick few grand.
Click to expand...
I think you mean, "the creator gets to sit back and watch the value of his 1.5 million bitcoins shoot off like a rocket on the backs of speculators"
 
Oh hai there. I was starting to get worried the peanut gallery was not making any noise. I personally only started 2 weeks ago because I initially dismissed it as a pyramid scheme more than 2 months ago. In those 2 weeks I have pocketed $500 after energy costs and fees. Anyone who has not read the wealth of info about the protocol, the socio-political motivation behind it and thinks that it was created by one person is simply showing their ignorance.
 
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Lorien said:
Oh hai there. I was starting to get worried the peanut gallery was not making any noise. I personally only started 2 weeks ago because I initially dismissed it as a pyramid scheme more than 2 months ago. In those 2 weeks I have pocketed $500 after energy costs and fees. Anyone who has not read the wealth of info about the protocol, the socio-political motivation behind it and thinks that it was created by one person is simply showing their ignorance.
Click to expand...
jumping to conclusions, or maybe, more accurately, reading things that aren't there, must be some of your greatest strenghts.

I'm merely stating what I read here http://forum.bitcoin.org/?topic=1320.0

"Satoshia generated the first 30240 blocks at 50 coins per block = 1.5 million"
 
jebo_4jc said:
jumping to conclusions, or maybe, more accurately, reading things that aren't there, must be some of your greatest strenghts.

I'm merely stating what I read here http://forum.bitcoin.org/?topic=1320.0

"Satoshia generated the first 30240 blocks at 50 coins per block = 1.5 million"
Click to expand...

says the guy who has only seen "one or two" negative comments from folders...

lolololololololololololololol...
 
Is it just me or do the conversion sites look super scammy? I'm not necessarily saying that they are scams, I just get that feeling like there is some pants-less overweight dude somewhere in Siberia that is drooling over his keyboard just waiting for me to give him my e-mail address before he pounds out the SEND key and spams my inbox full of Deposed Nigerian Prince messages... And somehow in the process he takes my bitcoynez!

I'm just sayin...
 
You'd be surprised how hot it gets up here in Siberia, but I'll have you know I wear a bib thank you very much. :mad:
 
neural0 said:
Is it just me or do the conversion sites look super scammy? I'm not necessarily saying that they are scams, I just get that feeling like there is some pants-less overweight dude somewhere in Siberia that is drooling over his keyboard just waiting for me to give him my e-mail address before he pounds out the SEND key and spams my inbox full of Deposed Nigerian Prince messages... And somehow in the process he takes my bitcoynez!

I'm just sayin...
Click to expand...

it is super scammy, please don't ever mine bitcoins, it's just nonsense, you're better off without it...
 
InvisiBill said:
Right now the whole thing is in a crazy speculation stage.

I really wish I would've paid more attention to Bitcoins last summer when I first heard about them. I could be an internet billionaire by now!
Click to expand...

The world economy runs on speculation... oil prices, futures trading, markets...etc... bitcoins is just the 1st tech offshoot to seem to catch on for some reason.

That would make a lot of us who heard about it, but didn't really think much about it then either. Now it's pretty much too late for mining, just a few dollars. We are entering into more of a commerce phase, open'm if you can think of'm!
 
It seems none of you have read the book I linked.

Where is the education system these days?

Edit: wow, my cellphone dropped and "e". Sorry for all the confusion :rolleyes:
 
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Kendrak said:
It seems non of you have read the book I linked.

Where is the education system these days?
Click to expand...

Mildly entertaining but mostly irrelevant to the discussion at hand.

FYI if someone has any serious questions just do so in the BTC thread. This thread is already filled with nonsense.
 
Kendrak said:
I find it very relative to the discussion at hand.

How is this any different than the tulip bubble?
Click to expand...


First of all its difficult to take anyone who insults others as one who is serious.

Now I am not sure if you have read the actual book or not but I did a few years ago. Its alright, the only relevant part is the couple economic chapters but even those are slightly overstated. In its entity the book is an amusing collection of stories, some embellished.

Posting a link to the wikipedia is not relevant. Its especially childish when you then come back with an insult to other posters. You can easily make a thought out comparison to bubbles but nobody has the answer until time passes. Sure it could turn out to be tulips but nobody knows and making the comparison is really irrelevant.

As I stated before, if you want to have serious discussion use the official thread. This is just full of jokers.
 
infect0 said:
Its especially childish when you then come back with an insult to other posters. You can easily make a thought out comparison to bubbles but nobody has the answer until time passes. Sure it could turn out to be tulips but nobody knows and making the comparison is really irrelevant.
Click to expand...

I'm sorry. Where did I type an insult?

Also, if one's opinion is that the "project" is a bunch of fluff. Then my comparison is relevant because that is what I think is currently happening. As my opinion. Nothing more.

Can people turn a profit on it in the near term, sure. Never said otherwise.

However I put these in the same category as:
Magic the Gathering Cards
Beanie Babies
Tulips
Talking Elmo dolls at the holidays
And any other number of collectables that people have horded only to find out that there is no intrinsic value and no buyers to be had.
 
Kendrak said:
I'm sorry. Where did I type an insult?

Also, if one's opinion is that the "project" is a bunch of fluff. Then my comparison is relevant because that is what I think is currently happening. As my opinion. Nothing more.

Can people turn a profit on it in the near term, sure. Never said otherwise.

However I put these in the same category as:
Magic the Gathering Cards
Beanie Babies
Tulips
Talking Elmo dolls at the holidays
And any other number of collectables that people have horded only to find out that there is no intrinsic value and no buyers to be had.
Click to expand...


Did you even read the actual book you linked or just the wikipedia page?
 
Kendrak said:
I'm sorry. Where did I type an insult?

Also, if one's opinion is that the "project" is a bunch of fluff. Then my comparison is relevant because that is what I think is currently happening. As my opinion. Nothing more.

Can people turn a profit on it in the near term, sure. Never said otherwise.

However I put these in the same category as:
Magic the Gathering Cards
Beanie Babies
Tulips
Talking Elmo dolls at the holidays
And any other number of collectables that people have horded only to find out that there is no intrinsic value and no buyers to be had.
Click to expand...

lol, really...? the obvious insult was implying the educational system is somehow lacking (especially in bitcoin miners, right...? that's who the comment was intended for, no...?) because people decided not to humor you by reading the book that you linked, my suggestion is that if you're gonna try to insult others' intelligence, try to use proper sentence structure, or people may just start to doubt how teh smrt you are in kind...
 
I have 2 5870's siting in my machine..if I knew how to start mining, I would give it a go.....but I'm too lazy to figure out how it works....:)
 
Crosshairs said:
I have 2 5870's siting in my machine..if I knew how to start mining, I would give it a go.....but I'm too lazy to figure out how it works....:)
Click to expand...

You install the Bitcoin client (so you have an account with an ID number), then you install a GUIminer app that will use the power of those GPUs to mine Bitcoins, it's fairly simple. If you can't do both and be mining in 10 minutes or less, something is terribly wrong. :)
 
our US currency is based upon the fiction that the US can continue to service our debt while increasing borrowing every year. And unlike bitcoins from every year our politicians find it easier and easier to magically create buckets of money. This dilutes the monetary supply and increases inflation. If any big delusion is going to crash the bitcoin one will be as nothing compared to the US monetary supply.
 
Joe Average said:
You install the Bitcoin client (so you have an account with an ID number), then you install a GUIminer app that will use the power of those GPUs to mine Bitcoins, it's fairly simple. If you can't do both and be mining in 10 minutes or less, something is terribly wrong. :)
Click to expand...

I searched around and found so many different clients,I gave up...I'm not one to just install something that I'm not familiar with
 
Crosshairs said:
I searched around and found so many different clients,I gave up...I'm not one to just install something that I'm not familiar with
Click to expand...

Get the official client software at: http://www.bitcoin.org/

Then get the Python miner at: http://www.bitcoin.org/smf/index.php?topic=1334.0

and use the GUI for the Python miner at: http://www.bitcoin.org/smf/index.php?topic=3878.0

Install all 3, create your Bitcoin wallet and ID using the official client, fire up the Python client/GUI and get to it. It's really about that simple.

You can either choose to mine as a loner (on your own) or join a pool, which is entirely up to you.
 
InvisiBill said:
http://spendbitcoins.com/
Click to expand...

The guy that runs that site sends you your GC pretty fast (for Amazon anyway), he just asks you to click his affiliate link before buying off Amazon so he gets a percentage of the sale (for referring you to Amazon.) Seems like a pretty fair trade since he's giving out the exact 24 hour average value of Bitcoin right now without any fees.
 
Ualdayan said:
The guy that runs that site sends you your GC pretty fast (for Amazon anyway), he just asks you to click his affiliate link before buying off Amazon so he gets a percentage of the sale (for referring you to Amazon.) Seems like a pretty fair trade since he's giving out the exact 24 hour average value of Bitcoin right now without any fees.
Click to expand...

yep, you can get something you want for no out of pocket expense (just spend your bitcoins instead) and he gets what he wants (bitcoins), and all this is done without the buyer having to pay fees to convert the bitcoins to cash (and then buying) and without him having to pay fees to buy bitcoins through an exchange...

WIN/WIN...

plus, as you stated he uses the 24 hour average to let you know how many bitcoins to send, so if the exchange rate is high and you see the value crash (like when it went from $30 to $10) you can unload your bitcoins at a higher than current value rate for something you would probably be buying anyway, he even has his Newegg link up now...
 
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Ualdayan said:
The guy that runs that site sends you your GC pretty fast (for Amazon anyway), he just asks you to click his affiliate link before buying off Amazon so he gets a percentage of the sale (for referring you to Amazon.) Seems like a pretty fair trade since he's giving out the exact 24 hour average value of Bitcoin right now without any fees.
Click to expand...

Thanks for the info, I do love shopping at Amazon, well for everything I can't get a newegg :)
 
Joe Average said:
Get the official client software at: http://www.bitcoin.org/

Then get the Python miner at: http://www.bitcoin.org/smf/index.php?topic=1334.0

and use the GUI for the Python miner at: http://www.bitcoin.org/smf/index.php?topic=3878.0

Install all 3, create your Bitcoin wallet and ID using the official client, fire up the Python client/GUI and get to it. It's really about that simple.

You can either choose to mine as a loner (on your own) or join a pool, which is entirely up to you.
Click to expand...

Just learned about bitcoins and jumped on the bandwagon all of 36 hours ago and now have 2 BTC, woohoo. Thanks to guiminer though because I really didn't want to bust out linux at the moment.
 
Crosshairs said:
I have 2 5870's siting in my machine..if I knew how to start mining, I would give it a go.....but I'm too lazy to figure out how it works....:)
Click to expand...

Let me set it up for you and donate 12 hours of those bad boys to my workers and I'll set you up to go all you want. :) or I'll be happy to help you out setting it up just because.
 
Ok so quick question, has anyone actually performed and know how to backup your wallet? I plan on rebuilding my computer this weekend and while I haven't dumped my btc to my wallet, I chose not to pay out yet from the pool I'm in, I would like to know the ins and outs before doing so.
 
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