Bitcions are bitcoin released and the difficulty it is to get bitcions stock constantly adjusted in order to regulate the release radio coins. However, nothing prior to today free ever caused domain censorship. If price get online via a service provider your data packet could be monitored since you are using their road, no matter what car you are driving Tor, Mozilla, or otherwise. Welcome to Reddit, the front page of the internet. Can you point me to a concise paper describing the math?
Tainted coins can be mixed and sent to a new address if desired. There are checks in the system to correct toward real addresses; however, double checking should always be performed. No referral links in submissions. Thus, a new breed of miners will be hacking old "unowned" wallets in a similar way that the homesteading principle would work for land you haven't touched in several years. Youtube and Google are constantly removing accounts due to violations of their strict Terms of Service, whether your account is large or small there is a threshold of complaints that might warrant immediate suspension. Great graphic especially for people who prefer visual as opposed to a bunch of text.
Stock can potentially lead to linking addresses, but free of mixing it makes it impossible to trace. However, you would get all of the bitcoin now and ride the wave price or down with no up front costs, no worries about difficulty, and no power usage if you just exchanged BTC for USD. This is the domain of addresses that you own is said to be stored in a wallet. Yes, it bitcoin possible to be an enjoyable hobby that wastes money, and I have done that myself for a bit. A couple years after that, radio breaking for the old code will be difficult but manageable.
You can get a good enough encryption in order to make it pretty secure to store some coins. You can copy a wallet. In case of a hard drive failure, you do not want to lose your coins. In order to take away the vulnerabilities to your computer, then you can print out an only paper wallet. You can use the public address to send coins into the wallet and only import the private key at some point in the future when you wish to spend those coins.
Some especially paranoid or they just have a loooot of bitcoins people will buy a computer that has never touched the internet in order to generate the address and then destroy the computer.
If you want to generate some paper wallets, you can go here be sure to move your mouse around as it helps make the address generation more random:. There are many other cold storage options and you can come up with your own but here are some examples that are out there.
Since making this thread, I have created an account at Coinbase and would highly recommend them for purchasing bitcoins. A great way for you to get bitcoin and indirectly send a little tip for some of the work Stef and Mike have been doing around bitcoin lately. One of the easiest ways to get bitcoins is to use LocalBitcoins. LocalBitcoins allows you to meet up with people at a public place to prevent theft and trade BTC for money.
Make sure to wait for confirmations before leaving a local bitcoin exchange unless you trust the other person [high rating] and make sure you give a transaction fee to the network so that this happens in a reasonable amount of time. If you have any worries at all in a local exchange, do not buy and just check the next person on the list.
Bad feelings can easily let you just abort the exchange at any time. These sites pay you to look at ads or watch videos. You will not make a lot of money on this a couple cents an hour maybe? However, if you are just looking for a small amount to tip people with or just a free way to dip in, then faucet sites may be for you. I have used bitvisitor. Create an address and put it in your signature in forums or on your website. When you produce content people enjoy, they may send you a tip.
Accept payment for goods or services in bitcoin. Especially if you think prices will go up or bitcoin just has fewer fees you can provide discounts for customers who pay in bitcoin. Mining can lose you money if you get the wrong equipment. However, some people especially where power is free or very cheap are able to make money mining for bitcoins. This allows people to accept bitcoins as payment, but not worry about potential fluctuations in price in the bitcoin market. If you have the coins on a cold wallet, import them into a client.
Make sure the transaction fee is set where you want it to be. There are no chargebacks with bitcoin and someone may keep excess coins that are sent if they choose to. If you send to the wrong address, then it is most likely that that person will keep them or they will never be seen again if you somehow really messed up.
There are checks in the system to correct toward real addresses; however, double checking should always be performed. Even if you do not end up getting bitcoin, but enjoy the idea it would be awesome if you supported bitcoin-friendly buinesses in your area with fiat dollars as well as with bitcoin if you wish.
At this point I will take a break and ask for feedback. I probably made mistakes, so I would be happy to hear corrections. I will answer it below and if I think enough people will have the same question, I will edit this post so that others do not have that question at the end. If you want more information on a topic, I may have some sources or can create another post about it.
They do all the work for you. Oh, sorry to be a stickler but I'm a big fan of Khan Academy and that playlist is incomplete. You can find the official one here. If you are going to do a cloud mining, you need to calculate a gain within 6 months to a year.
You have to assume by years that the difficulty will go up significantly and you will not be making very large gains. As long as you understand this and can make a profit quickly, then cloudhashing may be a good idea. The timing of this post is so eerie for me as I coincidentally made the jump into Bitcoin myself a few hours ago.
Getting started is a lot easier than I thought it would be, effortless really. One Multibit client and android app later; I was only left wondering why I had not done it sooner. They compress the old transactions so that it doesn't get significantly larger than it was in the past. However, the developers are currently working on a way to have the blockchain on every node and still not have to download all of it.
So if you find it prohibitive to download the blockchain you can still participate in bitcoin. It should only take a few hours to download, but obviously there are several factors that can change the speed. Great graphic especially for people who prefer visual as opposed to a bunch of text.
Will the purchasing power of the coins also go up as the cost of mining increases? There seems to be a pressure towards powerful miners, This is tricky because they are easier to hit if bitcoins become illegal. This is my understanding, but I'm not certain it's the case. It does beg a question of mine though: How would transactions be validated after all of the coins have been mined?
The transactions that miners perform are the validation and auditing of transactions. Validation does not become harder with time. Validation gets harder when the math gets harder, namely in transactions where there are many, many addresses.
For instance a faucet site doing payouts to a couple hundred addresses Harder transactions are de-prioritized by the software, so in order for them to gain priority you would attach a larger transaction fee. The purchasing power of coins is going up in ratio to mining. There will always be a profit margin as the profit greatly increases as miners leave the industry. Miners also often mine for a loss on the bet that bitcoins will gain for the future. Thus, we have more miners now than would really be profitable.
There is, but it is still heavily decentralized. I even did some mining for a while in the GPU days. Also, there are many miners overseas or in areas with cheap electricity. If the costs go up here illegality then more miners will enter in other areas. This is several years down the road, however transaction fees get added to the reward that miners can make. In the future, the reward will be dependent on transaction fees.
Thanks for starting this. I've looked into BTC before. It seems like a very good way not only to make some money but also to learn about computers. I don't have any practical experience with computer hardware which was why I shied away. It sounds like a fun thing to try out though once I get out of school.
I always wondered about the profitability of constructing one of those powerful computers specifically for BTC mining and having to pay for the power it consumes. Would it be worth it? I specifically advised against it in my post. It is possible to make money, but you have to really know what you are doing which the average person entering bitcoins at this point is no where close to knowing what they are doing.
You will lose money using a GPU. However, an ASIC is only useful for bitcoin mining and you cannot sell it after the fact to computer people. In order to be profitable, generally you need cheap electricity and to be an early preorder for the next generation of ASICs.
Before you preorder the next generation, realize that some of the companies suck. Every month they said it was coming soon.
I got it a year later. Luckily I was able to sell it on eBay to break even. If I had got it when I ordered it, I would have made more than I make in a year because of the current rise in bitcoin. Since I got it a year later, I barely broke even on the deal. Now, you could buy a miner for the profitability in that you think in the future, bitcoins will be worth more. However, speculation would be more efficient to just buy and hold some coin. Mining for a loss may be profitable, but not compared to buying bitcoins for the price you paid for your mining rig probably.
Someone else linked a site where you could get a certain hash rate by paying money and other people mining for you for 2 years. While a good idea in theory, the difficulty will go up and probably the last year of that term that hash rate will not be very much as the next generation of ASICs come out. Thus, you need to calculate profitability much earlier. I am not discouraging all mining.
It is possible to make a lot of money from mining. However you very much need to know what you are doing. The days of taking your computer and mining your GPU are over.
If you wish to mine, you need to spend some time on the bitcoin forums searching them, seeing what is working and what isn't, and knowing what good companies are, and planning for the time you want to enter mining.
Do not start mining until you have researched and know what you are doing. The current preorder is almost 5, from Butterfly Labs. If you get that past it's profitability window, then you will have a useless piece of hardware that does nothing that you blew a ton of money on.
I am very much cautioning mining unless you know what you are doing. At least currently, you are more likely to make more by just buying coin. If you still want to enter mining, please put in a LOT of research time. I entirely agree with your assessment. We cannot make it clear enough that putting money into mining is probably just a waste of otherwise potentially gainful capital. However, I have been mining for about 6 months and it's been a lot of fun and frustration [followed by victory].
Please, if you have any questions or problems with mining, then contact me - I might be able to help. Like I said, however, I can only speak to my experience and not to a greater understanding of tech. If I cannot help, I will be honest. I will be cautious to not guide you into a situation I cannot get you out of.
If anyone would just like to talk about Bitcoin, cryptocurrencies, or just want information resources, I will be happy to help. I've also bought cloudhashing through an exchange CEX. I have learned a lot about computers by mining. Still have a lot more to learn, though. My earliest mining was by converting my gaming computer into a mining computer which is basically buying the appropriate graphics cards and installing them [mining equipment comparison available], then finding a mining program appropriate to your level of tech knowledge and learning how to use it to tune your cards, then learning how to regulate clocking and temperatures.
I was assisted greatly in that process by the Sovryn Tech sovryntech. I eventually got my rig to mine Scrypt coins the proof-of-work method which is currently optimized for GPUs. I'm currently trying Protoshares with my CPU. Given the size of the network currently and the difficulty the network has been pushed to, you cannot practically build a profitable BTC miner - there may not even currently be a profitable way to get into mining Bitcoin.
Speculative mining is a valid but very risky idea - hence the reason I mine about two dozen coins. The market for both especially ASICs contains a lot of potential pitfalls if you're not aware of the history albeit short of the mining market. What do you think? This does not factor in a fluctuating BTC price.
Prices could go up or down leading to better or worse profitability. This does not factor in a rising difficulty. It is unknown how difficult mining will be in the future, but it is guaranteed to be significantly higher in 2 years than it currently is.
This could easily stretch it out to 3 years or even further depending on how much the difficulty rises. This does not factor in electricity costs which could easily be more than.
This may make it nearly impossible to break even without a large jump in the value of bitcoin which could easily happen. However, you would get all of the bitcoin now and ride the wave up or down with no up front costs, no worries about difficulty, and no power usage if you just exchanged BTC for USD. This is why I would recommend against mining until you know what you are doing, because there are a lot of mining options geared to new people entering the market that look really good, but when you run the numbers they just do not make sense.
Thanks for taking the time to lay out the math and make the caveats explicit- in support of the general warning we are both giving about mining, I bought Block Erupters everywhere from 0. I thought I was clear enough that I in no way endorse mining anything if your intention is proft.
Nevertheless, I don't regret my choice because mining has been a blast. Therefore, I offer what help I can should someone want to jump in anyway. I understood the risks and want others to understand them before they start mining.
I was asking what his thoughts are about mining now that he has a good idea that it's not going to be a quick profit, if any at all , and that it basically comes down to whether or not it's worth it to him to take it up as a hobby.
Yes, it is possible to be an enjoyable hobby that wastes money, and I have done that myself for a bit. Almost every hobby wastes money at some point, but you find joy in it and it becomes worth it. I just wanted to be extra clear about the negatives so that people didn't enter mining thinking they will necessarily make money.
Of course, be wary. These large increases have happened before where the price gets ahead of itself a bit and then it crashes down a bit. We will have to see if it keeps going up. Has anyone dealt with: Free we pay the miner fees. They also seem to have a decent solution for online wallet protection, however I would still recommend you to not keep coin in an online capacity for very long except for small amounts or when actively buying or selling. I prefer not to depend on others for my Bitcoin security because there have been problems in the past with exchanges that weren't very good with security.
However, if I was going to keep my coin online, this would be a good option. I think this security is where the daily max comes from. They hold a percentage of their coin offline and unspendable.
However I cannot find current information on what their limits are. If you can find something and link it, then I would appreciate it. An open-source map of local bitcoin businesses has been started that is separate from the very large list of online retailers.
Even if you do not have Bitcoin, if one of these businesses is in your area it would be awesome if you supported them. This also may be something to check back with as Bitcoin continues to expand. The government has allowed bitcoin because when they take control of it they WILL be able to debase it as well as track every purchase you make. This is the stuff of hitlers dreams. If the govt wanted to, they could track everyone's computer to see who is running "illegal" nodes in order to take control.
All the framework for this is already setup by the NSA. Currently, there is more hashing than the worlds largest super computers combined. Very shortly it will be nearly impossible to be able to do it. Even if they did do it, bitcoin could fork to a new system or migrate over to other cryptocurrencies. Not to mention that as the system increases in popularity to make it more desirable to take over, it also will vastly increase in the amount of computing power needed to take it over, still making it out of reach.
Not to mention that they could always add more security against this if it ever became a threat, however just by running the numbers it would not make sense as it would cost more than it is worth to try to accomplish. Just connect your node through tor if you are worried about them knowing your node. Also, you should read the sections on mixing coins and other such solutions. There are ways to own untainted coins if you wish to have them.
If you mix the coins properly onto cold storage the NSA would not know you had the coin. The funds already donated will be spent on some sort of advertising, as intended. As of now, If you have ideas for the remaining BTC, see here for more info. Hopefully that's what they are using. How much of that did he get from threatening to send DMCA notices to people, and how much of that did he earn in response?
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18 Dec Peaceful Parent, Philosopher and Host of Freedomain Radio. http:// wearebeachhouse.com wearebeachhouse.com · wearebeachhouse.com . “Bitcoin has no intrinsic value. . Yes Federal Reserve Notes weren't backed but the value of them was the same so what is the difference. There also. wearebeachhouse.com Final Balance $ - Donation address evidence. Stefan Molyneux looks at the rise of Bitcoin and discusses it's history, mining, fees, altcoins, regulatory hypocrisy, worldwide awareness, comparisons to gold, anonymous transactions, possible government attacks and what the future holds for the decentralized cryptocurrency. Freedomain Radio is the largest and most.