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Bitcoin & Mining Rig Thread
http://forum.philboxing.com/viewtopic.php?f=38&t=224708
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Author:  kulukuy [ Thu Aug 02, 2012 1:11 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

Getting started with Bitcoin:

http://www.weusecoins.com/getting-started.php

Author:  kulukuy [ Thu Aug 02, 2012 1:28 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

Buy gold or silver with Bitcoins:

http://www.coinabul.com/

Author:  kulukuy [ Thu Aug 02, 2012 1:48 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

Bitcoin Trade page:

https://en.bitcoin.it/wiki/Trade

Author:  kulukuy [ Sat Aug 04, 2012 3:25 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

Bitcoin: Questions and Answers:

http://www.weusecoins.com/questions.php

Author:  CarneSeca [ Sat Aug 04, 2012 3:56 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

kulukuy wrote:
I have actually been considering to devote my available computer resources by participating in a worthwhile distributed computing project like Folding@home but I had been procrastinating because as worthwhile a cause it may be, I also believe that the medical breakthroughs resulting from this collective effort would only end up in the hands of the "pharmas" which in turn would create their pills and eventually profit from human misery by selling their poison to us at an exorbitant price for what cost them a fraction of a penny to manufacture. I've got this thing with pharmas so don't get me started on it. :x

By utilizing my computing resources to mine for Bitcoins, I at least would get tangible results that I can actually spend for myself and not fattening up some pharma suits some more. :)


Tangible?

Author:  kulukuy [ Sat Aug 04, 2012 3:57 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

Interesting Bitcoin mining rigs here (for large-scale mining operation):

https://bitcoin.org.uk/forums/topic/50-pictures-of-your-mining-rigs/

Author:  CarneSeca [ Sat Aug 04, 2012 4:01 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

kulukuy wrote:
A couple of weeks ago when I was in the thick of trying to figure out Bitcoin, I could have bought some at around $5-$6 each then. The price is now over $9. You snooze, you lose...I guess.


It seems there is still too much risk buying bitcoin because you could potentially lose your hard-earned money. Probably best to trade services with bitcoin as you've done. Mining your share before it hits its limit.

Author:  kulukuy [ Sat Aug 04, 2012 4:07 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

CarneSeca wrote:
kulukuy wrote:
I have actually been considering to devote my available computer resources by participating in a worthwhile distributed computing project like Folding@home but I had been procrastinating because as worthwhile a cause it may be, I also believe that the medical breakthroughs resulting from this collective effort would only end up in the hands of the "pharmas" which in turn would create their pills and eventually profit from human misery by selling their poison to us at an exorbitant price for what cost them a fraction of a penny to manufacture. I've got this thing with pharmas so don't get me started on it. :x

By utilizing my computing resources to mine for Bitcoins, I at least would get tangible results that I can actually spend for myself and not fattening up some pharma suits some more. :)


Tangible?


Yes...as in:

tan·gi·ble (adj.) - something that can be valued monetarily

Are you well-versed in Bitcoin? Perhaps you'd like to contribute and share your knowledge here instead of making snide remarks.

Author:  CarneSeca [ Sat Aug 04, 2012 4:20 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

kulukuy wrote:
CarneSeca wrote:
kulukuy wrote:
I have actually been considering to devote my available computer resources by participating in a worthwhile distributed computing project like Folding@home but I had been procrastinating because as worthwhile a cause it may be, I also believe that the medical breakthroughs resulting from this collective effort would only end up in the hands of the "pharmas" which in turn would create their pills and eventually profit from human misery by selling their poison to us at an exorbitant price for what cost them a fraction of a penny to manufacture. I've got this thing with pharmas so don't get me started on it. :x

By utilizing my computing resources to mine for Bitcoins, I at least would get tangible results that I can actually spend for myself and not fattening up some pharma suits some more. :)


Tangible?


Yes...as in:

tan·gi·ble (adj.) - something that can be valued monetarily

Are you well-versed in Bitcoin? Perhaps you'd like to contribute and share your knowledge here instead of making snide remarks.


I'm just saying. Something tangible is something you can hold or something that can be valued monetarily like gold, silver, or a physical product. How can something virtual be tangible? Obviously, I'm not as well-versed in bitcoin as you are with all the links you posted. However, I do support it, and I will have no problem getting paid in it once it's a well accepted currency world wide.

Plus you shouldn't be encouraging people to buy bitcoin with real money because of the risk of losing an actual money. Based on the links you posted, bitcoin may still flop. Exchanging services is fine; mining your own shares.

Author:  CarneSeca [ Sat Aug 04, 2012 4:42 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

cutefix wrote:
Bitcoin is still rocket science to most of us , even the terminology as cryptocurrency, virtual currency, bitcoin mining still is pure gibberish.....although it gives me a faint idea but not much...
From the simplified definition of bit coin which is a sort of mathematical money system driven by a code still is pure jargon..

Kulukuy , would you mind if you explain this bitcoin in plain tagalog and english... :)


Based on kulukuys links, bitcoin mining works similarly as the seti project. Seti client software allows your computer to be used to look for alien signal when your computer is not being used. Similary, Bitcoin does a lot of hash calculation and needs help, so by installing the bitcoin mining program on your computer, you allow bitcoin to use your computer when you're not using it, and in return you acquire bitcoins. Virtual currency is the fact that it is a software. Hence, it's not tangible. Cryptocurrency because your bitcoin is encrypted with a key. If you forget your key, you lose your bitcoins forever. I don't claim to know a lot about bitcoins. What I posted is what I picked up from the links kulukuy posted.

Author:  kulukuy [ Sat Aug 04, 2012 4:47 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

CarneSeca wrote:
kulukuy wrote:
A couple of weeks ago when I was in the thick of trying to figure out Bitcoin, I could have bought some at around $5-$6 each then. The price is now over $9. You snooze, you lose...I guess.


It seems there is still too much risk buying bitcoin because you could potentially lose your hard-earned money. Probably best to trade services with bitcoin as you've done. Mining your share before it hits its limit.

There are risks in any endeavor pertaining to investments (stocks exchange, commodities exchange, foreign currency exchange, etc.) and Bitcoin is not an exception. It is still considered experimental but it has been gaining grounds. Some big-money people are obviously holding huge balances in their wallets. Some respected venture capitalist are supporting and investing in it (I'll post the link when I find it again).

You're right. Mining seems to be the safest way to acquire Bitcoins without taking a major risk by investing money. That's why I'm doing it. Mining in one's own time (and not full time large-scale operations) works for me. My computers are on most of the time anyway; why not make something out of it? I consider it as a hobby with some tangible byproduct at this point in time. I don't mind buying some BTC for paying certain purchases and services. However, buying BTC through the exchanges like MtGox or other mainstream services does not afford privacy and anonymity. To a certain extent, BTC acquired through mining provides anonymity/privacy.

Author:  CarneSeca [ Sat Aug 04, 2012 5:07 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

kulukuy wrote:
CarneSeca wrote:

It seems there is still too much risk buying bitcoin because you could potentially lose your hard-earned money. Probably best to trade services with bitcoin as you've done. Mining your share before it hits its limit.

There are risks in any endeavor pertaining to investments (stocks exchange, commodities exchange, foreign currency exchange, etc.) and Bitcoin is not an exception. It is still considered experimental but it has been gaining grounds. Some big-money people are obviously holding huge balances in their wallets. Some respected venture capitalist are supporting and investing in it (I'll post the link when I find it again).

You're right. Mining seems to be the safest way to acquire Bitcoins without taking a major risk by investing money. That's why I'm doing it. Mining in one's own time (and not full time large-scale operations) works for me. My computers are on most of the time anyway; why not make something out of it? I consider it as a hobby with some tangible byproduct at this point in time. I don't mind buying some BTC for paying certain purchases and services. However, buying BTC through the exchanges like MtGox or other mainstream services does not afford privacy and anonymity. To a certain extent, BTC acquired through mining provides anonymity/privacy.


Yeah, but you have to admit that buying something which could potentially turn into nothing is more risky. You can sell your stock shares any time you want, but you can't just sell your bitcoins with no one willing to purchase them. I would stick to mining. I heard about bitcoins during its infancy and never set up a miner, since I read your post, I might as well set up one since I have a system that is on all the time.

Author:  kulukuy [ Sat Aug 04, 2012 5:19 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

CarneSeca wrote:
kulukuy wrote:
CarneSeca wrote:

Tangible?


Yes...as in:

tan·gi·ble (adj.) - something that can be valued monetarily

Are you well-versed in Bitcoin? Perhaps you'd like to contribute and share your knowledge here instead of making snide remarks.


I'm just saying. Something tangible is something you can hold or something that can be valued monetarily like gold, silver, or a physical product. How can something virtual be tangible? Obviously, I'm not as well-versed in bitcoin as you are with all the links you posted. However, I do support it, and I will have no problem getting paid in it once it's a well accepted currency world wide.

Plus you shouldn't be encouraging people to buy bitcoin with real money because of the risk of losing an actual money. Based on the links you posted, bitcoin may still flop. Exchanging services is fine; mining your own shares.



Well, if I could convert Bitcoins to tangible products or services, that's condidered tangible, ain't it? I think you're mincing words here.

Just where on here did I encourage people to buy Bitcoins? Have you read this thread from the very beginning? Like I said, even the most established businesses or economies could still flop. Have you heard about Greece lately? The value of anything (tangible or not) is inherently dependent on its supply and demand. Gold, silver, physical products and yes, including intangible services, do not have value if there are no demands for it. There's a reason why a Bitcoin is worth more than a US$ (at least $11 as we speak - it was around $9 only a couple of days ago): there's a demand for it.

Author:  kulukuy [ Sat Aug 04, 2012 5:24 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

CarneSeca wrote:
kulukuy wrote:
CarneSeca wrote:

It seems there is still too much risk buying bitcoin because you could potentially lose your hard-earned money. Probably best to trade services with bitcoin as you've done. Mining your share before it hits its limit.

There are risks in any endeavor pertaining to investments (stocks exchange, commodities exchange, foreign currency exchange, etc.) and Bitcoin is not an exception. It is still considered experimental but it has been gaining grounds. Some big-money people are obviously holding huge balances in their wallets. Some respected venture capitalist are supporting and investing in it (I'll post the link when I find it again).

You're right. Mining seems to be the safest way to acquire Bitcoins without taking a major risk by investing money. That's why I'm doing it. Mining in one's own time (and not full time large-scale operations) works for me. My computers are on most of the time anyway; why not make something out of it? I consider it as a hobby with some tangible byproduct at this point in time. I don't mind buying some BTC for paying certain purchases and services. However, buying BTC through the exchanges like MtGox or other mainstream services does not afford privacy and anonymity. To a certain extent, BTC acquired through mining provides anonymity/privacy.


Yeah, but you have to admit that buying something which could potentially turn into nothing is more risky. You can sell your stock shares any time you want, but you can't just sell your bitcoins with no one willing to purchase them. I would stick to mining. I heard about bitcoins during its infancy and never set up a miner, since I read your post, I might as well set up one since I have a system that is on all the time.

Well, health and well-being is intangible also but we surely have been investing in it and trading it for money.

Author:  kulukuy [ Sat Aug 04, 2012 5:36 am ]
Post subject:  Re: Bitcoin & Mining Rig Thread

CarneSeca wrote:
cutefix wrote:
Bitcoin is still rocket science to most of us , even the terminology as cryptocurrency, virtual currency, bitcoin mining still is pure gibberish.....although it gives me a faint idea but not much...
From the simplified definition of bit coin which is a sort of mathematical money system driven by a code still is pure jargon..

Kulukuy , would you mind if you explain this bitcoin in plain tagalog and english... :)


Based on kulukuys links, bitcoin mining works similarly as the seti project. Seti client software allows your computer to be used to look for alien signal when your computer is not being used. Similary, Bitcoin does a lot of hash calculation and needs help, so by installing the bitcoin mining program on your computer, you allow bitcoin to use your computer when you're not using it, and in return you acquire bitcoins. Virtual currency is the fact that it is a software. Hence, it's not tangible. Cryptocurrency because your bitcoin is encrypted with a key. If you forget your key, you lose your bitcoins forever. I don't claim to know a lot about bitcoins. What I posted is what I picked up from the links kulukuy posted.


Installing the original Bitcoin or other clients and opening it does not mine by itself. It only allows one to have a wallet or wallets so he/she may be able to send or receive Bitcoins (an account of sorts). However, one must first let it download the entire blockchain (history of transactions) which takes hours. It will automatically proceed to do just that upon opening the client for the first time; assuming the computer is online (it's P2P). After that, it will only add the transactions that were missed since the last time it was opened.

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