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dannyb1 11-04-2013 02:42 PM

Quote:

Originally Posted by Russ_uk
So your mining? What Graphics card do you have ?
You wanna join a mining pool such as:

https://deepbit.net/ or http://mining.bitcoin.cz/

Both sites will have details of how to get started.

Just the inbuilt one nothing special. atm it's syncing with network with 200.000 blocks remaining going down quite fast whatever that's meant to mean ?

Russ_uk 11-04-2013 02:43 PM

Quote:

Originally Posted by alza_1999
Ok... How are these things created.

Difficult to explain, check out https://en.bitcoin.it/wiki/Main_Page

Quote:

Originally Posted by alza_1999
Who sets how much is in circulation?

21million BTC's

Quote:

Originally Posted by alza_1999
How are the coins treated tax wise if used for a purchase

Complete grey area ATM

Justin 11-04-2013 02:43 PM

You are all bonkers.

Still at least you will make the performance of the people in the Investment Thread look a bit better.

ffsear 11-04-2013 02:44 PM

Quote:

Originally Posted by Russ_uk
Also with the current hype surrounding Bitcoin in the mass media, its attracted too many people who have no idea what there doing, They see the slightest blip in the market and start selling like crazy - that's not the way to play this 'game'



Thats how markets work though! If people are fearful, the market will crash, regardless of how you think it should work.

Russ_uk 11-04-2013 02:47 PM

Quote:

Originally Posted by dannyb1
Just the inbuilt one nothing special. atm it's syncing with network with 200.000 blocks remaining going down quite fast whatever that's meant to mean ?

If you can find out what Hash rate your processing at you can work out how much your likely to earn here:

http://bitclockers.com/miningcalculator

dannyb1 11-04-2013 02:49 PM

Ok so it says my wallet and recent transactions are out of sync but I have 8 active connections to the network ?

Russ_uk 11-04-2013 02:52 PM

Quote:

Originally Posted by ffsear
Thats how markets work though! If people are fearful, the market will crash, regardless of how you think it should work.

But these people are being too fearful, you shouldn't jump ship altogether at the 1st sign of a downward market.

But I don't mind if the prices get lower is better for the likes of myself to buy cheap :D

ffsear 11-04-2013 02:54 PM

This sums it up for me...


John, Mary and Kate are three "investors" who are buying bitcoins. Each time one of them buys a bitcoin, the value of bitcoins rises due to increased demand.

John got in early and bought 10 bitcoins for $1 each. So John's investment is a total of $10.

Mary got in a month ago and bought 10 bitcoins for $20 each. So Mary's total investment is $200.

Kate just bought her bitcoins, purchasing 10 of them for $200 each. So Mary's total investment is $2,000.

The total amount of their combined purchases as $10 + $200 + $2000, or a grand total of $2210.

But the three of them, in total, THINK they have a grand total of $6,000 worth of bitcoins because ALL the bitcoins they purchased are now "valued" at the most recent purchase price of $200.

In other words:

John currently owns 10 bitcoins valued at $200 each, so John thinks he's got "$2,000 worth of bitcoins" in his account.

Mary's 10 bitcoins are also valued at $200 each, so Mary thinks she's got "$2,000 worth of bitcoins."

Kate's bitcoins are also worth $200 each, so Kate has $2,000 worth of bitcoins.

In total, these three people believe they have $6,000 worth of bitcoins.

Yet, they only "invested" $2210.

Somehow, $3,790 in "value" was created out of nothing.

Where did this extra $3,790 come from?

Answer: It doesn't exist. It is an illusion.

Russ_uk 11-04-2013 02:58 PM

Quote:

Originally Posted by dannyb1
Ok so it says my wallet and recent transactions are out of sync but I have 8 active connections to the network ?

Your seeing something like this ?:

http://i.imgur.com/FI57mQO.png

How long have you been running the app ?

I'm no expert using the Bitcoin-Qt client, but I expect it'll sort itself out.

you'll also find some great info at: https://bitcointalk.org

dannyb1 11-04-2013 03:02 PM

Quote:

Originally Posted by Russ_uk
Your seeing something like this ?:

http://i.imgur.com/FI57mQO.png

How long have you been running the app ?

I'm no expert using the Bitcoin-Qt client, but I expect it'll sort itself out.

you'll also find some great info at: https://bitcointalk.org

That's what I'm seeing and now I'm down to 130.000 blocks remaining but it's doing my CPU no good at 100%

ffsear 11-04-2013 03:03 PM

Its about 8 gig of data, it took me about 10 hours to download and process!


Its pointless mineing Bitcoins now! Mine Litecoins instead and hope they take off

BB Bob 11-04-2013 03:08 PM

Quote:

Originally Posted by Justin
You are all bonkers.

Still at least you will make the performance of the people in the Investment Thread look a bit better.


Harsh.....

.....but fair :o

FraserH 11-04-2013 03:08 PM

Quote:

Originally Posted by Russ_uk
So your mining? What Graphics card do you have ?
You wanna join a mining pool such as:

https://deepbit.net/ or http://mining.bitcoin.cz/

Both sites will have details of how to get started.

I have looked into mining but I am unclear of where the BTC you have earned through mining end up?

Russ_uk 11-04-2013 03:09 PM

Quote:

Originally Posted by dannyb1
That's what I'm seeing and now I'm down to 130.000 blocks remaining but it's doing my CPU no good at 100%

CPU's are virtually useless for mining, the don't have the required power.

What you need to mine efficiently is a high end graphics card (GPU) or several of them.

dannyb1 11-04-2013 03:12 PM

Quote:

Originally Posted by Russ_uk
CPU's are virtually useless for mining, the don't have the required power.

What you need to mine efficiently is a high end graphics card (GPU) or several of them.

uninstalling bit coin and trying litecoin. At the end of the day what is it all achieving ?

Russ_uk 11-04-2013 03:13 PM

Quote:

Originally Posted by FraserH
I have looked into mining but I am unclear of where the BTC you have earned through mining end up?

You need a bitcoin Wallet, that'll give you an address like:

1NaAuB6geBZs379Dx6tn4BEbesnPsMNHYS

Then when you sign up to a mining pool, you enter this address for them to send you your payout.

Here's a good place to get a wallet: https://blockchain.info/wallet/

Russ_uk 11-04-2013 03:15 PM

Quote:

Originally Posted by dannyb1
uninstalling bit coin and trying litecoin. At the end of the day what is it all achieving ?

It all depends on what equipment you have, If you haven't got the correct hardware it's a complete waste of time.

FraserH 11-04-2013 03:18 PM

I have a brand new high spec machine with a good GPU. I am interested in trying to mine but all of the guides are way above my level of technical knowledge. LTC look even more complicated mine!

FraserH 11-04-2013 03:24 PM

BTC coins down again. $65

Russ_uk 11-04-2013 03:24 PM

Quote:

Originally Posted by FraserH
I have a brand new high spec machine with a good GPU. I am interested in trying to mine but all of the guides are way above my level of technical knowledge. LTC look even more complicated mine!

This should give you a nudge in the right direction:

http://bitclockers.com/forums/index.php?topic=3.0


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