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omarabid says


It won’t become of anything, and I hope it doesn’t. First off, where does the money come from?
the money comes from other real currency. So you convert some dollars or euro in bitcoins.

That’s not true. The money comes from mining bitcoins.

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TylerQuinn says

The idea is that it takes time + power (computing = money) to create them.

In the beginning when it was easy to calculate the blocks needed to generate a bit coin you could actually make a lot of money. Now things have progressed to the point where you need a really beefy rig or server setup for mining to be efficient. If you look around Google there are actually a lot of people who are starting business to buy a group of rack servers and use them to mine bitcoins 24/7 and they are being mistaken for drug dealers. One of the tell tale signs that someone has a grow op going on is a sudden spike in electrical usage from all of the growing lights, HVAC , etc. At least in the US if your power usage goes over a certain number for a month of two you can expect a visit from the DEA or local SWAT team.

One guy had something like 10 rackmount servers crammed into a closet with an air condition that ran bitcoin miners 24/7. The police kicked his door down in the middle of the night expecting to find a basement full of weed.

It is a very interesting experiment though as its been proven people can make good money from it like the guy above who was generating coins to trade on the bitcoin version of the stock market.

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ZoomIt says

Yeah, but I don’t understand what good does the Bitcoin mining do to humanity..

What I mean is, normally, in my perception of economy, you produce money by getting payed for a service you do. For example, I produce money by coding a site for X, I pay Y to give me a haircut etc.. what good do the mined Bitcoins do for anyone ?

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wizylabs says

the concept it self is creative, I like the idea but I dont think it will have legs. Failure id say!

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Pandebus says

Yeah, but I don’t understand what good does the Bitcoin mining do to humanity.. What I mean is, normally, in my perception of economy, you produce money by getting payed for a service you do. For example, I produce money by coding a site for X, I pay Y to give me a haircut etc.. what good do the mined Bitcoins do for anyone ?

There are two ways of getting a bitcoin: creating one or earning one.

If you create a bitcoin you need to pay money for the electricity. If you earn one it’s like earning a dollar, but then you earn a bitcoin.

you ask what good they do, and as an example you say you earn X money for your work, you spend Y money on a haircut. But you’re leaving some money out of your equation.

In reality you earn W by working. You pay X amount of this money as taxes. You spend Y on a haircut, from this Z goes to the government.

One thing people don’t like about this is that the government always knows how much money you have/spend/earn.

Bitcoins, however, work like you said above real money works: you earn X and spend Y. No Taxes, nobody can track you.

If Bitcoins do get big (which I don’t hope) we won’t have bankrobbers anymore, but professional Hackers that battle electronically with special Agents that people have to hire privatly, because there’s no bank involved any more. This means that there will be security services where you let the agents acces your computer to protect it from hackers. This is how a modern robbing would go:

Hackers find a flaw in he code; agents have about 5 minutes to find a patch. etc. etc.

No code is flawless!!

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TylerQuinn says

Yeah, but I don’t understand what good does the Bitcoin mining do to humanity.. What I mean is, normally, in my perception of economy, you produce money by getting payed for a service you do. For example, I produce money by coding a site for X, I pay Y to give me a haircut etc.. what good do the mined Bitcoins do for anyone ?

Well in the end its the simple fact that people are going to pay money for them. bitcoin is the largest of these new social currencies and actually requires the CPU intensive block calculation to be done in order to receive your coins. So if you are unable to produce large amounts of them and you believe they will be worth something, you buy them which is what a ton of people seem to be doing.

I am not saying the idea will work or fail my point is just that it is possible to make money off it and people would not be dropping 10K on server setups if they werent making good cash money.

Like with most things though people who got in when it started are going to make the majority of the money as they already have enough coins to make large trades on the BC markets and most likely have the best mining setups and tools.

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ZoomIt says

Ok, so curiosity pushed me to download the program.

Just some remarks:

1. It’s only for 32 bits – why is there no 64-bit ???

2. It uses 5-15% of the processor – why not 100% ???

3. I got something like 50 000 blocks calculated atm – how many blocks for a bitcoin ?

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TylerQuinn says

Ok, so curiosity pushed me to download the program.

Just some remarks:

1. It’s only for 32 bits – why is there no 64-bit ???

2. It uses 5-15% of the processor – why not 100% ???

3. I got something like 50 000 blocks calculated atm – how many blocks for a bitcoin ?

The basic windows miners are garbage. I have seen in forums people who use custom built miners for efficiency that literally use all the CPU and run on small linux kernals with super hardware.

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Zeplix says

What I always find fun, in conversations where some people talk about disliking that the government takes part of your money, is that they every day enjoy the benefits of having a well functioning government :S

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Joost Moderator says


That’s not quite true, though. Commercial banks lent the money from the Federal Bank (in the US) or the European Central Bank (EU). Those (noncommercial) institutes are capable of printing extra money or buying money off the market in order to intervene with exchange rates when they are about to get out of hand – at the risk of inflation, of course.
are you sure those “noncommercial” institutes are really noncommercial? Or better, private?

Yeah, I’m quite sure.

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