Cyber mining Bitcoin mining

[Newbie]

The next mining boom by the internet?
With the development of Crypto currency a form of currency not backed by governments they have introduced a different method of distributing newly minted cyber coin. Like gold that is taken from the ground and put into circulation by miners at a steady pace hence creating a steady supply in to the market the BITcoin operates in such a way that your computer mines by the use of processing power to solve the complex algorithms. The system is designed to release a certain amount of currency to these miners every so often in blocks of 10mins. They liken making money on it to winning the lottery a little if you go it alone or you can join mining consortium and get a more steady return.

I by no means recommend it as an investment strategy the old disclaimer check with your financial planner before taking any financial advice lol I bring it up it seems something that could possibly more prevalent will be a talking point in the months to come. Being the speculative bunch we are It would seem it will be up our ally.. It is the dawn of cyber mining. The best thing is you can start by using the computer whilst the return would be so small the premise behind bitcoin is that it is a limited commodity and the price fluctuates the price has gon as high as 1500 usd/ bitcoin but stated as low as 7.. currently around 800.. goes up and down. Virgin Galactic have said they will except it as a form of payment and its touted a being a possible solution to the debt crisis in the EEA. The USA government is dead against and give the line that it will be used to fund terrorism and used by organised crime to launder money. It has potential to do so but it could be come the next swiz bank account. Crypo currency will be a thing of the future but there are obvious risks involved. But when you mine the stuff for free like gold if you bail out in time there is a chance youll make a little cash.

Best thing is you can make money while you sleep

Would be keen to know if someone out there is doing it. On the calculator a sup[supposedly with some it knowledge and $5000 worth of equipment you could be turning over 40k a year... not bad for doing bugger all. The more users they have mining supposedly strengthens the security of the currency hence the pay off for essentially giving away free money... Having said that it took a guy on one video I watched 3 days to make $6... haha sounds like my panning operation..

 

[Heatho]

Very similar to carbon trading, pull a commodity out of thin air and hope for the best. Well sorta the same. The main problem I see is that it's not really backed by anything. The USA not liking it is a big problem too which means our gubbermint won't like it and so on....... You can bet anyone using it may have the aaaaa-ttttttt-oooooo up their backside too. Not trying to be negative but......

Good luck to anyone doing it, though not much different than playing the pokies except the pub supplies the expensive machines.

 

[Newbie]

My thoughts exactly... Was just very interesting reading the articles about it. I was recently in Europe and was where i first heard about bitcoin it seems to be getting some people excited there about it. Don't read to much in to the US government not liking it they are motived against everything that can be trade except for the US dollar. The fact Chjina recently pulled out off it is more of a concern sent the price crashing from 1500 to 800 overnight. You're right though better playing the pokies down the pub at least you can get a beer there

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[Heatho]

It is interesting for sure, maybe we'll need a Virtual Mining section in the forum soon.

 

[Newbie]

It is interesting for sure, maybe we'll need a Virtual Mining section in the forum soon.

I must admit was a bit of a struggle where to put this topic... lol

 

[Nugget]

I started looking into trading Bitcoins a while back and more recently Litecoins, I did have a (brief) play around with trading Litecoins but my honest opinion of virtual currency is that its currently a form of gambling and the house almost always wins. Be very careful and be sure to do your reasearch, this one of the most volatile "investments" around and there's the potential to loose it all in the blink of an eyelid.

 

[farmeroz]

Your better off doing these survey sites and getting jb-hifi gift cards or paypal $ for doing it..

 

[elrodeo]

Your better off doing these survey sites and getting jb-hifi gift cards or paypal $ for doing it..

Seriously , if people understand how Bitcoin and alike works you can make money, very big money and seems like from most above posts people don't really understand the concept.
It's volatile as hell but having in recent weeks making a $10k profit in 2 weeks it has its perks and you will hear more of this type of currency happening in the future.
Understanding the rollercoaster trends and when to get on and off the ride is imperative to success.
I'd rather take an educated gamble on Bitcoin than throw money away in a casino.

Having lived o/seas for a long long time and watched and been part of the Japanese bubble bursting, Australia's bubble is is just starting it.s implode so smart traders will reap benefits.
Australia missed the damage of the GFC but the hurt that's coming is going to hit like a Mike Tyson uppercut. Problem living in Oz is not being able to see out of the fishbowl and see the real picture.
It's a modern world and the financial game has changed and changes all the time so staying on the pulse is critical.

 

[Heatho]

You nailed it Elrodeo, getting on and off at the right time and understanding trends is critical to any investment. It's only another form of currency trading, could have made 12% just buying USD a couple of months back and converting back to AUD now. Educated decisions or impulse decisions, luck still plays a big part.

Well done though.

 

[elrodeo]

You nailed it Elrodeo, getting on and off at the right time and understanding trends is critical to any investment. It's only another form of currency trading, could have made 12% just buying USD a couple of months back and converting back to AUD now. Educated decisions or impulse decisions, luck still plays a big part.

Well done though.

Hey Heatho ,
The misso is ex financial adviser for Hyundai in Korea and the worst scrooge in the history of mankind but always deems only invest in what you can afford to lose. Classic is she is a wizz at investment but hopeless when it comes to the Casino.
I can't remember who first posted on the forums re Bitcoin but they had been making good gains purchasing when Bitcoin was sub $200 and had bounced to $400.
The big thing that kicked the surge in price of Bitcoins was at Us congressional hearing where approval was given on cyber currency , especially Bitcoin. Price went nuts after that.
China not recognising it is atypical of them in controlling their currency value. Don't worry , they'll jump on the band wagon when they are ready. Japan already has shops where Bitcoin can be used for purchasing,Canada has ATM's in place for Bitcoin use and with numerous Stats in the US ditching paper currency,digital currencies are definitely here to stay.

I just wish those chocolate coins at Easter were worth more than a few extra calories.

 

[Heatho]

Very interesting times for sure, I guess also the more places it's accepted then the more stable it will become too I guess, you are probably right about China also.

I'm the same, never risk money or assets that I can't afford to lose. Best advice for anyone investing in anything.

 

[deepblue]

Where are all the Bitcoin advocates now that they have filed for bankruptcy.
I was all to good to be true.

 

[BigSam]

A good friend made a few million off bit coin when it first started, he pulled out as soon as it went off...lucky for him!

 

[Goldpick]

I would never invest in anything I couldn't physically touch or see, figures on a piece of paper or on a computer are meaningless when everything turns to shit. People are essentially selling you nothing, relying on hype to make them rich quick at your expense.

 

[HeadsUp]

Where are all the Bitcoin advocates now that they have filed for bankruptcy.
I was all to good to be true.

It's not bitcoin that went bankrupt its a japanese owned exchange broker

They were hacked and robbed of 500 million bucks worth

Could have been criminals looking for a fast buck or ..... Could it have been someone wanting to destabilise E currency ? Lol

Pretty crappy security to have no backup system

 

[elrodeo]

Its interesting that people view whats happening with Mt Gox as having a negative impact on Bitcoin itself.
Yes the price has dropped but still hovering just under $540 US. It dropped from well over $1,000 to $300 in December last year and bounced back in a few weeks.
Mt Gox going under is the best thing that could happen as their value was always over priced compared to other exchanges and smart investors saw the writing on the wall for Mt Gox a long time ago.
Interesting to note that earlier in the week when the shit was hitting the fan with Mt Gox , millions in Bitcoin were being bought up by the Chinese.
If you do some research you'll see that some of the big money investors ( and i mean big time players) are buying up big at the moment, as once we can say "sayonara and thanks for coming" to Mt Gox, there should be a correction in the market and a nice jump in price again.
What the intelligent investors are saying is they are actually impressed at the strength of bitcoin during this time and shows it's not going anywhere fast, in fact getting stronger all the time.
This issue wasn't a Bitcoin issue but an issue with a currency exchange company that was being run by a bunch of idiots who couldn't run the house.

I'm mining full time and making a nice solid profit for doing nothing than flicking a switch on.
I also have started a business supplying high quality state of the art Avalon mining machines at very, very competitive prices so getting the best of both worlds.
Plus while prices are down I'm also buying low and selling and making nice short term profits.

Naysayers will always criticise something they don't understand but Bitcoin isn't going anywhere, in fact getting stronger and with people like Richard Branson,Warren Buffet, Yahoo, Google, Facebook, etc all getting on board there's really only one way it's going ...up, up and away !!! Even Goldman Sachs are looking how to incorporate Bitcoin into their portfolio.

On another note, it's amusing when people say they don't trust something they cant hold. Look at what we base everything off..paper money.. How many times has a countries paper money turned to toilet paper,literally overnight and it's value was well, only good to wipe your arse with.It's happened before and to some of the worlds biggest currencies and is going to happen again and probably sooner than people think. Remember the GFC ?? That's nothing to whats coming around the corner. Wait until China's gold figures are released next month and some real shit will hit the fan.

Remember , it wasn't that long ago that gold was only worth $30-$40 an oz and look at the rocky road that has travelled.

 

[elrodeo]

And today recognise Bitcoin currency in the same commodity category as Gold.

http://newsonjapan.com/html/newsdesk/article/106787.php