General Discussions: GDX - Page 26

I just don't get how currency can be generated or "mined" out of just computations. Where does it come from? What type of backing does it have?

ahh, i guess not, but at this stage, i would prefer to run F@H - id rather help science than give myself a CHANCE at getting a minuscule amount of money. speaking of which, we need more people. theres like only three people active, and im the only one generating any significant points.

quote

By miniscule, how much are we talking? Mere equivalent to cents for days of work?

no idea, but i doubt its much at all. unless im making at least 5 bucks a day, im not going to bother with it. hell, i might consider it even if it was 2 bucks a day, but thats as low as id go to just consider abandoning F@H.

quote Supernova1332

http://www.donanimhaber.com/islemci/haberleri/Ozel-Haber-intelin-en-hizli-islemcisi-Core-i73960Xin-ilk-test-sonuclari.htm

Intel's new top model LGA 2011 is the i7-3960X. The naming is getting *bleep*ing ridiculous by the way. Did they really have to skip to generation 3 for this? The only thing that's really upgraded from the 2xxx series is the 'uncore' and more cache.

Same ~15% speed boost clock-for-clock compared to the current high end 6-cores. Is it just me or does their "Estimated" physics score seem a bit ridiculous?

Great to see quad channel memory coming, even though it's useless to most people, and hopefully we'll see even more implementation of AVX as time goes on.

Assholes keep making new things and decreasing the value of mine.

Why can't they just stop, so I could relax and feel good about owning something good for a while longer?

quote hiigaran

the first time i heard about it, it sounded like some bs or a scam. now, im all for money making things, but until i get some good proof as to whether or not doing whatever it is people do to make money off of this, ill just continue regarding it as such.

Sounds like a scam to me too.

quote 10jdrole

Bitcoins come from the same place that paper money comes from- faith in the system backing it. Without faith in bitcoin, the value of a bitcoin dropped substantially. Bitcoin is a lot like any other currency except that it isn't available in paper form.

Nothing, but faith, to back it up?

Yep, that's a scam.

I'm looking more into the AMD Llano line for my laptop now.

This HP, Yay/Nay for its price?

Ah, never mind. I went in store to look at it and the display was horrible. I guess its LED or nothing for me now. Still not sure if Sandy Bridge or Llano is the best path though.

[i][/i]

quote hiigaran

the first time i heard about it, it sounded like some bs or a scam. now, im all for money making things, but until i get some good proof as to whether or not doing whatever it is people do to make money off of this, ill just continue regarding it as such.

Sounds like a scam to me too.

quote 10jdrole

Bitcoins come from the same place that paper money comes from- faith in the system backing it. Without faith in bitcoin, the value of a bitcoin dropped substantially. Bitcoin is a lot like any other currency except that it isn't available in paper form.

Nothing, but faith, to back it up?

Yep, that's a scam.
[/quote]

So after doing some reading and running the program for a while this is what I found out

1. Bitcoin is not a scam. It is not meant as a way for people to make money doing nothing. It is a decentralized economy which is actually pretty strong. It started out with a bitcoin = to a few cents. Now the exchange rate is something like 1 bitcoin to 10 dollars

2. It's not unlimited money. Bitcoin mining is only a way to disperse the currency. It's very limited in how many bitcoins are created. There is something like a 2.4 billion limit by 2014. (I believe)

3. It's not meant to be a way to make money. Like I said the mining is a dispersement tool. It's kinda like when over economies print money.

4. It's not easy to make mobey. Bitcoins are mined in groups of 50. That's 50 bitcoins to one block. The blocks are getting more and more difficult to mine. Up until a recent difficult change it would take a 6970 a week to mine one block. (If your lucky) now it takes longer. Running a mining program on my 6970 shoots the temps up to 90C. (Higher then stress testing programs) the card however gets 300 mHash.

5. Pooled mining makes it kinda easier to make money. Kinda. Running the miner on the 6970 was out of the question for me because of temps. So I joined a pool and ran the program as a background task on a GTS 450. After 3 days of this the GTS 450 made me .01 bitcoins. ( so 10cents). NVIDIA cards suck at mining. the 450 only gets 24mHash. Running in a pool with a better card would yield more profit. a 6970 for example should make you $4 a week.

6. It is possible to make a lot of money mining bitcoins but the people doing it put in a huge investment. ( lots of ATI cards ) they're also probably not using a pool, but hopping each card is able to complete a block in a week or so. After all one block is ($500).