EVGA

Hot!Bitcoins?

Page: 12 > Showing page 1 of 2
Author
blacksapphire08
Omnipotent Enthusiast
  • Total Posts : 8888
  • Reward points : 0
  • Joined: 2010/08/15 18:18:38
  • Status: offline
  • Ribbons : 22
2011/08/06 19:09:16 (permalink)
I've been hearing about these things more often lately so I decided to do some research. Basically you download and run a client that makes your hardware process a "block" of data to get a bitcoin. So this is similar to folding then? What is contained in this block of data?
 
Apparently a bitcoin is worth $10 or more, so they're just giving out free money then? There has to be something in the data that my hardware is processing to get the bitcoin that makes it worth any kind of monetary value right? None of this makes any sense to me and the whole thing smells like one big hacker trick. For all I know the client could be using computers for bot farms to break into secure databases.

 
#1

34 Replies Related Threads

    slickric
    CLASSIFIED Member
    • Total Posts : 3408
    • Reward points : 0
    • Joined: 2007/07/18 19:27:16
    • Location: Hollywood, Florida USA
    • Status: offline
    • Ribbons : 17
    Re:Bitcoins? 2011/08/06 19:10:31 (permalink)
    It must be a scam....


    #2
    kram36
    Insert Custom Title Here
    • Total Posts : 17258
    • Reward points : 0
    • Joined: 2009/10/27 19:00:58
    • Location: United States
    • Status: offline
    • Ribbons : 58
    Re:Bitcoins? 2011/08/06 19:10:58 (permalink)
    Has anyone here collected any money on this?

    Use My Associates Code & SAVE 5% - 10% on your purchase!
    Use My Affiliate Code to register your product.
    EVGA X299 Dark * Intel i9-10940X * EVGA RTX 3070 FTW3 Ultra * G.Skill 32GB 3200MHz 14-14-14-34
    3 x Intel P760 512GB NVMe Raid 0 for Windows 10 Pro * 2 x Samsung 970 EVO Plus NVMe Raid 0 for Users Folder
     
     
    #3
    Xtrem
    FTW Member
    • Total Posts : 1935
    • Reward points : 0
    • Joined: 2010/02/12 20:49:09
    • Location: Los Angeles
    • Status: offline
    • Ribbons : 5
    Re:Bitcoins? 2011/08/06 19:14:36 (permalink)
    Not a scam, you "mine" mostly using your graphics card because it's more efficient at mining than the CPU.  First of all, mining is done in blocks; each block has 50 bitcoins. Now, it is pretty impossible unless you have the mining power to mine a whole block, so mining pools are created so that people can process blocks together and share the bitcoins.  I didn't get into mining because my card is just not good enough.  These coins are only worth as much as a piece of paper saying you have X amount, which means that the price can fall or rise at any time
    post edited by Xtrem - 2011/08/06 19:17:33

    Order through banner below for 5-10% off your order at EVGA.com 

    Register your EVGA products using FKDP4PLDDB
    Elite Referral
     
    #4
    slickric
    CLASSIFIED Member
    • Total Posts : 3408
    • Reward points : 0
    • Joined: 2007/07/18 19:27:16
    • Location: Hollywood, Florida USA
    • Status: offline
    • Ribbons : 17
    Re:Bitcoins? 2011/08/06 19:16:01 (permalink)
    Xtrem

    Not a scam, you "mine" mostly using your graphics card because it's more efficient at mining than the CPU. 


    Mining what and for who and when do u get the cash???


    #5
    Xtrem
    FTW Member
    • Total Posts : 1935
    • Reward points : 0
    • Joined: 2010/02/12 20:49:09
    • Location: Los Angeles
    • Status: offline
    • Ribbons : 5
    Re:Bitcoins? 2011/08/06 19:21:22 (permalink)
    I edited my last post for more info and in regard to your question
    You mine bitcoins and it is for yourself.  Mining is basically finding a solution to a problem and having everyone confirm that it is correct.  You get bitcoins and they're stored in your wallet(a file on your computer), you can exchange it to other currencies through independent sites(with other bitcoin miners) online where they charge a small percentage fee.
     
    More info just going to Wikipedia, but if you find something confusing or have any questions, ask

    Order through banner below for 5-10% off your order at EVGA.com 

    Register your EVGA products using FKDP4PLDDB
    Elite Referral
     
    #6
    Remorce
    SSC Member
    • Total Posts : 619
    • Reward points : 0
    • Joined: 2011/06/26 19:55:36
    • Location: Virginia
    • Status: offline
    • Ribbons : 1
    Re:Bitcoins? 2011/08/06 19:23:09 (permalink)
    Its like stocks. Many people are actually willing to accept bitcoins as payment. I found many sites that trade bitcoins for gift cards at their current value. 


    #7
    Clergy
    CLASSIFIED Member
    • Total Posts : 2296
    • Reward points : 0
    • Joined: 2008/12/27 14:45:40
    • Location: In A "Texas Flood"
    • Status: offline
    • Ribbons : 5
    Re:Bitcoins? 2011/08/06 19:40:39 (permalink)
    This sounds a bit odd to me and I am still a little unclear on how this all works. Time for a Google search. 
     
    Here is the first thing I found:

    post edited by Clergy - 2011/08/06 19:45:37


    #8
    ShadowsDemise
    iCX Member
    • Total Posts : 444
    • Reward points : 0
    • Joined: 2010/12/16 19:27:03
    • Location: California
    • Status: offline
    • Ribbons : 2
    Re:Bitcoins? 2011/08/06 20:09:22 (permalink)
    One thing that bothers me about bitcoin mining is that the processing power isn't really doing anything useful. The processing power is used to solve a complicated problem in order to get you bitcoins but the actual problem that it is solving can't be used for anything other than getting you bitcoins. It would be awesome (although I know it won't happen) if they could somehow integrate folding into bitcoins so that the processing power would at least be going to something useful.

                         
     
     
     
    #9
    slickric
    CLASSIFIED Member
    • Total Posts : 3408
    • Reward points : 0
    • Joined: 2007/07/18 19:27:16
    • Location: Hollywood, Florida USA
    • Status: offline
    • Ribbons : 17
    Re:Bitcoins? 2011/08/06 20:14:36 (permalink)
    ShadowsDemise

    One thing that bothers me about bitcoin mining is that the processing power isn't really doing anything useful. The processing power is used to solve a complicated problem in order to get you bitcoins but the actual problem that it is solving can't be used for anything other than getting you bitcoins. It would be awesome (although I know it won't happen) if they could somehow integrate folding into bitcoins so that the processing power would at least be going to something useful.





    #10
    BlackArtz5133937
    CLASSIFIED Member
    • Total Posts : 2147
    • Reward points : 0
    • Joined: 2010/11/19 19:04:49
    • Status: offline
    • Ribbons : 4
    Re:Bitcoins? 2011/08/06 20:31:02 (permalink)
    slickric

    Xtrem

    Not a scam, you "mine" mostly using your graphics card because it's more efficient at mining than the CPU. 


    Mining what and for who and when do u get the cash???

    Data Mining. For whom? Heck do I know. When will you get paid? Probably when they get paid in hundreds of thousands first.


    #11
    Xtrem
    FTW Member
    • Total Posts : 1935
    • Reward points : 0
    • Joined: 2010/02/12 20:49:09
    • Location: Los Angeles
    • Status: offline
    • Ribbons : 5
    Re:Bitcoins? 2011/08/06 20:58:31 (permalink)
    BlackArtz5133937

    slickric

    Xtrem

    Not a scam, you "mine" mostly using your graphics card because it's more efficient at mining than the CPU. 


    Mining what and for who and when do u get the cash???

    Data Mining. For whom? Heck do I know. When will you get paid? Probably when they get paid in hundreds of thousands first.

    This is completely false, there is no data mining involved.  The calculations are useless and there is no "organization" behind it, it is all P2P.

    Order through banner below for 5-10% off your order at EVGA.com 

    Register your EVGA products using FKDP4PLDDB
    Elite Referral
     
    #12
    stephen92
    CLASSIFIED Member
    • Total Posts : 4113
    • Reward points : 0
    • Joined: 2007/12/10 13:36:38
    • Location: North Carolina
    • Status: offline
    • Ribbons : 6
    Re:Bitcoins? 2011/08/06 21:02:27 (permalink)
    I don't mine because it is nearly worthless to do so on Nvidia cards (ATI dominates in bitcoin mining), but I know a few people on here are mining them and have cashed in some of their bitcoins.

    CPU:Q6600 @ 3.15Ghz Coolermaster V6
    GPU: EVGA 560 Ti
    RAM: 4GB G.Skill PI Black
    Mobo: EVGA 680i LT SLI
    HD: 1TB WD Caviar Black, 150Gb WD Velociraptor Win 7 Professional 64, 2x1TB Seagate Barracudas in RAID 1
    Case: HAF-X
    PSU: Coolermaster Silent Pro Gold 1200W
    #13
    moose517
    CLASSIFIED ULTRA Member
    • Total Posts : 6236
    • Reward points : 0
    • Joined: 2007/11/29 16:44:33
    • Location: Nothern Indiana
    • Status: offline
    • Ribbons : 33
    Re:Bitcoins? 2011/08/06 21:36:15 (permalink)
    I mined for about 2 weeks and walked away with 250 bucks, in my bank account, so it is legit.  All the calculations are doing is verifying the hashes from the transactions done on the network.  thats all it is.  Prevents people from cheating the system if its totally P2P and everyone can see everyone else's transactions more or less.
    #14
    lempo
    FTW Member
    • Total Posts : 1136
    • Reward points : 0
    • Joined: 2009/05/26 05:44:56
    • Location: Texas
    • Status: offline
    • Ribbons : 7
    Re:Bitcoins? 2011/08/06 22:27:45 (permalink)
    so what's the deal with this? if you don't mine how do you get bitcoins. trying to wrap my head around this. let's say i wanted to start doing this. so i download the program and just run it?


    #15
    Xtrem
    FTW Member
    • Total Posts : 1935
    • Reward points : 0
    • Joined: 2010/02/12 20:49:09
    • Location: Los Angeles
    • Status: offline
    • Ribbons : 5
    Re:Bitcoins? 2011/08/07 07:20:48 (permalink)
    Yes, you download the main program which keeps your coins in the wallet and your transactions, and another program to mine using your graphics card

    Order through banner below for 5-10% off your order at EVGA.com 

    Register your EVGA products using FKDP4PLDDB
    Elite Referral
     
    #16
    {uZa}DOA
    CLASSIFIED Member
    • Total Posts : 4258
    • Reward points : 0
    • Joined: 2008/12/07 07:24:42
    • Location: My Affiliate Code: 7B5PL3G722
    • Status: offline
    • Ribbons : 15
    Re:Bitcoins? 2011/08/07 07:34:30 (permalink)
    All I know is that when this started gaining traction I sold my 5870's for a great price well above what I thought they were worth....... Thank you bitcoin miners


    #17
    GODKILLER
    CLASSIFIED Member
    • Total Posts : 3084
    • Reward points : 0
    • Joined: 2006/01/12 19:04:02
    • Location: SoCal
    • Status: offline
    • Ribbons : 6
    Re:Bitcoins? 2011/08/07 08:36:11 (permalink)
    {uZa}DOA
    All I know is that when this started gaining traction I sold my 5870's for a great price well above what I thought they were worth....... Thank you bitcoin miners


    Now that is funny.
    #18
    bigoraj
    New Member
    • Total Posts : 41
    • Reward points : 0
    • Joined: 2011/11/03 01:39:24
    • Status: offline
    • Ribbons : 0
    Re: Bitcoins? 2021/01/31 06:57:57 (permalink)
    Does any one on the forums remember doing this?
    When I had built the computer back in 2011 I remember running my computer for weeks, The poor machine heated the basement never had to turn the furnace on.
     
    The reason Im asking is how do I gain access to this now being so many years later would my account still exist?
    #19
    kram36
    Insert Custom Title Here
    • Total Posts : 17258
    • Reward points : 0
    • Joined: 2009/10/27 19:00:58
    • Location: United States
    • Status: offline
    • Ribbons : 58
    Re: Bitcoins? 2021/01/31 10:03:45 (permalink)
    bigoraj
    Does any one on the forums remember doing this?
    When I had built the computer back in 2011 I remember running my computer for weeks, The poor machine heated the basement never had to turn the furnace on.
     
    The reason Im asking is how do I gain access to this now being so many years later would my account still exist?


    Yes the account would still exist or at least the Bitcoin you mined would. You just need to figure out where you stored your Bitcoin and the private key to the wallet it was stored on.

    Use My Associates Code & SAVE 5% - 10% on your purchase!
    Use My Affiliate Code to register your product.
    EVGA X299 Dark * Intel i9-10940X * EVGA RTX 3070 FTW3 Ultra * G.Skill 32GB 3200MHz 14-14-14-34
    3 x Intel P760 512GB NVMe Raid 0 for Windows 10 Pro * 2 x Samsung 970 EVO Plus NVMe Raid 0 for Users Folder
     
     
    #20
    Noelsz
    Superclocked Member
    • Total Posts : 107
    • Reward points : 0
    • Joined: 2021/01/29 14:02:35
    • Status: offline
    • Ribbons : 0
    Re:Bitcoins? 2021/01/31 16:02:55 (permalink)
    How its goin’?
    What about Eth?
    Opinions?
    #21
    bigoraj
    New Member
    • Total Posts : 41
    • Reward points : 0
    • Joined: 2011/11/03 01:39:24
    • Status: offline
    • Ribbons : 0
    Re: Bitcoins? 2021/01/31 16:54:20 (permalink)
     
     
    Kram 36
    Yes the account would still exist or at least the Bitcoin you mined would. You just need to figure out where you stored your Bitcoin and the private key to the wallet it was stored on.
     
     




     
    This sounds like it could be a needle in a haystack.   I no longer have the computer nor the drives.   Is all this information stored on line or was it physically stored on the computer that i mined with?
    #22
    kram36
    Insert Custom Title Here
    • Total Posts : 17258
    • Reward points : 0
    • Joined: 2009/10/27 19:00:58
    • Location: United States
    • Status: offline
    • Ribbons : 58
    Re: Bitcoins? 2021/01/31 17:03:24 (permalink)
    bigoraj
     

    Kram 36
    Yes the account would still exist or at least the Bitcoin you mined would. You just need to figure out where you stored your Bitcoin and the private key to the wallet it was stored on.







    This sounds like it could be a needle in a haystack.   I no longer have the computer nor the drives.   Is all this information stored on line or was it physically stored on the computer that i mined with?

    If you could remember which wallet you saved the Bitcoin to and the private key, you could retrieve your Bitcoin.

    Use My Associates Code & SAVE 5% - 10% on your purchase!
    Use My Affiliate Code to register your product.
    EVGA X299 Dark * Intel i9-10940X * EVGA RTX 3070 FTW3 Ultra * G.Skill 32GB 3200MHz 14-14-14-34
    3 x Intel P760 512GB NVMe Raid 0 for Windows 10 Pro * 2 x Samsung 970 EVO Plus NVMe Raid 0 for Users Folder
     
     
    #23
    bigoraj
    New Member
    • Total Posts : 41
    • Reward points : 0
    • Joined: 2011/11/03 01:39:24
    • Status: offline
    • Ribbons : 0
    Re: Bitcoins? 2021/01/31 17:12:00 (permalink)
    If you could remember which wallet you saved the Bitcoin to and the private key, you could retrieve your Bitcoin.
     
     
     
     
    The reason Im asking is because I no longer have any of that information/hardware. 
    Could you tell me where to start looking for this?
    #24
    ty_ger07
    Insert Custom Title Here
    • Total Posts : 17619
    • Reward points : 0
    • Joined: 2008/04/10 23:48:15
    • Location: traveler
    • Status: offline
    • Ribbons : 183
    Nereus
    Insert Custom Title Here
    • Total Posts : 15034
    • Reward points : 0
    • Joined: 2009/04/09 20:05:53
    • Location: Brooklyn, NYC.
    • Status: offline
    • Ribbons : 46
    Re: Bitcoins? 2021/01/31 18:41:06 (permalink)
    bigoraj
    If you could remember which wallet you saved the Bitcoin to and the private key, you could retrieve your Bitcoin.
     
    The reason Im asking is because I no longer have any of that information/hardware. 
    Could you tell me where to start looking for this?

    You couldn't. There's a guy who has an encrypted drive he forgot his password to, and his bitcoin key is on it. He's tried 8 different passwords and failed. After 10 failed attempts, the drive destroys all the data/locks him out forever. Estimated $220 million in bitcoin.
    https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html
     
    Another guy a while back accidentally tossed his hard drive out with his key on it. He tracked it to a large public trash dump but can't get permission to find it (and it would literally be a needle in a very very very large haystack) - many millions on it.
     
     
     

    ASSOCIATE CODE : CSKKXUT5Q9GVAFR (5-10% off EVGA.com purchases)   |   AFFILIATE/REWARDS CODE : E64DMBSMI6 (EVGA product registration)
      BUILD   |   MINI-ITX BUILD   |   MODSRIGS $1K WIN   |   HEATWARE

    #26
    Noelsz
    Superclocked Member
    • Total Posts : 107
    • Reward points : 0
    • Joined: 2021/01/29 14:02:35
    • Status: offline
    • Ribbons : 0
    Re: Bitcoins? 2021/02/03 11:24:59 (permalink)
    Nereus
    bigoraj
    If you could remember which wallet you saved the Bitcoin to and the private key, you could retrieve your Bitcoin.
     
    The reason Im asking is because I no longer have any of that information/hardware. 
    Could you tell me where to start looking for this?

    You couldn't. There's a guy who has an encrypted drive he forgot his password to, and his bitcoin key is on it. He's tried 8 different passwords and failed. After 10 failed attempts, the drive destroys all the data/locks him out forever. Estimated $220 million in bitcoin.

     
    Another guy a while back accidentally tossed his hard drive out with his key on it. He tracked it to a large public trash dump but can't get permission to find it (and it would literally be a needle in a very very very large haystack) - many millions on it.
     
     
     


    it was also painful to read this post
    #27
    Dmglenn
    New Member
    • Total Posts : 13
    • Reward points : 0
    • Joined: 2020/12/08 10:11:23
    • Status: offline
    • Ribbons : 0
    Re:Bitcoins? 2021/02/12 04:10:58 (permalink)
    Basically they have you solve math problems and when its solved you get a reward of bit coins. They call this mining. The owners of the currency can make the math harder or easier or change how many coins are awarded for each problem solved to control inflation. You can also mine coins with a group where you all pool your resources to solve the blockchain and you get a reward based on your contribution minus a cut for the website who brought you all together. Usually you will get rewarded with .0002 or so per blockchain. It is very slow now and takes a lot of time. Thats my 10 second explanation
    #28
    usbarlow@hotmail.com
    New Member
    • Total Posts : 100
    • Reward points : 0
    • Joined: 2006/05/23 23:05:27
    • Status: offline
    • Ribbons : 0
    Re:Bitcoins? 2021/02/12 11:59:43 (permalink)
    Plus your power company will LOVE YOU <3
    #29
    CLL1990
    Superclocked Member
    • Total Posts : 114
    • Reward points : 0
    • Joined: 2021/02/14 00:52:03
    • Status: offline
    • Ribbons : 0
    Re:Bitcoins? 2021/02/16 00:44:06 (permalink)
    legendary thread

    (\_/)
    (o.o)
    (")(")
    #30
    Page: 12 > Showing page 1 of 2
    Jump to:
  • Back to Mobile