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| Would you help develop something that generates bitcoins even though it is unclear if it is a scam? |
| Yes |
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33% |
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| No |
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66% |
[ 6 ] |
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| Total Votes : 9 |
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third_wise_man
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 Posted: Mon May 16, 2011 4:46 pm Post subject: Bitcoin? |
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Hi guys
I recently watched this video called 'bitcoin' on youtube
/watch?v=Um63OQz3bjo
Apparently, people can convert this digital money into real money, and actual products.
So of course it looks (and probably is) a scam. But in the off chance it isn't, we can start developing ways of increasing our personal wealth, and hell, donate some to CE for their epic software.
Thoughts?
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hcavolsdsadgadsg
I'm a spammer
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| Posted: Mon May 16, 2011 4:47 pm Post subject: |
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i don't even need to watch this to know that it is dumb and fake or simply not sustainable.
edit: ok fine i watched it.
the bitcoin miner application is the iffy part, is that how you generate currency? it's been done before and while it promises that you make money, you actually lose more in the end anyway because of the strain of the computations that you do. something similar to folding promised payment for doing it, and while you did get paid, you typically lost more in electrical costs in the long run because your machine was being hammered constantly.
from wikipedia
| Quote: | | The Bitcoin network creates and distributes a batch of new bitcoins approximately six times per hour at random to somebody running the software with the "generate coins" option selected. Any user can potentially receive a batch by running it, or an equivalent program specialized for the equipment the user owns. Generating bitcoins is often referred to as "mining", a term analogous to gold mining.[4] The probability that a given user will receive a batch depends on the computing power he contributes to the network relative to the computing power of all nodes combined.[22] The amount of bitcoins created per batch is never more than 50 BTC (plus transaction fees), and the awards are programmed to decrease over time down to zero, such that no more than 21 million will ever exist.[15] As this payout decreases, the motive for users to run block-generating nodes is expected to change to earning transaction fees. |
Last edited by hcavolsdsadgadsg on Mon May 16, 2011 4:55 pm; edited 2 times in total |
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third_wise_man
Newbie cheater
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| Posted: Mon May 16, 2011 4:50 pm Post subject: |
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| slovach wrote: | | i don't even need to watch this to know that it is dumb and fake or simply not sustainable. |
See I would say that 2, but the wiki page, and the youtube page are still there, meaning they don't have enough evidence to shut it down. Wiki would get rid of it simply because it isn't true, and youtube has an obligation 2 for the same reason.
| slovach wrote: | | it's been done before and while it promises that you make money, you actually lose more in the end anyway because of the strain of the computations that you do. something similar to folding promised payment for doing it, and while you did get paid, you typically lost more in electrical costs in the long run because your machine was being hammered constantly. |
Sure, so assume they sell your processing power to other companies, and pay you with some virtual money. Either way, if CE can be used to make a large enough amount of money it will offset your electrical costs >.>
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atom0s
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| Posted: Tue May 17, 2011 10:35 am Post subject: |
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Sounds like the network pyramid schemes that were floating around about 5-10 years ago. You download their app, they use your system for their own needs. (Literally, things like cracking passwords, bruteforcing algo's, and other border-line illegal things.) You aren't actually 'mining' anything but just loaning your computers power to them for a cost-per-compute type deal.
Basically it leaves your computer more vulnerable then it already is and if the company is ever found to be doing illegal activity you could have your computer removed from your house during the investigation.
Recommended? No not at all. Get a job at McDonalds, you'll make more in a week then you will with Bitcoin in a few months.
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superpure23
Advanced Cheater
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Location: At a computer.
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| Posted: Tue May 17, 2011 2:33 pm Post subject: |
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Bitcoins are legitimate, my friend mines bitcoins in his idle time. It works as a currency, and some people do trade them for items or services.
The 'mining' doesn't really do anything, your computer solves random hashes (or something) and generates bitcoins (slowly). It took 1-2 weeks to get one bitcoin, and one bitcoin was about 7-8 dollars the last time I checked.
It's not very worth it in my opinion, it takes too long and strains my computer heavily (personally).
EDIT: So it's not a scam, it's an online project per se. Although the value of a bitcoin has gone up quickly recently. It's unstable to me
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atom0s
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| Posted: Tue May 17, 2011 6:12 pm Post subject: |
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| superpure23 wrote: | Bitcoins are legitimate, my friend mines bitcoins in his idle time. It works as a currency, and some people do trade them for items or services.
The 'mining' doesn't really do anything, your computer solves random hashes (or something) and generates bitcoins (slowly). It took 1-2 weeks to get one bitcoin, and one bitcoin was about 7-8 dollars the last time I checked.
It's not very worth it in my opinion, it takes too long and strains my computer heavily (personally).
EDIT: So it's not a scam, it's an online project per se. Although the value of a bitcoin has gone up quickly recently. It's unstable to me |
'my friend' is hardly a trusting statement. Just because someone does it and it looks legit doesn't mean it is. (Not saying this isn't, just saying in general.)
| Quote: | | The 'mining' doesn't really do anything, your computer solves random hashes (or something) |
Like I said above, your computer becomes a 'slave' in the sense that its open to their desire. They gain access to run anything they want on your machine and the most you see is just a terminal front end that looks like everything is innocent and legal. That doesn't mean it is.
| Quote: | | It's not very worth it in my opinion, it takes too long and strains my computer heavily (personally). |
Because the brute forcing that is being done against hashes (possibly password hashes). Their application probably isn't coded in any means towards application throttling or only working in the background when the CPU is mainly idle. Given that they even refer to it has mining, your system becomes a brick while their app is running.
Personally I wouldn't bother with this or even trust it. There have been similar projects in the past that have done similar things to pay users for their computers power and processing which turned into legal issues and eventually shut down every time. If you do decide to use this, just think of the consequences before hand.
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SF
I'm a spammer
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| Posted: Tue May 17, 2011 9:42 pm Post subject: |
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Protip: Make bitcoin use a GPU instead of CPU power to generate. Insane amounts faster.
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Kardi
Expert Cheater
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| Posted: Wed May 18, 2011 12:17 pm Post subject: |
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| SF wrote: | | Protip: Make bitcoin use a GPU instead of CPU power to generate. Insane amounts faster. |
How? I wanna try this coin shit out man 
EDIT: I don't get anything for running this shit, I don't get it at all.
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Tritonio
How do I cheat?
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| Posted: Fri May 20, 2011 8:05 am Post subject: |
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| Quote: | Like I said above, your computer becomes a 'slave' in the sense that its open to their desire. They gain access to run anything they want on your machine and the most you see is just a terminal front end that looks like everything is innocent and legal. That doesn't mean it is.
Because the brute forcing that is being done against hashes (possibly password hashes). Their application probably isn't coded in any means towards application throttling or only working in the background when the CPU is mainly idle. Given that they even refer to it has mining, your system becomes a brick while their app is running. |
You have no idea what you are talking about so please read the Bitcoin wiki before spreading mud about becoming a "slave". It's open source to begin with and the mining process cannot be tricked into breaking passwords or giving them control over your computer. It's P2P too, so there is no "them". Nobody controls it...
By "solving" we don't mean finding the reverse for a hash (which in theory could be used to crack passwords). After all most cracking is done with rainbow tables, not brute force, and there are already free rainbow tables on the net. By "solving" we mean finding what RANDOM data will produce a hash that is numerically smaller than a certain value. These hashes are useless for ANY other purpose other than validating transactions up to that point. Just RTM...
Also FYI I had been mining since bitcoins was worth 0.05$ each. Now they are worth 6.72$ each so I can sell my 100 bitcoins for 671$ right now if I wanted. This is FAAAAR more than what I spent in power generating them...
All in all, it's open source: read the code, read the wiki, ask on IRC. It's just a currency system that can't be controlled by any state.
Oh and mining using the CPU is pretty useless nowadays. There are many GPU miners instead. As for bricking your PC while running the miner you just have to set the process priority to low. There are wrappers for this that can be found in the forum. (one of them is mine)
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Cryoma
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| Posted: Fri May 20, 2011 2:41 pm Post subject: |
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| I had it mining for weeks and never got a damn thing, all you can do is get the 5 free ones from bitfaucet or whatever. If you just do that over and over with different IP's you can get a lot, but even so, hardly any stores accept them, and those that do will charge insane amounts, like a custom made favicon for 50bc.
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InternetIsSeriousBusiness
Grandmaster Cheater Supreme
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| Posted: Fri May 20, 2011 2:46 pm Post subject: |
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This looks like a pyramid scheme...
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ControlAltDelete
Friendly Giant
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| Posted: Fri May 20, 2011 3:28 pm Post subject: |
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Bitcoins are legit, I know a a few legit websites that sell stuff for bitcoins and the transactions do go through.
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jsimpson
How do I cheat?
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| Posted: Sat May 21, 2011 4:30 am Post subject: |
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I have heard about this from a lot of friends and I think it is really a good idea that you dont have to use credit cards to purchase things online but you just have to use virtual money and convert your money afterward.
It uses a vast network of users that share a common good. It uses a wallet type service that can be spent on the internet
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Mr Crinch
How do I cheat?
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| Posted: Wed Sep 11, 2024 4:23 pm Post subject: |
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| oof
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MasterMoonYI
Newbie cheater
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Joined: 06 Oct 2009
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| Posted: Thu May 01, 2025 6:10 am Post subject: |
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| dude this is a joined 2010 user forum post man it changed from then din you eventually buy bitcoin if so how much you have?
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