well I do not see how it is a ponzi scheme no-one or any group has control of anything.  I think last someone or group needs 33% control or more maybe and it is so wide spread it would take a huge investment in terms of way bigger then microsoft or apple or even google to produce enough resources to gain control.  So as long as it resumes this level of decentralization no-one is really in control anymore.  The smallest change in the system has to be approved between so many different systems it could be so rare in the system it could be non existant. 

Unless I missed something...

other people, your not the only person using the exchange.  you put in x amount currency they can supply x amount in BTC because they have it from the people that put in x amount BTC to trade for x amount of currency.

This can be the delay they all talk about in their TERMS that it can take 1-3 days or more to complete transaction so there is a 1-3 days or more delay to aquir said funds of any currency.

WOLF WOLF WOLF

LOL

BTC does not need no stinking banks or countries.....

Cryptocurrency is the latest and most intriguing advancement to decentralize currency to date, that is no doubt.  To predict it will be mainstream and take over as a leading way the world works with trade is another story. 

Governments will want their due share, and they may be getting more and more involved in the whole race because it in uncontrollable by design and concept, they will adopt and corrupt it.

The future is so hard to predict when this whole thing has just started, even though it is already 5+ years old.

They are exchanges like normal exchanges for anything else.  You basically put your BTC or your currency into their system like you do a money market with any exchange. You do your trades they take their transaction costs and feed your account appropriately.  You then extract it via direct deposits, wires whatever with you incurring any transaction fee's. 

There is no magic just you paying a few people to handle your money and letting you do all the work.

Edit: They do not have access to your personal wallets, you have to transfer BTC to their system and trust them to handle your transaction honestly.  Just as you do with normal brokers, except in this system you have no x amount fraud protection it is all on trust.

In theory any cryptocurrency based on the 256SHA hashing algorithm they should work with.  The chips do nothing more then do math of a specific type.  As far as I know LTC and others like it are all based on the same algorithm's, and why would they not be it would be the death of it because no-one would reinvest to rebuild new hardware for it.  Once burned twice shy, no-one would even try it, they would loose before they started.

These chips are worthless for anything else but what they specifically designed to do.

And sorry yes at 40 cents USD it would be hard to do outside doing it as a hobby right now even with the newer coins I think.

yeah that was a killer round for sure, and hope we see why the invalid block was not slush's

I am noob to and here are my noob answers.

GPU mining on bitcoins is a loss because electricity cost is more then gain even if you do pool mining.  The other coins maybe possible still but you have to believe they will stay around for the long run like bitcoin is destined to do.

USB ASIC mining is still profitable if you live in area with low cost electricity, maybe say 15 cents or lower per kWh.

USB Fury still profitable even at higher cost electricity.

No they are not exactly the same they are different chipsets doing same thing.  One is more economical then the other but more expensive to produce.  ASIC cheaper to produce but lower hash rate fury chipsets more expensive to produce but better hashrate.

Why would a company sell these.  Well bitcoins is a currency outside normal currency's until traded and you must abide by local laws of currency trade, and you also have to count the difficulty to mine constantly getting harder to do.  Companies can make a lot of money in their currency to sell product to use in another currency, they are just selling hardware with little tax after all.  They could use this technology and mine for themselves and they probably do but everything they make is in that currency would have to be taxed to be brought back into their local currency.

Well that is my noob response,  I am a usb miner myself and just got into this about 4 weeks ago.

I agree mine always, wait, watch, follow, wait more...  then attack when you think it is best to buy and go after it all you want.  Never rush but do not wait to long.   

Them are the strategy to live by in any trade. 

I am new here on forum and to bitcoin and I do not know or fully understand the full history of the market of bitcoin so I am still in the mining stage to fully understand how the basic structure works.   Once I become fully aware of what I will be doing then I will think about investing my currency into this currency, but until then I participate as a 3rd party viewer learning everything I can.


Research all you can and only trust your own personal results of your own findings.  If they fail then you are only to blame no-one else.  Never blame others for your own losses when you choose to follow others advise.

well won or more accurately obtained via purchase on bid site.

sorry for confusion, it was a personal purchase but won in a sense of personal gain.

666MHashes being added tomorrow. 

Looking to buy a fury next to add to the pool.

they are not lost they are forgotten.


look at it this way you have 100k in gold and you stored it in a place no-one can find, like lost treasure but this treasure can't be found by seekers.

people can come along and call it thiers if they spend more power and time a computer can do the forsean future of well end of universe as anyone knows it.....

so yes people toss it away in theory it is lost forever just like time and work in real world life....

but luckily each bitcoin mined can be divided so even though there is loss there is value, just like anything.

anyway that's how I understand it all, correct me if I am wrong.

wow

damn,  I better up my rig to help out solve faster...


that invalid does not help we got out solved I am guessing...  Lets step it up and deal it to them next time.

I just won two more 333 Mhash ASIC not alot but I am having fun and trying....

Just wanted to say hello and get some a post under my belt.

I am only 1.5 weeks old in the Bitcoin phenomenon so pretty green still but I have read and researched a lot of information and I personally like how Slush's Pool is setup compared to others.  With that here is a little history about how I came to being here and saying hello.

The topic of bitcoins came up at work with colleges about 2 weeks ago after seeing the huge increase in price of bitcoins and after some long discussions and a lot of un-for-sure knowledge about any of the details and just bad press release information knocking bitcoin I took an interest to see what the hype was about.  After first night of light reading around, mostly news articles I was becoming convinced this whole thing was some pyramid scam stuff.  But that was mostly bad press and horrible personal opinion information from people in blogs.  I decided to dig deeper to understand how it all worked and found out the more detailed story and how it works and became really interested, especially with how the coins are mined and minted into existence. 

To fully experience it I got myself a wallet and set the mining flag, after not more then hour after I did that I learned how impossible it was to mine solo via more reading and started looking at pools and setting myself up with them.  I spent the next two nights randomly researching how distribution was done and how people did pool hopping to maximize returns etc. which lead me to liking how Slush's Pool worked out a way to be a dedicated miner, less confusing and seems very fair with it's distribution.

I downloaded GUIMiner and started doing GPU mining with that connected to Slush's pool,  I started to see my micro value of coins go up and felt happy, it was slow however. So back to more research I went, learned about how CPU mining lead to ASIC usb to dedicated large blade servers etc. And how inefficient CPU and GPU mining actually was, I figured out my kWh usage and how much my computer used and yup cost more at current difficulty then I made even with the high price of bitcoins.

Leading into more research into hardware and decided at present if I got a few of ASIC usb erupters I could start making more then spending in electricity, also I live alone in smaller condo and my computer usually keeps my computer room toasty I positioned my computer to vent to living area and guess what I can use it for some heat by doing GPU mining as well as ASIC mining now, and for a little added heat in winter now I do all core cpu mining also

This has lead into actually being fun watching and playing with the data as it comes in.  I currently have a 5x333M/hash erupter setup, use my GPU's and CPU's when not actively using my computer (helps with producing heat in winter so should be less baseboard electric heat).  I changed from GUIMiner to cgminer and minerd for cpu mining, yes I know why but hey I have reasons as stated. I monitor my entire system with plug in wattage meters and currently am able to pull small profit mining and maybe pay for my investment in year if luck is on my side, I am sure with difficulty keeping going up I'll be slowly investing more as time goes on to stay ahead but this has been a fun en-devour.

I now understand more of what bitcoins are and how the system works then I did 1.5 weeks ago and am actively participating in the system and just once again wanted to say hi and give a little bit about my back story and hope to discuss more things on the forums and learn more from people that are aged veterans of topic.

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Shaggy