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JUST A SERIES OF RANDOM REVIEWS AND THOUGHTS BY A NORMAL (OK, SEVERELY ABNORMAL) UNEMPLOYED COLLEGE STUDENT.

Monday, March 19, 2012

Bitcoins

A couple of months ago I read an article in a magazine, I think it was Wired, about Bitcoins. It is a legitimate Internet money system that can be easy transferred into your money of choice. The way that you gain Bitcoins though is unlike any other way. This will probably be a crappy description since I don't get the full idea of it but lets give it a shot. You get Bitcoins by committing your CPU or preferably your GPU to "mining" which is constantly figuring out mathematical equations until you discover a "block" which will give you 50 Bitcoins (BTC). On average it would take someone as of now two years to get a block, so people have come together and created "pools" which are groups of people who each get smaller, easier mathematical equations and when a block is found, everyone gets a fair share of the Bitcoins. My desktop currently has 2 fairly powerful GPUs and one of them isn't used much so for the past two days I have committed that second GPU to mining Bitcoins in a pool called Slush's Pool. Since it is a GPU that I do not use, I can go about my daily videogaming and internet surfing without problems. As of writing this I have made a whopping confirmed amount of 0.01033337 BTC which is equal to about a nickel. Not much, I know, but if I had more powerful GPUs and more computers to commit to mining, than I would be making a lot more Bitcoins. I'm not sure if I'll continue with mining since I have really just been experimenting with how it works, but we'll see.

To get a better description of Bitcoins and mining than you're probably better off just googling Bitcoins.

15 comments:

  1. This was huge a couple years back, since then the value of bitcoins has dropped off... also worth mentioning that bitcoins are completely anonymous, there is no way of tracing who was holding the money before a transaction was done, but they are also impossible to counterfeit even though there is no central database tracking who has what. More detailed information can be found online for those interested. They are also notorious for being used to pay for illegal activites (drugs, hitmen) whether that is 100% true I do not know, just something I read.

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    1. yeah forgot about that stuff. i wouldnt be surprised about the illegal stuff. it is easily transferable to the money of choice so i could really see that happening.

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  2. However, it is a little risky. One time, there was loud when a portal used to (I think) replace bitcoins was hacked.

    PS. On your blog I often see the error 503 "Service Unavaiable"

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    1. wow if thats true, thats crazy.
      and idk about the 503 thing. i don't have anything extra on my blog, just normal blogspot things.

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  3. Very interesting :) I might as well try it :)

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  4. I wonder if it's against school policy to sign onto every computer in a lab and then set them all to doing this, hmmm......

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    1. if the computers are like any that ive come across in schools than you'd probably not get anything out of it.

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  5. Hey man i just made my blog. Wanna follow me if i follow you? I'll support you

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  6. I think the idea of Bitcoins was interesting however it seemed to overall fail in the end.

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  7. damn never heard if this. ill check it out

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  8. sounds sorta like folding@home

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  9. I knew you could buy bitcoins with money, but I had no idea you could do it this way as well. Informative. Followed. Keep me interested ;D

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