SA mobile operator planning Bitcoin cryptocurrency integration?

ocleroux said:
Oh and PS....guess how many coins I got for my 80megs used! F@KALLL!!!!!!!!! haha
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Hi ocleroux

Did you run it on the CPU or GPU? Because at moment the only method that might get you coins is GPU(or until we find a faster way to calculate hashes). Sorry to sound rude but did you do any research before you decided to try mining?

But anyway...

This looks super exciting and there is a lot of useful resources out on the net. I might try mining over the weekend seeing I have access to a relative good GPU and I have uncapped internet. But I will sure be keeping logs of Bandwidth and Power usage to see if this can be profitable.

I would also like to see where this go and how legal systems and businesses adopts this new kind of anonymous cryptocurrency, but only time will tell.

Finally I wish the cellphone operator will make them self know, my bet is Cell C, but I can be wrong because it is a pure guess based on my perception that Cell C is the most progressive operator.
 
d-_-b said:
Hi ocleroux

Did you run it on the CPU or GPU? Because at moment the only method that might get you coins is GPU(or until we find a faster way to calculate hashes). Sorry to sound rude but did you do any research before you decided to try mining?

But anyway...

This looks super exciting and there is a lot of useful resources out on the net. I might try mining over the weekend seeing I have access to a relative good GPU and I have uncapped internet. But I will sure be keeping logs of Bandwidth and Power usage to see if this can be profitable.

I would also like to see where this go and how legal systems and businesses adopts this new kind of anonymous cryptocurrency, but only time will tell.

Finally I wish the cellphone operator will make them self know, my bet is Cell C, but I can be wrong because it is a pure guess based on my perception that Cell C is the most progressive operator.
Click to expand...

I've been mining Bitcoins for about a month now and I have not personally solved a block computation and so I have not yet earned the 50 BTC which is paid to anybody who does this.

I started out running khashes on my dual Celeron for a few weeks and only recently have I setup a GPU to do proper mining with...don't waste your time mining Bitcoins with a plain CPU, just not worth it.

The problem with bandwidth usage is that you will need to download all hash blocks from your peers before being able to do actual calculations. Once you've got all the hash blocks on your machine (about 130K at last check), you will then only see this number incrementing by 1 every 10 minutes or so as somebody solves a block and submits it to the pool.

For instant gratification, you might want to consider joining a mining pool whereby processing power of members is pooled and then any solved hash block which earns BTC credits is divided amongst all pool members based on processing power contributions to the pool.

I'm a bit against mining pools because it can undermine the sanctity of the system if a processing pool has more than 50% processing power capabilities than is available to the entire system...it means the pool will be able to double-spend bitcoins and undermine the system, although this is far from a trivial pursuit or at least significantly computationally impractical...there was 1 pool which achieved this processing tipping point and it did concern the community.

I'm currently sitting on 0.1 BTC credits as a result of my affiliation with a mining pool. A good strategy will be to setup 2 mining rigs, 1 for pool mining and the other for your own benefit. Link 1 BTC address to both.

I'm working on implementing a Bitcoin payment gateway for a new Joomla shopping cart solution I'll be releasing in a few months...and like the shopping cart software itself, the Bitcoin payment gateway will all be distributed 100% free...goodbye Virtuemart!

I'd encourage anybody interested in this to join weusecoins.com and immerse themselves in this fascinating community which is an amazing feat of collective human ingenuity.

Happy mining;-)
 
d-_-b said:
Hi ocleroux

Did you run it on the CPU or GPU? Because at moment the only method that might get you coins is GPU(or until we find a faster way to calculate hashes). Sorry to sound rude but did you do any research before you decided to try mining?
.
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I did read that GPU is beneficial and should be used where possible. I have a Nvidia graphics card in my laptop. Not sure if that counts. I looked for a setting in the software for it to use my GPU but could not find one.

I think the main point I am trying to make is that 90% of people out there (people that aint IT orientated) wont understand how this works. Hell, I tried to read up on it on their website and still dont have a clue how it works. That is the big problem. If people dont fully understand how it works or how they actualy come to earn Bitcoins, then no one will give a crap about it.
 
I would love me some Bitcoins.
But me no understand.

Can someone tell me in plain words how to earn or buy Bitcoins and also what service are available to be bought with this cool currency.

I'm actually looking for a good web designer. I heard they like them some BTC.
 
bobby23 said:
99% of people don't understand how traditional monetary systems work :p

I'm hesitant to trust a system with no physical backing though, which is why I don't want to use the dollar system ever.
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So you don't trust the ZAR then?
 
bobby23 said:
99% of people don't understand how traditional monetary systems work :p

I'm hesitant to trust a system with no physical backing though, which is why I don't want to use the dollar system ever.
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Then you can't trust just about any currency in the world.
What makes gold inherently more valuable that other 'paper' currencies? There is a limited supply. Once all the gold has been mined, that's it, you have to make do with that amount of gold atoms. The demand for gold drives the price. If there is more demand, the price goes up and previously marginal ore deposits become profitable to mine because you can sell the gold you mine at a profit again.

Paper currencies on the other hand has no limited supply. Any government can just print more money (look at Zimbabwe). This devalues the currency because more money is chasing the same amount of goods (resources), driving the prices up on said goods (we call this inflation or currency devaluation).

Bitcoin is a clever mathematical system set up to be analogous to gold in the sense that there is a limited supply. The amount of Bitcoins that can eventually be generated is limited to ~21 million. And you can't just print Bitcoins. To "mine" Bitcoins involves solving real tough mathematical problems that requires a lot of processing power. Interestingly, the more processing power is thrown at the problem the harder it gets. Leading to a situation where the rate at which Bitcoins are mined is not increasing proportionately to the computation power being added.

Having the limited supply hopefully means that there will always be enough demand for it and that makes it a viable currency. And nobody controls it or can shut it down.

I see people ask about earning Bitcoins. Well, mining is one option but it'll probably cost you more in electricity to mine a Bitcoin than it's worth. So, you can ear Bitcoins just like any other currency by supplying goods or rendering services and demand payment in Bitcoins. Currently your market of Bitcoin owning clients is a bit limited though.
 
fiaskow said:
To "mine" Bitcoins involves solving real tough mathematical problems that requires a lot of processing power. Interestingly, the more processing power is thrown at the problem the harder it gets. Leading to a situation where the rate at which Bitcoins are mined is not increasing proportionately to the computation power being added.
.
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Where does these mathematical problems come from? Does it serve a purpose? Is it a way for MIT or some University to get me computing power to serve their purposes or is the problem that needs to be solved pointless?
 
ocleroux said:
Where does these mathematical problems come from? Does it serve a purpose? Is it a way for MIT or some University to get me computing power to serve their purposes or is the problem that needs to be solved pointless?
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It's type of cryptographic problem. Meaning it has its roots in cryptography which is the art and science of rendering information unreadable to anyone but the intended party. The mathematics was developed over a long time by a lot of different people. http://en.wikipedia.org/wiki/Cryptography

You benefit from this in your daily life when logging on to a secure site (SSL) for example. It keeps your transactions with the bank secure from eavesdroppers.

The purpose that it serves in the Bitcoin world is to make it hard to obtain Bitcoins, have a limited number in supply (prevent forgery).

It is not any university or someone that tries to dupe you into giving them processing power. If you keep on mining long enough, you'll be rewarded with Bitcoins.
 
fiaskow said:
It is not any university or someone that tries to dupe you into giving them processing power. If you keep on mining long enough, you'll be rewarded with Bitcoins.
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I think I would have preferred that. I give you access to my CPU and GPU and as payment I get some Bitcoins. Payment for service renderred kinda thing. :)
 
So How what is the hashing power of a GPU compared to CPU? My four core CPU was averaging 7000 Hashes, strangely enough if I limited it to two cores, it dropped to only 2500 odd hashes.
 
Thanks for the insights bobby.

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