back to article MANIC MINERS: Ten Bitcoin generating machines

Bitcoins are either the new bubble economy or the future of online commerce. It’s not the first time anonymous e-money has been tried – ask Mondex – but Bitcoin does seem to have traction. There are things you might want that you can buy with it, such as Tesla cars and Virgin Galactic trips to space. Zynga has announced that …

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Anonymous Coward

I should like to add further caveats.

These kinds of systems have a very chequered record. Go here and follow the chain of links and you will find much that is unsettling.

https://en.wikipedia.org/wiki/DigiCash

And I am wondering how the Bitcoin system will achieve its predicted deflation when it has compeition such as litecoin.

http://en.wikipedia.org/wiki/Litecoin

And then there is the additional complication that middlecoin offers:

http://middlecoin.kobal.org/index.php/Main_Page

So, you're gonna git rich how?

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Sad but not a single one of these machines will give you ROI. They will all become useless bricks as a few months after you buy your 1TH miner, theres a 2TH and when you buy 2 theres 3.

I've been mining for 6 months and made about $50 worth of bitcoin with ASICMiner Blockerrupters which are now more or less worthless and cost me £150 when new. Then I got a litecoin mining rig and was earning £25 a day back in November... flash forward only 2 months and I'm earning about £9 with a £1500 mining rig, the only benefit of which is that I'll be able to play games on it when it stops being profitable.

The difficulty and the number of miners joining the networks is making it impossible for anyone but the bigboys to play this game. If you sink just a few grand into this, you will have lost it in a few months. It's an all or nothing game now. You either hit it with a big hash-rate, or you throw your money away.

.As soon as scrypt mining ASICs come out, all of us with big powerful graphics card mining rigs will be screwed. The best we can hope for is to mine the most profitable altcoin de jour (which changes probably every 10 mintues) and convert that to BTC. There are many profit switching pools that will do that automatically and some will even convert and pay you in BTC.

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Being conned much?

The entire bitcoin industry is utter theft and a sham, wrapped up in the illusion of deliberately complex computation problems to give the impression that some useful work is being done for the money 'earned'. In reality, all that is happening when a bitcoin is created is that the value of all world currency is diluted by the value of the bitcoin.

Did you guys think that somehow value was magically being created out of nowhere?

To date the world economy has been conned out of $10 billion in currency value dilution by the bitcoin scam. How much of that, I wonder, has been 'mined' by the creators of bitcoin on the sly, simply by having a headstart on the algorithms?

Bitcoin is only being allowed to continue because 99.9% of people don't understand what's going on and really do think that they're mining leprechaun gold out of thin air, while the other 0.1% work in the CIty of London and aren't saying anything because they're essentially up to the same thing.

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Re: Being conned much?

What are you bibbling on about?

There was no pre-mine with bitcoin. Any ALTcoin that try's that is quickly ignored and left for dead.

Your arguments about value are just insane, if you want a crude answer to where the value was look at Silkroad. Then add in Humble Bundle, Overstock.com and various small businesses that sold items for BTC.

Anyway i'm off to the secret lizard people meeting, remember sheeple don't use google to find out basic facts before posting!

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Re: Being conned much?

QED

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Legal ?

Bitcoin mining looks to me a lot like theft or fraud. Is it not similar to repeatedly appearing at a bank teller and asking if this is the right account number if so can I have $400 ?

How come it's even legal ?

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