[gauchojake]

Thinking about getting a mining rig from butterfly labs

[Domestic]

Thinking about getting a mining rig from butterfly labs

The ship has kind of sailed on this. I would also read up on some of the controversy regarding BF labs recently.

[Sam Odom]

need a warehouse full to make $$$ these days

[gauchojake]

The ship has kind of sailed on this. I would also read up on some of the controversy regarding BF labs recently.

Really? I heard they were legit ASIC machines. My buddy on minecraft told me he's been cleaning up with this rig.

[Domestic]

Really? I heard they were legit ASIC machines. My buddy on minecraft told me he's been cleaning up with this rig.

I'm sure their machines are legit but to make an actual profit considering the price of electricity you have to now invest tens of thousands of dollars worth of equipment as Sam said. BF labs seem to have some sort of legal trouble at the moment, I am not fully up to speed with it but have just noticed a lot of people not happy with the company as of late.

[GigaOuts]

The machines will not turn off because they have financial incentive to stay running due to transaction fees.

So if I send 1 bitcoin to a friend, he will not receive the full bitcoin or I have to pay 1.001 bitcoin?

[gauchojake]

I'm sure their machines are legit but to make an actual profit considering the price of electricity you have to now invest tens of thousands of dollars worth of equipment as Sam said. BF labs seem to have some sort of legal trouble at the moment, I am not fully up to speed with it but have just noticed a lot of people not happy with the company as of late.

Are you serious? I keep calling and emailing but they say they are on it. Is there an SBR-like watchdog for bitcoin? I have been waiting 6 moths.

[gauchojake]

I'm sure their machines are legit but to make an actual profit considering the price of electricity you have to now invest tens of thousands of dollars worth of equipment as Sam said. BF labs seem to have some sort of legal trouble at the moment, I am not fully up to speed with it but have just noticed a lot of people not happy with the company as of late.

No no worries about electricity I'm siphoning gas from my neighbors 4 runner and then running his generator for my juice lol.

[elgreco]

So if I send 1 bitcoin to a friend, he will not receive the full bitcoin or I have to pay 1.001 bitcoin?

If you send 1 BTC to a friend and leave your wallet on it's default settings, it will send 1.0001 BTC.

[GigaOuts]

If you send 1 BTC to a friend and leave your wallet on it's default settings, it will send 1.0001 BTC.

Oh I see. thanks. I don't known if I want to support bitcoin as a canadian sport bettor after seeing this:
We buy bitcoins at$351.12CAD
We sell bitcoins at$388.06CAD
And to fund your Quadriga CX account with INTERAC, there is 3% charging fee, this make
V I S A deposit much more pleasing even at ridiculous 3.8% fee.

[elgreco]

Oh I see. thanks. I don't known if I want to support bitcoin as a canadian sport bettor after seeing this:
We buy bitcoins at$351.12CAD
We sell bitcoins at$388.06CAD
And to fund your Quadriga CX account with INTERAC, there is 3% charging fee, this make
V I S A deposit much more pleasing even at ridiculous 3.8% fee.

That's a ridiculous spread. Is that from Localbitcoins? It has to be. You can use a real exchange instead.

[GigaOuts]

That's a ridiculous spread. Is that from Localbitcoins? It has to be. You can use a real exchange instead.

nope! this is from Quadriga CX site. It be nice to trade with peer to peer with no middleman but than there is possible scam too....lol.

[Optional]

That's a ridiculous spread. Is that from Localbitcoins? It has to be. You can use a real exchange instead.

Similar issue for Australians.

The two local operations I can buy from charge just enough premium over the rate Coindesk use to make it comparable with sending my Aussie dollars to a US$ book via skrill.

[Sam Odom]

[sweep]

Old report, will never see $660 again

[jjgold]

That was a good video

I cannot believe that one operation that guy has

Current price $326

[deuxfaces]

Oh I see. thanks. I don't known if I want to support bitcoin as a canadian sport bettor after seeing this:
We buy bitcoins at$351.12<small style="box-sizing: border-box; font-size: 12px;">CAD</small>
We sell bitcoins at$388.06<small style="box-sizing: border-box; font-size: 12px;">CAD</small>
And to fund your Quadriga CX account with INTERAC, there is 3% charging fee, this make
V I S A deposit much more pleasing even at ridiculous 3.8% fee.

Those rates are for in-person trades in their offices.

You can currently buy for $375CAD or sell for $372CAD through their online exchange.

[Sam Odom]

Current price $326

Presently... seems comfortable in the 310-330 range

But who really knows

[gauchojake]

lol shitcoin

[GigaOuts]

lol shitcoin

I agree. So disappointed with this bitcoin. It cost $$$ to fund the account with fiat currency to an exchange site. The site charge a % to buy & charge a % to sell, that added up more than 3.8% after said & done. Give me back Neteller & Moneybooker please.....1 time.

[elgreco]

lol shitcoin

From http://www.sportsbookreview.com/foru...l#post17480994 on 01-13-13:

lol @ shitcoins

I understand shitcoins better than most. You'd be better off sticking your cash in a mattress. Unregulated virtual currency mined by Chinese slaves, subject to hackers and government intervention... sounds safe to me . Shitcoin market lost over 80% in a day from a hack. No thanks.

Bitcoin was $13 when you said that. How's that cash under your mattress doing? You think the internet forgets?

I think the correct statement is: "lol @ gauchoJOKE"

[gauchojake]

I stand by my assessment. It will go to zero soon enough.

[raiders72001]

I agree. So disappointed with this bitcoin. It cost $$$ to fund the account with fiat currency to an exchange site. The site charge a % to buy & charge a % to sell, that added up more than 3.8% after said & done. Give me back Neteller & Moneybooker please.....1 time.

It's 1% + 15 cents through Coinbase.

[cincy]

I opened a NitrogenSports account and coinbase account just now in a few minutes. But coinbase says it will take 5 days before the transfer deposit from my bank is available as bitcoins in my coinbase account. i think some people suggested if I want to deposit from coinbase to NitrogenSports I need to send the money to blockchain first. Do I need to go to a website to open up a blockchain account or how do I send bitcoins from coinbase to blockchain then Nitrogen sports. Do I need to add blockchain as a merchant or as someone I want to transfer with while logged into coinbase? Thanks.

[raiders72001]

I opened a NitrogenSports account and coinbase account just now in a few minutes. But coinbase says it will take 5 days before the transfer deposit from my bank is available as bitcoins in my coinbase account. i think some people suggested if I want to deposit from coinbase to NitrogenSports I need to send the money to blockchain first. Do I need to go to a website to open up a blockchain account or how do I send bitcoins from coinbase to blockchain then Nitrogen sports. Do I need to add blockchain as a merchant or as someone I want to transfer with while logged into coinbase? Thanks.

You can transfer bitcoins right from you Coinbase account to Nitrogen. I'd recommend opening a blcokchain.info account too. Then transfer bitcoins from your Coinbase account to blockchain.info and then to Nitrogen. Do the reverse when wanting to cash out.

The reason for this is that Coinbase has closed accounts of those that have been transferring bitcoins directly to sportsbooks. Nitrogen is one book that has taken a precaution by sending out payouts from multiple addresses. They also allow you to change your deposit address up to 5 times a day. This helps not to raise a red flag but why chance it.

[raiders72001]

There’s been a lot of talk this week about the concerns around withdrawing to Coinbase when you’re using your bitcoins to gamble. A few bettors have received emails like the following from Coinbase:
“Upon review of your Coinbase account, we have determined that we can no longer provide you access to Coinbase Services. Please understand that Coinbase is a regulated Money Service Business under the FinCEN division of the U.S. Treasury Department and as such, we are required to review accounts in order to ensure compliance with regulations.
Gambling is illegal under US law even if you live outside of the US we cannot provide services to your account for the purpose of any type of gambling activity.”

Anonymity and security are always at the top of our minds, so we’d like to take a moment to reassure you that we don’t use a single address to withdraw your bitcoins from Nitrogen Sports. Your deposit address can also be changed (up to 5 times a day) if you’d like to ensure that you’re getting a completely brand new deposit address every time.

If you have any concerns about the security of your bitcoin, please don’t ever hesitate to give us a shout! Please submit a support ticket, and one of our amazing support staff would be happy to walk you through how we ensure your anonymity.

https://nitrogensports.eu/blog/withdrawing-to-coinbase/

[elgreco]

Great info Raiders72001

[jjgold]

There is alt of red tape in this thread

You better study everything before you get involved with Bitcoin

[ItsMeMrMattE]

dont stall now. so close to being right on with my first dip into the BTC markets. wanna break the $400 mark in order to be able to consider the quick turnaround.

[3runhomer]

Very interesting video...

But can someone explain to me where these "miner" on the internet are actually finding and acquiring these bitcoins?

For example, this dude in the video is supposedly making 8M a month...where is that money coming from?

[Domestic]

Very interesting video...

But can someone explain to me where these "miner" on the internet are actually finding and acquiring these bitcoins?

For example, this dude in the video is supposedly making 8M a month...where is that money coming from?

http://en.wikipedia.org/wiki/Bitcoin#Mining

The miners maintain the block chain and ensure each transaction made with bitcoin is valid and are rewarded with bitcoins and transaction fees for their effort. The bitcoin miners then sell their bitcoins on exchanges or locally. The better your mining hardware the better your chance of being rewarded with more bitcoin than those with weaker hardware. The more competitive mining is the more secure the network.

[superwerewolf6]

theres an algorthym of complex math problems or what not, ur cpu/gpu/mining gear, trys to solve it , ur competing/racing ,who ever solves it first gets the block.these days u just join a pool now (unless u have a big farm). pools combine processing power in a sense, and everybody splits the catch.

[gauchojake]

From http://www.sportsbookreview.com/foru...l#post17480994 on 01-13-13:




Bitcoin was $13 when you said that. How's that cash under your mattress doing? You think the internet forgets?

I think the correct statement is: "lol @ gauchoJOKE"

So is it more profitable to mine coins or speculate on their value these days?

I know the answer, so basically I'll just cut to the chase, you are advising people to purchase what essentially amounts to an unregulated asset that has daily fluctuations in the 1000% range. Good news, you have no recourse if you lose your money to unscrupulous players. Who are anonymous. Ok.

[elgreco]

So is it more profitable to mine coins or speculate on their value these days?

I know the answer, so basically I'll just cut to the chase, you are advising people to purchase what essentially amounts to an unregulated asset that has daily fluctuations in the 1000% range. Good news, you have no recourse if you lose your money to unscrupulous players. Who are anonymous. Ok.

Little extreme, no? We can have an interesting enough conversation without resorting to hyperbole. Also, I never advised anyone to do anything. I've just been educating people on how Bitcoin works.

As an aside. Anreas Antonopoulos killed it at the Canadian Senate the other day. It's long, but I recommend anyone interested in Bitcoin put on the vid and leave it on in the background as you do other work.

[ItsMeMrMattE]

bought 3BTC at $305 sold at $405. not bad for my first go at the markets. its looking like it will most likely run up a little higher but $405 was my sell point. still sticking to the $400's is where it wants to be for its foreseeable long term operating point. anytime you can get it at under $350 you're getting a deal, imo.