I doubt Bitcoin is popular enough on this site to give you much business. But free bump.
Thanks for the bump and the feedback. =)
I do realize that there's only been a couple Bitcoin transactions on this website. I'll probably try to attract more business from external sources but I want to handle transactions and feedback through this website because of it's reputation and amazing community. If I get visibility, I want my fellow Steamtraders to benefit from it!
It's a decentralized electronic currency and irreversible payment system based on a computationally intensive cryptographic algorithm over a P2P network. It has no owners or central banking authority, and its founder(s) maintain anonymity. It trades for fiat currencies on a few exchanges. Fascinating stuff really, straight out of Neil Stevenson's Necronomicon.
A short and sweet explanation, Jack! I couldn't have said it better myself.
BTW I think you were referring to the book Cryptonomicon (which was awesome).
I am in fact referring to Cryptonomicon. But somehow The Evil Dead took over my brain when I wrote it. :P
Sorry Cypherpunk but right out of the gate this sounds very fishy , i would be very carefull using this P2P software folks. I can not find any trustable source that would confirm that such market do really exist since 2009 as it is stated on their wiki where all the links/source are all free website hosts or unknow sites .Ill look further into this but i do not see how you could generate money by "mining" you GPU...
"Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency."
I'd sugest you to do a better research next time :)
Bitcoin is largely used on the deep web, and is a valid currency.
You 'mine' for bitcoins by using the floating-point capabilities of high-to-mid-end GPUs to calculate complex numbers. People buy this time you spent by getting the results of your calculations, and you get bitcoins as payment. Then you can choose to convert that currency into dollars/euros, or spend it on the few sites that accept them.
So as you seem to know more than i do maybe you can answer this: What kind of calculation would require such network? Why not build you own internal network to do those calculation? Who are theses "people" paying thousands of users? Why havent we heard about it before? i mean if its so great it would be on the news?!?!
The calculations used to generate bitcoins are cripto-problems, and to solve them (having any kind of profit, related to the power you'll spend with your PC on) you need a GPU capable of an extreme performance calculation floating-point operations.
If you want to create your own coin system you can :) All the clients and tech used are open source, only you won't be generating bitcoins per se, you'd be generating 'beastof259coins' :P And you'd have to make people trust you that they were worth something.
The people is anyone that invests in the bitcoin market; it started with a initial seed of currency by it's founders but now the market is self-sustaining.
I have heard about it for at least 2 years, as I said on the deep web it's the standard currency.
And it was on on the news many times already, just do some research :)
Beast, I appreciate your honest skepticism and I'm sure it reflects many peoples thoughts. Keyser is spot on about the technical details and to answer your question more directly, no one is "paying" anyone. Because the currency has no central authority (i.e. a bank), new currency has to be distributed to user's directly. The amount of Bitcoins in circulation will eventually hit a ceiling of about 21,000,000 units. The payouts that people get for processing transactions are, admittedly, a nice incentive to get in early but remember this: the only thing that's giving this currency value is whatever it's users decide the value is. Just like the dollar and every other currency in the world. If you're really looking for more information, I'll be happy to email you a wealth of resources on the subject.
Alright now that im off work i have abit more time to look into this. Sorry if it may sound like im just bashing on it but i apply a rule when it comes to this kind of things on the wonderful world wide web and it is " If it looks too good to be true, it probably is". I have answered afew of my questions there are still afew i have such as what is the exact data generated during mining or what are the exact "cripto-problems" and their use and also the security of my rig, network and privacy. Im looking more deeply into this and will probably run it on a close network in sandbox and see how it behave. Feel free to send any additional information to : qzwxecrvtbynum987@hotmail.com
Base on the current numbers i could find i could generate roughly with my "farm" 83 BTC (approx. value 1000 USD) per 30 days.
Note that my Electricity rate is(base on quick google)currently sitting in the top lowest in the world so the cost would be very low and thats also assuming a mining hardware cost of 0 has i already own the rigs.
That being said with those numbers it sure sounds abit too good....assuming i can "cash out" in a way or another the full ammount of BTC i would generate.
Now a direct question for you Cypherpunk: If i generate high ammounts of BTC what would be your buying power? I assume you would be reselling those to consumers so what kind of margins you would be looking at for that ammount ?
My buying power is a non-issue because I'm able to trade the coins very quickly. In fact I have to do this to protect myself from wide market swings. For now I am forced to use the larger exchanges because of their high trading volumes But I plan to set up my own exchange to reduce my fees. Because of this it's almost impossible to predict my margin of profit. Technically my only profit is the transaction fee. There's always a possibility of me taking a loss on individual transactions but I am not really concerned about that. I hope that addressed your questions.
The actual coin looks like some alien type currency,lol 1 but = 10 bucks last time i cheaked.. can also get a bit rig..
According to some of the exchange websites, the value is of a Bitcoin is ~12.74 USD. It does swing quite a bit sometimes because of the low volume of the market. In the past six months, I've observed that the price has been stabilizing quite a bit. Many people are taking this as a sign that the currency is maturing and gaining reputation.
Hey guys! I appreciate everybody's feedback and all the discussion. I'm happy to answer questions and I'm doing this, at least in part, to promote awareness of this awesome currency. I've seen other sites selling Steam games for Bitcoins and the biggest problem I had was that they looked...seedy. I couldn't find someone reputable in the Steam community who provides this service and therefore, I would like to be that person, should the community choose to give me that chance.
Let me see if I can address some of the questions above individually.
I was going to do some mining myself after checkig the gpu chart a while ago, if it was 1-2-3 i would take time and motivate myself but it isnt but nothing is nowadays i guess.. Trust is also a big part of this and well the initial stage is when it is the most crucial.. I have been keeping an eye on bitcoin since it was "laughable", but not the case anymore.
Well, from what I've seen, it's legit, so yeah, I'll give you that chance. I'm still just looking around right now, but I might try this mining thing.
Hey it went from " that wil never work " to " well what do you knwow" lol.. mining "rigs" cost upwards of 30 k.. my gpu and set up can handle good numbers.. also they used to think cpu but when gpu was looked over, well gpu is the most productive method.
You know, I was afraid to post more information because I don't want people to think I'm getting paid by some affiliate program. Would you like me to post some more detailed info here about how to set up a mining program on your computer? I'm happy to do it as long as the moderators don't mind.
Yeah, it doesn't sound like you're trying to scam anything, so I say go for it. If there's a problem later, I can ask you to take it down, but from what I've discovered, I don't think that'll be an issue.
Just a quick note to anybody planning on doing bitcoin mining. I STRONGLY recommend that you join a mining pool. Mining pools work together to leverage their collective GPU processing power and divide payouts among users depending on their contribution. If you don't join a pool, it can literally take a couple years to see a payout.
Let me guess: GTX 460? Mine gets about that speed :-)
It might not be cost efficient to try. You can check but if you're like me, you'd literally mine at a loss because of the power cost. But I could be wrong. Use a mining calculator to check.
ATI HD4770 XD, now it's about 80 Mhash/s with -v 2 -w 128, and another HD6850 gets 200 Mhash/s, I'm testing full time today, until now (running for 3 hours) I got in a mining group 0.00800093 BTC (YEAH!!) XD, but it's funny to try it, any tips?
Yes, there are several kinds of mining pools with different payout setups. Some work better for people with lesser rigs like us. Can't remember the types but the info is easy to find.
Obviously it's better to leave the miner running round the clock. You can actually lose some of your coins by mining in short spurts because of how some pools distribute payouts (based on shares).
Isn't mining with a single PC not worth the money? You'll lose more in electricity than you'll earn.
It depends. There's a few factors to consider. More powerful cards can definitely be cost efficient. Some people pay little or nothing for power. Some people can get lucky solo mining and get an instant large payout (rare).
This calculator has really helped me: http://bitcoinx.com/profit/
Welcome to Cipherpunk's Bitcoin Tradepost!
Here, you can buy any Steam game with Bitcoins. Until Steam adds this feature, I'm happy to service this niche market. My prices are based on MTGOX.com's average BTC price to ensure fairness. My price will be continually updated to account for market fluctuations.
Don't have any Bitcoins?
Did you know you can "mine" Bitcoins using your computer's graphics card (something just about every Steam user has)? I'm not here to promote any group or organization so I won't post any links but simply googling "bitcoin mining" should give you all the information you need to get started. This is a great way to cover the cost of small games and DLC.
Name the games you want below and I'll respond with your BTC cost. If you agree to the price, send your payment to the following Bitcoin address:
1KJa62haU4qhK4EMX1ncbWqNLC39AMs62N
and an email to:
SteamTrader.Cipherpunk@gmail.com
In your email, please include:
Be smart and check my feedback before buying: http://steamcommunity.com/id/cipherpunk/
Once your payment has received 6 confirmations, I'll send your games directly through Steam. I do work a full time job, so if you need your games quickly after paying PLEASE arrange a time for the transaction with me by email. Let me know what you think of this service and feel free to post questions and comments below.
Edit: Currently I'm also selling a DOTA International Courier, Drodo the Dragon for Bitcoins. Post your offer here.