Bitcoin Mining

[Native Hunter]

A relative asked me what it was. I got my shovel and told them to stand back and I would start digging.....

 

[SWIFFY]

Haha! I wouldnt have a clue? I hear of bitcoins but I dont understand what it is?

 

[Native Hunter]

Haha! I wouldnt have a clue? I hear of bitcoins but I dont understand what it is?

LOL, I think you have to understand the crazed mind of the guy who invented it in order to understand it. I would rather not subject myself to that and just stay in the dark.

 

[River-X]

I don’t understand it either. How many forms of imaginary money do we need? And the “mining it”, sounds like another form of people trying to get money without putting in an honest days work. That seems to be the way of the future…

 

[Native Hunter]

I first became aware of this when I was contacted by an electric utility that I occasionally do work for. They were approached by some of the "bitcoin miners" who wanted to install buildings full of computers using vast amounts of electricity to solve complex equations. If they were lucky enough to be the first to solve the equations, they would be rewarded in bitcoin as payment. That is basically "bitcoin mining" in a nutshell. Since that time I have done some research, which just makes me shake my head in disbelief. It sounds unreal, but this is already going on at many locations across the planet.

My advice to the power company was to not give them anything free and even make them pay ahead of time for removing all of the facilities that had to be installed. It's amazing when we use real, physical resources to create something that doesn't physically exist.

 

[DiSc0Rd]

I first became aware of this when I was contacted by an electric utility that I occasionally do work for. They were approached by some of the "bitcoin miners" who wanted to install buildings full of computers using vast amounts of electricity to solve complex equations. If they were lucky enough to be the first to solve the equations, they would be rewarded in bitcoin as payment. That is basically "bitcoin mining" in a nutshell. Since that time I have done some research, which just makes me shake my head in disbelief. It sounds unreal, but this is already going on at many locations across the planet.

My advice to the power company was to not give them anything free and even make them pay ahead of time for removing all of the facilities that had to be installed. It's amazing when we use real, physical resources to create something that doesn't physically exist.

You mean like green paper that everyone just agrees you can trade for goods and services

 

[H20fwler]

A good friend of ours son made $125K last month on Bitcoin, daughters best friends husband made $45K.
Wish I understood more about it..the timing to get in-n-out is the key.

 

[DiSc0Rd]

A good friend of ours son made $125K last month on Bitcoin, daughters best friends husband made $45K.
Wish I understood more about it..the timing to get in-n-out is the key.

You have to play it sorta like a futures stake. Guess the ups and sell b4 the downs

 

[Maddmatt]

They are building a couple mining “farms” in this area

 

[S.T.Fanatic]

A good friend of ours son made $125K last month on Bitcoin, daughters best friends husband made $45K.
Wish I understood more about it..the timing to get in-n-out is the key.

If they didn't cash out they didn't make anything. I hope they did. I'll just stick to my 11% average and retire when I am no longer able to work.

 

[Mortenson]

If they didn't cash out they didn't make anything. I hope they did. I'll just stick to my 11% average and retire when I am no longer able to work.

Slow and steady wins the race. It's not glamorous but it's smart.

 

[greekfreak]

This is a touchy one. I brought up crypto a while ago on this forum. It takes studying to understand the benefits and the downfalls.

I believe we are at a point where people are trying to find innovative ways to do different actions. I also believe people have given up on government issued currency. More than 90% of our money does not exist now. Crypto depends on currency to make it work. Even if the currency is based on nothing more than a house filled with idiots telling us it is worth something.

Mining is a whole different animal. It is complex and incredibly hard to understand. Most of the crypto does not exist until a mining machine finds it and then sends it into circulation. Without sound to crazy, that is how it works. There is a double to mining however. People are finding that the blockchain is more useful than just storing cryptocurrency transactions and wallet keys (if you own crypto, you own a key to access it. about 30 numbers and letters serving as an I.D. is what a key looks like.) They are finding that this technology can also be used to process and store other data. As an example, this thread can be stored and processed on the blockchain.

It is also a speed thing. Every try to wire money into your bank account? Might take a few days. Most transactions on the blockchain take seconds. I can send you 20k and you would see it before I am done writing and posting this thread.

 

[S.T.Fanatic]

This is a touchy one. I brought up crypto a while ago on this forum. It takes studying to understand the benefits and the downfalls.

I believe we are at a point where people are trying to find innovative ways to do different actions. I also believe people have given up on government issued currency. More than 90% of our money does not exist now. Crypto depends on currency to make it work. Even if the currency is based on nothing more than a house filled with idiots telling us it is worth something.

Mining is a whole different animal. It is complex and incredibly hard to understand. Most of the crypto does not exist until a mining machine finds it and then sends it into circulation. Without sound to crazy, that is how it works. There is a double to mining however. People are finding that the blockchain is more useful than just storing cryptocurrency transactions and wallet keys (if you own crypto, you own a key to access it. about 30 numbers and letters serving as an I.D. is what a key looks like.) They are finding that this technology can also be used to process and store other data. As an example, this thread can be stored and processed on the blockchain.

It is also a speed thing. Every try to wire money into your bank account? Might take a few days. Most transactions on the blockchain take seconds. I can send you 20k and you would see it before I am done writing and posting this thread.

What does it cost to "cash out/transfer/trade crypto? We manage our retirement in house. We pulled out 510K a couple years ago and it cost us about $6.25 Little to no fees and the fact that we manage OUR money in house has been a major contributor to the success of our plan.

 

[greekfreak]

It depends on what platforms you choose to deal with. Some are much more expensive than others. The platform I trade in costs me pennies to make trades or cash out. I would guess that it would not be as little as $6.25 to move $510k dollars. I can say it would be less than $20 to make a move like that. I am also interested in where you can make a move with that sum of money in a bank system and not get hit with fines that are scary big. Was this an investing account?

 

[S.T.Fanatic]

It depends on what platforms you choose to deal with. Some are much more expensive than others. The platform I trade in costs me pennies to make trades or cash out. I would guess that it would not be as little as $6.25 to move $510k dollars. I can say it would be less than $20 to make a move like that. I am also interested in where you can make a move with that sum of money in a bank system and not get hit with fines that are scary big. Was this an investing account?

Yes. The only down fall is that you have to leave it in for 30 years before cashing out without penalties. It can be rolled into a different account without penalties. That 510K was the result of a one time 70K purchase. It was never added to after that day. That person was not an employee so there was no company contribution added to it but was allowed to leave the funds in the account.

 

[Tree Spud]

You have to play it sorta like a futures stake. Guess the ups and sell b4 the downs

Many highly trained and skilled people fail at this everyday.

 

[Native Hunter]

This is a touchy one. I brought up crypto a while ago on this forum. It takes studying to understand the benefits and the downfalls.

I believe we are at a point where people are trying to find innovative ways to do different actions. I also believe people have given up on government issued currency. More than 90% of our money does not exist now. Crypto depends on currency to make it work. Even if the currency is based on nothing more than a house filled with idiots telling us it is worth something.

Mining is a whole different animal. It is complex and incredibly hard to understand. Most of the crypto does not exist until a mining machine finds it and then sends it into circulation. Without sound to crazy, that is how it works. There is a double to mining however. People are finding that the blockchain is more useful than just storing cryptocurrency transactions and wallet keys (if you own crypto, you own a key to access it. about 30 numbers and letters serving as an I.D. is what a key looks like.) They are finding that this technology can also be used to process and store other data. As an example, this thread can be stored and processed on the blockchain.

It is also a speed thing. Every try to wire money into your bank account? Might take a few days. Most transactions on the blockchain take seconds. I can send you 20k and you would see it before I am done writing and posting this thread.

I don’t believe you. Go ahead and send me $20K right now and I will thank you when it arrives.

 

[Hoytvectrix]

It depends on what platforms you choose to deal with. Some are much more expensive than others. The platform I trade in costs me pennies to make trades or cash out. I would guess that it would not be as little as $6.25 to move $510k dollars. I can say it would be less than $20 to make a move like that. I am also interested in where you can make a move with that sum of money in a bank system and not get hit with fines that are scary big. Was this an investing account?

Something that greekfreak hasn't touched on yet is the distributed ledger component of blockchain technology. It is more secure when everyone can see the transactions. It allows for more secure business transactions that will eventually become (if they aren't already) cheaper and faster. People making vast sums of money with crypto investments makes for great headlines, but the technology behind it is what is truly revolutionary. I would compare it to when the internet was first becoming mainstream. Some scoffed at it initially, but the it did become revolutionary eventually.

 

[greekfreak]

I don’t believe you. Go ahead and send me $20K right now and I will thank you when it arrives.

Something that greekfreak hasn't touched on yet is the distributed ledger component of blockchain technology. It is more secure when everyone can see the transactions. It allows for more secure business transactions that will eventually become (if they aren't already) cheaper and faster. People making vast sums of money with crypto investments makes for great headlines, but the technology behind it is what is truly revolutionary. I would compare it to when the internet was first becoming mainstream. Some scoffed at it initially, but the it did become revolutionary eventually.

I agree, i tried to touch on the technology a little bit. But as stated above, they do not believe me.

 

[Native Hunter]

I agree, i tried to touch on the technology a little bit. But as stated above, they do not believe me.

We will believe you when you send us that $20k.