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mnporter2001

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Spent all day reading up on this, has anyone on here had dealings with them ? either by way of mining them or trading in them ?

I think with the way the value fluctuates there is a defo chance of making a few ££'s buying and selling them..

Im going to have go anyway and see what happens :)
 

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I had a mate try this and well.. It didn't end well

I don't know the full ins and outs of it (although I could ask) but he made a loss so he either

a) didn't know what he was doing

b) did it at the wrong time
 

mnporter2001

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Well its a right job to even get started, I downloaded the Bitcoin core (My Wallet) and to be fair its did say it would take a long time to sync, but wow 2 solid days it took to sync and 7GB of data transfer so for god's sake dont try this if you have a data limit on your broadband.

Anyway as of this morning I now have an active wallet, so me being me thought I would try this mining stuff out, I shall report back with results on how that goes.

Im also now in the correct state to but bitcoins so im just looking around to find the best {well the cheapest} place to buy them.
 

coomassie_blu

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Brave! I'm impressed. Really hope it works out well for you :)

Thanks for sharing
 

mnporter2001

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coomassie_blu said:
Brave! I'm impressed. Really hope it works out well for you :)

Thanks for sharing
Im not sure "Brave" is the correct word, but thanks.... I think stupid is more like it lol

Anyway fingers crossed :)
 

mnporter2001

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Renting out mining gear from eBay or other similar sites really does not work ! so don't try it you will end up losing money.

However its not all bad news, I am now earning Bitcoins every hour and all on auto pilot and without the need to spend any money at all, and I mean no money has been spent on this, and I am at the time of writing this up to £16+ and growing hourly.

I have written a blog on this so if you fancy having a go please follow my guide, it takes about 4 days to get up and running ( that's not 4 days of work so relax ) but once you get past the initial setup etc its on auto pilot earning bitcoins, which by the way is rising in currency exchanges

Anyway my post is here : http://bitcoin4profit.co.uk/?p=23

Any questions please ask, I have spent a while researching all this so if I can help I will....
 

RedAlix

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I have had a brief look at bitcoins, I will take a look at your blog.

If you do gift hulk you can exchange your HCs for bitcoins - 6000 HC = 5mBTC (I have no idea how much that is worth in £'s)
 

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RedAlix said:
I have had a brief look at bitcoins, I will take a look at your blog.

If you do gift hulk you can exchange your HCs for bitcoins - 6000 HC = 5mBTC (I have no idea how much that is worth in £'s)
Is anyone else completely bemused by how this all works or is it just me? :-\ :eek:
I just can't get my head around it, which is a shame if it is such an easy way to make money.
I read this, but still don't fully understand the mining process >> https://bitcoin.org/en/faq
It reminds me of the time I tried to understand quantum physics and failed miserably.
Perhaps it's one of those things that you only start to understand once you've tried it?
How much time and effort has it taken to get to £16+? Is there any on-going effort required? If so what?
thanks
 

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Right, I am so intrigued by this magic money that I am syncing my Bitcoin Wallet as we speak ... whatever that means? [where is the shoulder-shrug emoticon ;)]
 

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TheRewardGuy said:
Right, I am so intrigued by this magic money that I am syncing my Bitcoin Wallet as we speak ... whatever that means? [where is the shoulder-shrug emoticon ;)]
No work at all is needed other than re -investing your made bitcoins back into GH/s or withdrawing them to your wallet after the initial few days in setting up the wallet (syncing it, and making a few free bitcoins).

Once that is done its plain sailing, I wrote that post on my blog yesterday morning and I had £16.32 in assets on CEX today having done nothing at all I have just looked and that is now £20.72.

Its great for 2 reasons the first being that you are re-investing what they make you back into more GH/s (Speed) which then makes them earn you even more. and Secondly that £20.72 that I have right now may be worth £40+ in a few months should the price of Bitcoin rise on the currency markets its no different to gold and silver really.

If you had a lump of gold that was worth £20 10 years ago its now worth probably £100+

I intend to keep investing upto around 200GH/s and then stick the thing on auto withdraw which should pay out around £20 per day and leave me with a £368.29 asset in GH/s which I can cash out when ever I want :)
 

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I still haven't got much of an understanding of the terminology like GHs etc and trying to work out whether there is a catch? But, for now I'm going to give it a go. As they say in the Toon .. "Shy bairns get nowt!"
 

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Well I have only just started myself, but I fail to see a downside as you/we dont have to spend our own money to start, which has to be a plus.

Look at it as a commodity it may not be worth much now but in the future if it goes back up to where it was you will multiply what ever you have by 5

And if you need help please ask I will do my best, its defo not a get rich quick thing, but it will make a passive income stream after the first few days of messing around.
 

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mnporter2001 said:
Well I have only just started myself, but I fail to see a downside as you/we dont have to spend our own money to start, which has to be a plus.

Look at it as a commodity it may not be worth much now but in the future if it goes back up to where it was you will multiply what ever you have by 5

And if you need help please ask I will do my best, its defo not a get rich quick thing, but it will make a passive income stream after the first few days of messing around.
a little passive income to invest into other projects would do nicely - even if it just pays for my domain renewals and hosting each year.
 

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Looks interesting. Definitely worth a try for some passive income. :)
 

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Can you explain to me how to comes to withdrawing money from bitcoin

If you have made say £50, how do you get that out?
 

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RedAlix said:
I think I will give it a go, just have to wait to get my own laptop back as I guess you have to download stuff?
As I have mentioned, you should do some research before using a laptop due to overheating issues and low powered graphics cards etc.
 

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TheRewardGuy said:
RedAlix said:
I think I will give it a go, just have to wait to get my own laptop back as I guess you have to download stuff?
As I have mentioned, you should do some research before using a laptop due to overheating issues and low powered graphics cards etc.
Thanks for the warning. It doesn't seem a good idea for doing on a laptop.
 

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I think I may have completely missed the point here. So, this CEX.IO is some sort of "Cloud Mining" operation where I don't actually use my computer to mine directly using my GPU? Wow, it gets even more complicated! A trading platform for derivatives of a crypto currency!? More complicated than Credit Default Swaps. CEX sound like a bizarre Bitcoin Spreadbetting company. If their rig is profitable enough to pay customers a profit whilst paying CEX big commissions, why aren't CEX just keeping the initial huge mining profits to themselves instead of sharing it with others? I just don't know how it can be possible to generate all of this profit from zero investment? If it is this good (turning £2.79 into about £20 in a few days), why not put say £100 into it and make an absolute fortune? Am I missing something?

Sorry, to seem negative, but it all seems far too good to be true at the moment.

I note the 3% referral commission at CEX.IO ;)

Up until that point, I had wondered how you were going to monetise the blog.

Here is a good YouTube explanation of cloud mining - part of a series explaining all about Bitcoin mining https://www.youtube.com/watch?v=Bd1doftVUHg

CEX.IO seems to get a lot of bad press? http://www.reddit.com/r/Bitcoin/comments/1uscfc/stop_buying_cloud_mining_at_cexio/

The world has truly gone mad!
 

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