Bitcoin

mnporter2001

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Ok first @ Jon you can exchange your bitcoins for cash on a whole host of websites, it is no different to selling and buying shares really, this site has a good reputation:

https://bittylicious.com/

Onto CEX.IO they have a massive data centre, you in theory rent a little from them and they then mine on your behalf and give out equal shares that are based on the speed you are mining, for example I now have 11.5GH/s but there are people on there with 10000GH/s they will get a bigger share than I do.

But it is all free anyway so i dont care :) they take a small maintenance fee from every block found.

Here is an image from today's balance sheet on there, the Blue is my reward and the red is their maintenance fee, the longer the block takes to mine the more the fee but you will see there i am well up... and again and i cant stress this enough its all for free

 

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Although I still don't fully understand this process, so long as it's free I am willing to try it out provided it isn't too time consuming. How much time do you need to spend per day on this to reap any real rewards?

My wallet has finally sync'd - worse than waiting for the old ZX Spectrum games to load!
 

mnporter2001

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haha yeah takes for ever dosn't it.

All you need now is some bitcoins, which may take a day or two to accumulate, then just buy some GH/s on cex.io then do nothing, you can if you want and I do when I have nothing else to do, I go and click some more nonsense and get more free coins and just add them to my cex account for more GH/s power.

Then as you can see from my image above the bit coins just trickle in, i dont spend more than 5 mins a day now and that is just taken up by login into cex, and re-investing the bitcoins i made over night into more GH/s

Its a pain to start with, doing all the captcha things to get free coins but once you have them your up and running , like I am :)
 

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I have signed up with Cex.io and land of bitcoin via nmporter's blog links. I am starting to understand this "getting coins for free" part. It's just the same principle as Swagbucks, save that being paid in crypto currency. It's actually much more passive than SB since you just set the collecting mechanism off and simply fill in a new captcha every 30-40 mins. Perfect for those that use computer all day as can just run in background.

So, I will try some of the other easy coin collecting sites later and let you know how I got on there.

Edit: I really like the sites where you do 1 quick action every hour for lots of points - vert little effort.

I won't post my own referral codes since I think that nmporter ought to reap the (modest) rewards of his hard work at the moment.
 

alditoharrods

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I've been reading this with great interest. In the next few months we will be investing in a gaming desktop PC, so I'm going to sign up now and see how it all goes. It my laptop isn't capable then I'll retry in a few months when we have the gaming pc.

I still don't "get" it, but I'm trying.
 

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alditoharrods said:
I've been reading this with great interest. In the next few months we will be investing in a gaming desktop PC, so I'm going to sign up now and see how it all goes. It my laptop isn't capable then I'll retry in a few months when we have the gaming pc.

I still don't "get" it, but I'm trying.
The thing to get your head around is that there are 2 different methods of earning bit coins.
1. You use your graphics card to mine as part of a pool - this requires a careful assessment of how much you can mine (determined by the power of GPU) and the cost of electricity - there are online calculators to work it out for you.
2. "Cloud mining" that does not require a powerful graphics card. You simply gather free bitcoins (or fractions of them) using the sites listed on importer's blog. You can then either just accumulate them or invest them at CEX to buy a share of a big bitcoin mining factory. The "gathering site" work like Swagbucks etc - getting paid to be exposed to adverts etc and CEX is like some sort of trading platform that helps you to invest your gathered bitcoins to make more bitcoins. CEX take a commission.

There might be other cheaper options to CEX but not sure yet.

It is confusing, but the 2nd option is very easy to do on autopilot.
 

mnporter2001

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So today has been fun

I took the decision last night to invest a little money in this only £20 but I cant see how I can lose it, as I can sell my GH/s and take my money back out.

So this morning I bought £20.52 in GH/s at 0.00641200 BTC per 1GH/s, within an hour or two the GH/s price was up at 0.00681000.

So what do you think I did next lol ?????????

I sold it and made 0.00039800 BTC, I then waited for the price to go back down a little and re purchased.

Working out my lost income by not having any GH/s mining for me between the time I sold and the time I re bought, my total loss/profit count on this experiment was actually

+ 0.00031000 BTC

Very encouraging, eventually when I have more GH/s on there to day trade my profits would be larger.
 

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mnporter2001 said:
So today has been fun

I took the decision last night to invest a little money in this only £20 but I cant see how I can lose it, as I can sell my GH/s and take my money back out.

So this morning I bought £20.52 in GH/s at 0.00641200 BTC per 1GH/s, within an hour or two the GH/s price was up at 0.00681000.

So what do you think I did next lol ?????????

I sold it and made 0.00039800 BTC, I then waited for the price to go back down a little and re purchased.

Working out my lost income by not having any GH/s mining for me between the time I sold and the time I re bought, my total loss/profit count on this experiment was actually

+ 0.00031000 BTC

Very encouraging, eventually when I have more GH/s on there to day trade my profits would be larger.
Day trading traditional financial instruments is treacherous. Doing it with derivatives of crypto currencies is brave/bonkers!
 

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Well I have been doing the free bitcoin thing for a couple of days and seem to amassed the huge sum of 5 cents worth :eek:

Either I am doing this wrong or there is not much to be made from these free sites?

It's now almost a week after I started using these free bitcoin sites and I am now rich beyond my wildest dreams - 22 cents !!

This is not worth the effort, so I am not going to bother any more.
Still looking into mining using GPU, but this scratching around for fractions of penny is boring and unrewarding. The rate of return at normal PTC sites is much better.
 

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I see expedia is going to accept payments via Bitcoin

get mining!
 

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Jon@TheMoneyShed said:
I see expedia is going to accept payments via Bitcoin

get mining!
I think that this thread is as dead as a dodo!
Mining is not cost-effective anymore and the bit coin derivative products just look like a confusing and time-consuming rip-off.
 

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