Topic: How long to generate ONE bitcoin???? - page 2. (Read 52285 times)

Man, you'd think someone would have taken all of these Frequently Asked Questions and made a single page where they are all answered up front. 


No, Bitcoin is a self-described "peer-to-peer digital currency." It's not money in disguise. It's money.

Neither.  Generating is hard, and both a means of distributing new currency somewhat fairly, and an incentive to contribute clock cycles to secure the system.  You don't have to generate to use the system, it's voluntary.  Nothing of the sort is expected of you.


If that's the way you feel about it, don't use it.  But you are also wrong.

Wrong community. We have no problem with money. Fat cat bankers, yes, but not banking and money itself.

If I open a bank account, I don't expect the bank to expect me to run a piece of software that does… what, again? Why is there the word "Generating" in the mid-status bar? What is it generating and how long does it take?

I am a huge fan of alternative economies, but Bitcoin is either badly designed (UI that creates false expectation; no point in generating - just call it 'wallet'), or another scam, where only the early adopters win.

Anyway, in an honest economy no reward can be expected, because no one can let a good, valuable deed to go unrewarded. Bitcoin is money in disguise, and therefore a step in the same direction as Goldman Sachs and the Fed.

If you open a bank account, do you expect that the bank puts daily 100€ on your account, just because you have an active account with them?

No, you got to work to fill your bankaccount, the same with bitcoins, if you want them, than trade something for them (goods or services). It's just something like euro's and dollars, a way of paying for things, but instead of paying with creditcard, paper, coins,..., you pay with bitcoins.

That you get some bitcoins for helping the network is a nice little bonus, you could see it as the interest the bank gives you for renting them your money. In bitcoin you don't rent your money but ur cpu.

If you could daily generate a lot of bitcoins, they would btw be worthless, so whats the difference, if you got to generate a month for 50 coins and you can buy something for 50 coins or you generate 50000 in a month and for the same thing you got to pay 50000?

Btw, I got from 24/07 till now generated 50BTC and I got a khash of around 1600.
I've made some graphics for the community and put them here and got in one day 26BTC from donations.
So forget the generation, just do what you are good in and sell it for coins, or give it away freely and maybe you get some donations. (I prefer the last business model but that's up to you offcourse)

Wait, it's not about getting free stuff? See ya.

N/m, I'm back. Just made some free coin via my good friend Arbitrage.

Thanks Nu Angel, very kind of you

There *is* a way to determine the value of something generated like this - it's what people will pay for it. In that respect bitcoin is largely the same as "real" monetary systems.

Using your computer to generate bitcoins does no useful works, other than creating bitcoins, which is useless by itself. So you missed the entire point of bitcoin, which is to facilitate an economy using...bitcoins.

The value of bitcoins are determined by the market.  See https://mtgox.com/ and http://www.bitcoinmarket.com/ for current exchange rates, which should give you a concrete idea of value.

Given how hard they are to generate, in my opinion (if I worked 24 hours a day for 3 weeks, I'd certainly expect more than 50 cents)...  I'd have to say that 1 BTC is worth about $800.  I'll trade my 5 BTC for a PS3.

Given there's no realistic way to determine the value of something which is randomly generated, I'm giving up on it.

My 5 coins from bit faucet will go to you, martin, just because your address is listed.  They're all yours, knock your socks off.  Don't spend'em all in one place...  or do...  if you can...  good luck.

NuAngel

Once Bitcoin reaches minimal popularity as it did when it was featured on Slashdot, the focus shifts from generating bitcoins to using bitcoins. You can provide goods and services for bitcoins or you can purchase them. You can also receive goods and services for bitcoins or you can sell them.

Bitcoin isn't about generating coins. It's about trading coins for stuff, so offer some stuff for sale and get some bitcoins that way

Are there odds that you'll NEVER be the first?     Think I'll be uninstalling.  Evidently my computer isn't fast enough to compete or "earn" money.

Nu

It's kinda random, more like a lottery.  If your computer is the one that finds the solution to a block first, then you will get 50 coins; no more and no less.  This problem is designed to grow more difficult as the total computational power of the network grows, in order to keep the average time between blocks at about 10 minutes.  So 7200 coins are created each day, and given out in 50 coin sets.  It could be weeks before you are the winner, or it could be twice in the next 30 minutes.  No one can predict this, and that is the point.

I've had BitCoin installed and running practically 24/7 since July 23rd.  My KHASH/S value is only about 352 - Pentium 4 Dual Core 2.8Ghz w/ 2 GB of RAM.  My Balance of coins has not gone up, even though I've processed 72,110 blocks.

Am I ever going to see a sudden burst of BTC's or will my balance show "one" some time in mid-August??

NuAngel