SRL Archive - Technology

Impressive.

http://imgur.com/a/nGb7e/layout/blog

The impressive part is the one where they accept Bitcoins

This is what hes getting

I really can't get my head around Bitcoins..

I understand they're a 'virtual' currency but beyond that I'm lost.

You 'mine' Bitcoins by solving math problems?
And miners can approve transactions?

Wtf?

From: abu_jwka
I really can't get my head around Bitcoins..

I understand they're a 'virtual' currency but beyond that I'm lost.

You 'mine' Bitcoins by solving math problems?
And miners can approve transactions?

Wtf?

The mining program is just a program that keeps the other computers up to date on transactions. Basically the (what you call) "math problems" is just a way to save the progress of who sends what bitcoins to where. When you run the program, and it saves enough progress the person running the program will be awarded with a bitcoin.
The program is just a filing system of sorts.

From: Zyt3x
The mining program is just a program that keeps the other computers up to date on transactions. Basically the (what you call) "math problems" is just a way to save the progress of who sends what bitcoins to where. When you run the program, and it saves enough progress the person running the program will be awarded with a bitcoin.
The program is just a filing system of sorts.

Ok that makes a bit of sense.

Does mining require any hard work? Or do you just let the program run itself?

From: abu_jwka
Ok that makes a bit of sense.

Does mining require any hard work? Or do you just let the program run itself?

It doesn't technically require hard work, but the difficulty and length to mine each block of coins increases with time and the amount of people mining. So right now it is not really possible for a normal person to mine unless you have like a $20k miner which by the time it gets shipped out will already be obsolete.

EDIT: Like This http://www.ebay.com/itm/Butterfly-Labs-BFL-BitForce-500-GH-s-Mini-Rig-SC-Bitcoin-Miner-ON-HAND-w-NEXUS-7-/331079596942?_trksid=p2054897.l4275

From: elfyyy
It doesn't technically require hard work, but the difficulty and length to mine each block of coins increases with time and the amount of people mining. So right now it is not really possible for a normal person to mine unless you have like a $20k miner which by the time it gets shipped out will already be obsolete.

EDIT: Like This http://www.ebay.com/itm/Butterfly-Labs-BFL-BitForce-500-GH-s-Mini-Rig-SC-Bitcoin-Miner-ON-HAND-w-NEXUS-7-/331079596942?_trksid=p2054897.l4275

Dayum! $35k a lot of money for a machine…

This must be more popular than I thought.

I'm surprised people buy legal things with bitcoins. I don't want to pay for something using bitcoins and find out that I bought a $5 thing with what is now $7 worth of bitcoins. Same for stores, I wouldn't want to sell a $208395 car for $208395 worth of bitcoins and then have the amount of bitcoins worth $190000 the next day.

I know you can buy/sell them very quickly, but it's still not something I would want to use as a currency unless it was the only option.

I got my miners before the whole media hype and Silk Road closing occured.
Prices were much more cheaper back then, now its phenomenal.

I cant think of anyone who would want to back away and not take the opportunity to mine before the Price ended up like this.

From: abu_jwka
Dayum! $35k a lot of money for a machine…

This must be more popular than I thought.

From: Four
I got my miners before the whole media hype and Silk Road closing occured.
Prices were much more cheaper back then, now its phenomenal.

I cant think of anyone who would want to back away and not take the opportunity to mine before the Price ended up like this.

What are the blue bars, volume?

From: BMWxi
What are the blue bars, volume?

Blue Bars - Volume, amount on left side of graph
Yellow Line - Average Price
Green Line/Shade - Bidding Price
Red Line/Shade - Asking Price

I sold my 1 bitcoin I had from quite a few years ago when I mined for like a week rofl

I'M RICH, CYA SUCKERS I'M GOING ON MY YACHT

I just wish I'd got mining earlier on. My brother has been mining and buying/selling for a while now and has made money well into four figures.

I did some research, and I still do not fully understand the purpose of a bitcoin or how it is formed and how is it profitable for me? Will someone please be kind enough to elaborate!

Thank You!

From: P1nky
I did some research, and I still do not fully understand the purpose of a bitcoin or how it is formed and how is it profitable for me? Will someone please be kind enough to elaborate!

Thank You!

I also would like a bit of an explanation.

http://www.bitcoin.org/en/

[youtube]Um63OQz3bjo[/youtube]

From: P1nky
I did some research, and I still do not fully understand the purpose of a bitcoin or how it is formed and how is it profitable for me? Will someone please be kind enough to elaborate!

Thank You!

From: John
I also would like a bit of an explanation.

From: Four
[youtube]Um63OQz3bjo[/youtube]

+1 video helped a lot thanks :)

I thought he didn't buy a Lamborghini but that he bought a Tesla Roadster from a Lamborgini dealership (Tesla is not a Lamborghini I don't think) or something and that it was just a propaganda thing. I may have heard wrong, not really a subject I ever bothered reading on.

From: Hazzah
I thought he didn't buy a Lamborghini but that he bought a Tesla Roadster from a Lamborgini dealership (Tesla is not a Lamborghini I don't think) or something and that it was just a propaganda thing. I may have heard wrong, not really a subject I ever bothered reading on.

Nope he bought a lambo from the dealership, its on the invoice on the first post
That'd be odd though.. buying a tesla from a lambo dealership o.O

From: judywhite
Very impressive indeed! It feels like you wanna go mining all over and purchase such luxury items. I wish to buy a new Lamborghini (Gallardo HK20) too using my BTC wallet. Bitcoins never fails to surprise us.

Best of luck, Im saving what I have left over, I've sold some back a month ago

quite impressive I must say, 300 bitcoins must of taken so long to get unless he has a lot of machines running.

I have a friend who bought a prius back around February 2013 for 1000 bitcoins. Million dollar prius.

From: core
I have a friend who bought a prius back around February 2013 for 1000 bitcoins. Million dollar prius.

Lol a prius… out of all cars he bought a prius…?