Total cryptocurrency noob

Cryptocurrency discussions
Knooot
Posts: 11
Joined: Sat Oct 18, 2014 7:26 pm

Total cryptocurrency noob

Post by Knooot » Sat Oct 18, 2014 8:25 pm

I think max keiser talks a lot of sense, he tweeted a link to the forum saying sign up and get maxcoins for posting. I followed the advice in the link, including downloading a bit of cpu mining software. I don't have a very powerful computer and am not really interested right now in the value of these maxcoins, rather I am just dipping my toe into this whole thing. So what is the deal? What can I expect? How long will it take me to mine one maxcoin and what is that currently worth? I have heard of all these different things - bitcoin, maxcoin, various other 'coins', are they all interchangeable? Why are there so many different ones?
Cheers

okpatriot
Posts: 29
Joined: Sun Oct 12, 2014 11:09 pm

Re: Total cryptocurrency noob

Post by okpatriot » Sun Oct 19, 2014 3:40 am

1 maxcoin worth about 1.5 cents currently. As far as how long will it take you to mine 1 maxcoin with your cpu, it depends on how fast the cpu is and what the coin's difficulty fluctuation is. Too give you an idea a 2.0Ghz Core i7 sandy bridge processor mining with 8 threads will do about 12Mhash on keccak... With current difficulty it would take 3 days for that processor to mine just one maxcoin.

Knooot
Posts: 11
Joined: Sat Oct 18, 2014 7:26 pm

Re: Total cryptocurrency noob

Post by Knooot » Sun Oct 19, 2014 8:06 pm

Ok thanks for that. I have another question I would appreciate anyone answering, do I need to be connected to the internet nin order to mine bitcoins, or can my computer do it when offline? (Maybe this could be the maxcoin noobs thread, which can't be a bad thing!)

Thanks very much!

Knooot
Posts: 11
Joined: Sat Oct 18, 2014 7:26 pm

Re: Total cryptocurrency noob

Post by Knooot » Mon Oct 20, 2014 4:40 pm

Ok I have another question. I am aware of the problems with fiat money, but what is the intrinsic value of cryptocurrency? I realise it is a complicated question, but am genuinely interested, and suspect others like me will have the same question...

Cheers!

GN912457
Posts: 24
Joined: Mon Oct 20, 2014 5:23 pm

Re: Total cryptocurrency noob

Post by GN912457 » Wed Oct 22, 2014 11:13 am

Great to see that there is someone else struggling with crypto sounding very much like my position.
Could I add a question, I am under the impression that these precious numbers are prime numbers and the reason that there will only be 22 million bitcoins is that it is impractical to find any more prime numbers but as computers get better does that mean we will find more prime numbers?

okpatriot
Posts: 29
Joined: Sun Oct 12, 2014 11:09 pm

Re: Total cryptocurrency noob

Post by okpatriot » Sun Oct 26, 2014 5:33 pm

Knooot wrote:Ok thanks for that. I have another question I would appreciate anyone answering, do I need to be connected to the internet nin order to mine bitcoins, or can my computer do it when offline? (Maybe this could be the maxcoin noobs thread, which can't be a bad thing!)

Thanks very much!
Sorry I've been tied up with a lot of stuff the last few days. Yes you need to be connected to the internet to mine. As far as mining bitcoins with your computer, the difficulty for bitcoin is so high that you will not mine anything. You will spend far more in electricity than you will make mining. To mine bitcoin these days you need to be running specialized ASIC mining equipment to even have a chance, and in order to ROI on the equipment you'll need to spend tens of thousands of dollars on equipment right off the bat in order ot mine as much as possible before the difficulty goes up a lot and even faster bitcoin asic miners hit the market.

Mining is a very specialized and cut throat industry.

okpatriot
Posts: 29
Joined: Sun Oct 12, 2014 11:09 pm

Re: Total cryptocurrency noob

Post by okpatriot » Sun Oct 26, 2014 5:36 pm

Knooot wrote:Ok I have another question. I am aware of the problems with fiat money, but what is the intrinsic value of cryptocurrency? I realise it is a complicated question, but am genuinely interested, and suspect others like me will have the same question...

Cheers!
The intrinsic value is the network upon in which it is based. The blockchain technology. Usage of this for a currency is just one aspect and the smallest aspect. Crypto 2.0 coins are now launching and using the blockchain for commerce, stock trading, smart contracts and more.

I highly suggest that you watch this video. It is queued into it to a good starting point. Watch it from here to the end.


okpatriot
Posts: 29
Joined: Sun Oct 12, 2014 11:09 pm

Re: Total cryptocurrency noob

Post by okpatriot » Sun Oct 26, 2014 5:38 pm

GN912457 wrote:Great to see that there is someone else struggling with crypto sounding very much like my position.
Could I add a question, I am under the impression that these precious numbers are prime numbers and the reason that there will only be 22 million bitcoins is that it is impractical to find any more prime numbers but as computers get better does that mean we will find more prime numbers?
No the number of coins can be set to anything in the code and there is no limit. Some coins like dogecoin have unlimited coins.

Knooot
Posts: 11
Joined: Sat Oct 18, 2014 7:26 pm

Re: Total cryptocurrency noob

Post by Knooot » Mon Oct 27, 2014 1:37 pm

Great stuff, thanks for the replies. Will watch the video later on.

okpatriot
Posts: 29
Joined: Sun Oct 12, 2014 11:09 pm

Re: Total cryptocurrency noob

Post by okpatriot » Mon Oct 27, 2014 2:12 pm

Knooot wrote:Great stuff, thanks for the replies. Will watch the video later on.
No problem!

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