Introduction to Bitcoin

[bjokkor]

they should link ingame gold to this bitcoin thing.. i'd be playing a lot more :)

[Lastindependentthink]

I have a question, if you can't double spend them then arn't they destroyed after a transaction? or is that just by the individual? and if that is the case and there is a limit on how many can be mined ie 21 million or something then once there are no more to be mined it is useless as a commodity or currency?

[Factrocks]

@Lastindependentthink The blockchain takes care of double spending, take a look at the bitcoin whitepaper for more info. Self imposed transaction fees to miners will gradually replace mining rewards.

[Lastindependentthink]

@Factrocks Thanks.

[KittyKittyBEAH]

mining bitcoins? what is this? mindcraft

[terriaization]

Cant you see his account no.?!

[Factrocks]

@terriaization all of the info is bogus :) the account number can't be used for transactions

[CPgamer1000]

@Factrocks so bitcoin is real? really cool

[Hy22n]

go ahead go ahead go ahead

[Free3dTitles]

Yea the blockchain takes ages to download at first.

[SoobNaibot]

>Blurs out email

>Firefox: "Remember password for ____?"

Lol you missed a spot.

[FelipeSparx29]

The ending to this vid was hilarious!!!!!!!! AWESOME VID MATE!! :)))

[Factrocks]

@FelipeSparx29 thanks!

[leanlifter1]

@Factrocks If this Bitcoin thing is so lucrative then why are you running an Intel Celeron CPU ?

[Factrocks]

@leanlifter1 This tutorial was recorded using a relatively weak computer. I don't mine bitcoins, as the prices for good mining gpu's are very expensive.

[leanlifter1]

@Factrocks I did the math and pretty well any decent and relatively affordable GPU setup for Bitcoin mining will take at leased 5months for it to pay for itself and that is only if the price of Bitcoin stays fixed and this is only for the GPUs not factoring in that you also need to buy a whole computer to run the GPUs for mining.The only way Bitcoin is real worth while to mine is if one has access to an array or server of computers that they could borrow free and clear to bad.

[FelipeSparx29]

It is truly the information era!

[wallaguest1]

any web to accept credit cards payments and get the result in bitcoins without the hassle of tell to a guy "you must use an exchanger first to get your bitcoins then sendme the bitcoins" ?

[maqsad1]

"They make a great investment since deflation is not possible due to extensive printing"

Muahahahaha

[mquarmoc]

Loved the donation joke at the end

[Factrocks]

@mquarmoc I have yet to receive any donations yet :(, haha

[MostTerrifyingWeapon]

@Factrocks Maybe its the fact you cant copy and paste a text on a video

[canaanav]

I love the intent behind the Bitcoin system, but it is very flawed. Every new currency has the innate problem of determining who receives the new currency first. Bitcon attempts to solve this via Bitcoin Mining. This rewards dedicated CPU's with Bitcoins. This essentially makes CPU computing power a commodity, and thusly Bitcoins are a commodity. They bring no new goods and services to an economic system so they are no less of a money machination than anything that Wall Street concocts.

[FightBadIdeas]

Maybe you could mention in the video (ideally around 1:23) that it takes a long time for the client to download the block chain for the first time (approximately 6 hours), otherwise people may not understand why it seems to not be working.

[Factrocks]

@FightBadIdeas Thanks for the advice!

[lisgbfb]

the video is outdated (but back then it was good), because mybitcoin is down and dwolla can't be recommended.

[Factrocks]

@lisgbfb agreed, I will post some info about using paxum and instawallet

[crudnup]

when im mining, is there a way to see how many coins i currently have?

[Factrocks]

@crudnup yes, the client will tell you, and the BTC will be sent to your bitcoin address

[crudnup]

@Factrocks where on the client does it show this?

[Factrocks]

@crudnup under approx mint speed

[RoboticusMusic]

What is the machines/workers thing for?

[PoboyMusic]

Dwolla has been been accused of fraud so don't use them till they come clean.

[Factrocks]

@PoboyMusic someone scammed them, and they have been accused of chargebacks, however, I'm not too worried, bitcoin is their only buisness

[redblade1995]

Hmmm so what would be considered as rich in bitcoins?

[Factrocks]

@redblade1995 1 BTC is currently about $14, so having about 100k coins means you have a TON of money, but it varies. Personally I think anyone who can afford over 1000 coins is rich.

[PH5221]

@Factrocks 1 BTC is $8.8

[duffmasterofpuppets]

@PH5221 Where are you getting that figure from???

[evoorhees]

Great video, thanks for making!!

[Factrocks]

@evoorhees You're Welcome!

[oXProskillzXo]

so i can buy stuff online with bitcoins?

[Factrocks]

@oXProskillzXo yes

[oXProskillzXo]

@Factrocks i mean like any website? like ebay for example.

[dee9740]

so why would you use this over paypal??

[Factrocks]

@dee9740 its as anonymous as cash and impossible to chargeback (scammers are famous for doing chargebacks on paypal)