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Bitcoin credit card to let users withdraw cash

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posted on Aug, 22 2012 @ 11:29 AM
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Originally posted by Murad
reply to post by Shadow Herder
 


You realize a 1000 watt power supply running for an average of 700 hours a month would cost less than a dollar a month right?

Its a nonsense anyway, its a complete nightmare trying to mine anything of intrinsic value, anyone who does make real profit from it will be using a botnet or there companys network and more often than not, using them to hack exhanges lol.



Something about your calculation didn't seem right to me, so I did it this way:

There are 7200 hours in an average month (24 hours X 30 days = 7200).

A 1000 W power supply (1 KW) running day and night for a month would be using 7200 KWh of electricity. Here in B.C. the highest rate for electricity is 10.19 cents per kilowatt hour, so 7200 KWh X $0.1019 = $733.68.

Is it possible to generate more than $733 in Bitcoins in a month? I suspect the average user, with an average computer/graphics card, couldn't.




posted on Aug, 22 2012 @ 11:44 AM
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reply to post by avocadoshag
 


You think there is over 7000 hours in a month?

Seriously?

I sure hope not cause I run about 3 PC's more or less 24 hours a day, one with a 1000w PSU the other with 650w PSU's and they cost me a few pound every month

less keep this simple.

24 hours x 10 = 240

less just use 30 days why not?

240 x 3 = 720

So you would be paying maybe 7 dollars a month, depends what you get charged kw/h of course, but thats what it would cost you
edit on 22-8-2012 by Murad because: (no reason given)

edit on 22-8-2012 by Murad because: (no reason given)

edit on 22-8-2012 by Murad because: (no reason given)



posted on Aug, 22 2012 @ 03:00 PM
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Originally posted by Murad
reply to post by avocadoshag
 


You think there is over 7000 hours in a month?

Seriously?

I sure hope not cause I run about 3 PC's more or less 24 hours a day, one with a 1000w PSU the other with 650w PSU's and they cost me a few pound every month

less keep this simple.

24 hours x 10 = 240

less just use 30 days why not?

240 x 3 = 720

So you would be paying maybe 7 dollars a month, depends what you get charged kw/h of course, but thats what it would cost you
edit on 22-8-2012 by Murad because: (no reason given)

edit on 22-8-2012 by Murad because: (no reason given)

edit on 22-8-2012 by Murad because: (no reason given)


Oops, my mistake...of course 720 hours in a month. But that still means $73 per month, not $7.

(720 hours X 1000 W = 720 KWh X $0.1019 = $73.37 per month)

This is in Canadian dollars, and using the current rate for electrical power in B.C. I would assume your energy costs would be similar.
edit on 22-8-2012 by avocadoshag because: added stuff



posted on Aug, 22 2012 @ 03:19 PM
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Originally posted by Murad
reply to post by avocadoshag
 


You think there is over 7000 hours in a month?

Seriously?

I sure hope not cause I run about 3 PC's more or less 24 hours a day, one with a 1000w PSU the other with 650w PSU's and they cost me a few pound every month

less keep this simple.

24 hours x 10 = 240

less just use 30 days why not?

240 x 3 = 720

So you would be paying maybe 7 dollars a month, depends what you get charged kw/h of course, but thats what it would cost you
edit on 22-8-2012 by Murad because: (no reason given)

edit on 22-8-2012 by Murad because: (no reason given)

edit on 22-8-2012 by Murad because: (no reason given)


I think the other factor that must be considered is that a PC with a 1000W power supply isn't automatically using that much power constantly; the supply is capable of producing 1000W if/when needed. Your PCs aren't using anywhere near that power most times (especially when in sleep mode) so you might only be spending a few pounds per month to feed them. But I get the impression that Bitcoin mining is a processor-intensive procedure, so would likely be maximizing a PC's power usage.
edit on 22-8-2012 by avocadoshag because: fixed mistake



posted on Aug, 22 2012 @ 03:34 PM
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reply to post by avocadoshag
 


Aye true, I doubt my main gaming rig even uses half the PSU to be honest, even when under load, is really just a way to future proof it. The other computers are pretty much media centers/FoH pc's. A lot of its down to your rates, Im 4 pence per kwh but if I had a small business and a commercial property, Id get much cheaper rates, then it probably could be feasible to have a server mining away, but for a practical homeowner its not happening.

Once Solar panels are cheaper I will more than likely invest in those instead, unfortunately the local council wont let me build a wind turbine for some reason, dunno why. If all my neighbors put one in there gardens we could easily become a become plant, and then if we tore down all our garden walls and shared the land to grow food then we could......GODAMNIT.

Electrics gay.



posted on Aug, 23 2012 @ 07:01 PM
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Hello there,


Originally posted by benrl
A big plus with Bitcoin is the anonymity factor of it all.

With this, that takes it away.

Cool idea, but kind of not marketed to the primary users of bitcoin.


The anonymity factor is only a byproduct of the technology itself. And it is not really anonymous, it is pseudonymous. Every transaction ever made can be seen on blockchain.info....
But as long as no one knows that you are 1Kzgigdoc4ivWarvVumf6jQ141XQEfBt1z
(thats a bitcoin address) you are pretty anonymous.

I think the real advantages of bitcoin are:
Bitcoin is limited to a certain amount, iirc 21million, and relies on very strict rules.
Also it is opensource software, you can look at the sourcecode: github.com...
None or very very low transaction fees (fraction of a penny, standard tx fee right now is 0.0005 btc)
and the fact that it is a distributed p2p network, so the FBI can't freeze your account for example,
you can send and receive them worldwide without borders + its faster than transactions through the banking system.

Of course bitinstant has to obey the rules of the financial system, if it wants to interact with them.
Thats why they will have AML/KYC. It's just the way it is.


Originally posted by AnonyWarp
Seriously people, before saying Bitcoin is used mainly for drugs and illegal things, please, just please , stop a second and THINK and spare us the cliche about how "bitcoins are for drugs" .

Instead go and read more articles about the subject, thank you


This. Most drugs and atom bombs are handled in US-Dollar so where is the problem.

Recently there was a study that analyzed silkroad (the drug marketplace reachable via tor onion address) and they found it represents about 20% of the bitcoin economy.
So 20% is alot, but that means there is 80% of something else going on.

There is alot you can do with bitcoin. I have rented a vserver, bought reddit gamedev bundle, bought an usb stick on bitmit.net. I gambled with them. I invested them on glbse. etc.


Originally posted by roadgravel

Payment processing company MasterCard has denied that it is working with BitInstant to create an officially certified BitCoin credit card. This follows an unconfirmed report that claimed the virtual currency exchange could release a BitCoin credit card as early as October.

However, this morning MasterCard has come forward to quash the rumours, saying that it hasn’t been approached by BitInstant in any way.
...
Before being able to issue a card with a MasterCard logo on it, both the issuer and its banking partners need to go through a rigorous screening process, a MasterCard spokesperson told TechWeekEurope.

At the moment, BitInstant has submitted no documents to MasterCard, and is not even present on their system. Furthermore, MasterCard has never worked on any projects involving the virtual currency. This means that the future of the BitCoin credit card, if there ever was any, is unclear.

“MasterCard has no relationship with BitInstant. There are issuers who allow the conversion of Bitcoins to US dollars and other currencies, delivered on prepaid cards. However, we’re not aware of this particular programme from BitInstant.”

www.techweekeurope.co.uk...


Just part of the game to get the spike in value?


Hmm click on the link again, there is an update.
They are not working directly with mastercard, they want to issue these cards through a bank.
Thats why mastercard didn't know. Pretty bad journalism from techweekeurope if you ask me.

Greetings pb

edit on 23-8-2012 by praise bob because: formatting

edit on 23-8-2012 by praise bob because: formatting




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