Barnacules Bitcoin Mining Video

[FizzyFantom]

Barnacules uploaded his promised Bitcoin mining video today:

https://www.youtube.com/watch?v=JqnbtFHlOsA

 

I think it's a great video for explaining the concept simply and showing a little of the mining and technical side. He says multiple times in the video that there will be another one coming soon and I look forward to it.

If you're genuinely interested in cryptocurrencies but haven't started researching I suggest you watch it, it's a good video to start with, especially if you like Barnacules and his delivery.

 

Overall a well thought out video, well done Barnacules

[Fred Castellum]

Cryptocurrencies are volatile but on the low end of the scale now. I jumped in and out of it a while back before the crash, it's gotten a bit back up now but it's nowhere near how high it was before. 

[sperkowsky]

I feel like if your just getting into cyrptocurrency your just too darn late to the party to get anything. I personally made a few hundred dollars off of litecoin mining with my 7950 but I think that time is gone. Although yes I agree its a great video to explain it in a simple way that your mom could understand. and its jerry so you get a few laughs at the same time.

[FizzyFantom]

I feel like if your just getting into cyrptocurrency your just too darn late to the party to get anything.

I'm not sure if you can get into cryptocurrencies too late (except for mining). They're definitely a great technology and the idea is clearly threatening to the current fiat currencies. I'm a little disappointing that he referred to converting it to "real money", but I'm not keen to start that argument here. His description links are pretty good, but I certainly recommend people look at Bitcointalk.org to learn about alt coins and new technologies (PoS, Darksend, mixed hashes, etc.) Hopefully the second video will cover more of these things.

[Simons]

Been waiting for that video, but honestly its too late for the party. But what really makes me wonder is, that companies are starting to accept Bitcoin, even tho Bitcoin goes up and down by rapid phases, atleast last time I checked it out.

[FizzyFantom]

But what really makes me wonder is, that companies are starting to accept Bitcoin, even tho Bitcoin goes up and down by rapid phases, atleast last time I checked it out.

I don't see why that would be a concern for any company seeing how easy it is to sell Bitcoin for fiat currencies. They almost certainly convert that Bitcoin to dollars/pounds/euros immediately after receiving it so that the fluctuation doesn't affect their profit margins.

[Simons]

If thats the case then obviously it wouldn't be a problem. But I were more likely thinking that some bigger corporations wouldn't do an immediate exchange to avoid time loss.

[RuecanOnRails]

If thats the case then obviously it wouldn't be a problem. But I were more likely thinking that some bigger corporations wouldn't do an immediate exchange to avoid time loss.

 

According to a Bitpay employee (one of the largest bitcoin payment processors) Around 50% of their merchants actually accept some or all of their settlement in Bitcoin.

 

Whether they hold it to speculate on price, hold for the future, or look to pay suppliers/employees with it is anyone's guess.

[Simons]

It could lead to profits by holding it for the future, but I think that most companies would stick with the pure dollars instead, as stocks are properly more safe than BitCoins to them.

[Darkman]

I feel like if your just getting into cyrptocurrency your just too darn late to the party to get anything. I personally made a few hundred dollars off of litecoin mining with my 7950 but I think that time is gone. Although yes I agree its a great video to explain it in a simple way that your mom could understand. and its jerry so you get a few laughs at the same time.

^ This, mining basically died after a ton of places got hacked. It was slowly falling but that was the last thing needed to kill it. Alos Jerry is a good way to get a couple laughs.

[Barnacules]

Holy cow, someone created a threat for this? I just noticed this today Thanks guys, glad you enjoyed the video. As for being late to the party I agree with a lot of you. Mining is not really 'profitable' right now without a lot of resources and cheap power. That being said however with some of the ALT-COINS gaining traction a lot of mining power is moving to other currencies and for the first time ever the network difficulty on the BitCoin network is starting to fall into a range where it can be semi-profitable again. But just like with anything as soon as the difficulty drop is noticed people will come running back unless the other currencies are doing a 'lot better'. So just like with trading stocks it's probably more profitable to day trade the currency then it is to mine it but with much greater risk involved.

[RuecanOnRails]

Holy cow, someone created a threat for this? I just noticed this today Thanks guys, glad you enjoyed the video. 

 

The video link has also been climbing to the front page of the /r/bitcoin reddit. (A much better place to ask questions than this, or most other forums )

https://www.reddit.com/r/Bitcoin/comments/2qc1u9/barnacules_made_a_video_about_bitcoin_and_mining/

 

 

Mining is not really 'profitable' right now without a lot of resources and cheap power.

 

Mining has never really been "profitable" nor will it be. The incentive structure and dynamic difficulty adjustments ensures it's always a small margin of difference when compared to directly purchasing the coin. At times of hardware advances or market swings the margin between mining price and selling price can increase or decrease, but it will always return to a barely profitable level. A large misconception of being "late" comes from people looking back at the difficulty or price and comparing it to hardware available now either forgetting or being unaware how well the network scales.

 

 

The video was very well done, I do have one glaring suggestion. For any coins you wish to hold, do not keep them with coinbase or any other custodial wallet/third party. There are few greater example of sacrificing security for convenience with these types of custodial accounts. There are no banks in bitcoin, if you don't control the private keys, you don't own the bitcoin. Key management can seem like a hassle and a little intimidating at first, but learning proper key management and cold storage techniques is highly recommended and fairly straight forward. Bitcoin is programmable money, you can take your security to a whole new level with multisig, contracts, and NLockTime.

 

The bitcoin network is not vulnerable to attacks or social engineering, but the third parties you choose to trust are.

[Bloodyvalley]

I made about $30-40 maybe 50 off F@H, with CureCoins but that was like in march or some shit so yeah, now CureCoins are $0.01, not even. Anyway, this guy is like 2 years late.

[RandomTechnologyGuy]

#CoinMining

[RandomTechnologyGuy]

I really need to stop reading about this stuff, I was supposed to build a few systems to ship out tomorrow but I spent all day reading about dam bitcoin