Compute4Cash: it's a trap or not?

[pantherx12]

you dont get how it works then. there are people who claim that they will BUY your bitcoins for actual money.

Stop being a patronising ass man


I fully understand it and dare I say I may understand it to a greater than yourself hence taking the risk.

yes there's people the "CLAIM" ( quotes for scaryness!) to pay me for bitcoins, and those people do pay out according to my research.

 

[Compute4Cash]

That's another benefit of Compute4Cash - you don't need to understand or mess with Bitcoin.

 

[Easy Rhino]

Stop being a patronising ass man


I fully understand it and dare I say I may understand it to a greater than yourself hence taking the risk.

yes there's people the "CLAIM" ( quotes for scaryness!) to pay me for bitcoins, and those people do pay out according to my research.

you thought you could turn your bitcoins in at the bank for cash. obviously you cannot do that. you have trust that somebody else that you have never met is going to pay you cash for them. im going to stick to our current banking system and the US dollar (despite its pathetic performance over the past 20 years.) that should tell you something.

 

[pantherx12]

I consider myself a fairly intelligent person and I still don't understand it, therefore, I'm not gonna mess with it.

Anywho, the question has been resolved. This is not a trap. Let's lock the thread and start a new one, about the TPU Bitcoin Pool, where we all pool resources so W1z can use bitcoins to buy hookers and blow.

Works the same way as money.

You do a job, get a worthless slip of paper ( in this casea bitcoin) people accepting that worthless bit is what turns it into currency.

Seeing as their are people who BUY bitcoins and accept it as currency if people sign up for this it can very easily become a currency.


So at the moment bitcoins are worthless for the most part ( just like real money!) but when(IF) more people accept them then they are not.

Also as demand for bitcoins goes up so does their worth

so you can trade 1bitcoin for more usd.


No I didn't Rhino. You read it that way I stated nothing of the sort.







Why I think this is genious, it just takes people getting on board with it, if people do then effectively we ( normal people) have effectively done what banks done thousands of years ago, and found a print free money button.

Should be easily able to pay for all the made up money we supposedly owe.

 

[Easy Rhino]

Works the same way as money.

You do a job, get a worthless slip of paper ( in this casea bitcoin) people accepting that worthless bit is what turns it into currency.

Seeing as their are people who BUY bitcoins and accept it as currency if people sign up for this it can very easily become a currency.


So at the moment bitcoins are worthless for the most part ( just like real money!) but when(IF) more people accept them then they are not.

Also as demand for bitcoins goes up so does their worth

so you can trade 1bitcoin for more usd.

or you could just get a job or start a real business and have a massive economy already behind you. this is one of those get rich quick schemes without the actual "get rich quick" part of it. nobody wants to do real work anymore. anyway, since the OPs question has been answered and the topic exhausted i am going to close the thread.

 

[Easy Rhino]

here is the final writeup by the OP describing the topic...

Compute4Cash client is actually a wrapper around a Bitcoin miner called poclbm (Python and OpenCL).

What is Bitcoin?

Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network.

Then Bitcoin is a new kind of money!

More information about Bitcoin HERE.

the Bitcoin community ( bitcoin.org ) noticed Compute4Cash today and we
found out that it is used to generate Bitcoins.

Bitcoin is a cryptographic peer-to-peer currency and it is secured by
computing power. Those who contribute computing power are rewarded with
50 Bitcoins after completing a block (“workunit”; I think Compute4Cash
splits them into smaller workunits). This is completely legit and there
are exchanges where one can sell 1 Bitcoin for roughly $1.05 nowadays.

Compute4Cash.exe is based on poclbm (https://github.com/m0mchil/poclbm),
a program used to calculate Bitcoin blocks. I even identified the small
OpenCL kernel image in the article as being from poclbm as I worked on
that code not too long ago.

An ATI 5970 will generate about 700 Bitcoins/month (this changes every
two weeks), that’s about $735. Compute4Cash claims a 5970 will net $255
so he is making about $400..500 profit.

So maybe you should encourage your readers to generate Bitcoins directly

compute4cash is actually using your gpu power to make bitcoins (http://bitcoin.org), and then exchanging them for about twice as much cash as he pays you. Bitcoin is an online currency which you can exchange for cash, services, and other goods. The exchange rate is currently at about 1 USD per bitcoin. If you chose to do this on your own, rather than through the compute4cash middleman, you will make more than double the money.

compute4cash is being dishonest in telling you that this is used for computation or “data compression for the financial sector”

compute4cash is using an open-source miner called Poclbm (https://en.bitcoin.it/wiki/OpenCL_miner). At current difficulty and bitcoin price levels, the guy is making >50% profit on this. Any of you who are participating in the compute4cash pool, would do better on your own, using a free open source gpu miner. where better == about twice as much return.

I encourage you all to learn about bitcoin and cut out the middleman.
here are some links you should visit if you are interested in making money with bitcoin http://www.bitcoin.org http://en.wikipedia.org/wiki/Bitcoin http://news.slashdot.org/story/11/02...-Dollar-Parity

 

[Easy Rhino]

compute4cash wants to respond

Compute4Cash is *not* poclbm - it is an original c++ client and server application, it just shares the same OpenCL kernel as poclbm, with some minor modifications.

Compute4Cash is *not* a wrapper around poclbm, it is an original C++ client. It does use m0mchill's OpenCL kernel, with a minor modification. It uses a completely original server application that wraps around bitcoin.

In the last post it is stated that Compute4Cash takes 50% of the revenue generated - this is not true. We were taking about 40% for a week or so knowing that the bitcoin generation difficulty was going to increase substantially and suspecting that the bitcoin market was overpriced leading to a substantial drop in profits.

As we predicted, with the jump in difficulty on 02/18/2011 and the drop in market value a few hours later, Compute4Cash's pay rate is quite favorable for our users - we actually netted a 25% *loss* on 2/19. We will likely be offering a variable rate payment option with a fixed profit sharing ratio soon to maintain a lower fee while minimizing the risk of incurring a loss.