Prospect for Bitcoins

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Hi fellow Prospectors

I have a new gold for some of you to mine, at least those that may be interested?

To start with this is all new and I apologize to the ones in the know if this is a little low on the radar for them. Sounds a bit too easy, but it is most definitely possible. What I am doing is collecting Satoshi's which are a very small fraction of a Bitcoin. Seriously small fraction!

However there is a way you can collect these for free and they do add up. Over a short period I have been already able to re-invest and return my initial investment, small amount but concept works. This was also to prove they actually payout. No point doing and getting nothing back. Especially seeing the reward is so low.

As I was helping a few people through the process, it was easier if I just created a simple webpage they could work through the process. This is what I have done with a few instructions and mentioning also what I am doing. You can follow along if you wish.
Everything is freely available.

https://sites.google.com/view/freebitcoin888/home

Strategy -
Have lots of Satoshi faucets working collecting coins.
Once limits reached, withdraw this small amount. As often as possible.
Small bit goes into the vault, the rest in the trade kitty.
Re-Invest into a miner who produces daily returns.
Rinse and repeat.

Who may be interested - People who have some spare time. A few minutes a day will help the returns, however you could just do it once a week and collect, on some of them anyway. People who have lots of time can keep claiming on a more regular basis for an increase return.
Who may not be interested - Someone who already has a lot of Bitcoin and a strategy for them already. People who cannot understand it or are fairly well off. The initial small amounts just seem too small to worry about.

Have a look at my page it is still in development but it will get you started if you want to. It is as honest as I can make it and just letting you know what I am doing. There are always people willing to take advantage of others. I have made some mistakes and I am sharing those with the those that want to try this. I am no expert, far from it. However I have learned a few things and this is what I have shared. I am not asking for any money either, you can learn and earn as you see fit. I will state there are bonuses and networking does help. However you do not need to do this to start earning at all.

https://sites.google.com/view/freebitco aster-list

PM me or email and I can help you through. There is a longer vision with this and we will be looking at lots of areas that are available to increase and compound returns.

Finally I did know about Bitcoin when they were back around the $10 mark approx (Now approx $1050US) at that point I didn't understand it and sort of bagged them. A lot of people on the forum I was on (Silver Stackers - I have posted this there also) had a little better insight than me and started to get right into them. You can search and see both results. So after sitting on the fence and getting a sore backside I decided to learn more which led to this. I know it is not huge, but I do believe it has some potential for huge growth in the future. So these little bits may be a fair bit more. After all that is what most of us are doing here is Prospecting for Gold, Silver and Treasure this is just the digital version. Not as hard on the back or as expensive either. So after a little humble pie I decided to jump in, well at least dip the toes. I hope you may also see Bitcoin as a good hedge also.

Take Care
Aus
 
Where are you converting your bitcoins to viable currency? As far as I'm aware only a few legal retailers (quite a few of the other ones used them before the mtgox issues, silk road etc ;) ) recognise them as currency due to the current difficulty in cashing them out. Well that and they have no actual backing as a currency and are essentially a commodity, albeit a particularly unique form.
 
bend said:
Where are you converting your bitcoins to viable currency? As far as I'm aware only a few legal retailers (quite a few of the other ones used them before the mtgox issues, silk road etc ;) ) recognise them as currency due to the current difficulty in cashing them out. Well that and they have no actual backing as a currency and are essentially a commodity, albeit a particularly unique form.

If is not a currency then how did I buy a brand new Nikon D5200 camera with lens online from HK a few years ago WITH BITCOIN for the then Australian Dollar equivalent of $450 when the same D5200 camera was $1,200 in JB hifi?

I've got an eftpos card funded by bitcoin that I can use anywhere eftpos is accepted.

I can buy a house with bitcoin quicker than I can buy a house with gold.

Anyone who disregards bitcoin is missing out. I initially tried to buy bitcoin when it was $70. Long story short a similar vent to Mt. Gox happened to me and I lost a few hundred dollars (but got it back eventually!) so I shied away from bitcoin for a couple of years but by the it was $1,000!

So that was unlucky.

Bitcoin is worth over $1,000 at the minute ($1,028.42 to be precise) and by the end of the weekend it could be $890 or $1,100. In three years time it could be $5,000 or $5. If I buy at $890 and sell at $1,100 and reinvest it I've got more bitcoin than I had a week ago.

As it happens I dont hold any bitcoin at this moment but it's certainly something to keep a close eye on.

Like anything, property or gold, do not buy at the wrong time or you may have to wait a very long time to get any returns.

Bitcoin goes on stellar runs every few years that return 10 times your investment in 6 months or less.

In 2011 Bitcoin went from 10 cents to $30 in 4 months.
In early 2013 Bitcoin went from $12 to $266 in 4 months.
In late 2013 Bitcoin went from $100 to $1200 in 5 months.

So if you put AUD $1000 into bitcoin in early 2013 and sold when it hit $266 and then bought in again when it hit $100 you would be sitting on a quarter of a million dollars now. That's from just $1,000 if played right.

Most people grasp the concept of digging up gold quite easily, Bitcoin takes a bit more to grasp the concepts but whereas real gold is getting harder to find, just like bitcoin, the chance of you getting in early on bitcoin is still present.

None of this is financial advice and always do your own research.
 
Hi Bend good questions and you are right to a certain extent. I am no expert and while it is possible to convert to currency a little bit easier than it used to be. My amounts at the moment are not even worth considering that, also long term I really don't know if the need to convert to fiat currency is going to be needed as almost anything now can be purchased with Bitcoin (As diggit has mentioned above), I can also pay via Bpay and in the long run companies will accept Bitcoin as payment anyway.

Also now when you purchase something through your traditional banks, do you actually send money or digital 1's and 0's already? So where is the value in that. A $1 note is worth the same to produce as a $100 it just has more numbers on it, perhaps Zimbabwe 10,000,000,000,000 notes that are worth about 5c.

Short answer more easy than before, the word legal is not correct either. It is not criminal to own or have Bitcoin. I can go down to my local store right now and buy Bitcoin straight over the counter, I have assisted in installing an ATM machine in Perth here also.

To say there is not a dark element would be naive, but there are also criminals that deal in cash I reckon? Everyone gets too hung up on old issues. Yes they happened and it was not the best marketing for a new idea. However since then the true capacity and value is starting to be recognized.

As one of the videos highlights everyone's reaction to this new thing called the "Internet" thingy... So Bitcoin was invented a few years back, what will it be like in another 20 years. Who is old enough to actually remember before the internet. My youngest has never known a life without internet and mobile phones. In the long run we all have to live with our decisions and actions. For me I see an opportunity, others see caution etc...

A couple of videos and some poor people saying how much they believe in it :)

[video=480,360]https://www.youtube.com/watch?v=k0HmrSfJwhU[/video]

[video=480,360]https://www.youtube.com/watch?v=WFIZFc4GCMg[/video]

Like I say for free and little effort, to get a daily, yes daily return and re-invest well you can count me IN
 
I'm out of the loop where bitcoin is concerned, however, when i looked at it years ago, for some reason there were only 80 or 800 Million (?) odd....

Number may be off, but the word was there is a 'limit', unlike paper we can print more...

Has this now changed as well, or is that what influences the shift in value price?

I'm still astonished it has taken....to be honest.

Gypsy
 
GypsyGoldAu said:
I'm out of the loop where bitcoin is concerned, however, when i looked at it years ago, for some reason there were only 80 or 800 Million (?) odd....

Number may be off, but the word was there is a 'limit', unlike paper we can print more...

Has this now changed as well, or is that what influences the shift in value price?

I'm still astonished it has taken....to be honest.

Gypsy

21,000,000 Total period !!

Bitcoin has come a long , long way since the days of Mt Gox fiasco and Silk road.
Bitcoin is now widely accepted worldwide, recognised as a commodity in many countries (so it can be taxed) and very big players in the world financial markets are involved.
Still can be volatile but as all market trading, if you know what your doing very good gains can be had.
 
Hi Elrodeo, how have you been? I know you've been doing bitcoin mining quite a while now, what do you make of these cloud miners? I've been researching this all morning and it doesn't make any real sense to me, all it does is raise the red flag of scam or ponzi schemes.

Cheers
 
Heatho said:
Hi Elrodeo, how have you been? I know you've been doing bitcoin mining quite a while now, what do you make of these cloud miners? I've been researching this all morning and it doesn't make any real sense to me, all it does is raise the red flag of scam or ponzi schemes.

Cheers

I also had a lot of hesitation and I do not fully understand it yet, I can be honest. However what I DO know is that a few weeks ago I had absolutely ZERO of any crypto currency. Where as now I do, very small amounts still but it has already compounded. Yes Ponzi to an extent as they want you to get people to the faucet which they offer bonuses. I say take the bonus pass it on. It is not a full pipeline referral. Most case if not all are only first line. They cannot pay too far down the line the amounts are too small.

These are in my Bitcoin wallet, so I can officially say I now have "some" Bitcoin.
 
My question is why does the inventor essentially give money away for free? And what is all the processing power going into mining really being used for. ;)
 
Is that one of those,
" Make money at home while you do nothing schemes." ?
Or,
" Richard Branson Gobsmacked " click bait advertisements.
 
Eric2017 said:
My question is why does the inventor essentially give money away for free? And what is all the processing power going into mining really being used for. ;)

Tathradj said:
Is that one of those,
" Make money at home while you do nothing schemes." ?
Or,
" Richard Branson Gobsmacked " click bait advertisements.

It is a difficult question to explain, one that I am not an expert on. But the inventor did not give money away. That was for sure. It is difficult to understand fully but the concept I get. How it actually technically works I have no idea.

As for the click bait :( my site is certainly not this.

I cannot be confident on the many others, which is why I put up a site to help people that were trying to work out what to do. I have people and associates working on this now and mining. They get stuck the website helps them. That was all. A gently step into crypto currencies and how the work in the real life and everyday dealings. Start small learn.

Another way to think of bitcoin is like a share - 1.0 Bitcoin being a full share. Currently that share is approx $1100US If you only have .01 of a Bitcoin you have $11 worth approx and so on.

If Bitcoin went to $11,000 you still have .01 of a Bitcoin except now it is worth $110 and so on. The more you collect the more you own? That is a simple way of looking at it.

Tathradj Edit.
Only place to put this to clarify.
I apologize if I have offended you and your Web Site
That was truly not my intention.
Please accept my apology.
Doug
 
Bitcoin is nothing like a share sorry. Not backed by anything as I said. A bitcoin is a data artefact generated by the use of particular video cards, that's why they're limited. As I understand it, the inventor selected a set of waste data generated in operations performed by those video cards to attempt to demonstrate that anything can be a commodity if rare enough, then released it into the wild where it apparently caught on. Presumably proving his point.

Until a few years they were heavily used by criminals performing illegal transactions due to the essentially untraceable nature and perceived value (silk rd etc). This largely stopped around the time of the MTGOX collapse, where one of the biggest bitcoin exchanges collapsed (it may have been the only one at the time but I'm not sure) taking quite a few peoples money with it and making it essentially impossible for anyone to transform their bitcoins into actual cash at anywhere near their apparent value.
Not sure what the current state of things is, although I am aware that certain retailers are beginning to accept them, so I assume a new exchange has been setup somewhere, or a similar way to transform your unbacked commodity into actual money.
 
I understand bitcoin and trading in it, it's basically the same as trading in any other currency providing the bitcoin exchanges stay operational. Buy low sell high, that's the easy part.

Westaus the thing that bothers me about this is most of these links on your page are "cloud" bitcoin miners and not physical hardware bitcoin miners, essentially these companies claim to have large banks of computers mining bitcoin when in reality they probably don't.

Companies that have huge banks of computers mining bitccoins are probably reasonably safe but offer nowhere near the returns of some of these miners you have listed. Eg: the Bitminer page offers x1750 "17000" Sato per minute, for a 5 Bitcoin outlay saying you can earn 1 bitcoin per day, that is about $1400AUD per day for only a $7000 outlay, way too good to be true. I have found a lot of people complaining on forums that this site sucks you in with a few small quick paymements but then starts to hold back on payments for months. It also offers 100% affiliate bonuses on referrals to these products......

Ponzi schemes offer exactly this, the people who get in early referring paying clients into the scheme can earn quite a bit of money but the more people who enter the scheme who then have trouble signing up new clients start to suffer and lose money, eventually the whole scheme collapses because there are not enough new clients paying to enter. The last group of people who enter are the ones who lose all of their investment if they can't deliver new paying clients.

I'm not saying your site is dodgy or you're trying to suck people in but I just think people can get caught up in schemes like this without realising the true pitfalls.

I found a great vid on it this morning where the video maker shows the address of the company and also went into a little bit of detail about the owners of the particular company, though I can't remember where the vid was, if I can find it again I'll post it up.

All I can say is be very careful. Downloading any software from these companies could also compromise your computer.
 
Given a choice of an Oz of Gold or a Bitcoin, personally i know which i'd take first... :Y:

Bit coin is just a line of code....that it has any value astounds me. :/

ymmv, and good luck to those on the hunt.
 
Heatho said:
I understand bitcoin and trading in it, it's basically the same as trading in any other currency providing the bitcoin exchanges stay operational. Buy low sell high, that's the easy part.

Westaus the thing that bothers me about this is most of these links on your page are "cloud" bitcoin miners and not physical hardware bitcoin miners, essentially these companies claim to have large banks of computers mining bitcoin when in reality they probably don't.

Companies that have huge banks of computers mining bitccoins are probably reasonably safe but offer nowhere near the returns of some of these miners you have listed. Eg: the Bitminer page offers x1750 "17000" Sato per minute, for a 5 Bitcoin outlay saying you can earn 1 bitcoin per day, that is about $1400AUD per day for only a $7000 outlay, way too good to be true. I have found a lot of people complaining on forums that this site sucks you in with a few small quick paymements but then starts to hold back on payments for months. It also offers 100% affiliate bonuses on referrals to these products......

Yes mate you are exactly right there are many of these that offer ridiculous amounts of returns on investment. That is why I have ONLY said to just go with the free miners/faucets. I am invested and until I can get regular payouts and learn how to do it and repeatable. Then I will let people know and they can make their own choice in the matter.

I am invested in a couple of the brick and mortar miners, such as Genesis and their returns are smaller than the returns on the "free" cloud miners so yes I am confused also. The thing that I see at the moment is that Genesis as example may be around for a few years were the cloud based miners that we use now may not be? The Genesis contract is supposed to be for life? So who knows here. My ROI on with this one will be a while :( BUt a lot, lot quicker than if I put money in the bank...

As for payments being held I have learned that you need to pay a fee, I can see that this wasn't included so yes it can take a long time. 20+ days potentially. That is the things that I need to learn and let people know the traps. I have read a lot of the fine print with them. One for example uses anything less than the min amount withdrawn into a hold group. Guess what? that holding group does not exist, so don't waste your time and I don't put it on the list.

GypsyGoldAu said:
Given a choice of an Oz of Gold or a Bitcoin, personally i know which i'd take first... :Y:

Bit coin is just a line of code....that it has any value astounds me. :/

ymmv, and good luck to those on the hunt.

I probably would also :)

However...

Thanks mate :Y:
 
Heatho said:
All I can say is be very careful. Downloading any software from these companies could also compromise your computer.

Could not agree more on that one. At this point nothing is downloaded to do these faucets etc...

The only download I have done is for Exodus wallet which store on my hard drive rather than the cloud like most of the other wallets.
 
You are technically right....He didn't give away bitcoins for free. You had to invest processing power to mine them.

I understand bitcoins and how they work. I work in cyber security and have looked into various aspects of it.

I know people who today still invest sizable amounts of money in machines with lots of processing power, many gpu's and specialised cooling systems for them to mine bitcoins.
 
Eric2017 said:
You are technically right....He didn't give away bitcoins for free. You had to invest processing power to mine them.

I understand bitcoins and how they work. I work in cyber security and have looked into various aspects of it.

I know people who today still invest sizable amounts of money in machines with lots of processing power, many gpu's and specialised cooling systems for them to mine bitcoins.

Thanks Eric, at least I have got it kind of right :) I also think he kept a massive amount also from what I have read, but how much is true I can't say.

I have acquired an older generation Antminer S7 that I am setting up with a mate in his factory. This is a test to see how that goes. We may/may not look at newer machines depending on the ruturn/s. However I have heaps to learn. Certainly happy to hear any tips or pitfalls you can assist with, that is what I am trying to achieve is spread the understanding across the wider general population/community.

If I can save one person from getting ripped off then I have done my job. If I can help a lot of people with a little, then I have also succeeded. If this little becomes a lot then we would have all won :)
 
This was the last from Bitminer - As you can see it is pending, this is due to the fee being wrong. So I need to fix this up. Can anyone answer if I cancel the transaction will it go back into my Bitminer account or will I loose the transaction?

Westaus said:
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