As a form of money laundering, I suppose bitcoin mining *might* be a good business idea. But the costs involved for even a small payout are very risky in my opinion. The best rig you could build right now would probably make $13 every four days. That would be roughly 3 months before each machine in your farm starts making a profit. The downside is that the currency value is totally arbitrary and could bottom out again. For the longest time the coins were worth fuckall. Wish I was in the game back then instead of thinking it was dumb.
Κracus wrote:There was actually a huge theft of bitcoins recently throwing the currency into question as to it's future. The whole buying drugs with bitcoins doesn't help it's cause either.
There was no theft really. What happened is a guy manipulated the most popular exchange site to make it look like he had a bunch of real bitcoins to sell when in fact they were fake. He then sold the fake bitcoins on the exchange and used the cash to buy real bitcoins back. He eventually hit the daily ceiling but the site just didn't have proper measures in place to stop the hack.
Unless you're talking about the guy who had like 25,000 coins stolen supposedly. That's not really any different than physical theft of money that occurs every day.
phantasmagoria wrote:How many sites accept it as legitimate currency? interesting I've never even heard of it till now. Shame i missed the mining boat
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I'm not sure. I sell them on an exchange, send the USD to a Dwolla account, and then withdraw the cash into my bank account.
