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Old 02-01-14   #16
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Re: Bitcoin in India : RBI Cautions Users of Virtual Currencies Against Risks


Originally Posted by Fenix View Post
if someone is able to mine even 2 to 3 coins per month, that would be good enough extra money .
AFAIK, bitcoins are mined in blocks of 50. You can’t mine just 1,2,3 at a time. So unless you have a massive mining machine(s), the odds of you actually discovering a block at the current difficulty is extremely low. You might get lucky and find one after several months, but most probably you wont get anything at all. Its something like playing roulette, but you would probably have more luck and fun playing real roulette.
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Old 02-01-14   #17
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Originally Posted by ratheeshkannan View Post
I take my current system which runs almost 20hrs a day with me gaming for about 4-5 hrs daily never made my current bill cross 1000Rs (I'm staying single btw). Just made a rough calculation using (Energy Management Center: Kerala : Energy Calculator) if my computer runs at 500w power 24hrs a day will result in giving about 360units per month. Now based on the new tariff rates in bangalore (New power tariff rates : bcity) It comes around 1980Rs !!!! If i manage to get 1 bit coin through 1 month of mining am right now will get 50k profit !!!! thats insane .... my calculations might not be perfect .... just trying to settle in ... Can anyone come up with a better calculations or any one who is actually mining now can come up with how much are you guys getting monthly? My computer is already a gaming machine which i use so i cant take the money invested in it as an initial investment.
Actually, you can't even produce 1 bitcoin/month. Sadly, that's the plot twist.

Check your GPU MH/s here
https://en.bitcoin.it/wiki/Mining_hardware_comparison

Put that value here
Bitcoin Mining Calculator

Lets assume you have a HD7970 (Avg Mh/s = 685).
You'd get approx $7 return after a month ($6.71 to be precise).
And that return value goes down each time there's a difficulty spike.
So, that's that.
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Old 02-01-14   #18
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Re: Bitcoin in India : RBI Cautions Users of Virtual Currencies Against Risks

Originally Posted by vijayninel View Post
. . . . .

The fact is that bitcoins have no intrinsic value or state backing. It value is only what the users are putting on it and this makes it highly volatile and vulnerable. There is nothing that stops others from launching digital currencies of their own which are similar to or better than Bitcoins (such as a gold backed digital currency). If I start my own digital currency called "Vijaycoin" tomorrow or say a "Erodovcoin" will you start accepting it?

. . . . .

What are Rupees backed by? Please cite the source for your answer as well.

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Old 02-01-14   #19
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Re: Bitcoin in India : RBI Cautions Users of Virtual Currencies Against Risks

Originally Posted by TNT View Post
What are Rupees backed by? Please cite the source for your answer as well.
The Indian Rupee is a fiat currency which means that it is not backed by any tangible commodity. However it is backed by "Full Faith And Credit " of the Government of India. It has value by government fiat. The GOI has vast resources at its disposal including land, natural resources and people.

It also has the ability to impose taxes in Rupees and enforce it with force Arms. It has Intelligence agencies, tax collectors, adminstration, jails and It can imprison you if you don't pay your taxes in Rupees. It can force you to accept payment for your goods and services in Rupees. It has a huge Armed forces, paramilitary and police forces to enforce its writ in India. So while the Rupee has nothing backing it directly, it is indirectly backed by the sheer power of the Indian Government.

That is not the case for Bitcoin at all. It's backed by the the good feelings of some enthusiasts, geeks and speculators. They cant force anyone to accept payment in bitcoins nor can they enforce anything. They dont have any resources at their disposal except faith. That's not good enough even for a fiat currency.

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Old 03-01-14   #20
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Re: Bitcoin in India : RBI Cautions Users of Virtual Currencies Against Risks

It would have been profitable 2 or maybe three years ago. Now its saturated .
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Old 03-01-14   #21
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Re: Bitcoin in India : RBI Cautions Users of Virtual Currencies Against Risks

Originally Posted by vijayninel View Post
The Indian Rupee is a fiat currency which means that it is not backed by any tangible commodity. However it is backed by "Full Faith And Credit " of the Government of India. It has value by government fiat. The GOI has vast resources at its disposal including land, natural resources and people.

It also has the ability to impose taxes in Rupees and enforce it with force Arms. It has Intelligence agencies, tax collectors, adminstration, jails and It can imprison you if you don't pay your taxes in Rupees. It can force you to accept payment for your goods and services in Rupees. It has a huge Armed forces, paramilitary and police forces to enforce its writ in India. So while the Rupee has nothing backing it directly, it is indirectly backed by the sheer power of the Indian Government.

. . . . .

I see, the Government of India forces many people (sometimes without their consent) to use its currency notes, coins and electronic accounting figures called 'Rupees' and then forces them to give a portion of them whenever they exchange it among themselves, all under the threat of forcibly taking away their holdings and/or imprisonment. It controls the production and supply of these Rupees as well, thus determining the frequency and ease with which those people can exchange goods and services. All this makes it sound like a mafia.



So, where did it get all these vast resources at its disposal including land and natural resources? Did the people who constitute the Government of India work hard to earn all of that for themselves, or did someone donate it to them?

I was actually expecting some links to the internet or the matrix as your sources!
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Old 03-01-14   #22
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Re: Bitcoin in India : RBI Cautions Users of Virtual Currencies Against Risks

Originally Posted by TNT View Post
All this makes it sound like a mafia.
That is not far from the truth in the current circumstances. There is a reason why people listen to the mafia. Why should you listen to someone who churns out funny "money" from his computer.
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