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#11 2014-05-12 16:02:53

Gocom
Plugin Author
From: Helsinki, Finland
Registered: 2006-07-14
Posts: 4,533
Website

Re: Bitcoin donation

gaekwad wrote #280747:

Some folks (or bots, more likely) are reportedly searching GitHub for working Amazon Web Services credentials, setting up Bitcoin mining instances and then leaving the account holder with the (considerable) bill for services after the fact.

Mining is a term used to describe the process of adding new transactions to the block chain, freeing new currency to the market. It’s legal process and miners are rewarded for each new Bitcoin block they can generate. Mining is responsible for generating new Bitcoins.

Destry wrote #280745:

I’ve heard of these “mining rigs” or whatever, but I have no clue what they are.

Machines used to calculate the Bitcoin algorithm to ‘generate’ new Bitcoins. It’s equal to creating new currency.

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#12 2014-05-12 16:47:41

gaekwad
Admin
From: People's Republic of Cornwall
Registered: 2005-11-19
Posts: 2,575

Re: Bitcoin donation

Gocom wrote #280750:

Mining is a term used to describe the process of adding new transactions to the block chain, freeing new currency to the market. It’s legal process and miners are rewarded for each new Bitcoin block they can generate. Mining is responsible for generating new Bitcoins.

Yes. My point was that there are reportedly some unscrupulous folks who are using someone else’s AWS account without their knowledge to chew through the mining process. Amazon provide the infrastructure, the (unscrupulous) man in the middle gets the Bitcoin and hightails it out of there, unsuspecting punter foots the bill from AWS a few weeks later.

readwrite.com/2014/04/15/amazon-web-services-hack-bitcoin-miners-github#awesm=~oE4cODmhtcA0Ig
securosis.com/blog/my-500-cloud-security-screwup

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#13 2014-05-12 23:29:52

Gocom
Plugin Author
From: Helsinki, Finland
Registered: 2006-07-14
Posts: 4,533
Website

Re: Bitcoin donation

gaekwad wrote #280752:

Yes. My point was that there are reportedly some unscrupulous folks who are using someone else’s AWS account without their knowledge to chew through the mining process. Amazon provide the infrastructure, the (unscrupulous) man in the middle gets the Bitcoin and hightails it out of there, unsuspecting punter foots the bill from AWS a few weeks later.

If one let’s their machine get taken over, people will find ways to use it. Bitcoin mining is one way to make money with zombie systems. It’s not anything new.

We might be reading using zombie system right now too; you could be crunching Bitcoins right now ;p

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#14 2014-05-15 09:16:44

Destry
Moderator
From: Haut-Rhin
Registered: 2004-08-04
Posts: 4,223
Website

Re: Bitcoin donation

Well now I have to ask the question. What do you need to start mining? What’s the 1, 2, 3… ?

I’m pretty sure Gocom already has rigs crunching somewhere. ;)


The text persuades, the *notes prove。

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#15 2014-05-15 09:21:03

gaekwad
Admin
From: People's Republic of Cornwall
Registered: 2005-11-19
Posts: 2,575

Re: Bitcoin donation

Short answer: to make it worthwhile, as much computing power as you can lay your hands on and an understanding electricity bill payer.

bitcoin.org/en/faq

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#16 2014-05-15 09:29:15

Destry
Moderator
From: Haut-Rhin
Registered: 2004-08-04
Posts: 4,223
Website

Re: Bitcoin donation

Bah! Yet another privilege of the 1%. I’ll stick with paper and coins for when the grid shuts off.


The text persuades, the *notes prove。

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#17 2014-05-15 10:37:05

philwareham
Core designer
From: Farnham, Surrey, UK
Registered: 2009-06-11
Posts: 3,197
Website

Re: Bitcoin donation

I have two servers standing fairly idle – so somehow harnessing those I can build bitcoins? I don’t really understand but I like free money so my interest is peaked.

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#18 2014-05-15 11:07:20

gaekwad
Admin
From: People's Republic of Cornwall
Registered: 2005-11-19
Posts: 2,575

Re: Bitcoin donation

philwareham wrote #280827:

I have two servers standing fairly idle – so somehow harnessing those I can build bitcoins? I don’t really understand but I like free money so my interest is peaked.

Yes, but it’ll be a slow process, and it’s possible it’ll cost you more in electricity than the Bitcoins are worth. Also, and this is anecdotal rather than proven, I killed many Dell computers at my old workplace by running an rc5-72 brute force on them 24/7 – capacitors just blew up. Some computers just aren’t up to being thrashed all day, every day.

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#19 2014-05-15 12:24:36

JimJoe
Member
From: United States
Registered: 2010-01-30
Posts: 492
Website

Re: Bitcoin donation

I have been leary of Bitcoins since I first heard of them. Who is behind it ? Virtual currency isn’t much different than fiat money. But at least my paper money is in my pocket or bank account. (Yes, I know that the US Federal Reserve actually has my money, not all of it stored at my bank.) I just don’t trust Bitcoin.

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#20 2014-05-15 17:52:44

maniqui
Moderator
From: Buenos Aires, Argentina
Registered: 2004-10-10
Posts: 3,070
Website

Re: Bitcoin donation

JimJoe wrote #280829:

I have been leary of Bitcoins since I first heard of them. Who is behind it ?

What you mean by “behind it”? Who is “behind the Internet”? Who is “behind culture”?

My answer: many individuals: entrepreneurs, coders, merchants, artists, scientists, people.
Also, imo, people doesn’t use (in a pragmatic sense) stuff because someone is behind it. They just use it out of convenience. In other words, most people don’t use dollars because a government or a bank issued it, but because they know (usually by experience) that the next merchant will accept it in exchange of goods.

Virtual currency isn’t much different than fiat money.

Well, fiat money is just created by someone who really is “behind it”.
Some prefer to call Bitcoin a concordia currency.

But at least my paper money is in my pocket or bank account. (Yes, I know that the US Federal Reserve actually has my money, not all of it stored at my bank.)

And Bitcoins are stored in a publicly-shared, decentralized database.
Money stored in a bank is similar to money stored in Bitcoin: it’s just information about who’s the owner of some units of currency.


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