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Old 10th May 2021, 03:42 PM   #1
ChrisBFRPKY
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Who wants to Learn about Cryptocurrencies First Hand?

I know a lot of people have a passing interest in crypto these days. As skeptics it's completely normal to be wary and ask questions. I've noticed that some people are also a bit uneducated about cryptocurrency because of this though. They tend to not dive into something they don't understand and that's not a bad thing. Crypto can be rewarding but it can also lead to losses, even in failure everyone should learn something. There are some basic experiences everyone should understand about cryptocurrency and that's what this thread will attempt to do.

This thread is an opportunity to learn how crypto works first hand. For those that wish to participate you will learn how to:

1. Download and Install a wallet.
2. How to mine new coins with your wallet.
3. How to stake coins with your new wallet.
4. Receive a deposit of free coins to get you started.


The coin we will be using during this experiment is currently an uncertain project. It's called ROIcoin. The project was sound and start up was some time in 2018 I think. You can learn more about it by doing a Google search for: "ROIcoin Bitcointalk ANN" Evidently one of the devs went rogue in 2020 and created quite a set back for the project. (Unfortunately, one of the dangers of investing in a brand new project.)

The coin has a working wallet. It allows you to stake and mine both from the wallet. It's a cpu mined coin so there's no need for anything exotic other than the computer you normally use.

For those that wish to play with ROIcoin as a learning adventure, over the next week, I will deposit up to 100,000 coins to your address once you've downloaded the wallet and learn how to create a deposit address. (depending on the amount of takers of course I may have to scale back on the amount of free coins as I intend to keep a few million for myself in the event of further project developments) I mined this coin with a cpu farm for two years, and up until the dev went rogue I was in the top 10 rich list.

Now, I realize some naysayers may be thinking "Ha! I knew crypto was a scam!" and some projects are. But let me share a story with you about another coin. There was a coin called "Dark coin" I mined in 2014 and I mined a lot of it. Like this project, that one went south for a bit but was later rebranded as "DASH". In 2017/18 DASH reached $1200+. My "Dark coin" transferred easily into my new DASH wallet as DASH.

It is possible that I could be giving away millions of dollars during this exercise if ROIcoin gets a second wind like Dark coin did. I hope I do and I hope it does for everyone willing to learn.

I'm not going to provide any links. I provided the Google search terms above and that should be all you need to get started. Good luck.
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Old 10th May 2021, 07:04 PM   #2
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Are you sure you don't want to use my bank details to temporarily hide billions from the Nigerian government and you will pay me for that, Your Highness?
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Old 10th May 2021, 07:16 PM   #3
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Originally Posted by Norman Alexander View Post
Are you sure you don't want to use my bank details to temporarily hide billions from the Nigerian government and you will pay me for that, Your Highness?
Nope, I'm offering to give you free crypto and with it the opportunity to learn about cryptocurrency in general with no strings. You can accept it or not. If you think I'm joking, try me. Shoot me an ROIcoin wallet payment address.
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Old 10th May 2021, 07:30 PM   #4
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Originally Posted by ChrisBFRPKY View Post
For those that wish to play with ROIcoin as a learning adventure, over the next week, I will deposit up to 100,000 coins to your address once you've downloaded the wallet and learn how to create a deposit address.
Are you going to link to wallet software or do we have to learn how to find that as well?
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Old 10th May 2021, 07:55 PM   #5
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Originally Posted by psionl0 View Post
Are you going to link to wallet software or do we have to learn how to find that as well?
https://roi-coin.com/ Is the website link.
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Old 10th May 2021, 08:00 PM   #6
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Originally Posted by ChrisBFRPKY View Post
Nope, I'm offering to give you free crypto and with it the opportunity to learn about cryptocurrency in general with no strings. You can accept it or not. If you think I'm joking, try me. Shoot me an ROIcoin wallet payment address.
Have you actually SEEN the name of this site??
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Old 10th May 2021, 08:42 PM   #7
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Originally Posted by ChrisBFRPKY View Post
https://roi-coin.com/ Is the website link.
Thanks. I found that link as well.

TBH I'm more interested in a crypto that overcomes the shortcomings of bitcoin (deflationary, limited transaction rate, excessive fees, excessive energy consumption) than in another instrument of speculation. Unfortunately, the white paper seems to be high on obfuscation and short of answers to these questions.

Also, I suspect that another upstart crypto has less chance of hitting it big than bitcoin has of hitting it bigger. Nevertheless, I will install the software in due course and advise you. I might get something for free after all.
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Old 10th May 2021, 09:00 PM   #8
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Originally Posted by psionl0 View Post
Thanks. I found that link as well.

TBH I'm more interested in a crypto that overcomes the shortcomings of bitcoin (deflationary, limited transaction rate, excessive fees, excessive energy consumption) than in another instrument of speculation. Unfortunately, the white paper seems to be high on obfuscation and short of answers to these questions.

Also, I suspect that another upstart crypto has less chance of hitting it big than bitcoin has of hitting it bigger. Nevertheless, I will install the software in due course and advise you. I might get something for free after all.
Some of the things I liked about ROI coin when it first came out were the staking options that did not require the wallet to be left open and running. You can close the wallet and the next time you open it, you receive staking rewards. Every other coin that stakes at the wallet seems to load up your cpu to stake and the wallet must remain open or you receive nothing. I never liked those.

Plus it is a cpu mined coin, ultra low power required to move the blockchain along and it gives one the option to mine directly from the wallet without the need to join mining pools etc.

I feel that this one is still a good candidate for a revival, the fundamentals are there. If nothing else it's a fun way to own crypto to stake and or mine without a lot of techy headaches to sort thru to do so.
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Old 10th May 2021, 09:12 PM   #9
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Originally Posted by Norman Alexander View Post
Have you actually SEEN the name of this site??
LOL Yep. That's the reason for this thread. A chance for the skeptical to get some free crypto while learning how it works first hand without risking any monetary investment.

So what's in it for me? I get nothing out of this other than the satisfaction of maybe helping a few folks understand cryptocurrency a bit better and I get to give away some coins it took me 2 years to mine.
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Old 10th May 2021, 09:51 PM   #10
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I'll look into it and might want to have a try for the learning experience.
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Old 10th May 2021, 11:34 PM   #11
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Originally Posted by ChrisBFRPKY View Post
Some of the things I liked about ROI coin when it first came out were the staking options that did not require the wallet to be left open and running. You can close the wallet and the next time you open it, you receive staking rewards. Every other coin that stakes at the wallet seems to load up your cpu to stake and the wallet must remain open or you receive nothing. I never liked those.

Plus it is a cpu mined coin, ultra low power required to move the blockchain along and it gives one the option to mine directly from the wallet without the need to join mining pools etc.

I feel that this one is still a good candidate for a revival, the fundamentals are there. If nothing else it's a fun way to own crypto to stake and or mine without a lot of techy headaches to sort thru to do so.
I got that much from the white paper. However I didn't get any fundamentals:
  • How many coins are generated per hour?
  • How many blocks are processed per hour?
  • How many transactions per hour can it handle?
  • What are the fees like?
  • How does total energy useage vary with numbers of miners?
Anyhow, I have the wallet now so hit me with free money!
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Old 10th May 2021, 11:54 PM   #12
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did a Wallet.

but I'm not sure I like the progressive interest rate system.
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Last edited by The Great Zaganza; 11th May 2021 at 01:12 AM.
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Old 11th May 2021, 06:41 AM   #13
ChrisBFRPKY
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Originally Posted by psionl0 View Post
I got that much from the white paper. However I didn't get any fundamentals:
  • How many coins are generated per hour?
  • How many blocks are processed per hour?
  • How many transactions per hour can it handle?
  • What are the fees like?
  • How does total energy useage vary with numbers of miners?
Anyhow, I have the wallet now so hit me with free money!
Currently there are 120 coins block reward. You'll be able to start the miner once you've synced the wallet (This may take awhile for it to get caught up with the blockchain)

Blocks per hour will depend on how many miners are working on the coin. For now there are no pools so it's not too hard to find a block solo mining with the wallet.

The transactions per hour will depend on the block size and again the amount of miners. We shouldn't stress the network too much from our little experiment.


The fees are reasonable. You can set the transaction fee in the wallet.

The energy required to move the blockchain along is less because this coin is cpu mined. Asic miners cannot operate on the algo. While we have our wallet open, if we choose to mine, we're also moving the blockchain by solving blocks, hence the 120 coin reward per block. I found a few yesterday on my modest desktop.

Will do! As soon as you get synced, click on the "receive" tab. Then click on "request payment" this will generate a new deposit address for your wallet. Select "copy address" from the bottom of that tab, this will copy your new deposit address to the clip board, paste that address here or in a message to me, I'll deposit a few coins as a test to make sure everything is working. Once you confirm the wallet is working and you received the small deposit , I'll send the rest.

Your payment address doesn't have to be a secret, it's ok to post the address in the forum. The worst thing anyone could do would be to send you some coins. That's one of the cool things about crypto! You certainly would NOT want anyone to know your bank account numbers! But with crypto it doesn't matter.

Added info: (I realize you already know most if not all of what I just posted, but a few reading here may not.)

Last edited by ChrisBFRPKY; 11th May 2021 at 07:04 AM. Reason: added info
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Old 11th May 2021, 06:49 AM   #14
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Originally Posted by The Great Zaganza View Post
I'll look into it and might want to have a try for the learning experience.
Nothing wrong with an experiment.

Originally Posted by The Great Zaganza View Post
did a Wallet.

but I'm not sure I like the progressive interest rate system.
The interest rate was for staking at a higher earning rate than normal. It's not working as it should now after the dev went rogue but the idea is sound.

The way it worked was you'd generate a new deposit address, then make a payment to that address (pay yourself) for a selected amount of time. Those coins would effectively be "locked" until your set time passed then you would receive your coins and interest when they matured. It was pretty cool when it was working properly.

Once your wallet syncs do the same as above. Generate a new payment address etc. Paste it here and I'll send you a small deposit to confirm it's working, followed by the big one.
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Old 11th May 2021, 07:02 AM   #15
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Originally Posted by ChrisBFRPKY View Post
LOL Yep. That's the reason for this thread. A chance for the skeptical to get some free crypto while learning how it works first hand without risking any monetary investment.
Free money? Sounds fishy.
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Old 11th May 2021, 07:08 AM   #16
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Originally Posted by Belz... View Post
Free money? Sounds fishy.
Yeah it does, I agree. But, that doesn't mean it's not true.

Get some.
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Old 11th May 2021, 07:22 AM   #17
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Originally Posted by ChrisBFRPKY View Post
Yeah it does, I agree. But, that doesn't mean it's not true.

Get some.
No.
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Old 11th May 2021, 07:28 AM   #18
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Originally Posted by Belz... View Post
No.
As you wish.
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Old 11th May 2021, 08:23 AM   #19
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RKMRN432KZBMEKLho1KqPz85voifbb8Y7K

Did I do this right?
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Old 11th May 2021, 08:29 AM   #20
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doesn't look like it's going to sync...
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Old 11th May 2021, 08:34 AM   #21
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Originally Posted by Matthew Best View Post
RKMRN432KZBMEKLho1KqPz85voifbb8Y7K

Did I do this right?
I'll send a few coins as a test and we'll see. Let me know.
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Old 11th May 2021, 08:40 AM   #22
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Originally Posted by The Great Zaganza View Post
doesn't look like it's going to sync...
It takes a while to catch up. Look at the lower right corner of the wallet front end display, hover your mouse pointer over the connections tab and verify you have at least 1 connection.

The more connections you have the faster the wallet will sync.
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Old 11th May 2021, 08:47 AM   #23
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It's important to remember that this is a step by step procedure. You don't want to skip any steps.

1. Install the wallet and let it sync to the blockchain. (This will take a while as it has to download the blockchain)

2. After the wallet is caught up it will display a check mark in the lower right hand corner of the user interface.

3. Create a new payment address by first clicking on "Receive" at the top of the user interface, then select "Request Payment". A new payment address will pop up in a small window, click on "copy address" and paste it here on the forum. This will be your new payment address to which you can only receive deposits. It's ok and does not have to be kept secret. The only thing anyone could do with your payment address is to send you coins.
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Old 11th May 2021, 09:13 AM   #24
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When I hover over this it says:

"0 active connections to ROIcoin network"

and

"Mining
Miners: 1
Threads: 6"


How would I know it was synced?
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Old 11th May 2021, 09:23 AM   #25
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Originally Posted by psionl0 View Post
Thanks. I found that link as well.

TBH I'm more interested in a crypto that overcomes the shortcomings of bitcoin (deflationary, limited transaction rate, excessive fees, excessive energy consumption) than in another instrument of speculation. Unfortunately, the white paper seems to be high on obfuscation and short of answers to these questions.

Also, I suspect that another upstart crypto has less chance of hitting it big than bitcoin has of hitting it bigger. Nevertheless, I will install the software in due course and advise you. I might get something for free after all.
It's also possible the wallet software is malware, right? You might also get something unwanted for free.
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Old 11th May 2021, 09:31 AM   #26
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Originally Posted by Matthew Best View Post
http://www.internationalskeptics.com...aacab2eeef.png

When I hover over this it says:

"0 active connections to ROIcoin network"

and

"Mining
Miners: 1
Threads: 6"


How would I know it was synced?
Click on "Mining" at the top right and turn mining off while you sync. It will not mine until the blockchain is in sync anyway.

If you have "0" active connections your wallet is not connected to peers. When you first open the wallet on Windows, it will likely ask you if you want to allow the wallet to connect to the internet, you should let it connect if you want to be able to download the blockchain and use the wallet.

After you establish a connection and the wallet syncs it will show you a check mark just to the right of the connections icon in the lower right.
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Old 11th May 2021, 09:37 AM   #27
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Originally Posted by Tippit View Post
It's also possible the wallet software is malware, right? You might also get something unwanted for free.
Many antivirus programs will flag wallets as malware because they have mining software in them. This is a false flag though and is a remainder from the good old days in which people were sending emails with mining software to automatically begin mining BTC when you opened them.

If your system flags the wallet as malware it's a false flag, it's not mining malware as only you can benefit from any mining you do. The wallet will have to connect to the internet to operate.
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Old 11th May 2021, 09:41 AM   #28
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Originally Posted by ChrisBFRPKY View Post
Many antivirus programs will flag wallets as malware because they have mining software in them. This is a false flag though and is a remainder from the good old days in which people were sending emails with mining software to automatically begin mining BTC when you opened them.

If your system flags the wallet as malware it's a false flag, it's not mining malware as only you can benefit from any mining you do. The wallet will have to connect to the internet to operate.
It seems like you are pumping this. Do you have any disclosures to make? Are you a developer, or a beneficial holder of a large % of coins?
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Old 11th May 2021, 09:44 AM   #29
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Old 11th May 2021, 09:44 AM   #30
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Originally Posted by psionl0 View Post
Thanks. I found that link as well.

TBH I'm more interested in a crypto that overcomes the shortcomings of bitcoin (deflationary, limited transaction rate, excessive fees, excessive energy consumption) than in another instrument of speculation. Unfortunately, the white paper seems to be high on obfuscation and short of answers to these questions.
You really, really, don't like the idea of deflation, do you? The thought that someone who worked hard for their money might actually be able to buy slightly more in the future seems anathema to you. But apparently it's ok for the investments of rich investors to appreciate in value against inflationary fiat currencies, for reasons entirely unrelated to business fundamentals, and with no hard work required.

You do realize that if bitcoin actually does transcend from digital asset to global currency (definitely with the help of some kind of credit system overlaid on top that fixes the transaction rate), that it's price will stabilize (at some vastly higher price that it is now), and then it will become disinflationary, as opposed to deflationary, and it's appreciation will begin to resemble the productivity norm. What is wrong with this hypothetical scenario?
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Old 11th May 2021, 09:45 AM   #31
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ChrisBFRPKY, thanks and so on, for this teach-the-skeptics-how-to-crypto thing -- no, I mean it, nice of you to take the trouble -- not to mention the make-these-skeptics-millionaires-in-spite-of-themselves initiative, but:

  1. What does it mean when you say the developer went rogue? What did he actually do, and what did he get out of it, turning rogue I mean, whatever that might entail? And how did it impact the others who were into this thing at that time, you for instance?

  2. And are there any minimum tech specs to the kind of machine you ought to be using for this kind of thing?

  3. This download and mining thing, how much of the CPU capacity, RAM, whatever, does it occupy? Might doing this slow down the machine, in terms of the rest of what you do on it? Or put it to risk of crashing, or something like that?

  4. Also, what kind of data volumes, data consumption I mean to say, does doing this sort of thing involve?

  5. And this exercise, this download, this whole mining thing, does this carry any risk at all of compromising one's machine? In terms of making it vulnerable to hacking, malwares and viruses and bugs and what-have-you, or something like that?
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Old 11th May 2021, 09:51 AM   #32
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Originally Posted by Tippit View Post
It seems like you are pumping this. Do you have any disclosures to make? Are you a developer, or a beneficial holder of a large % of coins?
I disclosed everything in the OP. What the thread is about etc.

It's perfectly fine if you don't understand my motive for doing this or if you're suspicious, I do ask that you at least take the time to read the OP before giving this horse a thorough dental exam.
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Old 11th May 2021, 10:11 AM   #33
Thermal
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OP: total newb here. Haven't even looked into crypto much because of how much it looks like a street corner hustle from what little I know. The only saving grace of the whole gig seems to be Bitcoin's undeniable success.

So. To a pure newb, it looks like this site is asking me to download a wallet, that my machine flags as malware, and I'm supposed to just trust them that it's all good and it will do something called mining that I'll have my computer doing something all the time and this makes me money. In theory.

Instead of downloading this to learn about it, as you say, can you explain it a bit? That's learning on the more traditional way. Learning by experience can turn out to be quite costly.
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Old 11th May 2021, 10:16 AM   #34
ChrisBFRPKY
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Originally Posted by Chanakya View Post
ChrisBFRPKY, thanks and so on, for this teach-the-skeptics-how-to-crypto thing -- no, I mean it, nice of you to take the trouble -- not to mention the make-these-skeptics-millionaires-in-spite-of-themselves initiative, but:

  1. What does it mean when you say the developer went rogue? What did he actually do, and what did he get out of it, turning rogue I mean, whatever that might entail? And how did it impact the others who were into this thing at that time, you for instance?

  2. And are there any minimum tech specs to the kind of machine you ought to be using for this kind of thing?

  3. This download and mining thing, how much of the CPU capacity, RAM, whatever, does it occupy? Might doing this slow down the machine, in terms of the rest of what you do on it? Or put it to risk of crashing, or something like that?

  4. Also, what kind of data volumes, data consumption I mean to say, does doing this sort of thing involve?

  5. And this exercise, this download, this whole mining thing, does this carry any risk at all of compromising one's machine? In terms of making it vulnerable to hacking, malwares and viruses and bugs and what-have-you, or something like that?
One of the developers for this coin encoded a way to receive millions of coins he should not have been able to receive. I believe they're still trying to determine a way to save the project by using a hard fork, and getting rid of the ill-gotten coins but it does not look promising at this time. However that could change. Nevertheless, it is a good opportunity to learn, and perhaps profit? You never know.

The wallet should run on any windows based computer. I think there are other versions of the wallet available for Mac and Linux, but I have no experience with those.


Any machine that can run the wallet is capable of mining blocks with the wallet. Of course if you have high end equipment you will mine more blocks than say someone with a chromebook, but it doesn't take much. I mined a few blocks yesterday on my old conservative desktop and it's quite old. Mining can produce a lot of heat though, so it's usually not a good idea to mine with a laptop as they don't dissipate heat very well , but desktops should be fine.

The blockchain is quite large, the biggest headache is likely downloading it to begin with, after the initial sync is completed, it catches up rather quickly every time you open the wallet.

Security is an issue in order to protect your coin wallets from hackers. I suggest everyone set a password in their wallet to encrypt it once install and sync is complete. The wallet itself will not try to steal your coins but if you visit a compromised site for example, a hacker could notice you have a wallet and try to steal your coins. Make sure you do not forget your password or you will lose access to your coins.
The wallet is not malware yet it does have a miner you can use, so it can be falsely flagged as malware because of that feature. The miner can only mine for you though, and not anyone else and you can turn it on or off as you prefer. The wallet must also be allowed to connect to the internet to work. Windows will often ask if you wish to allow it to connect because it does not know if it's ok or not. It's pretty straightforward once you get the hang of it.
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Old 11th May 2021, 10:23 AM   #35
ChrisBFRPKY
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Originally Posted by Thermal View Post
OP: total newb here. Haven't even looked into crypto much because of how much it looks like a street corner hustle from what little I know. The only saving grace of the whole gig seems to be Bitcoin's undeniable success.

So. To a pure newb, it looks like this site is asking me to download a wallet, that my machine flags as malware, and I'm supposed to just trust them that it's all good and it will do something called mining that I'll have my computer doing something all the time and this makes me money. In theory.

Instead of downloading this to learn about it, as you say, can you explain it a bit? That's learning on the more traditional way. Learning by experience can turn out to be quite costly.
It's a false flag. The antivirus sees the miner software within the wallet as malware. It happens with every Crypto wallet. Unfortunately, it's a fact of life with wallets and antivirus software. If you don't feel comfortable then don't do it or use an older machine you're not concerned with. Sometimes learning can be a bit uncomfortable, but I don't want anyone to feel obligated. It's up to you.
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Old 11th May 2021, 10:43 AM   #36
Belz...
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Originally Posted by ChrisBFRPKY View Post
It's a false flag.
Is it Bill Gates's fault or Anthony Fauci's? Or is it the Clintons again?
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Old 11th May 2021, 11:33 AM   #37
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Originally Posted by ChrisBFRPKY View Post
Unfortunately I'm not getting that tick mark for some reason. I'm not at home any more so I'll try again tomorrow.
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Old 11th May 2021, 01:02 PM   #38
ChrisBFRPKY
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Originally Posted by Belz... View Post
Is it Bill Gates's fault or Anthony Fauci's? Or is it the Clintons again?
If I had to pick a name the closest one I can think of to blame would be John McAfee.

Originally Posted by Matthew Best View Post
Unfortunately I'm not getting that tick mark for some reason. I'm not at home any more so I'll try again tomorrow.
Hang in there.
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Old 11th May 2021, 01:22 PM   #39
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Originally Posted by ChrisBFRPKY View Post
...The blockchain is quite large, the biggest headache is likely downloading it to begin with, after the initial sync is completed, it catches up rather quickly every time you open the wallet....

Any idea how large? In terms of data requirement, I mean. Ballpark's fine.


Quote:
... The wallet is not malware ...

Are you entirely sure?

Not doubting you personally -- and in any case, there would be little point to asking you if I did! -- but I don't really know all that much about the innards of computers, and, given that the people who developed this thing have already sprung one surprise on you, might they not have others worked into their product, that you might not be aware of?
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Old 11th May 2021, 03:11 PM   #40
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I distinctly remember using software to do protein folding and bitcoin mining around 2009, is there a way to get my mined bitcoins back?
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