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Bitcoins!

Discussion in 'General Software' started by pantherx12, Feb 17, 2011.

  1. DarkOCean

    DarkOCean

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    Difficulty has increased again with ~56% at this point its a little to hard to make any coins isn't it?
     
  2. Boneface

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    Can someone PM me on how to set this up? Would like to give try but have no idea lol
     
  3. meran New Member

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    well i made 7 coins in the last 48 hours
     
  4. PVTCaboose1337

    PVTCaboose1337 Graphical Hacker

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    Someone offered to pay me in bitcoins for a product on TPU (won't say who). Was just 1 BTC but w/e. BUT THEN:

    >mfw 1 BTC = 8.8$
    >mfw I find a BTC poker room
    >mfw I realize I can count cards well
    >mfw I win tons of BTC
    >mfw I have +$200 of BTC
    >mfw all this happened in 1 hour

    I make more doing this than at my actual $10/hr job.
     
  5. theJesus

    theJesus

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    Nice! Oh, btw, my b-day was last week >.> *hint, hint* :laugh:
     
  6. Easy Rhino

    Easy Rhino Linux Advocate

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    THRiLL KiLL says thanks.
  7. AphexDreamer

    AphexDreamer

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  8. erocker

    erocker Super Moderator Staff Member

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    That is going to be the downfall of society.. already is.
     
  9. AphexDreamer

    AphexDreamer

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    No... Greed is.
     
  10. wiak

    wiak

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    pretty sure the hardware you need to generate far exceeds the amount of bitcoin it generates :p
     
  11. erocker

    erocker Super Moderator Staff Member

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    Touche my good man. Well, add in some ignorance for a lovely downfall soup. :laugh:
     
  12. Easy Rhino

    Easy Rhino Linux Advocate

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    what an evolved mindset you have there...
     
  13. PVTCaboose1337

    PVTCaboose1337 Graphical Hacker

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    I have been thinking of bitcoins as like a sort of stock. In reality it is worth as much as others trade and sell it. I don't see it as a currency. Anyway, as a stock, it can grow and decrease in value, and even be worth nothing if the "company" goes bankrupt. Overall, it WILL fail, this is not news to anyone. The question is how FAST it will fail. Will the government intervene and make it illegal? Will someone sell 900000 and crash the market? Who knows. That 30000 sure crashed the market. Overall, sure fun for the early adapters, but overall, if bitcoins become a legit currency, I will be surprised. That being said, at least I made $200 off of it... in an hour.
     
  14. n-ster

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    This will be long :)

    LOL this is RIDICULOUS and a FAIL attempt to diss bitcoin

    1. Bitcoin IS NOT free money, if you are not a miner, you don't get no Bitcoins. Your GPUs actually WORK for the bitcoins. While early adopters did get rich, this is not like a pyramid scheme at all, where the early adopters are the only focus. While it seems that the profit margin just goes down, it DOESN'T. When the BTC shot up to 3.5$+ I was doing more profit than I did in February, and when it shot up to 5.5$ and 8.3$, I did even more money.

    2. We are in a society where buying stuff to the point that you owe more money than you can afford is considered normal. He is arguing the inflation is better than deflation. NO it is not. Sure you are going to want to keep the BTC more than the USD, but all that does is encourage you to not over spend! He argues that noone will want to sell them: THERE ARE MORE BTC THAT ARE SPENT THAN THERE ARE MADE per day. Miners also sell there BTC, even though they know prices go up. GOLD's value usually goes up, does everyone hoard gold to never spend again? No, NOONE WANTS A CURRENCY THEY CAN'T SPEND, all the people who will invest in BTC will spend some BTC at some point. Plus, demand for BTC WILL NOT suddenly reach that of the USD or something, as BTC has no country. The argument that there is or will not be enough supply is ridiculous, the supply will stay the same, but the price will go up.

    3. So stocks are worthless and a scam? Again, people will still use other currencies, as BTC is not accepted to pay the bills. How do people do that? Sell BTC for USD or Yen or wtv. Other people who want to buy BTC pay in those currencies. A MacbookPro is not like a stock or a currency. Say I live in Canada and I only got USD sitting in a bank doing nothing, but I gotta pay the bills, what do I do? Do I sell my MBP and my clothes? NO, I FREAKING EXCHANGE THE USD TO CAD! Where? IN FREAKING CURRENCY EXCHANGES! If I don't have enough money to pay the 5000$ bill, but I have 50000$ in stocks, do I sell my car to pay the bill? NO, ya sell your stocks. Where CAN you sell your stocks? IN FREAKING EXCHANGES! He's saying hat BTC is not a currency because it does not MAGICALLY transform into other currencies, you actually have to go in exchanges, IH NOES!

    4. The beauty of Bitcoin is that a very small amount of things can go wrong compared to any other currency, as it is DECENTRALISED, and technically sound. There are no banks, you own your own "Bank" with only your own money in it with BTC. The probability of an exploit found in BTC is so low because of it being open-source and everyone making sure everything is safe. It uses SHA-256 which is great too. If 80% of people stop mining, the same supply is created, so BTC is the stablest currency I know of. If BTC crashes, it'll just go back up ;)

    Conclusion: Don't fucking diss my BTC :D

    I think of BTC as a middleground between gold, currency and stocks, but wtv you consider what BTC is, it is certainly not a scam, nor does it have many flaws.
     
  15. Easy Rhino

    Easy Rhino Linux Advocate

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    i think the authors point is that it is a scam because the early adopters have the most to gain since the value is purposefully deflated over time until it reaches 21 million bitcoins. once it reaches 21 million coins then what happens to people who were late adopters? they have coins worth less than those who adopted early on.
     
  16. AphexDreamer

    AphexDreamer

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    Hmm not sure what either one of you guys are saying but just goinig of this post.

    The coins have the same value for everyone. And the value has been increasing since I started and I don't even consider myself an early adopter.
     
  17. Easy Rhino

    Easy Rhino Linux Advocate

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    if the value of the coins is known to be increasing then why spend the bitcoins you have? you would keep the bitcoins longer since their value is increasing.
     
  18. AphexDreamer

    AphexDreamer

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    Well it goes up and down but it reaches new highs every now and then.
    And I do save them.
     
  19. PVTCaboose1337

    PVTCaboose1337 Graphical Hacker

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    Internet goes down. You have no money.

    Decentralized is a problem and conflicts with technically sound.

    But possible. I can't make gold. Inb4 ALCHEMY.

    Explain. With bullet points.

    Not trying to disprove Bitcents, but I'm pretty sure this lasts for 1 year more, tops.
     
  20. matteumayo New Member

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    Even if BTC fails, it's a good start and a glimpse forward to a new generation of currency.

    I just hope it doesn't fail.
     
  21. n-ster

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    I would respond to this but I'm lazy atm lol I gtg sleep, but on that last one, BTC has been up for many years now, and I do not see anything that would stop in the near future

    Decentralized is truly being democratic as the whole of the btc community decides what happens
     
  22. matteumayo New Member

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    $14.48.

    I can't believe my eyes!

    WHATEVER YOU DO, DON'T SELL!

    I believe this is a sign of things to come :D
     
  23. entropy13

    entropy13

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    That's great! I now have around $7 worth of BTC :laugh:
     
  24. n-ster

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    I only have like 14 BTC, I've stopped mining since a few few weeks, too hot in my room and it's summer lol
     
  25. erocker

    erocker Super Moderator Staff Member

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    This is what I'm having a hard time understanding. Currency is based on something else that is valuable. Be it gold, or commodities, etc. What are Bitcoins based upon to give them worth?
     

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