WTF is Bitcoin?

  • 87 Replies
  • 23664 Views
*

frostee

  • Official Member
  • 3555
  • Posts: 1337
Re: WTF is Bitcoin?
« Reply #60 on: June 17, 2011, 12:45:50 AM »
Okay so I read this on a computer forum and got started earlier today. Yet to see any results but I shall see.

I found a good calculator and you can make some serious amounts of bitcoin with high end GPU's however the power cost makes it not worthwhile. Interestingly though living on campus I get free power and according to a calculator I found a 5970 graphics card could generate up to $13 a day. So if I get a cheap system (the rest of the hardware doesn't matter) and add a 6xxx graphics card, with free power I could pay for the hardware and start making decent money (plus its pretty cool in a nerdy way)
Recently religious due to the impending rapture.

*

parsec

  • 6196
  • 206,265
Re: WTF is Bitcoin?
« Reply #61 on: June 17, 2011, 04:42:34 AM »
I found a good calculator

Does that calculator take into account that increased supply of bitcoins would push their price in terms of real dollars down?

?

Mrs. Peach

  • Official Member
  • 6258
Re: WTF is Bitcoin?
« Reply #62 on: June 17, 2011, 07:14:50 AM »
Maybe they're pegged.

*

Trekky0623

  • Official Member
  • 10061
Re: WTF is Bitcoin?
« Reply #63 on: June 17, 2011, 07:16:12 AM »
You're not going to make $13/day. Just saying. First off, the coins are only given out in 50 coin increments. You could try doing a group mining thing, but you're still not going to get $13/day.

?

sillyrob

  • Official Member
  • 3771
  • Punk rawk.
Re: WTF is Bitcoin?
« Reply #64 on: June 17, 2011, 07:40:42 AM »
I found a good calculator

Does that calculator take into account that increased supply of bitcoins would push their price in terms of real dollars down?
There's a set amount of them. This isn't the American dollar which they just keep printing more and more of and driving the price of it down more and more.

?

Mrs. Peach

  • Official Member
  • 6258
Re: WTF is Bitcoin?
« Reply #65 on: June 17, 2011, 08:25:24 AM »
It has to be pegged to something.  What is it?  Bottlecaps?

*

Johannes

  • Flat Earth Editor
  • 2755
Re: WTF is Bitcoin?
« Reply #66 on: June 17, 2011, 12:22:07 PM »
It has to be pegged to something.  What is it?  Bottlecaps?
Ultimately it will be pegged to the cost of generating a bitcoin.

?

Mrs. Peach

  • Official Member
  • 6258
Re: WTF is Bitcoin?
« Reply #67 on: June 17, 2011, 12:46:55 PM »
It has to be pegged to something.  What is it?  Bottlecaps?
Ultimately it will be pegged to the cost of generating a bitcoin.

And how is the 'cost' valued?  In labor?  You're still going to have to value the measure of whatever labor (or the elusive 'generating') unit used. 'An hour's worth of work' is very difficult to exchange.

I'll shut up now as econ bores me to fits.

?

Crustinator

  • 7813
  • Bamhammer horror!
Re: WTF is Bitcoin?
« Reply #68 on: June 18, 2011, 10:29:17 AM »
So I downloaded the whole mining shit and got all excited. Then I read a load of forum posts about people bawwing that they'd been running for weeks and got nothing so I can't be fucked. There's several warnings about how the cost of production (in terms of electrikity + burning out your hardware) is more than the value recovered. If you look at any statistical tracking stuff it becomes clear that we've missed the boat.

BitCoin will become the currency for leet Belgian haxors and kiddie pron manufacturers until the gubmint steps in with a bamhammer.

?

General Disarray

  • Official Member
  • 5039
  • Magic specialist
Re: WTF is Bitcoin?
« Reply #69 on: June 18, 2011, 11:56:28 PM »
So I downloaded the whole mining shit and got all excited. Then I read a load of forum posts about people bawwing that they'd been running for weeks and got nothing so I can't be fucked. There's several warnings about how the cost of production (in terms of electrikity + burning out your hardware) is more than the value recovered. If you look at any statistical tracking stuff it becomes clear that we've missed the boat.

BitCoin will become the currency for leet Belgian haxors and kiddie pron manufacturers until the gubmint steps in with a bamhammer.

I recall some posts by me on the first page of this thread that could have saved you a lot of trouble.
You don't want to make an enemy of me. I'm very powerful.

?

Crustinator

  • 7813
  • Bamhammer horror!
Re: WTF is Bitcoin?
« Reply #70 on: June 19, 2011, 06:38:49 AM »
Implying I read posts before I reply.

*

frostee

  • Official Member
  • 3555
  • Posts: 1337
Re: WTF is Bitcoin?
« Reply #71 on: June 19, 2011, 06:45:02 AM »
Yes I mine in a group. Have made $6-7 so far in bitcoins (over two days, PC on most of the day) and this is on my 5770. This is the value I expected on my GPU.
Recently religious due to the impending rapture.

?

sillyrob

  • Official Member
  • 3771
  • Punk rawk.
Re: WTF is Bitcoin?
« Reply #72 on: June 19, 2011, 07:41:36 AM »
$6-7 in two days? God damn, you're going to be posting on a gold plated computer before long.

*

frostee

  • Official Member
  • 3555
  • Posts: 1337
Re: WTF is Bitcoin?
« Reply #73 on: June 19, 2011, 08:07:33 AM »
$6-7 in two days? God damn, you're going to be posting on a gold plated computer before long.
With a very average graphics card mind you. I mean the general idea is sound: paid for distributed computing. But I guess it's kind of like doing folding except you get some of your money back, perhaps even a bit more. With free power, that money is pure profit.
Recently religious due to the impending rapture.

*

EnglshGentleman

  • Flat Earth Editor
  • 9548
Re: WTF is Bitcoin?
« Reply #74 on: July 25, 2011, 09:29:14 AM »
I suppose if you are a person with access to a server farm, you could do very well. I read an article about an IT manager that just used all the computers in his school during the summer to mine bitcoins.

*

Raist

  • The Elder Ones
  • 30590
  • The cat in the Matrix
Re: WTF is Bitcoin?
« Reply #75 on: July 25, 2011, 08:32:02 PM »
It has to be pegged to something.  What is it?  Bottlecaps?
Ultimately it will be pegged to the cost of generating a bitcoin.

And how is the 'cost' valued?  In labor?  You're still going to have to value the measure of whatever labor (or the elusive 'generating') unit used. 'An hour's worth of work' is very difficult to exchange.

I'll shut up now as econ bores me to fits.

An hour's worth of work is difficult to exchange? Duh that's why we invented currencies such as bitcoins. You do an hour's worth of computing for a firm, you are then given a bitcoin, bitcoins can be bought by the firms and use them for another hour of computing. It's kind of a forced submarket but it could make people that corner the market right before a bubble very very rich.

*

Parsifal

  • Official Member
  • 36115
  • Bendy Light specialist
Re: WTF is Bitcoin?
« Reply #76 on: August 20, 2011, 11:12:34 PM »
Um, and? Did you miss a full stop between two sentences there? Perhaps you had thought it to be a semicolon?

The point is you thought U.S. still operated under a gold standard and now you're trying to save your ass by being a bitch.
False.

Oh really?

What will the bank pay you in? Other pieces of paper?
Goods, coinage, or the legal tender of your country (in case of the US, gold).

In this quote you state that gold is the legal tender of the US. It is not.

I notice PizzaPlanet hasn't responded to this.
I'm going to side with the white supremacists.

Re: WTF is Bitcoin?
« Reply #77 on: August 21, 2011, 10:52:42 AM »
Um, and? Did you miss a full stop between two sentences there? Perhaps you had thought it to be a semicolon?

The point is you thought U.S. still operated under a gold standard and now you're trying to save your ass by being a bitch.
False.

Oh really?

What will the bank pay you in? Other pieces of paper?
Goods, coinage, or the legal tender of your country (in case of the US, gold).

In this quote you state that gold is the legal tender of the US. It is not.

I notice PizzaPlanet hasn't responded to this.
Irrelevant.

*

PizzaPlanet

  • 12253
  • Now available in stereo
Re: WTF is Bitcoin?
« Reply #78 on: August 23, 2011, 02:11:23 PM »
Um, and? Did you miss a full stop between two sentences there? Perhaps you had thought it to be a semicolon?

The point is you thought U.S. still operated under a gold standard and now you're trying to save your ass by being a bitch.
False.

Oh really?

What will the bank pay you in? Other pieces of paper?
Goods, coinage, or the legal tender of your country (in case of the US, gold).

In this quote you state that gold is the legal tender of the US. It is not.

I notice PizzaPlanet hasn't responded to this.
"In this quote", I did not state that gold is the legal tender of the US. Perhaps I should have said "(or, in case of the US, gold)" for clarity; however, I see no reason why this would be necessary. It's all about context and reading comprehension.
hacking your precious forum as we speak 8) 8) 8)

*

markjo

  • Content Nazi
  • The Elder Ones
  • 41424
Re: WTF is Bitcoin?
« Reply #79 on: August 23, 2011, 07:29:51 PM »
Um, and? Did you miss a full stop between two sentences there? Perhaps you had thought it to be a semicolon?

The point is you thought U.S. still operated under a gold standard and now you're trying to save your ass by being a bitch.
False.

Oh really?

What will the bank pay you in? Other pieces of paper?
Goods, coinage, or the legal tender of your country (in case of the US, gold).

In this quote you state that gold is the legal tender of the US. It is not.

I notice PizzaPlanet hasn't responded to this.
"In this quote", I did not state that gold is the legal tender of the US. Perhaps I should have said "(or, in case of the US, gold)" for clarity; however, I see no reason why this would be necessary. It's all about context and reading comprehension.
US banks will not pay you in gold.  You may be able to purchase gold from US banks using legal tender, but that's another matter.
Science is what happens when preconception meets verification.
Quote from: Robosteve
Besides, perhaps FET is a conspiracy too.
Quote from: bullhorn
It is just the way it is, you understanding it doesn't concern me.

*

Raist

  • The Elder Ones
  • 30590
  • The cat in the Matrix
Re: WTF is Bitcoin?
« Reply #80 on: August 23, 2011, 07:46:28 PM »
I find that example funny because bitcoins are not fiat money they are backed by computing hours.

I'd just like to say that a techie in charge of a server farm could make a shit ton of cash misusing company property with this site.

*

PizzaPlanet

  • 12253
  • Now available in stereo
Re: WTF is Bitcoin?
« Reply #81 on: August 23, 2011, 07:56:32 PM »
US banks will not pay you in gold.  You may be able to purchase gold from US banks using legal tender, but that's another matter.
That's exactly why I was saying the gold standard is entirely irrelevant.
hacking your precious forum as we speak 8) 8) 8)

*

markjo

  • Content Nazi
  • The Elder Ones
  • 41424
Re: WTF is Bitcoin?
« Reply #82 on: August 24, 2011, 09:28:10 PM »
US banks will not pay you in gold.  You may be able to purchase gold from US banks using legal tender, but that's another matter.
That's exactly why I was saying the gold standard is entirely irrelevant.
Gee, I though that the gold standard was irrelevant because the US hasn't been on it since the great depression.
Science is what happens when preconception meets verification.
Quote from: Robosteve
Besides, perhaps FET is a conspiracy too.
Quote from: bullhorn
It is just the way it is, you understanding it doesn't concern me.

*

PizzaPlanet

  • 12253
  • Now available in stereo
Re: WTF is Bitcoin?
« Reply #83 on: September 02, 2011, 06:46:59 AM »
US banks will not pay you in gold.  You may be able to purchase gold from US banks using legal tender, but that's another matter.
That's exactly why I was saying the gold standard is entirely irrelevant.
Gee, I though that the gold standard was irrelevant because the US hasn't been on it since the great depression.
Yes. The two quotes of yours in here are pretty much synonymous.
hacking your precious forum as we speak 8) 8) 8)

*

hoppy

  • Flat Earth Believer
  • 11672
Re: WTF is Bitcoin?
« Reply #84 on: May 20, 2013, 06:37:40 PM »
I am seeing reports on the net that the US government is moving against bitcoin. Homeland Security has shut down Dwolla a mobile payment service to withdrawal and deposit funds in Bitcoin.
 P.S. I couldn't find Rushy's more recent Bitcoin thread
God is real.                                         
http://www.scribd.com/doc/9665708/Flat-Earth-Bible-02-of-10-The-Flat-Earth

*

Lorddave

  • 16364
Re: WTF is Bitcoin?
« Reply #85 on: May 20, 2013, 06:41:11 PM »
I am seeing reports on the net that the US government is moving against bitcoin. Homeland Security has shut down Dwolla a mobile payment service to withdrawal and deposit funds in Bitcoin.
 P.S. I couldn't find Rushy's more recent Bitcoin thread
4th thread from the top.
I am a terrible person and I am a typical Blowhard Liberal for being wrong about Bom.

*

hoppy

  • Flat Earth Believer
  • 11672
Re: WTF is Bitcoin?
« Reply #86 on: May 20, 2013, 06:44:45 PM »
Apparently drug dealers take them. Other than that, there's a group of like 25 sites that accept them (most or all were started by the same people who started Bitcoin), and their selection is shit.

I sold mine for dollars through MtGox, and sent them to my bank account through Dwolla.
The US government(Homeland Security) has shut down Dwolla. They are making a move against Bitcoin for some reason. I suppose they don't like the competition.
God is real.                                         
http://www.scribd.com/doc/9665708/Flat-Earth-Bible-02-of-10-The-Flat-Earth

Re: WTF is Bitcoin?
« Reply #87 on: June 17, 2013, 11:45:13 PM »
I can't find a non-biased overview of what the fuck this is.

it B con.