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WTF is Bitcoin?

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Trekky0623

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WTF is Bitcoin?
« on: June 01, 2011, 08:56:41 PM »
I can't find a non-biased overview of what the fuck this is.
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Ocius

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Re: WTF is Bitcoin?
« Reply #1 on: June 01, 2011, 09:02:58 PM »
Quote
Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto. The name also refers to the open source software he designed that uses it, and the peer-to-peer network that it forms. Unlike most currencies, Bitcoin has no central authority or issuer. Bitcoin uses a distributed database spread across nodes of a peer-to-peer network to journal transactions, and uses digital signatures and proof-of-work to provide basic security functions, such as ensuring that bitcoins can only be spent by the person who owns them, and never more than once.
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Trekky0623

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Re: WTF is Bitcoin?
« Reply #2 on: June 01, 2011, 09:04:10 PM »
It sounds like Monopoly money. Why is it valuable?
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Ocius

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Re: WTF is Bitcoin?
« Reply #3 on: June 01, 2011, 09:11:43 PM »
Maybe people use it in place of credit cards or paypal so it can't be traced to them.
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Trekky0623

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Re: WTF is Bitcoin?
« Reply #4 on: June 01, 2011, 09:18:11 PM »
Quote from: Fortuna on June 01, 2011, 09:11:43 PM
Maybe people use it in place of credit cards or paypal so it can't be traced to them.

Right, but how do you set a price for these things? What is their value?
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General Disarray

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Re: WTF is Bitcoin?
« Reply #5 on: June 01, 2011, 11:03:29 PM »
I made about $100 off it until it became not worth it. Unless you have a top tier AMD/ATI graphics card, don't bother at this point.

Basically, right now, they only have value because people want to buy them. People think they can exploit a new market for a while. It's just a bubble, and I'm glad I got out before it burst.

I've heard people are using it to buy illegal stuff. I guess there's no authority monitoring the transactions.  
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Parsifal

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Re: WTF is Bitcoin?
« Reply #6 on: June 02, 2011, 12:51:15 AM »
Quote from: Trekky0623 on June 01, 2011, 09:04:10 PM
It sounds like Monopoly money. Why is it valuable?

You could just as well ask why money is valuable.
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General Douchebag

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Re: WTF is Bitcoin?
« Reply #7 on: June 02, 2011, 03:20:46 AM »
Quote from: General Disarray on June 01, 2011, 11:03:29 PM
Unless you have a top tier AMD/ATI graphics card

What?
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Quote from: Baseball4Life on April 16, 2010, 09:54:41 AM
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sillyrob

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Re: WTF is Bitcoin?
« Reply #8 on: June 02, 2011, 06:50:53 AM »
You have some program that "mines" bitcoins. That is how you gain them. That or you spend real life money on them.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #9 on: June 02, 2011, 07:30:48 AM »
Quote from: Parsifal on June 02, 2011, 12:51:15 AM
You could just as well ask why money is valuable.
In real countries, because you can go to the national bank and exchange it for its actual value.
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Crustinator

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Re: WTF is Bitcoin?
« Reply #10 on: June 02, 2011, 07:40:24 AM »
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General Disarray

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Re: WTF is Bitcoin?
« Reply #11 on: June 02, 2011, 07:56:48 AM »
Quote from: General Douchebag on June 02, 2011, 03:20:46 AM
Quote from: General Disarray on June 01, 2011, 11:03:29 PM
Unless you have a top tier AMD/ATI graphics card

What?

Apparently it doesn't work as well with Nvidia cards.

You have to jump through a few hoops to convert them to dollars, but its possible.
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Quote from: Thork on April 02, 2012, 01:56:05 AM
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Crustinator

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Re: WTF is Bitcoin?
« Reply #12 on: June 02, 2011, 08:06:36 AM »
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sillyrob

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Re: WTF is Bitcoin?
« Reply #13 on: June 02, 2011, 08:06:52 AM »
It wont even install on my computer so I just don't care.
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Trekky0623

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Re: WTF is Bitcoin?
« Reply #14 on: June 02, 2011, 08:13:06 AM »
If you can't bring these to a store and get food with them, what's the point? Nobody takes them at this point.
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General Disarray

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Re: WTF is Bitcoin?
« Reply #15 on: June 02, 2011, 08:23:26 AM »
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.
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Quote from: Thork on April 02, 2012, 01:56:05 AM
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Johannes

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Re: WTF is Bitcoin?
« Reply #16 on: June 04, 2011, 09:29:33 PM »
Quote from: Trekky0623 on June 02, 2011, 08:13:06 AM
If you can't bring these to a store and get food with them, what's the point? Nobody takes them at this point.
People believe in it.

A bitcoin is worth whatever people believe they are worth. Just like the US Dollar or Euro.
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Raist

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Re: WTF is Bitcoin?
« Reply #17 on: June 04, 2011, 10:08:15 PM »
Quote from: PizzaPlanet on June 02, 2011, 07:30:48 AM
Quote from: Parsifal on June 02, 2011, 12:51:15 AM
You could just as well ask why money is valuable.
In real countries, because you can go to the national bank and exchange it for its actual value.

Lol and what can you get from the bank for it? Other pieces of paper that they'll assure you have the same value? Bitcoins are recognized as currency because people give them value. It's the same reason gold is valuable, because we value it.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #18 on: June 04, 2011, 10:30:08 PM »
Quote from: Raist on June 04, 2011, 10:08:15 PM
Lol and what can you get from the bank for it? Other pieces of paper that they'll assure you have the same value?
Wait, so you don't know what bank notes are? Oh my, oh my.





EDIT: A clearer view of the first one:


You're welcome.
« Last Edit: June 04, 2011, 10:32:55 PM by PizzaPlanet »
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Beorn

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Re: WTF is Bitcoin?
« Reply #19 on: June 05, 2011, 01:53:38 AM »
How is it not exactly the same as money except for not being accepted in as much places?
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Raist

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Re: WTF is Bitcoin?
« Reply #20 on: June 05, 2011, 10:13:40 AM »
Quote from: PizzaPlanet on June 04, 2011, 10:30:08 PM
Quote from: Raist on June 04, 2011, 10:08:15 PM
Lol and what can you get from the bank for it? Other pieces of paper that they'll assure you have the same value?
Wait, so you don't know what bank notes are? Oh my, oh my.





EDIT: A clearer view of the first one:


You're welcome.


And thank you for proving my point. What will the bank pay you in? Other pieces of paper? Unless your country is still on the gold standard that is just a promise to pay whatever the money is worth.

The only thing I can get from your argument is that a bank promises that it's worth something. Do you really understand the concept of money?
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #21 on: June 05, 2011, 01:00:39 PM »
Quote from: Raist on June 05, 2011, 10:13:40 AM
HURR DURR THIS PORVED MY POINT AND IMA NOW RIGGGGGGHT
o ok

Quote from: Raist on June 05, 2011, 10:13:40 AM
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).

Quote from: Raist on June 05, 2011, 10:13:40 AM
Unless your country is still on the gold standard that is just a promise to pay whatever the money is worth.
I'm not sure which country you refer to as "mine". However, I'll have you know most countries are "still on the gold standard". In most countries (n.b. US included), bank note is merely a confirmation of rights to claim your money.

Quote from: Raist on June 05, 2011, 10:13:40 AM
The only thing I can get from your argument is that a bank promises that it's worth something.
Yes, you often do have problems with getting things.

Quote from: Raist on June 05, 2011, 10:13:40 AM
Do you really understand the concept of money?
Yes.
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Beorn

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Re: WTF is Bitcoin?
« Reply #22 on: June 05, 2011, 02:15:29 PM »
Quote from: PizzaPlanet on June 05, 2011, 01:00:39 PM
Quote from: Raist on June 05, 2011, 10:13:40 AM
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).


But gold only has value because we assign value to it. I still don't see the difference.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #23 on: June 05, 2011, 02:34:43 PM »
Quote from: Beorn on June 05, 2011, 02:15:29 PM
But gold only has value because we assign value to it. I still don't see the difference.
The key difference is that the value has been guaranteed by a nation. It is therefore legal tender and constitutes a form of payment. The important part of it is that the definition of non-payment is derived from it.

There is no legal mechanism that could be used against a thief if we're talking about BTC "theft". It has no value as far as the law is concerned. For the same reason the Principality of Sealand dollar cannot be used as a form of payment in any country, even though it has an exchange rate with the US dollar.
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Raist

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Re: WTF is Bitcoin?
« Reply #24 on: June 05, 2011, 08:25:57 PM »
Quote from: PizzaPlanet on June 05, 2011, 01:00:39 PM
Quote from: Raist on June 05, 2011, 10:13:40 AM
HURR DURR THIS PORVED MY POINT AND IMA NOW RIGGGGGGHT
o ok

Quote from: Raist on June 05, 2011, 10:13:40 AM
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).

Quote from: Raist on June 05, 2011, 10:13:40 AM
Unless your country is still on the gold standard that is just a promise to pay whatever the money is worth.
I'm not sure which country you refer to as "mine". However, I'll have you know most countries are "still on the gold standard". In most countries (n.b. US included), bank note is merely a confirmation of rights to claim your money.

Quote from: Raist on June 05, 2011, 10:13:40 AM
The only thing I can get from your argument is that a bank promises that it's worth something.
Yes, you often do have problems with getting things.

Quote from: Raist on June 05, 2011, 10:13:40 AM
Do you really understand the concept of money?
Yes.

Google fiat money. That is what we use. You can not exchange your dollar for goods or for gold at a bank and you're a bit slow if you think so. This policy ended with the abolishment of the gold standard. Money is now inherently worthless and only has value as a medium of exchange. So no you do not understand the concept of money. As people are using the bitcoins as a unit of exchange they are money and buying them is the same as buying the currency of any nation.

P.S. if we were on the gold standard the price of gold would not be going up or down, the value of the dollar would inflate/deflate with it.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #25 on: June 05, 2011, 09:52:26 PM »
Quote from: Raist on June 05, 2011, 08:25:57 PM
You can not exchange your dollar for goods or for gold at a bank and you're a bit slow if you think so.
"A bank"? It would seem it's you who's a bit slow. Your reading comprehension needs improvement.
Also, once you get your reading up to speed, please read the relevant laws regarding your country.

Quote from: Raist on June 05, 2011, 08:25:57 PM
Quote from: PizzaPlanet on June 05, 2011, 01:00:39 PM
Quote from: Raist on June 05, 2011, 10:13:40 AM
HURR DURR THIS PORVED MY POINT AND IMA NOW RIGGGGGGHT
o ok

Quote from: Raist on June 05, 2011, 10:13:40 AM
What will the bank pay you in? Other pieces of paper?
P.S. if we were on the gold standard the price of gold would not be going up or down, the value of the dollar would inflate/deflate with it.
>implying international markets don't exist
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Raist

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Re: WTF is Bitcoin?
« Reply #26 on: June 05, 2011, 10:05:32 PM »
Quote from: PizzaPlanet on June 05, 2011, 09:52:26 PM
Quote from: Raist on June 05, 2011, 08:25:57 PM
You can not exchange your dollar for goods or for gold at a bank and you're a bit slow if you think so.
"A bank"? It would seem it's you who's a bit slow. Your reading comprehension needs improvement.
Also, once you get your reading up to speed, please read the relevant laws regarding your country.

Quote from: Raist on June 05, 2011, 08:25:57 PM
Quote from: PizzaPlanet on June 05, 2011, 01:00:39 PM
Quote from: Raist on June 05, 2011, 10:13:40 AM
HURR DURR THIS PORVED MY POINT AND IMA NOW RIGGGGGGHT
o ok

Quote from: Raist on June 05, 2011, 10:13:40 AM
What will the bank pay you in? Other pieces of paper?
P.S. if we were on the gold standard the price of gold would not be going up or down, the value of the dollar would inflate/deflate with it.
>implying international markets don't exist


ummmm good one...

Since you addressed none of my points and believe we are on the gold standard I'm going to giggle slightly and leave.

PPS it doesn't matter if there are international markets, the gold standard means you define a certain amount of money as equaling a certain weight in gold, you keep that gold on reserve to back up the value of the money. This means that the price of the good is constant, even if that amount is worth more or less compared to before.
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PizzaPlanet

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Re: WTF is Bitcoin?
« Reply #27 on: June 05, 2011, 11:50:21 PM »
Okay. Now that you're gone, we can bring this discussion back to a level.
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Raist

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Re: WTF is Bitcoin?
« Reply #28 on: June 06, 2011, 09:32:24 AM »
Quote from: PizzaPlanet on June 05, 2011, 11:50:21 PM
Okay. Now that you're gone, we can bring this discussion back to a level.

Lol, so how's the gold standard going?
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Username

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Re: WTF is Bitcoin?
« Reply #29 on: June 06, 2011, 10:53:06 AM »
« Last Edit: June 06, 2011, 11:00:10 AM by John Davis »
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