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2012-10-22 09:03 28467759 Anonymous (1348623619176.jpg 468x350 26kB)
Bitcoin Thread!
Hey /g/irls.
So why haven't you joined the bitcoin master race?
Wnating to be stuck with your pleb inflationary gov and corporation dominated currency?
>yfw you realize by not adopting btc your holding the world up. Your like religion to science.
You understand how difficult it is to bring down decentralized networks like bit-torrent yet you think btc is somehow different in that respect?
Think that the direction of current events isn't going to push btc into worldwide adoption.
Iran -> economy fucked
Argentina -> economy fucked
USA -> in debt, creating more debt, printing more money to put off the problem as is gets exponentially more difficult to ever deal with that debt.
bitcoin will be used. Denying it would be stupid.
Have an opinion that isn't 'hurr-durr no' and actually logically puts forward a point as to why not bitcoin...I'd love to hear and discuss it with you.
1 min later 28467783 Anonymous
It's the first currency ever of its kind. So naturally its uses are still being discovered/invented.
You go on reddit right? Well some smart cookie created a bot that enables you to tip other users. Bitcoin is perfect for micro-payments like this. Suddenly karma is actually useful, and you can give a real world thanks to people who offered a good comment.
/r/bitcoin
http://i.imgur.com/KgL7l.jpg
http://www.reddit.com/r/Bitcoin/comments/11q3rl/reddit_bitcoin_tip_bot_now_live_and_available_for/
2 min later 28467792 Anonymous
Because bitcoin is super fast to send around the world its PERFECT for gambling. send bet, receive winnings (or lose) all within < 3 mins. No need for an account or anything. The really cool thing about these (theres quite a boom in btc gambling sites) they're used because they're verifiably true and operate transparently. eg. I pick a number (5) give you the public key (#Y$HF) then after the bet has been made and done I give you the show the private key that *unlocks* the value of the pubkey showing that I didn't change number and it was 5 all along.
The first site to do this.
http://www.satoshidice.com/
2 min later 28467800 Anonymous
I dabble in bitcoins, It's an interesting idea. But I wouldn't fully trust the bitcoin as a trusted currency as it is now. It's a nice experiment but won't last.
3 min later 28467811 Anonymous
No doubt heard of wikileaks Julain assange? After MasterCard,Amer expr, paypal and a host of other fags prevented donations to the wikileaks foundation they began (and still are) opting to receive donations of bitcoin. A nice real life example of how btc can circumvent the monopoly of power that government and corporations hold over us.
4 min later 28467831 Anonymous
>>28467800
>won't last
gives opinion, supported by nothing.
thanks, stay pleb.
5 min later 28467849 Anonymous
The €uro is the best currency.
Prove me wrong!
7 min later 28467871 Anonymous (1350878210711.png 700x325 545kB)
>>28467849
>euro
>not amero
8 min later 28467886 Anonymous
>Hey /g/irls
>/girl/ in real life
im onto you /g/
9 min later 28467894 Anonymous
>>28467871
>Amero
I'm always amused when people bring that up, because it's almost always with a negative, if not outright conspiratorial, connotation. My response is always "Sign me up!"
9 min later 28467896 Anonymous
>>28467849
>euro
>used by Greece
>enjoy that fallout
9 min later 28467897 Anonymous
>>28467831
>Supported by nothing.
>Bitcoins
>Supported by nothing.
At least Dollars are supported by government taxes that is why they are secure, the government can tax you more.
10 min later 28467908 Anonymous (1350878406959.jpg 302x400 103kB)
I found these interesting articles about bitcoins
http://www.loper-os.org/?p=939
http://www.loper-os.org/?p=1009
10 min later 28467921 Anonymous
>>28467894
That's because you're uneducated.
12 min later 28467942 Anonymous
>>28467849
>fiat currency
>best currency
12 min later 28467945 Anonymous
I think currency trading is Jewish.
13 min later 28467957 Anonymous
>Argentina -> economy fucked
But our economy is not THAT fucked... not yet at least...
13 min later 28467964 Anonymous
>>28467897
Bitcoins are supported by math.
The fact there is a limit to them. They are rare. they have useful properties. such as divisibility, transportation. secured through encryption. pseudo anonymous.
>Supported by nothing
>Bitcoins
ha. Learn to tell the difference between supported by nothing physical and supported by x.
14 min later 28467991 Anonymous
>>28467957
So we should wait until we're past the point of no return?
Wait till shit in inran starts happening...become unable to trade out our money to something else?
Fix a problem before it becomes a bigger problem
15 min later 28468000 Anonymous (WOLFMAN JACK2.jpg 800x1031 96kB)
>your holding the world up. Your like religion to science.
>your
>Your like religion to science.
>your
You're babbling incoherently and have horrible grammar.
15 min later 28468004 Anonymous
>>28467896
To be fair, though, the reason Greece is having trouble isn't very much because of the Euro, but because they're broke. The Euro is, if anything, better for the Greeks than any Drachma would be, since the ECB inflates far less than the Greek government would.
That's not really to defend the Euro, mind you; just to say that the relative soundness of the Euro as far as fiat currencies go is what is finally making the corrupt Greek government meet its day of reckoning and displaying it for what it is.
16 min later 28468018 Anonymous
>fake currency that came out of nowhere and has been subject to insane spikes and total crashes in its rigged market during its short lifespan
>hurr it's based on math
>WHATS WRONG WITH YOU PEOPLE THIS IS THE NEW CURRENCY
18 min later 28468035 Anonymous
>>28467964
it's maths and that is very childish, they have no backing of state
18 min later 28468044 Anonymous
>>28467945
We should goo back to trading goats
18 min later 28468047 Anonymous
>>28468018
>fake currency
All modern currencies are fake then
19 min later 28468049 Anonymous
>>>/reddit/
19 min later 28468050 Anonymous
FUCKING BITCOINS. HOW DO THEY WORK?
19 min later 28468060 Anonymous
>>28468050
your grafics cat does some math and you get money
21 min later 28468083 Anonymous
>>28468035
>they have no backing of state
That's half the point.
24 min later 28468123 Anonymous
>>28468047
Pretty much, yeah, but they don't go to 10x their value then nothing within the course of a couple weeks before the Hand of God(tm) comes in and resets it all..... over and over and over again.
27 min later 28468150 Anonymous
>>28468083
And they are easily stolen, OP is a criminal who wants to rob people.
28 min later 28468163 Anonymous
>>28468150
[citation needed]
30 min later 28468194 Anonymous
>>28468163
Really? You need a citation for the social contract? The idea that the primary function of a state is to facilitate the surrender a subset of someone's rights, in exchange for a guarantee of security, in as much that others participating in the same society will not violate your rights in kind?
... nigga please.
34 min later 28468232 Anonymous
>>28468194
What did any of that have with the ease of BitCoin theft (or lack thereof) to do?
37 min later 28468266 Anonymous
I own a Nvidia graphic card, I won't get anywhere mining bit coins.
37 min later 28468270 Anonymous
>>28468123
sause.
37 min later 28468275 Anonymous (wXMSe[1].jpg 299x288 23kB)
>>28468194
39 min later 28468290 Anonymous
>>28468270
>needs a source for widely known and... "reported upon" events in the bitcoin community
>do you even bitcoin
41 min later 28468311 Anonymous
So I heard they were gonna release a super mining product this month that would severely disrupt the market. Any news on that? What is supposed to happen if people start flooding Buttcoins?
43 min later 28468327 Anonymous
>>28468311
Bitcoins can only be "flooded" to a certain extent, after which all possible coins have been created. If anything, then as sooner that point can be reached (and inflation eliminated), the better.
46 min later 28468368 Anonymous
>>28468327
and then what?
47 min later 28468377 Anonymous
>>28468368
Then they can be traded as the scarce goods they are.
48 min later 28468392 Anonymous
>>28468368
>and then what?
They can be split down to a tiny amount. You can trade 0.000001 Bitcoins or something stupidly small, so they will always be useful, even with no more being made.
50 min later 28468410 Anonymous
>>28468327
Don't talk about that like it's something that's gonna happen soon. It will take decades even if we are very optimistic.
50 min later 28468411 Anonymous
>>28468377
and how is the value of btc determined? x grains of rice?
>>28468392
sounds like a pyramid scheme. the guys that made the first million btc just need to sit on them for 20 years and watch themselves get rich?
51 min later 28468421 Anonymous
>>28468411
probs just gunna lower in value
51 min later 28468428 Anonymous
>>28468411
>and how is the value of btc determined?
Just like the value of any good (or currency): by supply and demand.
52 min later 28468442 Anonymous
>>28468428
thats not exactly true when you have the framework of eu, us, imf, ecb, fed reserve all printing and manipulating things.
53 min later 28468448 Anonymous
>>28468311
ASIC mining rigs. They're dedicated hardware to doing hashes.
The way bitcoin works is to make the hash needing to be figured out more difficult as the networks Ghashes/second increases.
They are always going to be created at a predictable rate.
53 min later 28468456 Anonymous
>>28468442
>implying they're good currencies
54 min later 28468464 Anonymous
How the first bitcoin was created? It was pretty much free money for the inventor
54 min later 28468472 Anonymous
>>28468411
>it's a pyramid scheme because the first people became rich
Notch also became rich for making Minecraft (and also didn't deserve it), that doesn't make it a pyramid scheme. Millions of people get rich for doing little to nothing.
55 min later 28468479 Anonymous
>>28468456
>implying its not easier to use them for living when i know what im bringing in and spending.
you cant do that with btc. theres no market its a bunch of kids ad libbing pricing.
55 min later 28468480 Anonymous
>>28468442
Why would it hold less true for that? The values USD/EUR/whatever or still determined by supply and demand, as well.
55 min later 28468481 (^^ )~
>>28467783
>tip other users
Fucking Americlaps.
56 min later 28468498 Anonymous
>>28468472
notch didnt get rich on selling an idea. he made a product.
56 min later 28468501 Anonymous
>>28468411
They're the early adopters. Their risk is by choice and based on their estimate of value of bitcoins. They waste time thinking about it making use of it...they ultimiatly either reap the benifits or suffer the loss.
If you bought a piece of land in America where NY is ...when America was first colonized...You'd be dicking rich right now. Not because it was guaranteed back then....but because you took the risk, that you could see the potential benefit form. i could invest in forks today...and randomly they become valuable 10 yrs from now. Thats unfair that I invested in them isnt it? no.
57 min later 28468510 Anonymous
>>28467783
No I don't go on Reddit FUCK YOU
59 min later 28468533 Anonymous
>>28468480
because nobody is fucking demanding btc. scumbag speculator is buying a tanker of oil and flip it at profit in btc.
1 hours later 28468539 Anonymous
>>28468498
Well then feel free to pick another example. How about all those people on Wall Street? They aren't selling products either.
1 hours later 28468546 Anonymous
I considered using it, but after i read that declassified fbi report on bitcoins, mentioning all those hole in them fuck that, i'm not taking that risk.
1 hours later 28468550 Anonymous
>>28468533
Clearly, there is a certain demand for Bitcoins. Seeing as how trade is being carried out in them, I don't really see how you can reasonable deny that.
1 hours later 28468551 Anonymous
>>28468539
what people on wall street? the ones selling their skills to perform services for other people? their skill is a product.
so far buying into btc sounds a lot like buying into religion to me.
1 hours later 28468561 Anonymous
>>28468546
>"classified"
>"leaked"
you will fall for anything wont you?
1 hours later 28468564 Anonymous
>>28467759
is it true that we're all fucked when ASIC chips come out or is it vaporware lies? I wanna get into bitcoin and have enough moneys to do so, but the market is uncertain. a simple derivative I did plots the value at about $15/BTC tho
1 hours later 28468568 Anonymous
>>28468551
>i accidentally the global economy
serious skills involved
1 hours later 28468574 Anonymous
>>28468561
No you idiot, learn to read.
1 hours later 28468582 Anonymous
>>28468568
lol point taken but mine still stands.
1 hours later 28468585 Anonymous
>>28468551
>so far buying into btc sounds a lot like buying into religion to me.
To be fair, so did paper currency seem 500 years ago. And probably, gold did too 2500 years ago.
1 hours later 28468590 Anonymous
I used BTC to donate to the person who set up that FTP server a while ago. There, a story of them actually being used.
1 hours later 28468592 Anonymous
>>28468546
>considered using it, but after i read that declassified fbi report on bitcoins, mentioning all those hole in them fuck that
implying that isn't propoganda. Designed to deter bitcoin usage because of its threat to 'merrica.
They can't openly ban it..because that will give it credibility. They can't stop it..because that would take nothing less than shutting down the internet. All they can do is denounce it through basically guerrilla means.
1 hours later 28468602 Anonymous
>>28468590
>anecdote out ass
>proof
1 hours later 28468603 Anonymous
>>28468564
OH WOW, LOOK AT THIS FUCKING REATRD
1 hours later 28468617 Anonymous
>>28468000
Anon isn't babbling, he is however a numpty for not understanding your =/= you're
1 hours later 28468618 Anonymous
>>28468602
>proof
Wat.
1 hours later 28468622 Anonymous
>>28468592
>threat to merica
how? whats it going to do? whats the end game? crash global economies that are established? is that how we unfuck ourselves out from under the federal reserve?
1 hours later 28468636 Anonymous
>>28468564
about ASIC. There is nothing to be worried about. They are a good thing. It allows the network to work faster more efficiently.
see >>28468448
1 hours later 28468657 Anonymous
>>28468551
If I had invested in Google in the early 2000s, I'd be rich now. Is that a good enough example for you?
1 hours later 28468664 Anonymous
Oh god, the temps I get from mining. My 7970 has hit 96C before. Preordered a jalapeno though, so that problem will be gone mid november.
1 hours later 28468667 Anonymous
how can a btc economy stabilize without us being able to make more btc to buy more stuff? will everyone just be poor?
1 hours later 28468668 Anonymous
>>28467759
>yfw you realize by not adopting btc your holding the world up. Your like religion to science.
>your
>your
kill yourself
1 hours later 28468675 Anonymous
>>28468622
Takes the power away from
a. Gubbermants that print money to fund war, etc ..basically them pulling the rug out underneath you to do what they wanna do
b. Banks; Fractional reserve banking is how they fuck you and everyone else over. Then they get a bank run...fuck up and need the gubbermant to bail thme out. or else everyone loses their money..so more is printed and given to the bank at 0%! devaluing All money..but hey you still get your 10k from the bank..but its not worth the same 10k.
Bitcoins you don't need banks. 'Banks' in bitcoin would be loansharks...people you invest money into to lend out for some ROI %
1 hours later 28468677 Anonymous
>>28468657
no because you still havn't explained how it works on anything more than faith. you keep trying to sell btc like a product and im telling you it is NOT a product. it is an idea.
1 hours later 28468678 Anonymous
>>28468667
Since Bitcoins aren't consumed, why would new ones need to be made?
1 hours later 28468681 Anonymous
>>28468636
But will buttcoins go down or up?
1 hours later 28468691 (^^ )~
>>28468622
>how?
Because it puts a source of currency outside the control of the government. They can't freeze someone's buttcoin account. Large buttcoin transfers aren't reported to the feds. You can transfer funds anywhere in the world with zero effort.
>>28468678
Some will get lost.
1 hours later 28468692 Anonymous
Bitcoins are fucking stupid.
USA currency is fucked though. We will have to either default on all our foreign loans (which will be bad) or do what Washington will probably do...continue printing money risking inflation that could EASILY turn into hyperinflation.
Forget this internet bullshit bitcoin and buy physical gold and/or learn to be an expert in how to trade goods for services and vise versa.
1 hours later 28468697 Anonymous
>>28468677
Is any currency (backed by physical goods or not) any more than faith?
1 hours later 28468703 Anonymous
>>28468681
With the difficulty increases and reward decreases (reward halfing expected early-mid 2013), the value should go up.
1 hours later 28468704 Anonymous (MHVmc.png 423x105 53kB)
>visit bitcoin forum
>see this
>turn 360 degrees and walk away
https://bitcointalk.org/index.php?topic=26985.0
1 hours later 28468707 Anonymous
>>28468691
>Some will get lost
How? Aren't they all being tracked globally?
1 hours later 28468709 Anonymous
>>28468697
yes, my usa government telling me they enforce the value of the dollar in my life is more than faith.
1 hours later 28468712 (^^ )~
>>28468707
People can lose their wallet.dat file.
1 hours later 28468715 Anonymous
>>28468707
Each person's bitcoins are stored in a wallet file. If that file is lost, so are the bitcoins.
1 hours later 28468726 Anonymous
>>28468709
They don't "enforce the value of the dollar". The value of the dollar is based on the demand of people wanting to save and trade in it.
1 hours later 28468727 Anonymous
>>28468677
Are credit cards or PayPal just ideas too?
1 hours later 28468736 Anonymous
>>28468715
Wouldn't that actually mean that they could be mined anew?
1 hours later 28468742 Anonymous
>>28468667
It scales instead of inflates. Today bread is worth .5 btc 20 years bread could be worth .0000500 btc Supply and demand.
>>28468692
> economy collapses
> holding gold
> thinking people will want that over food water ammentities
Gold/silver is like preparing for D-day
Bitcoins is mitigating the problem before it is realized.
1 hours later 28468747 Anonymous
>>28468736
There is no way to tell the difference between bitcoins tat are lost and ones that are just saved.
1 hours later 28468749 Anonymous
>>28468736
No, as the wallet file is on their computer. There is no way to tell if they've been lost.
1 hours later 28468768 Anonymous
>owns gold and silver and copper
>not a single fuck given
1 hours later 28468773 Anonymous
>>28468677
It's value is it properties!
A currency/commodity that is easy to move, split, send, un-corruptible due to its decentralization, NON-INFLATIONARY, backupable in multiple places, pseudo- nonymous.
1 hours later 28468779 Anonymous
I do all my online payments in TF2 hats and metal.
Buy Unusual for $150, trade it to receiver, he can sell it for $150 or keep it to spend it in shops that accept hats too. There are none yet, but just wait.
1 hours later 28468794 Anonymous
>>28468779
I buy TF2 items with BTC. 5 days of mining gets me approx 10 keys.
1 hours later 28468798 Anonymous
>>28468712
*password to it
the wallet.dat can be backed up to ur computer, the cloud ur phone, a usb a cd a dvd and on paper.
that all link to the same wallet so spedning from the phone and cloud wallet are spending from the same wallet.
1 hours later 28468820 Anonymous
>>28468773
cash has mostly the same properties and is backed by gov't. btc can NOT be easily used, i can't buy my groceries or dragon dildos with btc.
1 hours later 28468821 Anonymous
>>28468768
will you buy the massive amounts of copper in my attic? It's left over from constructing my haus
1 hours later 28468824 (^^ )~
>>28468821
No, you're a nigger and stole it.
1 hours later 28468826 Anonymous
i doubt i could insure my btc wallet.
1 hours later 28468831 Anonymous
>>28468821
Melt it down and sell it to me at a price that isn't ridiculous ($20/lb shiny copper bars lolno) then yeah
1 hours later 28468854 Anonymous
if push comes to shove gov't will backdoor into every major corp and site and tell them they are not to use btc.
1 hours later 28468864 Anonymous
>>28468826
insure it yourself.
Back it up to multiple places secured by a strong encryption password.
1 hours later 28468865 Anonymous
>>28468820
But you can't trade cash online without jews taking a "small" fee.
You can buy buttcoins, send them and sell the again while losing (or making) <1% (due to fluctuating prices). It's cheaper.
1 hours later 28468880 Anonymous
>>28468864
>insure it yourself
I don't think you understand how insurance works.
1 hours later 28468892 Anonymous
>>28468865
Well you can...Easily if somebody is selling them.
USD are hard to buy groceries and dildos with if nobody sells them for it.
It's the fact people SHOULD start selling things in btc because of the mass advantages.
1 hours later 28468904 Anonymous
Bitcoin can be easily fucked by governments, they just have to go after the exchanges.
1 hours later 28468917 Anonymous
>>28468904
The exchanges would just move onto TOR.
1 hours later 28468923 Anonymous
>>28468880
I don't think you understand that you are able to make your money un steal able/ un losable. WITHOUT paying some premium for a faggot to say he *might* give pay you back if you fuck up and the contract says thats part of what they cover.
I don't think you understand why you'd get something insured that doesn't require insuring.
1 hours later 28468939 Anonymous
>>28468892
the infrastructure is non existant. for btc to work it would need debit cards at the very least. how can we live our daily lives on btc? we cant/
1 hours later 28468942 Anonymous
>>28468904
and once People start working for bitcoins instead of trading them for fiat then where do they aim? how do they find who's paying with what? It's like cash.
1 hours later 28468970 Anonymous
>>28468923
because i can store a lockbox in my dresser and state on insurance forms i keep a lockbox of 5k in my dresser. when the house burns down, i should receive that back. no insurance company is going to be able to say ok you had x bitcoins thats x dollars there ya go
1 hours later 28468974 Anonymous
>>28468939
Like a bitcoin credit card? It's new, no shit theres no infrastructure. It's emerging though. And far far far supersedes the functionality and versatility of regular money.
http://thenextweb.com/insider/2012/08/20/bitinstant-may-bridge-virtual-real-world-currencies-interna
tional-bitcoin-credit-card/
1 hours later 28468975 Anonymous
>>28468939
ROW ROW FIGHT THA POWAH!
1 hours later 28468977 Anonymous
>>28468917
I was talking about the money trail, TOR can't hide that.
1 hours later 28469008 Anonymous
>>28468970
Why would you pay to insure bitcoins?
your argument is like comparing a rock (bitcoins) and a dog (reg money)
if you get bitcoins..It doesn't need walking. IT JUST DOESN'T. as much as you would like to walk your rock or insure your btc...There is 0 practical reasons to do so.
1 hours later 28469030 Anonymous
>>28468942
You can easily ruin bitcoin before a big enough number of people start using it.
1 hours later 28469049 Anonymous
>OP used your instead of you're
>disregard post
1 hours later 28469058 Anonymous
>>28469030
How would you do that without giving it credibility in the fact that its being attempted to be brought down.
1 hours later 28469059 Anonymous
>>28469030
bitcoin will never work without physical cash, something that doesn't require an internet connection.
1 hours later 28469062 Anonymous
>>28469049
yea, I know man. I regret not proof reading.
1 hours later 28469073 Anonymous
>>28469059
Bitcoin can be used a a physical currency. Without the internet.
1 hours later 28469076 Anonymous
>>28467871
How about instead of some eurotrash name (amero), we just call the unified currency... dollars.
1 hours later 28469099 Anonymous
>>28469073
and without a debit card?
1 hours later 28469113 Anonymous
>>28469099
sure, just have secure encrypted tags in coins.
1 hours later 28469117 Anonymous
>>28469099
Yes. you can put your coins onto paper.
I'd like to see everyone use all their money without debit cards.
>because banks don't hold enough money to be able to pay everyone. / That money doesn't even exist.
1 hours later 28469120 Anonymous
>>28469113
english mother fucker
1 hours later 28469136 Anonymous
>>28469120
Kind of like subway passes, but in a coin. You could also throw some flash memory in there.
1 hours later 28469145 Anonymous
>>28469058
Lie about it until enough people believe getting rid of bitcoin is necessary.
I like bitcoin but I don't think it will have a bright future unless it has support from some people in power.
1 hours later 28469155 Anonymous
>>28469117
debit card linking back to btc exchange would be perfect. the cash is a necessity i think though because not every little human establishment in the world has internet access. dont the ghetto folk need cash btc for 40s?
1 hours later 28469184 Anonymous
Can you please explain to me how the mining works?
1 hours later 28469192 Anonymous
>>28469145
PEOPLE ARE THE POWER.
THIS IS EXACTLY WHY IT NEEDS TO BE CHANGED.
IT DOESN'T NEED SUPPORT FROM PEOPLE IN POWER IT NEEDS SUPPORT OF PEOPLE WHICH IN TURN GIVES IT POWER.
Lies are unsustainable, because truth can be proven. If you are lieing and are disproved your credibility lowers.
If you like the idea and see the benefit from it, then you should support it if you're in a position to do so.
1 hours later 28469202 Anonymous
>>28469184
The jist of it is... Like with gold during a gold rush, it's easily accessible from streams, ground level etc kinda shit. The longer it gets mined, the less there is and the more specialized equipment and operations become necessary to extract the deep, hard to get gold.
so the jisty jist of what your actually mining is a hash value (eg. 000f42f2cx4Gs). To begin with they where far easier to find. The difficulty of finding a hash is directly in relation to the worlds Gigahashs /second. The difficulty is, for a hash to be valuable it must start with x number of 0's at the front. The more 0's required, the harder it is to find them. This allows bitcoins to be mined at a predictable rate without retarded fluctuation if say a 50 super computers joined the network mining.
1 hours later 28469214 Anonymous
>>28469202
CONT.
https://blockchain.info/charts/total-bitcoins
(Check out the other charts though, they're perdy interdasting)
We've gone past the panning for gold stage and are entering the larger mining operations. For a single person with a nice gpu in the their comp...They would take about a year of non stop mining to solve a block (find a winning hash) and earn them 50 btc. There is now, 'mining pools' ( https://www.btcguild.com/ ) where you join a swarm of others and the payout if anyone finds it is div'd between everyone and your contribution %.
Mining is also valuable in the way its what verifies each and every transaction on the network. It's a crucial part of the network. Miners collect the fee's of transactions they verify basicly while/as they're calcing hashs. So even once all 21 mil bitcoins are mined it will be valuable to keep mining because you collect those transfee's which are optional but allow for priority verification ( as in..If you where mining would you figure out the one that gives you a couple of cents or the free one?) the average tf now is like .0005 btc (~$0.001) for small payments (to stop people form micro flooding the network sending billions of .000000001 payments)
1 hours later 28469231 Anonymous
>>28469202
What makes the hash valuable though?
They cant just pay people for finding a hash which starts with a few numbers can they?
1 hours later 28469258 Anonymous
>>28469202
I see, so mining is pointless since to mine one bitcoins will cost me like ten times its value in electricity and hw shorten lifespan bill
1 hours later 28469292 Anonymous
>>28469231
>This
What IS a bitcoin? Why do you need a graphics card to get bitcons? What makes a bitcoin valuable?
1 hours later 28469297 Anonymous
>>28469231
It's simply something to find that can't be reproduced. = what makes a good currency.
This is the bit most have trouble seeing the value of. It's not like gold that you can hold and be like 'yea its in my had..its heavy..it's valuable'
It derives it's value from its scarcity.
If everyone could print money easily..would money be valuable?
We derive value from 2 things. Scarcity and intrinsic value.
bread is valuable because we can eat it and it serves a purpose.
Gold is valuable because its rare.
2 hours later 28469308 Anonymous
>>28469258
It's pointless unless you have botnets or dedicated equipment for mining(FPGAs, ASICs)
2 hours later 28469322 Anonymous
>>28468692
How would it be bad if the US defaults? who's going to collect from the US? The US will continue to sit on the debt, perhaps their credit rating will fall, but the status quo won't really change and things will stay stable. The global economy is backed by the US military.
What am i missing?
2 hours later 28469324 Anonymous
Because I like actually being able to purchase things.
2 hours later 28469325 Anonymous
>>28469297
But you cant sell a hash though can you? So it doesnt really have a value? Sorry, im not trying to disagree, im just struggling to get my head around it.
2 hours later 28469335 Anonymous
>>28469308
exactly. Just as going out searching for gold solo right now is NOT worth your time.
It's only worth time now with a structured approach.
2 hours later 28469406 Anonymous
I mean...I'm just trying to gather what exactly happens with bitcons? A graphics cards does math and you get money for it? I...what? Who exactly says how much Bitcoins you are worth?
2 hours later 28469410 Anonymous
>>28469325
Yea, you're currency trying to wrap your head around the most technical part of how bitcoins work/ where they get their value from.
It's difficult to explain with using some more specific terms though.
The blockchain is like a public ledger that says who owns what hashs.
thats what you are trading/ selling for 'real' currency like usd.
1 usd is like a hash value in the way it's go no intrinsic value. If nobody want's it, it's useless. the benefits of using a bitcoin hash as a store of value over 1 usd is the properties that can be used in conjunction with them.
2 hours later 28469432 Anonymous
>>28469410
a...allan?
Thanks anon!
2 hours later 28469443 Anonymous
>>28469406
The market. Supply/Demand.
If tomorrow every single girl in the world said they'd have sex with anyone for 1btc bitcoin value would go up because people want it for a specific purpose.
2 hours later 28469473 Anonymous
>>28469443
but they wont. you keep acting like some critical mass has happend but it hasnt and probably wont.
2 hours later 28469492 Anonymous
Just imagine if you could go thousand years into future and buy some quantum desktop pc and then use it at home to mine 10 buttcoin blocks / second
2 hours later 28469495 Anonymous
>>28469473
this. no future for bitcoin when the speculators and drug dealers are the only ones giving it value
2 hours later 28469518 Anonymous (atheistfags.jpg 500x500 148kB)
>>28467759
>Your like religion to science.
>Your
>religion to science
Your entire rant has been invalidated.
2 hours later 28469522 Anonymous
>>28469443
This is giving me a headache. I'm just trying to wrap my mind around what a bitcoin is. From what I gather its a hash and just like a dollar a hash is useless with out assigning value to it. I guess its the same thing like assigning value to toothpicks. The thing is, if "bank" issues it out, who's to actually know how much BTC you are worth? Let's say I am guy A and guy B wants to sell me something, he says he wants X for 50 BTC or whatever. How does he know I have 50 BTC? Can I just go into some program and type in that I have 50 BTC? What is mining? How do you "mine" for currency? Why do I need a graphics card for this?
2 hours later 28469546 Anonymous
>>28469473
>probably wont
A currency/commodity that can't be directly shutdown, doesn't de-value (in the sense it doesn't lose any of its beneficial attributes over time) and being present in a world where the damaging effects of inflationary currencies are quickly becoming realized.
>>28469492
No. You can't. And even if you could, the difficulty change would account for that.
2 hours later 28469618 Anonymous
>>28469546
OP what little i understand about btc makes me like the idea in principle, but i also like colonizing mars on principle, doesn't mean i think its realistic.
2 hours later 28469625 Anonymous
>>28469522
if A wants 50btc from B for a toaster..that means B want's 50 btc. If B really wants that toaster he can sell his phone for 50 btc for sombody who values a phone higher than 50 btc. This is what money is...a way of trading value.
If we're in the middle of a desert and you're dieig for a drink... You value a bottle of water more than $3... Because the water has more value to you than $3..or even 50$. It's all relative.
mining is guess and checking for a hash value that start with a certain amount of 0's at the start. Most gpu's do this at a couple of GHashes/second.
2 hours later 28469652 Anonymous
>>28469618
If you like the idea in principal look into it more. Realize that you can like the idea for practical reasons.
2 hours later 28469668 Anonymous
>>28469625
So what is stopping me from making up my own fake hashes?
2 hours later 28469683 Anonymous
>>28469668
math
2 hours later 28469723 Anonymous
I trust nothing that isnt backed by gold.
>that feel when nothing is backed by gold anymore except gold ;_;
2 hours later 28469727 Anonymous
>>28469668
The blockchain keeping track of who ownes what..and yea Math.
If I hash the word 'apple' with md5 it equals 1234 and ONLY 1234. If I hash appla = 44&# ..sometihng different.
if you say you found a 0000043$#% hash of the hash value we're calculating from... I'll try to hash what you said creates 00000blah balh and prove that it doesn't equate to 00000043blahblah
2 hours later 28469754 Anonymous
>>28469727
So basically you can create a real one..or a just a wrong one. VERY VERY VERY VERY easily told apart
2 hours later 28469782 Anonymous
>>28469668
nothing.
You could also put a fake credit card number into AMazon. Neither would be accepted.
2 hours later 28469831 Anonymous
1st couple of people to send me their btc address i'll send you a couple of bitcents to play around with. You can gamble them on the site in 'send bitcoins' and try to turn that couple of cents into a couple more or less...but gives you an idea of how fast it can be sent/received and used.
Make a online wallet here...
https://blockchain.info/wallet
2 hours later 28469863 Anonymous
>>28469492
Actually it would be better if you brought back already solved hashes
2 hours later 28469873 Anonymous
>>28469831
1BxovNdqGsquwY8wFMn3eCKgJLNyiM33Sn
2 hours later 28469878 Anonymous
>>28469831
134bi5gMN3NQtwYuZJXJfYuLw5EjBGVDGh
Where can I gamble them?
2 hours later 28469880 Anonymous
>>28469863
haha, yea. Ok, so bitcoin break if time travel is developed.
2 hours later 28469900 Anonymous
>>28469831
Where can I gamble with bitcoin?
2 hours later 28469907 Anonymous
>>28468479
Do you...
Do you know how currencies work?
If the demand for the dollar drops on the global market, its value will drop too. "Real" currencies change values all the time.
If you want the bitcoin to have some sort of fixed value, why don't you demand the same of the dollar(since it doesn't).
2 hours later 28469918 Anonymous
>>28469831
This guy delivered. Thanks!
2 hours later 28469923 Anonymous
>>28469831
1NnWtevuNTs3ARnvaRXphDPex5ZbGHRuUQ
2 hours later 28469925 Anonymous
>>28469880
>if
go pray to your shitty little god you small minded insect
2 hours later 28469931 Anonymous
>>28469831
thanks man
2 hours later 28469932 Anonymous
>>28468551
>Wall street
>Service
My sides
2 hours later 28469934 Anonymous
>>28469863
>>28469878
sent, sent.
Login into the wallet -> send coins -> on the left bar -> games->satoshidice
2 hours later 28469946 Anonymous
>>28469934
Thanks!
2 hours later 28469970 Anonymous
>>28469934
This is the public ledger of bitcoins...So you can see I sent you that money. Demonstrates how it works practical.
https://blockchain.info/address/134bi5gMN3NQtwYuZJXJfYuLw5EjBGVDGh
2 hours later 28469971 Anonymous
>>28469934
I bet what you gave me against 48% odds and won 0.08BTC. Free money is nice
2 hours later 28469987 Anonymous
>>28469934
...and they're gone! Remember kids, gambling ruins lifes!
2 hours later 28469990 Anonymous
>>28469971
haha, well I hope it's a good learning process.
to be honest, i'm not a huge fan of gambling..funny that I'm so into bitcoins though...They're not such an obviously designed 49.99% payback. statistically you lose over the long run gurantee'd with gambling.
If yu get rich and wanna return the favor my address is 1FBgCFkf31fvjWcsPmwxuvXpTJCNXLrwv5
:D
2 hours later 28470005 Anonymous
so how many buttmoni can you mine in one day on your high end pc?
2 hours later 28470015 Anonymous
>>28470005
nothing, forget it, you need a room full of mining rigs for mining to bring money in
2 hours later 28470019 Anonymous
>>28470005
>any buttmoni can you mine in one day on your high end pc?
none, you'll need months
2 hours later 28470026 Anonymous
>>28470005
shit all.
Those days are gone. You mine in a pool now. or with a room full of computers or a bunch of asics... as a business...Yes there are a couple of business atm that are taking investments to buy more infrastructure and paying dividends on whats mined.
2 hours later 28470054 Anonymous (gnuslashfrustration.jpg 243x383 95kB)
>>28467783
>You go on reddit right?
2 hours later 28470059 Anonymous
>>28469990
I'll send 0.2 once this block confirms
2 hours later 28470066 Anonymous
>>28469522
Think of it as a distributed network (like bittorrent) that shares just one file. In that file are all the transactions ever. So if your address is o39ibj9j3basus2s, somewhere in the chain it says "o39ibj9j3basus2s: received 125 BTC from ajhd893u2jin", and later "o39ibj9j3basus2s: gave 25 BTC to 09u0udnbhbhj". Now everyone knows you (that address) has 100 BTC to spend.
2 hours later 28470097 Anonymous
>>28470054
Piss off, it's another avenue of information.
the top post right now is acctualy not bad on /r/bitcoin
Computers and electronics sold only with bitcoins. eat your heart out /g/
http://www.bitcoinblaster.com/
3 hours later 28470125 Anonymous
>>28469831
1GM2MczimzSe2E7SkbPHUNauKYf2Audcnt
Will you still deliver?
3 hours later 28470130 Anonymous
>>28470097
>http://www.bitcoinblaster.com/
It just crashed
3 hours later 28470158 Anonymous
>>28470097
>http://www.bitcoinblaster.com/magento/
>/magento/
...
3 hours later 28470176 Anonymous
>>28469831
1hRVtLBxPSDMtRKHEPsJNKx3bN3qyuu5x
3 hours later 28470236 Anonymous
>>28470125
why not bro..sent
>>28470176
You're my last.
No more free btc.
3 hours later 28470264 Anonymous
I i wanted to buy a slave, how many bitcoins do they cost?
3 hours later 28470283 Anonymous
>>28470264
Check out the deepweb on tor... They exist..being sold for btc. same with hitmen drugs and dragon dildos
3 hours later 28470295 Anonymous
>>28470283
>deep web
wtf is this?
3 hours later 28470302 Anonymous
>>28470283
>>28470295
>>>/9fag/
3 hours later 28470303 Anonymous
>>28470295
I'm not teaching you to internet faggot. install gentoo and gtfo
3 hours later 28470345 Anonymous
>>28470295
A term most people don't understand.
3 hours later 28470357 Anonymous
>>28470295
Anything available on the internet not indexed by search engines.
3 hours later 28470361 Anonymous
>>28470345
that can be googled and explained with the 1st result
3 hours later 28470371 Anonymous
>>28470283
you can't buy slaves or hitmen on the deepweb, only drugs and weapons
3 hours later 28470382 Anonymous
>>28470361
I think he means, most people are like
>OMG DEEPWEB are u hacker??? lol fuk the goverment
3 hours later 28470389 Anonymous
>>28470361
Doesn't stop faggots from making threads with "I'm on the 2nd level of the deep web, how do I go deeper? Do I need to learn how to hack databases? Will the government find me?"
3 hours later 28470392 Anonymous
>>28470264
>tfw I will use my riced up computer to mine enough buttcoins to purchase my future waifu from slave market
and they laughed at me, for being such a neckbeard, fools, i will show them all with my new hot slutty japanese gf
3 hours later 28470431 Anonymous
>>28470066
Is this mostly correct? Anyone?
3 hours later 28470433 Anonymous
Does anyone rememer when the shitty deep web infogram was on the 9fag home page?
>le journey to the miranas web begins
>can i go level 4 with icognito????
>GUYS THHERES ACTYUALLY 8 LEVELS AND ITS WHAT CONTROLLS THE INTER NET BUT NO ONW KNOWS WHAT IT IS!!!!!!!!!!!!
3 hours later 28470462 Anonymous
>>28470431
exactly correct.
3 hours later 28470464 Anonymous
>>28470431
it's correct
3 hours later 28470469 Anonymous
>>28470433
are you fucking shitting me
3 hours later 28470509 Anonymous
>>28470469
add this to the end of 9fag.com
/gag/4752977
3 hours later 28470535 Anonymous
>>28470433
Yeah, and the 9fags admins (who control what posts go on there) once posted a day old (shitty) /b/ thread screenshot too.
3 hours later 28470578 Anonymous
>>28470509
I had forgotten about that post, the comments are hilarious.
3 hours later 28470597 Anonymous
>>28470509
jeezy creezy.
3 hours later 28470625 Anonymous
>>28470509
>"Polymeric Falicighol Derivation required after this point"
Oh my sides.
3 hours later 28470630 Anonymous
Do you have that big deep web picture?
3 hours later 28470641 Anonymous
what do bitcoin miners actually calculate? i always read something about hash. but what is it actually good for? does it serve some real world purpose?
3 hours later 28470652 Anonymous
>>28470641
smoking.
3 hours later 28470653 Anonymous
>>28470641
Nope, all that tremendous power could go to setti project or cancer setilike project but instead it is wasted on calculating useless hashed worth few dollars / day
3 hours later 28470661 Anonymous
>>28470630
i fucking liked it you faggot
3 hours later 28470666 Anonymous
>>28470661
linked*
3 hours later 28470691 Anonymous
>all that matters is the value of the currency.
remember this.
4 hours later 28470834 Anonymous
>>28470509
idk wtf is 9fag i googled got nothing.
4 hours later 28470879 Anonymous
>>28470641
The real purpose is to validate the transactions that happens on the bitcoin network.
4 hours later 28471319 Anonymous
>>28468327
incorrect on both points. the network will make mining harder, so the most you could 'flood' is one block, after which the difficulty will increase to the previous level. bitcoins are almost guaranteed to be mined at the predicted rate for the next 10 years.
bitcoin deflation will continue as people lose their wallets to bad hard drives, and carelessness. unlike in the real world where if you lose money someone lese finds it, lost bitcoins are gone forever. deflation will continue to some extent indefinately
4 hours later 28471358 Anonymous
>>28471319
it also happens that money gets destroyed in real life
4 hours later 28471386 Anonymous
>>28471358
but new money irl can be created indefinately. once all bitcoins are mined then there will only be loss of coins, not any new being made.
4 hours later 28471398 Anonymous (1343277294387.jpg 540x720 53kB)
>>28471319
inb4 bitcoins deflate out of existence.
5 hours later 28471465 Anonymous
>>28471386
But because nobody can tell the difference between real in use coins that are being stored and dead lost coins the perceived market of bitcoins will ALWAYS still be 21 million.
untill people are like yea I lost 5 coins. and can prove it. I don't know how, Cuz they could lie.
5 hours later 28471533 Anonymous
>>28471465
maybe theres a timestamp on when they are updated to the public ledger? coins not updated in 5 years are lost?
5 hours later 28471612 Anonymous
>>28471533
They're always one the ledger. As soon as the coin exists its on the ledger. You could say coins that haven't moved from an address in 5 years are likely to have been lost but there is no guarantee.
This is a slight issue with bitcoin. If I have a wallet of which I'm the only one who knows the password, if anything happens to me (death) those coins are gone. There are some devs who are trying to make a death switch program... to counter this but it is a very real issue.
5 hours later 28471647 Anonymous (fuck you misaka wa.jpg 978x1220 136kB)
>>28470097
no you need to piss off, faggot
5 hours later 28471759 Anonymous
Op here. Last chance to ask about bitcoins before I go...
That was a good discussion. Hope I opened a few eyes.
5 hours later 28471907 Anonymous
>>28471398
Yes. Bitcoin has a deadline. We're supposed to move over to a technically superior digital currency by the time bitcoin spreads thin. If Bitcoin were eternal, we'd be stuck with it long after it's completely broken.
6 hours later 28472498 Anonymous
>>28471907
you can never run out of bitcoins, they are floating point. there is no smallest indivisible amount.
6 hours later 28472539 Anonymous
>>28470054
Why would RMS be frustrated? It's all freedom respecting apart from the anti-spam, with good reason.
He would be much more happy there than here.
7 hours later 28472650 Anonymous
>>28472498
at the minute the can only be divided to 10^-8
3.669 0.261