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2013-03-22 08:49 32465222 Anonymous (images.jpg 294x171 8kB)
Buttcoing thread.
When are you cashing out?
I have 12 coins and am waiting till tomorrow.
0 min later 32465227 Anonymous
18Cw7iMhzMc6H13TT3KQXQm2xayrGwSjm9
please and thank you are the magic words.
2 min later 32465281 Anonymous
only have a few coins left is sold them when they were 50 thinking the bubble would burst
3 min later 32465301 Anonymous
>That feel of having 25 coins
>sell them at only 20 dollars
Hold me /g/ for i am so ashamed.
7 min later 32465378 Anonymous
i undersand while mining you are essentially solving a problem.
Whos problem is it?
what is the answer used for?
10 min later 32465430 Anonymous
i'm actually mining for waste all in drugs. OP get lots of drugs
11 min later 32465457 Anonymous
>>32465227
sent ;)
12 min later 32465468 Anonymous
Best way to cash out as a Eurofag?
Still got 1 BC laying around from mining in 2011.
12 min later 32465481 Anonymous
171WQGv3swXcB3VKY3pnZ3YWLFPPJhAt38 please :3
13 min later 32465503 Anonymous
>>32465457
>That feel when i didnt receive anything
not like i was expecting to anyhow.
14 min later 32465532 Anonymous
>>32465503
lel you got trolled
14 min later 32465535 Anonymous
i have a 3750k and a 7950, is it worth trying to mine?
How much will my electricity bill be?
15 min later 32465550 Anonymous
>>32465378
you're solving a "block", and finding the answer gives the one who found it the reward (25 coins at the moment)
this block is part of the block chain, and holds info on network transactions
so basically you're mining to keep the network alive
16 min later 32465563 Anonymous
>>32465535
mine litecoins
17 min later 32465591 Anonymous
>>32465563
litecoins? Whats the difference between btc and ltc? will i be saving my electric bill?
17 min later 32465594 Anonymous
>>32465550
>so basically you're mining to keep the network alive
So, what happens to the system when all 21 million BC are mined?
There's no reason to mine afterwards, or is there one?
19 min later 32465622 Anonymous
>>32465591
litecoins are still young
you'd be mining a lot of them now
will be more valuable in the future
one ltc is worth like $0.56 now
put that hardware of yours to good use
no point in trying to mine BTC right now
19 min later 32465632 Anonymous
>>32465563
>Tfw have an HD6850 but litecoin constantly terminates in an unusual way
20 min later 32465649 Anonymous
>>32465594
you won't mine, you'd just be confirming transactions
which is what everyone would want to do, unless you'd want another rogue network "confirming" fake transactions
20 min later 32465650 Anonymous
>>32465594
nope. that's when it collapses forever
20 min later 32465656 Anonymous
>>32465622
Will mining litecoins be cheaper (electric bill wise) than mining btc?
21 min later 32465666 Anonymous
>>32465632
use better arguments for cgminer
you are using cgminer, right?
21 min later 32465684 Anonymous
>>32465656
no, you always want to use your hardware at full speed
which makes mining faster
but it's worth it, because it will be so much more valuable than whatever you pay for power
22 min later 32465694 Anonymous
>>32465684
how can i calculate how much power my system takes up and how much that will cost on a electric bill?
22 min later 32465701 Anonymous
>>32465666
I can't even mine, I downloaded a nightly blockchain from some page, extracted it, opened litecoin with -rescan flag, was at 99.3% of downloading, 200k left, doesn't download anything and crashes after a few minutes.
Is it worthy of installing Windows XP on a 10 gig partition? I have almost 3TB of dick space anyway.
23 min later 32465712 Anonymous
>tfw I bought buttcoins at $10 long ago
>tfw investment finally about to pay off
>tfw selling them in increments of 100
23 min later 32465714 Anonymous
>>32465694
what hardware you got?
23 min later 32465720 Anonymous
>>32465714
3750k and 1 7950.
24 min later 32465732 Anonymous
>>32465694
get a kill-a-watt or a UPS that shows power usage
24 min later 32465737 Anonymous
>>32465701
lol just download the regular litecoin wallet and let it download the whole chain by itself
that's not mining, anyway
you need to join a pool and start mining with other software
cgminer for video cards
cpuscrypt miner for cpu
25 min later 32465746 Anonymous
>>32465720
https://github.com/litecoin-project /litecoin/wiki/Mining-hardware-comp arison
25 min later 32465747 さこ
>>32465684
i'm going to trust you and mine some litecoins :P
25 min later 32465751 Anonymous
Fuck that faggot who says "Sent ;) "
He never sends anything, its not like i expected him to, but getting others hopes up isnt cool
26 min later 32465787 Anonymous
how do i mine litecoins? is there a gui?
27 min later 32465794 Anonymous
>>32465747
me and a friend mined like 600 litecoins with our laptops last summer
we stopped after a while
it was worth around $0.01 back then
last week it peaked at 0.70
now it's down to 0.56
27 min later 32465803 Anonymous
Is it worth mining if I only have access to hardware that will run about 230Mhash/s?
Electricity costs aren't really an issue, power is extremely cheap around here.
28 min later 32465818 Anonymous
I sold a bunch at $80 on Bitfloor yesterday.
Despite losing most of my coins in three different exchange hacking incidents, I've still come out ahead on the coins I bought quite a long time ago. I've sold enough to recoup my initial investment several times over, while keeping enough to continue to sell if the price continues rising.
29 min later 32465838 Anonymous
I just made my wallet, i shall now wait for the market to crash so i can buy.
Someone wake me when it happens
29 min later 32465840 Anonymous
How do I mine litecoins?
29 min later 32465847 さこ
>>32465794
wow, laptops? i'm downloading litecoin right now. Can i mine ltc with the same software which i use to mine btc?
>>32465803
I run 10Mhash/s and i'm getting slowly some bitcoins, so you will get a lot faster!
32 min later 32465891 Anonymous
litecoin uses a different algo, so it's harder to mine
think kilohashes/second, as opposed to megahashes for bitcoin
32 min later 32465895 Anonymous
>>32465751
your new is showing
32 min later 32465907 さこ
>>32465891
but uses same software?
33 min later 32465915 Anonymous
>>32465895
how so?
33 min later 32465917 Anonymous
>>32465818
>losing most of my coins in three different exchange hacking incidents
How come?
33 min later 32465924 Anonymous
>>32465847
look for pooler's miner and cgminer on google
and look at that hardware comparison chart
if you don't get those values, you're doing something wrong
use a 64bit os
33 min later 32465938 Anonymous
>>32465907
similar, but repurposed
so no, not really
34 min later 32465945 Anonymous
I've for an i7 960 and 3x6970s, should I even bother with BTC or go straight to Litecoins and rape them?
34 min later 32465957 Anonymous
also
litecoinpool.org
35 min later 32465962 さこ
>>32465924
i'm already using cgminer and archlinux x86_64 :P
35 min later 32465974 Anonymous
>>32465945
only people who have fun with btc right now are the speculators
go for lite
37 min later 32466033 Anonymous
>>32465222
You better fucking cash out soon. The bubble is about to pop
http://yro.slashdot.org/story/13/03 /22/153226/bitcoin-to-be-regulated- under-us-money-laundering-laws
38 min later 32466046 Anonymous
>>32465974
The only people who have fun with BTC are money launderers.
41 min later 32466100 Anonymous
>>32465594
>>32465649
>>32465650
You don't just get the reward, but also all transaction fees included in the transactions you processed.
The fees will become more important than the fees over time.
43 min later 32466143 Anonymous
>>32465917
Mybitcoin
Bitcoin7
some other one I can't remember
Shit gets hacked (or site owners decide to just skip town). Trusting your coins to someone else puts them at risk.
MtGox and Bitfloor have both been hacked, but I wasn't affected by those.
I'm sure others have been hacked or shut down too.
46 min later 32466197 Anonymous
>>32466033
lolololololol
47 min later 32466209 Anonymous
Do you need to join a pool with Litecoin or can I just press Start Mining in the program and go from there?
47 min later 32466219 Anonymous
What would happen if a lot of people tried to physically cash out now while the value is inflated? Would Mt.Gox go bankrupt?
48 min later 32466236 Anonymous
>>32466219
The same thing that would happen if everyone in Cyprus decided to withdraw their money from the banks.
50 min later 32466277 Anonymous
>>32466236
No. This is why getting financial advice from people here is a fucktarded idea. This is why bitcoin haters are afflicted with a serious case of Dunning-Kruger.
What would happen is the price would drop, there wouldn't be a run on the bank. It'd be like if there was less demand for copper or people were dumping intel stock. The price goes down.
50 min later 32466279 Anonymous
>>32466236
Couldn't that actually realistically happen? A lot of guys saw their bitcoins increase rapidly, I'd probably try to get my hands on that while I still can
51 min later 32466300 Anonymous
>feel when you mined a couple coins
>no idea your password/where they are etc
There something I can search for? I think they're on an old partition
54 min later 32466372 Anonymous
why does reaper for litecoin just start, give me some output, then close instantly
55 min later 32466395 Anonymous
>>32466372
because litecoin is a scam whose developers just fork the bitcoin code without understanding what it does. they do cargo cult programming and it's no surprise that there are bugs
1 hours later 32466540 さこ
i'll begin to mine LTC i'll give you some feedback later
1 hours later 32466586 Anonymous
I mined a couple coins a while back.
Uh how do I get them? I remember it being hoops to get transfer to CAD. How do I access my wallet?
1 hours later 32466613 Anonymous
Maybe at sunday.
5000btc and mining from 2010 - kun
1 hours later 32466693 Anonymous
>>32466613
it'll probably hit 90 by then
1 hours later 32466717 Anonymous
>>32466693
But it's freefalling as we speak
1 hours later 32466720 Anonymous
>>32466693
Yeah, but where i get so buyers? And will be government interested in where i get moneys?
1 hours later 32466731 さこ
>PROOF OF WORK RESULT: false (booooo)
wtf this never happened while mining bitcoin
1 hours later 32466742 Anonymous
>>32466720
mtgox
1 hours later 32466755 Anonymous
>>32466742
Thanks.
1 hours later 32466771 Anonymous
What does it mean by shares? I've got like 10 of them, I just started mining.,
1 hours later 32466782 Anonymous
ButtCoin down to 56$
The bubble is popping
SELL SELL SELL
Abandon ship everybody
1 hours later 32466788 Anonymous
plz come back online bitstamp, i dont want to loose my money.
1 hours later 32466832 Anonymous
>>32466782
It's at 68.
1 hours later 32466851 Anonymous (1353946625340.jpg 500x658 140kB)
>>32466832
1 hours later 32466854 Anonymous
>>32465227
sent ;)
1 hours later 32466879 Anonymous
QUESTION:
Do you have to pay income tax on bitcoins you mine (ie when you convert it)?
1 hours later 32466894 Anonymous (retar.jpg 317x265 26kB)
>use a 5k rig and your monthly electricity bill for 1 coin
1 hours later 32466895 Anonymous (oops.jpg 412x527 27kB)
1 hours later 32466901 Anonymous
Sorry for poor English.
Where were you when Bitcoin died?
I was sitting at home drinking brain fluid when the phone rang
'Bitcoin is dead.'
'No...'
1 hours later 32466909 Anonymous
>>32466879
Capital Gains tax, I believe
1 hours later 32466918 Anonymous
>>32466755
Reporting, i sell 500btcs at 68dollars/each. Then i send my moneys to my "offshore" deposit.
1 hours later 32466930 Anonymous
Posted my adress over 2 hours ago, didn't get anything :(
1 hours later 32466933 Anonymous
>>32466901
who was phone comrade?
1 hours later 32466943 Anonymous
>>32466901
it's bitcoin is kill you idiot
1 hours later 32466977 Anonymous (goodOrBad.png 423x74 7kB)
Uhhh I just installed Bitcoin again.
This good or bad? Maybe I get my old coins I forgot about?
1 hours later 32466993 Anonymous
>>32466901
>'Bitcoin is dead.'
if you are going to shitpost /b/ level memes, at least do it right
>'Bitcoin is kill.'
>'no'
1 hours later 32466997 Anonymous (hold me.png 1095x766 79kB)
What am I feeling
1 hours later 32467002 Anonymous
>>32466918
Iam selling all of my bitcoins now. Just, bless me.
1 hours later 32467005 Anonymous
Bitcoins are crashing right now. I just saw them drop several dollars over the course of a few minutes. I suggest you guys dump them while you still can.
1 hours later 32467007 Anonymous
>>32466997
IT'S HAPPENING
1 hours later 32467012 Anonymous
>>32466977
Make sure you've downloaded the new version of bitcoin, it processes blocks a lot faster. But before you do that, find your wallet.dat file and back it up (make sure your bitcoin client isn't running just in case)
1 hours later 32467028 Anonymous
Can I mine using an iMac... or a nexus 7?
1 hours later 32467029 Anonymous
>>32466930
stick a pen up your asrsehole, then we can talk.
>>32467005
it'll "crash" then it'll go back up to "normal" and then it'll really crash.
1 hours later 32467031 Anonymous
>>32467005
That happened before as well. That's normal fluctuation, not crash. You're just pissed you already sold all of yours.
1 hours later 32467034 Anonymous (why.png 326x57 1kB)
1 hours later 32467040 Anonymous
It's dropping! Get ready for the bottom!
1 hours later 32467048 Anonymous
>>32467028
no
1 hours later 32467054 Anonymous
>>32467012
I did.
I searched for 'wallet' and it found a file from 06/2011 which is when I mined... the 'updated' it halfway. Should I stop it?
1 hours later 32467058 Anonymous
>>32467040
like your mother
1 hours later 32467069 Anonymous
So, i sell all of my bitcoins. How long will i wait my moneys?
1 hours later 32467071 Anonymous (1355989495472.gif 312x213 996kB)
>>32466997
ITS HAPPENING
1 hours later 32467080 Anonymous
>>32467054
Yes, as long as you've backed up your wallet file. download the newest version. It processes blocks an order or magnitude faster. Block processing is a lot slower the closer you get to present day because there's more transactions (so each block is bigger).
1 hours later 32467083 Anonymous
>>32467071
OH GOD SELL NOW BEFORE IT'S ALL OVER.
1 hours later 32467087 Anonymous
i cant into economics
what determines the value of a buttcoin (an explanation beyond just 'supply and demand' would be nice)
1 hours later 32467088 Anonymous
>>32467069
never, bc is a scam idiot
1 hours later 32467094 Anonymous (why why.png 309x46 1kB)
1 hours later 32467098 Anonymous (Capture.png 1018x300 33kB)
>>32465222
bad choice op
1 hours later 32467101 Anonymous (homrZcT.png 1000x1022 82kB)
>>32465222
"cashing out" in to what? a fiat currency that gets debased 25bill a month?
I'm here till this train crashes or takes me to mars.
1 hours later 32467109 Anonymous
ITS HAPPENING!!!! :D :D
1 hours later 32467122 Anonymous
bitstamp.net is down...uh oh
1 hours later 32467124 Anonymous
>that lag
everybody is selling
prepare for cheap coins, brothers!
1 hours later 32467128 Anonymous
>>32467080
is the wallet.dat file the only important file?
If you uploaded it to skydrive, would it be wise to encrypt it first?
1 hours later 32467132 Anonymous
>>32467088
Shut up, i send all of my moneys to my offshore debt. Now i am waiting for them.
1 hours later 32467133 Anonymous
>>32467124
Oh God it's stuck on 66!
1 hours later 32467139 Anonymous
>>32467128
If someone gets it they literally have all your money...
1 hours later 32467144 Anonymous
Is there a good guide to setting up Litecoin mining? Solo?
1 hours later 32467150 Anonymous (no.png 865x334 37kB)
It "happened" a few hours ago too.
Nothing will happen.
1 hours later 32467151 Anonymous
>>32465481
sent ;)
1 hours later 32467153 Anonymous
>>32467128
Wallet.dat is the only important file. Everything else is irrelevant. Posession of the file is posession of the coins.
If you have a lot of coins (from 6/11 might be a lot), the amount you have won't be gone so you should know how much that is from your existing balance, it shouldn't change. If it's a decent amount you should probably encrypt it before uploading.
1 hours later 32467155 Anonymous
SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL
1 hours later 32467161 Ruby (marketbubble.jpg 720x534 39kB)
>>32467031
I have not bought or sold any. I'm contemplating buying some after the crash though.
>>32467029
Correct. Watch out for the bull trap everyone. That's when you're supposed to sell.
1 hours later 32467200 Anonymous
>>32465301
>that feel of having about 5.5 coins
>sell them at $44 a few days before the spike
i felt like shit and am still taping my butt back together from the anal devastation
1 hours later 32467206 Anonymous
is 36Mhash/s good?
1 hours later 32467207 Anonymous
>>32467128
So yes, you should encrypt before you upload to Skydrive if you know what you're doing. I think you're bullshitting us, though. That's a dumb question to ask for someone that downloaded on 6/11. That's around when the slashdot article came out, I'd think you know how to google your way around things...
1 hours later 32467208 Anonymous
I WANT CHEAP BITCOINS!
1 hours later 32467214 Anonymous
>>32467161
wouldn't it be wise to wait for the "return to normal" after the bulltrap then sell then fro slightly higher price. Then again there is no guarantee that'll happen.
1 hours later 32467221 Anonymous
>>32467161
>I found a picture in the last thread, now I'm a stockmarket expert
1 hours later 32467224 Anonymous (mtgoxwtf.jpg 1469x332 80kB)
1 hours later 32467225 Anonymous (bubble.gif 905x952 51kB)
bubble is bursting soon
1 hours later 32467230 Anonymous
>>32467206
I'm doing 390 on a 7870
maybe if you're doing CPU mining
1 hours later 32467232 Anonymous
>>32465222
Jesus christ since when did these become fucking $65?
1 hours later 32467234 Anonymous (jew.gif 501x585 12kB)
you are reading this with my voice
1 hours later 32467240 Anonymous
SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL
1 hours later 32467244 Anonymous
>>32467234
Logan?
1 hours later 32467251 Anonymous
get ready: Mtgox trading engine lag: 233.62s
1 hours later 32467264 Anonymous
Make bets on the price?
$8 is my guess
1 hours later 32467272 Anonymous
>>32465222
Yuropoor here, how do I sell BTCs and LTCs and get cash on PayPal?
1 hours later 32467274 Anonymous
>>32467224
What site is this?
1 hours later 32467275 Anonymous
>>32467264
my guss is 15.
1 hours later 32467276 Anonymous
ITS HAPPENING
SELL SELL SELL IN AN HOUR IT'LL BE TOO LATE
1 hours later 32467279 Anonymous
If it goes down, imma buy so many butcoins
1 hours later 32467281 Anonymous
Panic selling is the way to go. Don't listen to there "wait until it settles down" people. I personally sold 40% last night. The price is still plenty high right now even with the lag.
1 hours later 32467297 Anonymous
>>32467274
http://bitcoinity.org/markets?curre ncy=USD&exchange=mtgox
1 hours later 32467305 Anonymous
>>32467264
$0~50
I know it's a big gap, but I reckon it'll stay in it for 2 or so years.
1 hours later 32467311 Ruby
>>32467214
>Trying to sell at the top of a crash
Ya, I'd rather take guaranteed returns than chance not being able to get everything sold in time for the price drop.
1 hours later 32467317 Anonymous
>>32467276
THE SKY IS FALLING, THE SKY IS FALLING!! RUBBLE RUBBLE!
1 hours later 32467329 Anonymous
>>32467264
i guess 10$
1 hours later 32467331 Anonymous
>>32467272
Please respond.
1 hours later 32467339 Anonymous
>>32467329
like your mother
1 hours later 32467349 Anonymous
Fuck it, it's back to 70$ like nothing happened. Because all fags decided to BUY LOW LOL
1 hours later 32467351 Anonymous
It's going to settle around $35. There aren't that many coins in MtGox.
1 hours later 32467360 Anonymous
my guess is 30$. People still hope for another high
Won't be much trading volume though
1 hours later 32467362 Anonymous
>>32467311
There are risks with everything in economics if you're not willing to take the risks then you're not going to get the high rewards...or high losses.
But yeah You'd be stupid to not sell SOME of your bitcoins now.
1 hours later 32467370 Anonymous
>>32467349
Damn it, I tried to buy at 66 but the lag raped me.
1 hours later 32467381 Anonymous
>>32467349
My guess is a lot of people had trailing buys that caught it on the way down.
1 hours later 32467384 Ruby
>>32467264
My guess is around $15 ~ $20.
>>32467221
I was watching this EXACT SAME TREND when the first bitcoin bubble happened. You all denied it, and made stupid arguments like that. You thought it was going to rise forever.
Do you honestly think bitcoin is going to stay at 70+ USD for a long time?
1 hours later 32467395 Anonymous
How many Mhash would I get on a GTX660?
1 hours later 32467405 Anonymous
Its rising again, watching the crash live :P
http://bitcoinity.org/markets?curre ncy=USD&exchange=mtgox
1 hours later 32467413 Anonymous
What kind of retard would sell on MtGox instead of Bitfloor? The price on Bitfloor are always at least $5 higher. Similarly, what kind of retard would buy on Bitfloor? Buy on MtGox, sell on Bitfloor = guaranteed profit.
1 hours later 32467438 Anonymous
19MZ4yiYZJYLmGoVvAznzL8Ah5k1Ffvtw1
Can you send me some btc, please?
1 hours later 32467443 Anonymous
An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we will have an experiment in this class on Obama's plan".. All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A.... (substituting grades for dollars - something closer to home and more readily understood by all).
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.
The second test average was a D! No one was happy.
When the 3rd test rolled around, the average was an F.
To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed. Could not be any simpler than that. (Please pass this on) These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:
1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
4. You cannot multiply wealth by dividing it!
5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.
1 hours later 32467453 Anonymous
>>32467413
seriously? Lol why aren't more people doing this then?
1 hours later 32467454 Anonymous
>>32467395
insufficient
gpu mining is dead and nvidia cards were always way worse at it anyway.
1 hours later 32467463 Anonymous
>>32467384
As long as irrationality reigns and we have multiple bitcoin threads on /g/ every day it's going to stay up
1 hours later 32467465 Anonymous
>>32467438
sent ;)
1 hours later 32467470 Anonymous
Anybody have any good Online Wallet providers?
1 hours later 32467478 Anonymous
>>32467453
Because people are retarded. I've been watching Bitfloor and MtGox all week, selling gradually on Bitfloor. The Bitfloor price is always higher, typically about $5 higher.
1 hours later 32467480 Anonymous
>>32467470
blockchain.info
Ive been using it for a year now
1 hours later 32467485 Anonymous (1363572910935.png 400x400 159kB)
>that feel when you had the opportunity to buy 2506 buttcoins for 34 cents each
1 hours later 32467490 Anonymous
Hey guys, SELL NOW WHILE IT'S HIGH AGAIN. It's an obvious bull trap.
1 hours later 32467491 Anonymous
>>32467443
Lol this is so wrong it's not even funny
1 hours later 32467502 Anonymous
>>32467470
blockchain.info
1 hours later 32467505 Anonymous
>>32467080
I'm not sure if it's processing blocks.
It says it's 'catching up' and that my wallet is out of date
1 hours later 32467524 Anonymous (1352419129811.png 490x588 25kB)
Oh god why didn't I buy 10000 coins in 2010 ;_;
1 hours later 32467536 Anonymous
>>32467470
>online wallet
Send the Bitcoins you want to safeguard to 1N3b4Z6bv5BYdsZ4ET4yGqTSkJ2SQJEf3C
I will hold on to them for you for free.
When you want them back, post here on /g/ and I'll send them back to you. I'm always here.
1 hours later 32467542 Anonymous
>>32467478
it's a temporary market dislocation that can be arbitraged. I think the reason is because it's hard to get money in/out of mtgox. The arbitrageurs probably exhausted their funds, and now there's a gap.
The gap exists because no one wants to part with their bitcoins. So if you have USD in mtgox, and want to arbitrage, you can do it easily. The big traders also ignore it because it's only a couple thousand dollars to move the market on bitfloor, so it's only tens of dollars difference, not worth the hassle
1 hours later 32467551 Anonymous
>>32467536
sent ;)
1 hours later 32467556 Anonymous (really.gif 631x271 3015kB)
>>32467161
>mfw 'expert' armchair investors posted that same fucking picture during the big surge summer of '11
1 hours later 32467557 Anonymous
>>32467524
i have this feel, I remember looking at mtgox when is was $10 USD for 1 BTC
1 hours later 32467563 Anonymous
>>32467524
Come here bro, I know that feel. I had the chance to invest in the early stages of buttcoin but thought that it was nothing more than a stupid scheme by /g/entoomen.
1 hours later 32467569 Anonymous
>>32467536
Are we that stupid?
1 hours later 32467575 Anonymous
Bitcoin proponents: name reasons it won't crash
I'll wait
1 hours later 32467581 Anonymous
>>32467569
It's no more stupid than any other "online wallet".
1 hours later 32467609 Anonymous
>>32467563
I still think bitcoin is a stupid idea that won't hold out for long, but it proved to be one hell of an investment
1 hours later 32467614 Anonymous
>>32467581
this guy has a point.
RIP mybitcoin
1 hours later 32467633 Anonymous (trolled-hard.png 579x518 27kB)
>>32467551
I'M NOT ACTUALLY GOING TO GIVE THEM BACK
1 hours later 32467642 Anonymous
>>32467155
BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY
1 hours later 32467656 Anonymous
>>32467614
At least mybitcoin gave half of your coins back if you filed a claim.
1 hours later 32467666 Anonymous
>>32467034
because they are fags and are trying to prevent rapid crashes, but it never works
1 hours later 32467668 Anonymous
>>32467609
why is it a stupid idea?
what specifically do you feel is stupid about it?
1 hours later 32467672 Anonymous
>>32467609
2000 years ago gold was also stupid, its conductivity wasn't useful then for electronics. it was just some overvalued bullshit. jewelry only followed because it was valuable (e.g. sailors wore gold rings as forward payment for a proper burial at sea).
2000 years ago and bitcoin today has inherent value as a function of trade.
1 hours later 32467673 Anonymous
I only am paying attention to buttcoin because of what is going on over in yurp
what is buttcoin and how does it work? I thought it was just a paypal-like thing?
1 hours later 32467703 Anonymous
>>32467673
http://us.yhs4.search.yahoo.com/yhs /search;_ylt=A0oG7pVM0ExRAAsAL0Ol87 UF?p=what%20is%20bitcoin&fr=altavis ta&fr2=sfp
1 hours later 32467717 Anonymous
>>32467703
>not using lmgtfy
1 hours later 32467735 Anonymous
>>32465622
I think I'll get in on this too. Worst thing that happens is nothing happens and I don't really lose anything.
Shame I don't have a 7970 or anything but I imagine you can still mine on a GTX 670 albeit slightly less efficiently.
1 hours later 32467740 Anonymous
where do i BUY litecoins?
i don't give a shit about mining, i'm just gonna put down an investment and hold onto it in case litecoin blows up eventually
1 hours later 32467743 Anonymous
>>32467717
Let me yahoo that for you™
1 hours later 32467764 Anonymous
>>32467735
you won't. you'll be paying more in electricity costs than buying it direct from the markets.
1 hours later 32467767 Anonymous
>>32465622
I can't find a good GPU miner that hooks up to a pool.
1 hours later 32467785 Anonymous
what is mining?
1 hours later 32467787 Anonymous
>>32467735
>slightly less efficiently
My 5830 (oc'd) did over 300MHashes back when I mined.
Meanwhile, my 480 gtx did around 100 Mh/s
I currently own 2x 670's
They also still do 100Mh/s.
and at today's difficulty, that nets you less than 0.001 btc/day.
1 hours later 32467790 Anonymous
Whats the best bitcoin software thing?
1 hours later 32467803 Anonymous
>>32467740
https://btc-e.com/exchange/ltc_usd
1 hours later 32467809 Anonymous
Could anybody send me a tiny amount of BTC? I want to check that my wallet is actually working.
1JJXj5Pk6XHCAiU4UtpMd1QRjfA5PKhWKX
1 hours later 32467811 Anonymous
>>32467673
BC are a form of online currency. You earn BC by running programs on your computer that 'generate' them using computing power from your CPU or GPU (this is called 'mining'). The coins get increasingly hard to mine as the number of total coins mined increases. There's a hard limit for the total number of coins (21 million I think).
Once you mine coins you exchange them as if they were money for services or goods. You can also exchange them for cash.
What BC started out, their equivalent cash value/$USD was very little. Now it has surged.
1 hours later 32467813 Anonymous (1356909974309.jpg 346x331 23kB)
>horror when you realize 2 years ago you traded all your buttcoins for namecoins cause you figure it'd bubble like buttcoins
1 hours later 32467817 Anonymous
>>32467787
I'm doing ltc though. Too late for bitcoins.
1 hours later 32467833 Anonymous
>>32467767
>downloading litecoin
>downloading a binary which is not vetted by 3rd parties
People validate every bitcoin binary to ensure nobody's fucking around with the downloads. They compile from source and make sure everything is byte-for-byte accurate.
Nobody does anything like that for litecoin. Litecoin is a fork from bitcoin, all serious programmers stick to bitcoin because litecoin is a scam. There's nothing stopping the anonymous litecoin creator from inserting code to steal your bitcoin wallet months from now.
1 hours later 32467850 Anonymous
It'd be nice if bitcoinity was working
1 hours later 32467859 Anonymous
>>32467813
>namecoins
wot
2 hours later 32467875 Anonymous
>>32465622
Good things never happen twice. I can't see litecoins gaining a huge leap in value like bitcoin did.
2 hours later 32467876 Anonymous
>>32467817
there is no real active developer for litecoin, they just fork the bitcoin binary. litecoin is a altcurrency scam, there is no actual liquid market in litecoins
2 hours later 32467884 Anonymous
>>32467859
Some other alternative that was bubbling with buttcoins at the time.
I have no idea how to access my wallet of them
2 hours later 32467902 Anonymous
>>32467453
because MtGox is larger and therefor, some consider it a much safer. Plus I think MtGox has brick and mortar locations
2 hours later 32467906 Anonymous
>>32467884
You got scammed, I feel for you bro.
2 hours later 32467908 Anonymous
>>32467809
sent ;)
2 hours later 32467926 Anonymous
>>32467809
>>32467809
actually sent <;-p
2 hours later 32467932 Anonymous
>>32467876
Hmm maybe it isn't worth it then.
Tell me though, I hear there's a cap on the number of bitcoins that can exist and when they are all mined that's it. But what I want to know is does whole thing reset and begin again after that cap is reached?
2 hours later 32467934 Anonymous
>>32465222
Bitcoins need a split/merge system. It should never get so high versus currencies like the dollar and pound sterling.
A bitcoin should stay between fifty cents and five dollars. Just split them when they get too high and merge them when they get too low.
2 hours later 32467942 Anonymous (actually-sent.png 859x357 50kB)
>>32467926
whoops
2 hours later 32467955 Anonymous
>>32467575
>you
2 hours later 32467961 Anonymous
It never resets. That's like asking when your checking account in your bank resets.
2 hours later 32467971 Anonymous
>>32467803
many thanks.
i'm gonna buy like 20 or more bucks worth, maybe more. something i won't be pissed about losing
2 hours later 32467977 Anonymous
Bitcoin newfag here.
I want to get in on this for some reason. Power consumption isn't so much of a concern because I am in a University residence. However I only have my notebook with an i5 480M. Should I even bother mining?
2 hours later 32467978 Anonymous
>>32467942
Bless your kind heart sir. I haven't received yet, how long does it normally take?
2 hours later 32467981 Anonymous
>>32467934
In the future maybe people will have to start using mBTC as a denomination.
2 hours later 32467992 Anonymous
>>32467932
of course not
BC is a currency dude
the amount of currency available must be limited to have any value
once it hits the cap, thats it
at the current ex rate of ~$65USD, if it keeps going up i think itd make more sense to have bit coin units be x10
2 hours later 32467993 Anonymous
>>32467934
There's no need. Every Bitcoin can be subdivided into 100,000,000 sub-units (0.00000001 BTC is known as a Satashi). Future protocol changes could enable even smaller division.
2 hours later 32468005 Anonymous
>>32467942
Scratch that. I did. It's just unconfirmed.
2 hours later 32468013 Anonymous
http://business.financialpost.com/2 013/03/21/canadian-bitcoin-house-fo r-sale/
Which one of you did this?
2 hours later 32468022 Anonymous
>>32467977
no
mining is no longer profitable
2 hours later 32468024 Anonymous
>>32467992
that guy was talking about litecoin (which is an actual scam)
>>32467978
you can track coin status on blockchain.info:
https://blockchain.info/address/1JJ Xj5Pk6XHCAiU4UtpMd1QRjfA5PKhWKX
2 hours later 32468056 Anonymous
>>32467993
yeah but its annoying to deal with that
2 hours later 32468061 Anonymous
>>32468024
Originally I was but the last question actually did pertain to bitcoins.
2 hours later 32468067 Anonymous
How long til i can spend my coins anywhere?
2 hours later 32468078 Anonymous
>>32468024
How are transactions confirmed?
2 hours later 32468105 Anonymous
>>32467978
I included a transaction fee so it probably won't take more than a couple hours to be fully confirmed.
You get 0.0001 after the 0.0005 transaction fee.
2 hours later 32468125 Anonymous
>>32468078
that's literally equivalent to asking how does bitcoin work.
tl;dr: miners race to find the next block (they receive a reward for finding a block) on average that happens every 10 minutes on the network. the miners collect all the transactions on the internet. whoever mines the block is equivalent to getting a "pen" to write on the bitcoin network. they distribute this block to everyone and everyone validates that the block is correct and all the transactions are valid. There's a lot more to that but that's the gist.
2 hours later 32468163 Ruby
>>32467833
Also, you can't buy anything with litecoin. Bitcoin, however, is seeing increased usage. You can use it to buy precious metals, various web services (even 4chan passes), various shady online stuff...
2 hours later 32468181 Anonymous
>>32468163
you can't buy anything with Bitcoins either, and they've been out years.
2 hours later 32468186 Anonymous
>>32468163
how mad does it make you bitcoin haters that moot accepts bitcoin?
2 hours later 32468194 Anonymous
>>32468181
see >>32468013
2 hours later 32468197 Anonymous
>>32468186
(adding on, not a direct reply)
2 hours later 32468236 Anonymous
I know this isn't the place but anybody have an idea where I could get rid of my DOTA2 invites, Digital Assassins Creed 3 copy and some free2play game credits for some BTC?
2 hours later 32468240 Anonymous
>>32468067
>How long til i can spend my coins anywhere?
I'm curious what the legal response to this will be when it really takes off. Its already used to launder money and feds can't be happy about that;
http://en.wikipedia.org/wiki/Libert y_Dollar
2 hours later 32468249 Anonymous
How much will I get for 0.00035?
2 hours later 32468277 Anonymous
>>32468249
Between 2 and 3 cents in Murika Dollars.
2 hours later 32468298 Anonymous
>>32468249
You literally can't even cash that out that much from mining.
2 hours later 32468307 Anonymous
>>32465468
SEPA withdraw on mtgox.
2 hours later 32468308 Anonymous
>>32468240
>implying bitcoin wasn't sposored by the US government and created by the NSA and , which is responsible for nearly every major development in cryptography.
I support bitcoins because I love this country and USA #1.
2 hours later 32468320 Anonymous
1AFgxGWRnTEP4oBvDs7z5K4wr5dPpwyCR
someone send me some coins, please.
2 hours later 32468334 Anonymous (1345606456713.gif 633x758 12kB)
>>32468277
2 hours later 32468339 Anonymous
it's about to take a HUGE 40 point dip, i know a major seller.
exclusive info here /g/, sell at 65 while you can!
2 hours later 32468351 Anonymous
1MGPastYWykTa5JbVvSaZ2U7f8M48VuyYu
pls ;)
2 hours later 32468357 Anonymous
>>32468339
wrong. the price can't really drop more than a few dollars with all the people in line to buy
2 hours later 32468373 Anonymous
>>32468339
Why would I sell at $65 when I could sell at $73 on Bitfloor right this moment?
2 hours later 32468379 Anonymous
1aM4hug3f4gg0TanDw4n7s0mec4sH4frEe
2 hours later 32468398 Anonymous
14gYoL8ZkmawaMDZyJmEqxAobokcpbGhDn I'll photoshop images ITT for bitcoins
2 hours later 32468399 Anonymous
>>32468351
>>32468320
Not sent. I already sent all my loose change to this guy:
>>32467809
So go ask him.
2 hours later 32468404 Anonymous
>>32468373
Because you can only sell so many bitcoins on bitfloor. The arbitragable difference is only 100 coins, which is a pittance compared to trading activity on mtgox. You can trade $7000/100btc worth which will net you $~250. At that point there is no arbitrage opportunity
2 hours later 32468414 Anonymous
>cashing out
But they keep going up
I'll sell them when they get to $100
2 hours later 32468429 Anonymous (wallet.png 522x344 6kB)
b-b-b-back that ass up!
2 hours later 32468432 Anonymous
70.79
rising again
wat
2 hours later 32468451 Anonymous
>>32468308
you know the conspiracy theorist in me wants to believe there's some unseen agent working with the whole buttcoin project for their own gain
The 'founder' of bitcoin -- Sakashi or whatever his name is -- was never found irl, even after an intensive search.
2 hours later 32468460 Anonymous (generic-reaction-image.png 1280x720 976kB)
>>32468429
>that text
2 hours later 32468465 Anonymous
>>32468432
it's a generic rebound. It'll crash again
2 hours later 32468471 Anonymous
>>32468465
>implying
2 hours later 32468495 Anonymous
>>32468451
If you look at the way bitcoin is architected, there is no way one person would design it that way. It screams design by committee. An individual would be too lazy to develop something as comprehensive as the Scripting system in bitcoin.
There are very few committees of cryptographers that are capable of keeping a secret for so long.
Considering the USA outclasses the entire world in computing power, it's easy to reach a conclusion on how it's an easy way to raise money. CIA can raise money at will own their own, it's part of their charter.
2 hours later 32468499 Anonymous
>>32468471
You've been warned, but don't be shocked if it drops again.
2 hours later 32468500 Anonymous
>>32468432
dead cat bounce
2 hours later 32468517 Anonymous
>>32468499
you faggots have been saying that ever since it got to $40
2 hours later 32468534 Anonymous
>>32468517
Yes, so? It still holds true? What? You think it will raise forever? Raise til 1000 maybe? LOL!
Learn2InstrinsicValue
2 hours later 32468577 Anonymous
>>32468534
Intrinsic Value doesn't exist, fucktard. Value exists as a function of usefulness and desirability.
Historically gold had no industrial use (electricity wasn't used a couple hundred years ago), but was used due to its ease in trading. Holy fuck that's why bitcoin is valuable as well.
2 hours later 32468582 Anonymous
>>32468495
in that case why hide its origins?
2 hours later 32468586 Anonymous
Here it goes again.
2 hours later 32468589 Anonymous
>>32468460
>feigning autism for the sake of feigning autism
I genuinely can not believe that anybody could actually care to any moderate degree over text.
2 hours later 32468601 Anonymous
>>32468582
Would you support bitcoin as much if you knew a significant portion was owned by the feds?
Those anti-government nutjob goldbugs sure as fuck wouldn't
2 hours later 32468605 Anonymous
>>32468577
>intrinsic value doesn't exist
Benjamin Graham and Warren Buffett disagree. And Warren Buffett is much more successful than some fag on /g/, so I think he knows better.
2 hours later 32468608 Anonymous
>>32468534
>Yes, so? It still holds true
No it doesn't. You have no idea what you're talking about, you're either upset because you sold it too early or didn't even buy it in the first place.
2 hours later 32468611 Anonymous
>>32468517
I recommend you try and write as many pages about why bitcoins should be valued as high as they are. If you can't write a lot of pages, maybe you should reconsider your long term outlook on buttcoins. I already got about 2 pages for myself and it concerns me.
Some people will say "muh Technical Analysis" and all that, but it's all speculation.
2 hours later 32468616 Anonymous
Another dip incoming?
2 hours later 32468624 Anonymous
I'm curious what /g/ thinks of this:
https://bitcointalk.org/index.php?t opic=94478.0
He talks about it being a scam. Mind you, this was back in Dec, when the BT was a little weaker, too.
2 hours later 32468633 Anonymous
>>32468605
Both were talking about valuation of corporations based on their BS/IS.
We're talking about money itself here, very different. It's the difference between investing in stocks and invested in long-dated treasuries
2 hours later 32468640 Anonymous
>>32468608
I buy it, sold it, made a profit.
If you are so smart, please tell me what are your estimates for true worth of 1 BTC and what are you basing them of?
2 hours later 32468653 Anonymous
i am brand new and using guiminer.
i have 30 shares accepted, what does this mean and is it good?
2 hours later 32468673 koilnzel
>>32465222
the price is dropping
2 hours later 32468694 Anonymous
>>32468624
That thread is from summer last year. It's irrelevant now, and the issue was resolved.
2 hours later 32468696 Anonymous
1KhNCqR68ENFYdHEKDLmG1jjr5toKk5Xj8
I love everyone that gibe me zomething.
2 hours later 32468703 Anonymous
>>32468653
it means you're losing money due to your higher power consumption, you'd be better off buying from an exchange.
2 hours later 32468704 Anonymous
>>32468601
Its interesting because there are libertarian and anti-establishment/anti-banking comments and such attributed to Satoshi.
I want to believe that he was a brilliant cryptographist but also had some mental or physical condition that made him mask who he really was.
2 hours later 32468713 Anonymous
>>32468605
Yeah, SCHSQ (once SCHS) book value is $5. Even Wells Fargo Micro-cap division thought so.
Then...
BAM! Mother fucking delisted! Just like Patriot Coal.
Intrinsic value is fucking dead. AAPL is worth like $7, yet it's still going for $430 strong.
2 hours later 32468736 joker
Why not buy 10 million dev coins cheap now?
Dev coin was created to support open source developers,aka MUH FREEDOM.
People are saying that butt coins will reach 1000 dollars per coin in few years. That sounds crazy but folks were spending 20000 butt coins on a large pizza 3 years ago...
if Butt coins get up to 1000 dollars per coin,then lite coins would be around 100 dollars per coin. if lite coins get up to 100 dollars a coin then 10 cents per coin would be reasonable for Dev coins.
Buy ten million dev coins,and you could have a million dollars worth of coins in a few years....
2 hours later 32468739 Anonymous
>>32468694
Oops, wrong link.
http://nerdr.com/bitcoin-exchange-s cam-bitcoins-are-worthless/
This issue, I meant.
2 hours later 32468782 Anonymous
>>32468703
explain why this is bad please
2 hours later 32468788 Anonymous
>>32468713
AAPL's book value is around 120 mill though.
2 hours later 32468791 Anonymous
>>32467443
where is #3?
2 hours later 32468792 Anonymous
>>32468704
The feds aren't exactly happy with the banking system.
My theory is that the US had no choice in bailing out the banks because foreign nations have tied themselves to the US. There is an implicit guarantee of stable oil prices for the world and security of those oil supplies which the USA ensures, in exchange everyone prices goods in US dollars. Due to the financial crisis, there was no alternative but to bail out the financial system, as many foreign banks would've been been bankrupt without US bailouts and action from the fed. The bailout had to happen for political ends to ensure other nations remain aligned with the US, I don't think it had anything to do with being chummy with the banking system.
The libertarian talk, well I mean everyone in the US is somewhat libertarian, the more kooky stuff might've been to encourage goldbugs, maybe, I don't know about that part. My main interest is how it's fairly obvious it's not the work of one person.
2 hours later 32468809 Anonymous
>>32468788
Sorry, 120 bucks a share. It's late where i live..
2 hours later 32468853 Anonymous
>>32468782
Bitcoining takes a very long time. Lets say that it takes you 50 days of having your computer running at full blast to generate 1 BTC [these figures are wrong, just an example]
The electricity bill you pay to keep your computer mining is greater than the value of what you can trade a BTC for. Thus its pointless to try obtaining BTCs through mining, you'd be better off trying to either trade cash for them *or* earn them directly in exchange for services.
2 hours later 32468856 Anonymous
>>32468788
Ah, you're right. Still, that's about 1/4 of what it's going for. People ignore the shit out of BV these days.
ARNA
45 fucking cent BV.
Last price traded at?
$8.39
2 hours later 32468909 Anonymous
>BTC dips
>After 7 confirmations worth of time, BTC dips again
Not a surprise. People started transfering money into mtgox, then selling. Watch out for it next time. Might even happen in another 45 minutes.
2 hours later 32468929 Anonymous
>>32468856
The problem with doing value investing is that companies fuck with their numbers and you fall into Value Traps. There are a whole bunch of companies that seemed to be milking the cow with low p/e ratios and below book values, but then bam, the floor falls from under them. Doing due dilligence is a lot harder than those books claim.
Whereas you have growth stocks which actually will deliver results, which look like garbage valuation wise, but when you take a lens of a bayesian risk-reward perspective, things look very cheap and attractive. One stock that I see this is in stocks like Zynga. Valuation and reasonable investors who only look at the number go: "lol farmville, lost 50mil last quarter hhehheehe" but in reality they're positioning for online gambling legalization and own all the major patents related to social gambling.
Valuation numbers modeling is often a trap. It's the first, step, not the last in investing.
2 hours later 32468950 Anonymous
just sold 91btc that I originally bought at $12 each AMA
2 hours later 32468957 Anonymous
>>32468495
>US powerhouse of computer power
>gets hacked by iron and china all day err day
>our tech design comes from japan and our tech production comes from taiwan
you really believe this huh?
2 hours later 32468990 Anonymous
>>32468957
>what is stuxnet
2 hours later 32468993 Anonymous
>>32468950
do you visit leddit?
2 hours later 32469006 Anonymous
>>32468957
>commodity CPU shit
Do you actually think the NSA's server farms are computers made in china?
Are you seriously comparing the laser shit the military does to fucking Asus motherboards?
2 hours later 32469012 Anonymous
>>32468929
>"lol farmville, lost 50mil last quarter hhehheehe" but in reality they're positioning for online gambling legalization and own all the major patents related to social gambling.
spot on
But people are interested in potential once it's widely known. (see biotech runs after FSA bullshit or the marijuana shenanigans late last year)
2 hours later 32469033 Anonymous
>>32468957
The US probably has the world's largest computing capability on hand. It also has the academia necessesary to come up with this kind of stuff.
2 hours later 32469039 Anonymous
>>32468993
i do, i even bought rebbit gold with btc
2 hours later 32469048 Anonymous
>>32469012
>FSA
FDA i mean.
Praise Assad. I really need to go to bed.
2 hours later 32469053 Anonymous
>>32469012
Yep, and bringing up "hurr durr valuation" as the original poster did was pretty fucking awful. If that's the level of financial knowledge for people ragging on bitcoin...
2 hours later 32469056 Anonymous
>>32468950
proof
3 hours later 32469082 Anonymous
>>32469056
check the goxchain
3 hours later 32469095 Anonymous
>>32468929
To be fair, things like ZNGA get traded by people like me and that's the only reason it isn't already 30 cents.
We trade because it's volatile and therefore inteesting. We like crazy bid-ask spreads and crazy volatility and when the volume drops the next day, we hold out on it, or exit or do whatever we do with boring stocks, maybe hold, lol.
Value is pretty damn dead. I mean, you'll get the occasional TPX @ $21, or NFLX @$55, but that's very rare, which leaves the more common approach to be the optimal strategy. Which one's are psycho?
It's all about super-volatile algos. No longer about value, inherent, or even perceived. The MMs control the price and the block orders just push the line a little bit. And small orders? They either get trampled or make a killing. And the treasure from a second ago? That's now garbage. And the garbage from a second ago? That's now treasure.
3 hours later 32469111 Anonymous
19dSqVxc8NHjWcs7RonzHjmnEVuuQsBBW7
Poorfag here who needs money badly. Apreciate any help. Thanks.
(and thanks for putting up with my begging)
3 hours later 32469120 Anonymous
>ctfl f
>avalon
>0 results
hint : the reason it shot up 100% in the last week is because everyone tried to buy BTC to buy avalon hardware
3 hours later 32469122 Anonymous
It's never going to crash again :(
We missed the bus :(
This is the new paradigm :(
3 hours later 32469133 Anonymous
>>32469111
I appreciate good begging skills, sent
3 hours later 32469138 Anonymous
>>32469122
They said that about AAPL.
3 hours later 32469143 Anonymous
>>32469095
Well my point wasn't that the solution was to gamble. My point is that "valuation" and "value investing" are entirely different things. Looking at the books is the first step of valuation.
3 hours later 32469148 Anonymous
>>32469120
I swear it's always you who is saying that in every thread. Same person.
3 hours later 32469178 Anonymous
>>32469143
Think of it as card-counting, lol. We don't gamble. Actually kind of why the volume on bit coins is so low. It seems too easy for one person to manipulate.
3 hours later 32469185 Anonymous
>>32469133
Thanks!
3 hours later 32469186 Anonymous
>>32469111
post your report card
3 hours later 32469205 Anonymous
Isn't it convenient that ASICs came out only after block halving?
Isn't it also convenient that the first ASIC release was by a Chinese national, and Avalon finally is about to release in volume the same time that Chinese ASIC miner starts ramping up production?
3 hours later 32469217 Anonymous
>>32469186
As in my bitcoin account balance?
3 hours later 32469244 Anonymous
>>32469205
i meant Chinese ASIC producer starts ramping up production
3 hours later 32469261 Anonymous
>>32469217
No your grades. This is Cuck E Cheese bro.
3 hours later 32469266 Anonymous (bitcoin-grades.jpg 289x220 18kB)
>>32469217
as in pic related
3 hours later 32469299 Anonymous (GiveMeBitcoins.jpg 537x559 77kB)
>>32469266
Boom
3 hours later 32469309 Anonymous
>>32469148
not who you're replying to
but i just looked at this shit
http://launch.avalon-asics.com/
$1300 for an asic
http://mineforeman.com/2013/03/04/m ore-avalon-asic-miners-delivered/
3x of these gets you $700USD a day right now
so one gets you $230 a day, it takes you 6 days to pay off the unit you just bought
after that you earn $230 a day [incrementally reducing as time goes on]
seem too good to be true?
Lets say you earn $200 a day for a month (reduced by $30 to account for increasing difficulty)... thats $6000/mo (minus your initial investment)
isnt that fucking crazy?
what am i missing out on here?
3 hours later 32469336 Anonymous
>>32469309
You're missing out on the fact that the waiting list is long as fuck, and by the time they ship in volume, difficulty will jump up after a day.
3 hours later 32469340 Anonymous
>>32469299
>no P.E.
dropped
3 hours later 32469374 Anonymous
So the lucky fucks that have these things right now are making a killing for doing absolute nothing?
3 hours later 32469389 Anonymous
>>32469309
um dude?
the new ASICs are 88 BTC. So you're looking at around SIX TO TEN THOUSAND DOLLASRS FOR EACH.
3 hours later 32469401 Anonymous
Let's talk post crash strategies. Should you immediately buy on the suspected bottom or wait until after the initial rebound rally?
3 hours later 32469411 Anonymous (fuck it all.gif 500x281 989kB)
>>32469340
3 hours later 32469460 Anonymous (dpchoice.jpg 480x360 20kB)
>>32469374
I tried to tell you.
3 hours later 32469503 Anonymous
Help out a /g/!
18hYHCnVxMCDb6HMMaVTeYd1ibsYGhHBLn
3 hours later 32469533 Anonymous
>>32469503
Do you spam boards to send you money via paypal as well? Because what you're doing is no different.
3 hours later 32469572 Anonymous
how do you dump 1200 without the feds jockin
3 hours later 32469636 Anonymous
should i buy now? TC 69.200 USD / BTC
3 hours later 32469641 Anonymous
>>32469572
Here's a really cool trick to sell 1200 bitcoins without the feds getting on your ass.
Step 1. Hold your bitcoins for one here
Step 2. Sell your bitcoins on mtgox
Step 3. Pay 20% capital gains tax.
Step 4. You are now free and clear of the moneys!
Pretty tricky, I know.
3 hours later 32469650 Anonymous
What's the estimated amount of bitcoins expected to be equal to 1 quadrillion hashes?
Is there a place that calculates that?
3 hours later 32469651 Anonymous
>>32469641
Hold your bitcoins for one *year*
3 hours later 32469657 Anonymous
>>32469572
give me some for safe keeping, if you get busted i will use them as your bail money.
18Cw7iMhzMc6H13TT3KQXQm2xayrGwSjm9
3 hours later 32469673 Anonymous
>>32469572
you don't.
Pay your capital gains tax on them and shut up.
You won't be able to avoid it, there is a reason all the exchanges require so much information and log and report everything.
3 hours later 32469678 Anonymous
>>32469641
>20% capital gains tax
i worked hard for these
3 hours later 32469692 Anonymous
Will the value per buttcoin increase when asics will be shipped?
3 hours later 32469703 Anonymous
>>32469678
So did the people paving your fucking roads. Pay your taxes, it's a currency created by the feds, you should probably pay up.
3 hours later 32469715 Anonymous
>>32469650
> Coins Dollars
per Day ฿0.04 $2.52
per Week ฿0.25 $17.67
per Month ฿1.10 $76.73
Oh god. That's pathetic...
I've made more trading on eBay...
3 hours later 32469730 Anonymous
>>32469572
Activate VPN
Dump 100 at a time
Send to wallet #1
Send through a tumbler
Send to wallet #2
Moneypak to Paypal
Bank transfer to offshore account
3 hours later 32469741 Anonymous
>>32469678
You'll be wishing you could work hard instead of spending 20 years in prison, kid. Just pay the damn IRS.
3 hours later 32469748 Anonymous
>>32469692
good question
does the difficulty of mining increase value?
i feel like it does a little but sheer volatility and other factors will play a bigger role
i think we've already passed the point where most normal people can get 'something for nothing' with bitcoins
3 hours later 32469752 Anonymous
>>32469703
but i already pay income tax
3 hours later 32469789 Anonymous
>>32469572
Get a good tax attorney. Bitcoin is a legal grey area for a limited time.
3 hours later 32469801 Anonymous
>>32469752
isnt capital gain income
3 hours later 32469886 Jeopardy Special Tax Evasion Edition®
>>32469789
I can already tell this one's the daily double.
Ahem.
What is Abu Ghraib?
3 hours later 32469917 Anonymous
>>32469678
it's all but guaranteed the capital gains tax is LESS than the tax on your income.
3 hours later 32469942 Anonymous
>>32469789
>Bitcoin is a legal grey area for a limited time.
Only for tax cheats trying to avoid paying anything
Pay Your Capital Gains Tax. That's All You Have To Do.
Enjoy Your Audit, Fines, And Imprisonment, If You Don't.
3 hours later 32470001 Anonymous
1BR5RXBCPdUXdVzKWhp9x1sLjoXr2pGDRr
I have 0.00002 BTC
I'm so poor =(
3 hours later 32470021 Anonymous
>>32469942
do they knock on your door as soon as you complete the gox transaction
3 hours later 32470026 Anonymous
>>32469917
>Implying anyone here gets paid anything above the 15% tax bracket.
>Implying anyone here even has a job.
3 hours later 32470032 Anonymous
Does anyone have that quickstart visual guide to Bitcoin Mining? I could of swore I saved a copy, but I can't find it anywhere. It would be greatly appreciated if someone could upload it.
3 hours later 32470037 Anonymous
>>32470021
No, you file a Schedule D like everyone else.
3 hours later 32470041 Anonymous
>>32470021
They send a drone with a hellfire missile and a 7.62mm machine gun to kill you within the hour.
3 hours later 32470076 Anonymous
>>32470037
do you have to audited to get in trouble?
3 hours later 32470109 Anonymous
>>32470076
That's like asking whether you need to pedal when you ride your bike. What the fuck they're the same thing.
3 hours later 32470159 Anonymous
>>32470021
No, Mt Gox sends all their transaction info (names, USD in/out, BTC in/out) to the IRS at the end of the year.
If you don't report it, they damn well know.
3 hours later 32470168 Anonymous
>>32470109
you can get audited and come out clean.
not likely for buttcoiners though
3 hours later 32470185 Anonymous
>>32470168
Hey, you know, someone has to make the license plates.
3 hours later 32470192 Anonymous
>>32470109
i got audited for my federal aid and didn't get in trouble
3 hours later 32470217 Anonymous
>>32470168
Yes i was assuming he was planning on not paying for bitcoins.
Pay your fucking bitcoins, the government is clearly watching transactions, after all, bitcoins was their creation, planning on avoiding taxes on a currency project created by the government seems like a bad idea.
3 hours later 32470301 Anonymous
>>32470217
>bitcoins was their creation
I've never heard a solid theory for this that makes sense.
If the belief is that it's a rainbow attack on SHA-256 or something... even that doesn't add up.
3 hours later 32470336 Anonymous
>>32470301
They don't need to make a rainbow/preimage attack when they've mined most of the coins already. Half the coins have already been mined. Even with ASICs, it's pretty easy for a government to control the majority of mining power.
3 hours later 32470349 Anonymous
Is it a crime to steal Bitcoins?
3 hours later 32470393 Anonymous
>>32470349
no, it is not real
3 hours later 32470400 Anonymous
>>32470336
No shit, but there's no reason or use for a government to make bitcoins just to "take control of them" later on.
that's an ATTACK vector, yes, but it's not a REASON TO MAKE IT.
cryptocurrenceies have been discussed for decades. it was created by one of (or possibly multiple) the following
>cryptocurrency true believers, usually quite smart crypto nerd types
>a get rich quick person(s) who cashed in on libertarians / drug users [SR] / cryptonerds, mine a lot of coins, dump it on the internet, get hype, sell and make tens of millions.
>Created by people on TOR who needed an anonymous untrackable (if done correctly) currency for things like drugs, possibly CP and other payments. Decently large overlap with #1
IMO #1 and #3 are the most likely.
3 hours later 32470402 Anonymous
>>32470349
Is it a crime to steal somebody's money in their Blizzard wallet? Nope.
3 hours later 32470420 Anonymous
>>32470336
How many coins have been mined doesn't matter, the network security is based on hashing.
4 hours later 32470462 Anonymous
If you owned 51% of all coins could you theoretically hijack the blockchain?
4 hours later 32470472 Anonymous
Are people still buying FPGAs? What were they buying? Where can i get some?
4 hours later 32470487 Anonymous (grandma7.png 272x293 53kB)
>tfw MtGox isn't going to be hacked again
>tfw I won't be able to cash in on a ridiculous crash like what happened in 2011
4 hours later 32470540 Anonymous
>>32470400
The use case isn't so the government can take control of them. It's pretty a simple way for the national security agencies to self-fund, while remaining in control (as they dominate in computing power), it's also a nice hedge against reduced control in the IMF (BRIC countries are itching for control, and interested in reformulating the composition of SDRs).
The problem is #1 is usually the government and most likely. Have you actually looked at the way bitcoin works? There's no need for scripting for use case #3. There's no need for time-locks and other weird shit. Most programmers, especially people who are interested in these things, know that this shit gets thrown out on the cutting room floor because this stuff is HARD and "not worth it".
You'd much rather deliver a system now. If it was a small group of individuals interested in crypto, bitcoin would look very different. No scripting, it'd be written in python, and it would be a lot messier.
4 hours later 32470553 Anonymous
One thing i don't get is, where do you guys sell your bitcoins ? MtGox, Bitcoin-Central and that's it ?
2.440 0.287