I think the consensus seems to be that they will be made illegal at some point- so git 'em now!
― Latham Green, Wednesday, 8 June 2011 13:35 (thirteen years ago) link
1 - costs more electricity to generate than they're worth, which will only get worse because they're progressively halving Bitcoin production over time to top out at a maximum number of Bitcoins in 4 years.
2 - someone will crack this before then anyway (either by cracking the encryption method itself, or more likely by finding a weakness somewhere else in the system).
3 - banks will find a way to levy charges on turning Bitcoins back into real money.
4 - governments will find a way to tax this if it ever looks like being big.
― got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:40 (thirteen years ago) link
"Tell me boy, is that the Chattanooga choo-choo an overheating GPU?""Yes I've got twenty nine.""Well give me a Bitcoin dime."
― got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:45 (thirteen years ago) link
Sometimes, when I see the price of a bitcoin today, I regret being broke as hell a month ago when I learned about them. But yeah, I probably agree with snoball in that this thing is bound to fail at some point. Also, I'm still having a hard time with this currency that can't buy anything (except drugs).Also, is it just me or is it impossible to explain bitcoins to people without sounding kind of silly?
― Jibe, Wednesday, 8 June 2011 13:48 (thirteen years ago) link
Seems that the only way to have made any money out of this was to be involved pretty much at the start.
― got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:51 (thirteen years ago) link
without sounding kind of silly?
There's a real 'Jack & The Beanstalk' 'magic beans' feel to the whole thing, even more so than 'real' money ('I promise to pay the bearer on demand the sum of £5').
― got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:56 (thirteen years ago) link
You could have made money by buying some when this thread was started, they were around 7-8$ iirc.
― Jibe, Wednesday, 8 June 2011 13:58 (thirteen years ago) link
I think the question is 'how many people who would be immediately interested in buying some of these upon learning that they exist have already learned that they exist?'
― iatee, Wednesday, 8 June 2011 14:04 (thirteen years ago) link
like yeah on the one hand obv it's a bubble but crazy libertarian types don't have that many facebook friends, so I dunno, I'd buy some and keep em for a week
― iatee, Wednesday, 8 June 2011 14:06 (thirteen years ago) link
(if it were simple and I had money)
― iatee, Wednesday, 8 June 2011 14:07 (thirteen years ago) link
Aaand it's crossed the 30$ barrier on MtGox. Dammit, why didn't I even have 20 bucks to invest in this shit ^^
― Jibe, Wednesday, 8 June 2011 14:13 (thirteen years ago) link
can you short bitcoins
― ☂ (max), Wednesday, 8 June 2011 14:14 (thirteen years ago) link
lol
― caek, Wednesday, 8 June 2011 14:14 (thirteen years ago) link
http://forum.bitcoin.org/index.php?board=1.0
this is gonna be the place to be during the crash
― iatee, Wednesday, 8 June 2011 14:17 (thirteen years ago) link
since this thread was started I have got .07 btc - I can already see though that its getting harder to generate the coins
― Latham Green, Wednesday, 8 June 2011 14:37 (thirteen years ago) link
'The Ten Bitcoin Commandments' - Notorious BTC
― got a whole lotta gloves (snoball), Wednesday, 8 June 2011 14:41 (thirteen years ago) link
http://www.gifbin.com/bin/6401703g69.gif
― Latham Green, Wednesday, 8 June 2011 14:46 (thirteen years ago) link
http://forum.bitcoin.org/index.php?PHPSESSID=c354021f1f55a78b4eef48c4db9edc22&topic=13440.0
― iatee, Wednesday, 8 June 2011 14:47 (thirteen years ago) link
#1 - never let no-one know, how many coins you hold#2 - never let 'em know the speed of your GPU#3 - never trust B-T-C
― got a whole lotta gloves (snoball), Wednesday, 8 June 2011 14:50 (thirteen years ago) link
life in the bitcoin mines
http://i.imgur.com/ieNK0.png
― ☂ (max), Wednesday, 8 June 2011 18:28 (thirteen years ago) link
o jeez
― ice cr?m, Wednesday, 8 June 2011 18:33 (thirteen years ago) link
hey mining is hard work - we need a union
― Latham Green, Wednesday, 8 June 2011 18:38 (thirteen years ago) link
buy some fuckin heroin w/ your bitcoins
― puff puff post (uh oh I'm having a fantasy), Wednesday, 8 June 2011 18:39 (thirteen years ago) link
you can! but I will invest them for my children's children
― Latham Green, Wednesday, 8 June 2011 18:43 (thirteen years ago) link
Balance: 0.07409062 BTC
― Latham Green, Wednesday, 8 June 2011 18:44 (thirteen years ago) link
better buy a monocle
― American Fear of Pranksterism (Ed), Wednesday, 8 June 2011 19:00 (thirteen years ago) link
comes w/ the heroin ime
― puff puff post (uh oh I'm having a fantasy), Wednesday, 8 June 2011 19:03 (thirteen years ago) link
Ten piece for a champ, bass pipe comes freeIf people out there are not hip to the factIf you see somebody gettin Bitcoins for smack he's thehttp://www.screwthestatusquo.com/storage/post-images/letters/monopoly%20guy.gif?__SQUARESPACE_CACHEVERSION=1273091093189
― got a whole lotta gloves (snoball), Wednesday, 8 June 2011 19:12 (thirteen years ago) link
so what happens when someone hacks the server that keeps a log of each bitcoin's transactions
― british sb power (dayo), Wednesday, 8 June 2011 23:55 (thirteen years ago) link
The point is there is no server.
― American Fear of Pranksterism (Ed), Wednesday, 8 June 2011 23:56 (thirteen years ago) link
oh okay. so how does this part work
The Bitcoin solution uses cryptography and an open transaction register. Whenever you spend a Bitcoin, you cryptographically sign a statement saying that you have transferred the coin to a new owner and you identify the new owner by their public crypto key. Whenever they need to spend the coin, the new owner uses his private key to sign it over to some further owner. As soon as a transaction takes place, the recipient (who has a very strong incentive to ensure that you don't spend the coin twice) publishes the transaction to the global Bitcoin network. Now every Bitcoin user has incontrovertible evidence that the coin has been spent, and users won't accept that coin from anyone but the new owner.
― british sb power (dayo), Thursday, 9 June 2011 00:06 (thirteen years ago) link
I was totally going to buy a couple of these on a whim, but I had to sign up to some kind of paypal knockoff site, and put in my bank account details, now I have to wait for their stuff to go through, etc. blech
― unmetalled world (wk), Thursday, 9 June 2011 00:54 (thirteen years ago) link
whenever you buy say some acid from wavygravy, you tell the world using your digital signature that you are giving wavygravy five bucks,so now everyone knows that wavygravy has five more dollars and you have five less dollars, I think that's how it works.
― Philip Nunez, Thursday, 9 June 2011 00:59 (thirteen years ago) link
how do you tell the world? who keeps a record of this?
― british sb power (dayo), Thursday, 9 June 2011 01:05 (thirteen years ago) link
guys...I have an idea...what if we monetized suggest bans
― british sb power (dayo), Thursday, 9 June 2011 01:10 (thirteen years ago) link
so wikipedia sez they use a p2p distributed database to keep track of transactions. seems that if somebody found some way to hack this system then they'd be in business
― british sb power (dayo), Thursday, 9 June 2011 01:12 (thirteen years ago) link
Forget piracy, U.S. government is going after Bitcoin
― got a whole lotta gloves (snoball), Thursday, 9 June 2011 07:06 (thirteen years ago) link
I believe it!
0.07759571 BTC
― Latham Green, Thursday, 9 June 2011 15:32 (thirteen years ago) link
Balance: 0.07990394 BTCcome one 0.080000!!!
― Latham Green, Friday, 10 June 2011 12:56 (thirteen years ago) link
BTUs from GPUs exceeding BTCs...
― got a whole lotta gloves (snoball), Friday, 10 June 2011 13:12 (thirteen years ago) link
http://www.dailytech.com/article.aspx?newsid=21877
― iatee, Monday, 13 June 2011 18:28 (thirteen years ago) link
thanks for the link!
― coffeetripperspillerslyricmakeruppers (Latham Green), Monday, 13 June 2011 18:37 (thirteen years ago) link
Turning ur Bitcoins into Butthurtcoins...
― wtf is wrong with people? (snoball), Monday, 13 June 2011 18:39 (thirteen years ago) link
it would have been gr8 if you bought alot and sold at peak - perfect! TOTAL VICTYRY!I WON ALL!
― coffeetripperspillerslyricmakeruppers (Latham Green), Monday, 13 June 2011 18:44 (thirteen years ago) link
Wasn't this basically one of the plot threads in Cryptonomicon?
― Shart Shaped Box (Phil D.), Monday, 13 June 2011 18:58 (thirteen years ago) link
that dream has come troo
― coffeetripperspillerslyricmakeruppers (Latham Green), Monday, 13 June 2011 19:00 (thirteen years ago) link
Balance: 0.08853843 BTC
― coffeetripperspillerslyricmakeruppers (Latham Green), Monday, 13 June 2011 19:15 (thirteen years ago) link
What machine are you mining on Latham, and how long since you started?
― ...wow! (Le Bateau Ivre), Monday, 13 June 2011 19:36 (thirteen years ago) link
just using bitcoinplus.com for a few weeks
― coffeetripperspillerslyricmakeruppers (Latham Green), Monday, 13 June 2011 19:42 (thirteen years ago) link
The user known as "allinvain" is a long-time contributor to the Bitcoin forums. He says he's been mining Bitcoins for over a year, and had amassed a fortune of 25,000 BTC. This was a modest sum a few months ago, when Bitcoins were worth pennies, but over the last two months the value of a Bitcoin skyrocketed to around $20, which means 25,000 BTC would have been worth half a million dollars. "I remember watching the price like a hawk," he wrote.
And then disaster struck. "I just woke up to see a very large chunk of my bitcoin balance gone," he wrote. "Needles [sic] to say I feel like I have lost faith in bitcoin." He speculated that a Windows security flaw may have allowed the culprit to gain access to his digital wallet. "I feel like killing myself now," he said.
― coffeetripperspillerslyricmakeruppers (Latham Green), Wednesday, 15 June 2011 20:18 (twelve years ago) link
$kill$ emil.y
― Chewshabadoo, Sunday, 20 November 2022 11:16 (one year ago) link
€mil¥
― Vance Vance Devolution (sic), Sunday, 20 November 2022 16:01 (one year ago) link
https://en.wikinews.org/wiki/UK_Treasury_considering_plans_for_digital_pound,_economic_secretary_says?dpl_id=2963597
― | (Latham Green), Thursday, 26 January 2023 16:39 (one year ago) link
JUST IN: Crypto .com is shutting down its institutional exchange in the United States— Milk Road (@MilkRoadDaily) June 9, 2023
― INDEPENDENTS DAY BY STEVEN SPILBERG (President Keyes), Saturday, 10 June 2023 00:45 (one year ago) link
I walked past a Bitcoin outlet yesterday. It looked like a tiny casino entrance and the carpet had bitcoin logos on it. I think it just had some kind of vending machine in it.
I don't really understand what the purpose is, to buy bitcoins with cash?
― anvil, Saturday, 10 June 2023 05:23 (one year ago) link
That was a big thing when the darknet drug markets were bigger - buy bitcoin for cash at an ATM or from someone directly, a bit more distance from the cops finding out you ordered those 4000 ecstasy pills.
― papal hotwife (milo z), Saturday, 10 June 2023 06:32 (one year ago) link
I'd never seen one before but seems they're pretty common, just seems a weird way of drawing attention to yourself if you're wanting to do low level money laundering
On the site it tells you how much money is available to withdraw in each ATM (anywhere between €120 and €25000 depending on the machine)
― anvil, Saturday, 10 June 2023 07:59 (one year ago) link
the hardcore bitcoin dudes are so demented i don't think anything could happen that would get them to rethink it
Crypto 1.0 is dying….and the crypto-bros killed it #cryptocrash But the core of the crypto idea is stronger than ever"What if everyone created their own kind of money?"Crypto 2.0 is inevitable… very old ideas, made new pic.twitter.com/sTjEbZTzne— Chris Williams (@mr_moneychanger) June 10, 2023
― Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Saturday, 10 June 2023 16:21 (one year ago) link
When Prophecy Fails Web3 Edition
― papal hotwife (milo z), Saturday, 10 June 2023 16:43 (one year ago) link
what if everyone created their own kind of money lmao
― lag∞n, Saturday, 10 June 2023 16:47 (one year ago) link
sounds bad
just putting it out there that my money will be worth at least 100x everyone else’s money, that’s the plan.
― call all destroyer, Saturday, 10 June 2023 16:50 (one year ago) link
thats the way to do it
― lag∞n, Saturday, 10 June 2023 17:04 (one year ago) link
saw someone argue that crypto should be regulated not like finance but like gambling or collectables because its just some random bullshit anyway, which is kinda interesting
― lag∞n, Saturday, 10 June 2023 17:05 (one year ago) link
When the question is put like it was above, i.e., "What if everyone created their own money?," it becomes crystal clear how dumb the whole idea is.
― immodesty blaise (jimbeaux), Saturday, 10 June 2023 17:11 (one year ago) link