Bitcoins

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WTF

Latham Green, Tuesday, 24 May 2011 18:36 (seven years ago) Permalink

the next internet revolution??

http://www.weusecoins.com/

Latham Green, Wednesday, 25 May 2011 13:12 (seven years ago) Permalink

I've heard a little about this, but don't know enough about the field to know if it's going to replace all known forms of currency or just crash and burn immediately. Anyone?

emil.y, Wednesday, 25 May 2011 13:31 (seven years ago) Permalink

it seems like it could either be really big or end up some obscure little hobby. But still they do have potential for allot of illeagal use so I wonder if they will just be made illegal

Latham Green, Wednesday, 25 May 2011 13:34 (seven years ago) Permalink

Seems like it could be a big target for hackers? The distributed nature of the system (there's no central server repository for bitcoins) could help or hinder when it comes to security.

got a whole lotta gloves (snoball), Wednesday, 25 May 2011 13:39 (seven years ago) Permalink

I like this for the potential to melt the brains of libertarians. On the one hand, no centralising authority, on the other it is the ultimate "fiat currency"

American Fear of Pranksterism (Ed), Wednesday, 25 May 2011 13:55 (seven years ago) Permalink

I guess if you consider the laws of math to be the fiat-inator

Latham Green, Wednesday, 25 May 2011 13:56 (seven years ago) Permalink

I bet there is a thousand post developer forum thread somewhere on whether it should be backed by gold or not.

American Fear of Pranksterism (Ed), Wednesday, 25 May 2011 13:57 (seven years ago) Permalink

Maybe not seeing it was started by Finns, but I'd like to think so.

American Fear of Pranksterism (Ed), Wednesday, 25 May 2011 13:58 (seven years ago) Permalink

I think it is backed by World of Warcraft gold

Latham Green, Wednesday, 25 May 2011 13:58 (seven years ago) Permalink

this is interesting

cop a cute abdomen (gbx), Wednesday, 25 May 2011 14:07 (seven years ago) Permalink

I heard about this through the ~future of the internet~ thread. It is indeed interesting, but I still feel too unskooled in this matter to form an opinion about it.

I always think with things like this. If it can be invented, it can be hacked/messed about with. What makes this system so bulletproof?

...wow! (Le Bateau Ivre), Wednesday, 25 May 2011 14:09 (seven years ago) Permalink

Each Bitcoin has a unique serial number that's encrypted. If someone can break that encryption, they'd be able to generate counterfeit Bitcoins and the whole system would go down. So although there's no single server to hack, there's still a single point of vulnerability.

got a whole lotta gloves (snoball), Wednesday, 25 May 2011 14:15 (seven years ago) Permalink

I think the bulletproofness is the encryption - for example the Enigma machine would have worked and not been broken if the people who used it hadn't had sloppy practices. In thi scase there cannot be sloppy practices because the practitioners are computers

Latham Green, Wednesday, 25 May 2011 14:25 (seven years ago) Permalink

Does anyone else imagine bitcoins looking like this?

http://cache.gawkerassets.com/assets/images/9/2010/12/mario_coins.jpg

I know they don't really have a physical form.

free inappropriate education (Abbbottt), Wednesday, 25 May 2011 14:50 (seven years ago) Permalink

There's a not-bad overview of some potential problems here http://www.quora.com/Is-the-cryptocurrency-Bitcoin-a-good-idea

stet, Wednesday, 25 May 2011 14:53 (seven years ago) Permalink

http://www.sonicgear.org/ArcadeMachines/ArcadeCoin.jpg

am0n, Wednesday, 25 May 2011 14:56 (seven years ago) Permalink

yeah it seems like there are indeed million post forums on whether its a good idea or not but in the end time will tell. I have started mining some myself because its fun

Latham Green, Wednesday, 25 May 2011 14:59 (seven years ago) Permalink

Are you using a decent set of graphics cards? Mining on yr PC is going to cost way more in power than you'll make.

stet, Wednesday, 25 May 2011 15:01 (seven years ago) Permalink

oh I've got that all figured out! real genius...

Latham Green, Wednesday, 25 May 2011 15:03 (seven years ago) Permalink

anyone here buy any acid w/ bitcoins yet

http://www.wired.com/threatlevel/2011/06/silkroad/

puff puff post (uh oh I'm having a fantasy), Thursday, 2 June 2011 16:38 (seven years ago) Permalink

who is going to be the first major musician who charges bitcoins for a legal download

puff puff post (uh oh I'm having a fantasy), Thursday, 2 June 2011 16:43 (seven years ago) Permalink

rush?

iatee, Thursday, 2 June 2011 16:43 (seven years ago) Permalink

I believe in bitcoins

puff puff post (uh oh I'm having a fantasy), Thursday, 2 June 2011 16:46 (seven years ago) Permalink

At the moment bitcoin value/rarity is supressed by spare computing cycles, which I'd rather see searching for ETs, folding proteins, or predicting climate change impacts (all distributed screensaver applications).

If we're going to have a currency backed by electricity, I'd suggest international trade settlement backed by aluminum. Its a useful material, ubitquitous in industry, and as bauxite is abundant and the major production cost is electricity for electrolytic smelting, its as close to frozen electricity as exists.

In either case, no nation/currency union would need acquire enough to back the entire economy, only enough to settle external trade imbalances and deter covert taxation through inflation.

美国有很多丰富的傻瓜 (Sanpaku), Thursday, 2 June 2011 17:24 (seven years ago) Permalink

I have almost generated a bit dime so far - its taking forever

Latham Green, Wednesday, 8 June 2011 13:17 (seven years ago) Permalink

At the moment bitcoin value/rarity is supressed by spare computing cycles, which I'd rather see searching for ETs, folding proteins, or predicting climate change impacts (all distributed screensaver applications).

all those screensaver things are outreach tools rather than scientifically useful fwiw.

caek, Wednesday, 8 June 2011 13:17 (seven years ago) Permalink

wow the value has gone way up lately - it was just 7$ a few weeks ago now like 28$!
at mtgox.com

bubble?

Latham Green, Wednesday, 8 June 2011 13:20 (seven years ago) Permalink

(in response to Abbott's earlier post)

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:28 (seven years ago) Permalink

(The answer being, yes they do look like that something from a Soviet era Russian Mario knock-off)

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:29 (seven years ago) Permalink

little broken link icons?

Latham Green, Wednesday, 8 June 2011 13:29 (seven years ago) Permalink

thinking this is going to be a HUGE deal for online gambling, since it's essentially non-taxable right?

frogbs, Wednesday, 8 June 2011 13:31 (seven years ago) Permalink

little broken link icons?

That would be a Zelda knock-off...

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:34 (seven years ago) Permalink

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 (seven years ago) Permalink

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 (seven years ago) Permalink

"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 (seven years ago) Permalink

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 (seven years ago) Permalink

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 (seven years ago) Permalink

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 (seven years ago) Permalink

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 (seven years ago) Permalink

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 (seven years ago) Permalink

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 (seven years ago) Permalink

(if it were simple and I had money)

iatee, Wednesday, 8 June 2011 14:07 (seven years ago) Permalink

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 (seven years ago) Permalink

can you short bitcoins

☂ (max), Wednesday, 8 June 2011 14:14 (seven years ago) Permalink

lol

caek, Wednesday, 8 June 2011 14:14 (seven years ago) Permalink

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 (seven years ago) Permalink

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 (seven years ago) Permalink

https://www.bitcoinplus.com/message

Rabbit Control (Latham Green), Thursday, 6 September 2018 15:57 (three months ago) Permalink

With the many problems banks and central banks have caused over the y eas I think bitcoin is looking better all the time. At least bitcoin is not just created magically with nothing to back it.

The price of bitcoin went way up last year and crashed but since its creation in 2011 its steadily risen. I don't see why it would fall in the future. Of course no one can predict the future, but it seems like , as you say Trotsky, its a hedge against human bungling and greed in the global financial scamworld of banks

Rabbit Control (Latham Green), Wednesday, 12 September 2018 17:24 (three months ago) Permalink

bitcoin is not just created magically with nothing to back it

yes it is

Fedora Dostoyevsky (man alive), Wednesday, 12 September 2018 17:50 (three months ago) Permalink

what about the hash!

Rabbit Control (Latham Green), Wednesday, 12 September 2018 18:11 (three months ago) Permalink

can I eat hash

Fedora Dostoyevsky (man alive), Wednesday, 12 September 2018 18:12 (three months ago) Permalink

The price of bitcoin went way up last year and crashed but since its creation in 2011 its steadily risen. I don't see why it would fall in the future.

hard to know you've reached the bottom of a crash. depending on when you thought the 2000 telecom crash hit bottom, you could be red for a long time, even with a steady rise.

for i, sock in enumerate (Sufjan Grafton), Wednesday, 12 September 2018 18:30 (three months ago) Permalink

you can eat it , smoke it, and verify worth with it

the central banks are regulated by stodgy politically motivated reptilians - I'd rather rely on a mathematical function

plus newegg.com takes bitcoins

Rabbit Control (Latham Green), Wednesday, 12 September 2018 18:31 (three months ago) Permalink

hard to know you've reached the bottom of a crash. depending on when you thought the 2000 telecom crash hit bottom, you could be red for a long time, even with a steady rise.

so hedge with ethereum investment?

Rabbit Control (Latham Green), Wednesday, 12 September 2018 18:32 (three months ago) Permalink

hedge with a storage space full of funko pops

for i, sock in enumerate (Sufjan Grafton), Wednesday, 12 September 2018 18:35 (three months ago) Permalink

hedging a blockchain investment with another blockchain investment? LOL

Fedora Dostoyevsky (man alive), Wednesday, 12 September 2018 18:36 (three months ago) Permalink

but be careful -- diversify your funko pop category portfolio. it's a jungle out there.

for i, sock in enumerate (Sufjan Grafton), Wednesday, 12 September 2018 18:38 (three months ago) Permalink

xp tbf he could hedge btc with btc...futures. now we're making money.

for i, sock in enumerate (Sufjan Grafton), Wednesday, 12 September 2018 18:41 (three months ago) Permalink

it seems like if you had something like blockchain wallet and coudl exchange bitcoin and ethereum with minimal fees you could play them off each other like north lorea plays the US off china

Rabbit Control (Latham Green), Wednesday, 12 September 2018 18:41 (three months ago) Permalink

so how do you buy derivatives or something where you make money when bitcoin falls in value - God the world of finance is so freaking convoluted

Rabbit Control (Latham Green), Wednesday, 12 September 2018 18:45 (three months ago) Permalink

there's a site that lets you do just that but you can't use it in America

frogbs, Wednesday, 12 September 2018 19:39 (three months ago) Permalink

forget it ! Its bitcointown!

Rabbit Control (Latham Green), Wednesday, 12 September 2018 19:48 (three months ago) Permalink

here you go my friend https://www.bitmex.com/

Bitcoin is virtually useless as a currency but as a commodity you can gamble on it's pretty good

frogbs, Wednesday, 12 September 2018 19:57 (three months ago) Permalink

The CFO said Goldman is working on a type of derivative for bitcoin because "clients want it."

https://www.cnbc.com/2018/09/06/goldman-sachs-cfo-calls-reports-of-shutting-down-crypto-desk-fake-news.html

Rabbit Control (Latham Green), Wednesday, 12 September 2018 19:59 (three months ago) Permalink

"A trader wants to goes long 10 XBT of TRON futures contracts, which trades at 0.0200 XBT. As the leverage is 20x, the trader only needs 0.5 XBT of margin for this trade."

now we are getting in too deep

Rabbit Control (Latham Green), Wednesday, 12 September 2018 20:09 (three months ago) Permalink

you can do 100x leverage. shoot for the moon. even if you fail, you'll still land among the stars

frogbs, Wednesday, 12 September 2018 20:10 (three months ago) Permalink

McAfee

The first Bitcoin forecast that I want to discuss with you is by John McAfee, the creator of the popular anti-virus software McAfee. McAfee is well-known in the cryptocurrency industry because he makes lots of insane price predictions on Twitter, however, it has since been revealed that crypto projects pay him more than $100,000 to do so.
Anyway, in 2017, MacAfee said that Bitcoin would reach $500,000 in 2020, and if it didn’t, he would eat his private parts live on TV! If you didn’t think this was crazy enough, McAfee then increased his Bitcoin price prediction 2020 to $1 million! To be honest, he seems rather confident to me.

https://www.bitdegree.org/tutorials/bitcoin-price-prediction-2020/#Bitcoin_Price_Prediction_2020

| (Latham Green), Monday, 17 September 2018 19:54 (two months ago) Permalink

three weeks pass...

I went to my local coffee shop and the barista didn't talk to me about it. The delivery guy as well, not a word, zip.

Even in my local bar, I must have overheard 3 or 4 conversations, every one literally the same, not a mention of bitcoin. Even the bartender was at it, ethereum, ethereum, ethereum, literally absent from every sentence

is it.....time to go all in?

anvil, Sunday, 14 October 2018 10:13 (two months ago) Permalink

Incidentally just came across this on my lunch break pic.twitter.com/w2NuIbhs0h

— Bryan Ma (@bryanbma) October 15, 2018

Elvis Telecom, Monday, 15 October 2018 20:13 (one month ago) Permalink

A couple years back I used to work at a BTC-related startup, which was hell, but I met some cool folks there. I've now reunited with the good people at another startup in more or less the same sector. It may drive me insane in a year or two but in the meantime, I gotta eat.

wayne trotsky (Simon H.), Tuesday, 16 October 2018 03:48 (one month ago) Permalink

no shame. got those bits yo

self (alomar lines), Tuesday, 16 October 2018 04:07 (one month ago) Permalink

Simon HODL

for i, sock in enumerate (Sufjan Grafton), Tuesday, 16 October 2018 04:13 (one month ago) Permalink

It is interesting, when you're in the space, to observe the interaction between true believers and cautious employees/careerists. I'm beginning to realize the latter group dwarfs the former at this point in time.

wayne trotsky (Simon H.), Tuesday, 16 October 2018 04:18 (one month ago) Permalink

this could probably lead to a wolf of mt gox book deal someday. Take notes!

for i, sock in enumerate (Sufjan Grafton), Tuesday, 16 October 2018 04:21 (one month ago) Permalink

joeks but hoping this all goes well for you

for i, sock in enumerate (Sufjan Grafton), Tuesday, 16 October 2018 04:22 (one month ago) Permalink

I feel like the popular fervor has died down now but I kind of expect there to be another wave next financial crisis. It will play the role gold did last time.

Fedora Dostoyevsky (man alive), Tuesday, 16 October 2018 04:23 (one month ago) Permalink

this could probably lead to a wolf of mt gox book deal someday. Take notes!

I literally said "love to do crimes on day one" aloud to a co-worker after a client asked us to perform an ethically dubious task lol

wayne trotsky (Simon H.), Tuesday, 16 October 2018 04:30 (one month ago) Permalink

The next financial crisis will be huge for crypto for sure.

wayne trotsky (Simon H.), Tuesday, 16 October 2018 04:31 (one month ago) Permalink

feds are better at controlling currency than algorithms and they don't waste as much energy.

adam the (abanana), Tuesday, 16 October 2018 05:29 (one month ago) Permalink

three weeks pass...

https://www.bbc.co.uk/news/technology-46150107

Neil S, Friday, 9 November 2018 12:43 (one month ago) Permalink

lol

Fedora Dostoyevsky (man alive), Monday, 19 November 2018 16:45 (three weeks ago) Permalink

not @ the link, just a general lol

Fedora Dostoyevsky (man alive), Monday, 19 November 2018 16:46 (three weeks ago) Permalink

I watch a lot of Shark Tank now and it occurred to me that bitcoin is just like every single product that gets brought on where the entrepreneur is like "this is going to take over the world because x y z" and the sharks are like "Sounds great but you have no sales"

Fedora Dostoyevsky (man alive), Monday, 19 November 2018 16:47 (three weeks ago) Permalink

HODL not the best investment strategy for moving through a bubble

for i, sock in enumerate (Sufjan Grafton), Monday, 19 November 2018 17:22 (three weeks ago) Permalink

https://www.reddit.com/r/Bitcoin/comments/9ylaxp/the_rocket_has_taken_off/

simple but effective imo

Fedora Dostoyevsky (man alive), Tuesday, 20 November 2018 14:45 (three weeks ago) Permalink

looool

wayne trotsky (Simon H.), Tuesday, 20 November 2018 14:51 (three weeks ago) Permalink

https://exchangewar.info/

someone's having a good day

frogbs, Tuesday, 20 November 2018 15:23 (three weeks ago) Permalink

That made me look into wtf Tether is and HOO boy.

wayne trotsky (Simon H.), Tuesday, 20 November 2018 15:34 (three weeks ago) Permalink

yea Tether is amusing in that it's both an attempt to reverse-engineer real money AND a blatantly illegal financial scheme in which the creators just "invent" billions of dollars

frogbs, Tuesday, 20 November 2018 15:41 (three weeks ago) Permalink

Enron?

Totally different head. Totally. (Austin), Tuesday, 20 November 2018 19:29 (three weeks ago) Permalink

two weeks pass...

^^^ excellent writing. confirms my bias that crypto is a cult of thirsty dudebros above all

davey, Friday, 7 December 2018 17:00 (one week ago) Permalink

yeah it's a great article

sleeve, Friday, 7 December 2018 17:05 (one week ago) Permalink

yup, handy encapsulation of everything that's horribly wrong in the space

resident hack (Simon H.), Friday, 7 December 2018 17:15 (one week ago) Permalink

https://www.youtube.com/watch?v=8rGuH0vBLLs

mick signals, Tuesday, 11 December 2018 17:43 (three days ago) Permalink

roffle

davey, Tuesday, 11 December 2018 20:01 (three days ago) Permalink


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