Bitcoins

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WTF

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

the next internet revolution??

http://www.weusecoins.com/

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

I think it is backed by World of Warcraft gold

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

this is interesting

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

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

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

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

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

rush?

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

I believe in bitcoins

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

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

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

(in response to Abbott's earlier post)

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

little broken link icons?

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

(if it were simple and I had money)

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

can you short bitcoins

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

lol

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

yesterday afternoon i got the Windows 10 Bitcoin Miner app from the Microsoft store and left it running overnight. now the proud owner of $.07 worth of digital currency!

AdamVania (Adam Bruneau), Thursday, 28 December 2017 16:26 (two weeks ago) Permalink

Is ironic bitcoin mining a thing now

But doctor, I am Camille Paglia (Bananaman Begins), Thursday, 28 December 2017 16:58 (two weeks ago) Permalink

If they made a candy crush like game that mined bitcoins...

Yerac, Thursday, 28 December 2017 19:31 (two weeks ago) Permalink

I thought there were a few. In order to capture the true BTC experience they actually wound up mining into someone else's wallet.

frogbs, Thursday, 28 December 2017 19:37 (two weeks ago) Permalink

Is ironic bitcoin mining a thing now


Leaving your fridge open at all times for real, to own the libs bizarro gazzara

Bitcoin Baja (wins), Friday, 29 December 2017 13:00 (two weeks ago) Permalink

I think some people mine other crypto-coins of more recent vintage, where the system requirements to be competitive are not so stringent, and then exchange them for Bitcoin.

o. nate, Friday, 29 December 2017 14:05 (two weeks ago) Permalink

Wait'll you see the wallets...

nickn, Tuesday, 2 January 2018 18:13 (two weeks ago) Permalink

if FB releases a cryptocoin it would KILL YOUR MONEY

http://www.bluefat.com/1108/hm1.jpg

Ludo, Thursday, 11 January 2018 18:43 (five days ago) Permalink

The group’s name is Kasotsuka Shojo, which translates as Virtual Currency Girls. Each one of the eight members represents a different cryptocurrency, including Bitcoin, Ethereum, Ripple, and Cardano. The women are outfitted in maid dresses and lucha libre-style masks that denote the currency they represent.

Kasotsuka Shojo’s debut single is called “The Moon and Virtual Currencies and Me” and is a blistering electro-pop song that warns listeners to be aware of fraud and to maintain their security online.

The group takes payment for concert tickets, merchandise, and other products through — what else? — cryptocurrencies including bitcoin and ethereum.

https://www.theverge.com/2018/1/12/16882378/japan-jpop-band-virtual-currency-girls-kasotsuka-shojo-cryptocurrency

( X '____' )/ (zappi), Friday, 12 January 2018 13:33 (four days ago) Permalink

which poor lady has to be Dogecoin

frogbs, Friday, 12 January 2018 15:02 (four days ago) Permalink

doggycoin

https://motherboard.vice.com/en_us/article/9kng57/dogecoin-my-joke-cryptocurrency-hit-2-billion-jackson-palmer-opinion

in other news papas makin ripples kids

🌊😍

infinity (∞), Friday, 12 January 2018 17:53 (four days ago) Permalink

also it has to be said the amount of leniency california residents get when entering into this entire ecosystem is so crazy it's laughable

infinity (∞), Friday, 12 January 2018 17:54 (four days ago) Permalink

I have to assume that a huge part of what's "not right here" is that a lot of that "market cap" is a mirage, i.e. there are not actually $700B in assets tied up in cryptocurrency. In the case of Bitcoin and probably other cryptos too, huge amounts are locked away in the hands of a few people or outright lost, and more is being "hedl" by true believers. When trading volume of any asset is low enough, the price can be easily inflated. That's how the stock CRCW reached a multi-billion-dollar market cap with revenue in the hundreds of thousands of dollars per year and a massive net operating loss -- only like 1000 shares a day were trading. Very easy to manipulate the price at that kind of volume.

IF (Terrorist) Yes, Explain (man alive), Friday, 12 January 2018 19:31 (four days ago) Permalink

There's probably no way to calculate such a thing, but it would be fascinating to know how much money was actually *spent* acquiring the total amount of crypto in existence today, like not the total $ amount of all crypto transactions ever, but the total of all of the dollars spent by current crypto holders on crypto they currently hold. I have to imagine a lot of these crypto startups just give their management/founders huge percentages of their total coin, so that maybe you have a "market cap" of say $100 million with only $5 million in actual money having been spent by public buyers of the currency.

IF (Terrorist) Yes, Explain (man alive), Friday, 12 January 2018 20:21 (four days ago) Permalink

That’s sort of the case with Ripple IIRC - they premined the whole lot and still hold like 60% of them to parcel out with growth.

louise ck (milo z), Friday, 12 January 2018 20:23 (four days ago) Permalink

yeah, and that's just the company -- I'll bet management, employees and VC investors were given some too.

IF (Terrorist) Yes, Explain (man alive), Friday, 12 January 2018 20:26 (four days ago) Permalink

What exactly is a ripple token anyway ?
A form of stock?
From what I’ve heard the tokens are ancillary to the blockchain functionality.

June Pointer’s Valentine’s Day Secret Admirer Note Author (calstars), Friday, 12 January 2018 20:45 (four days ago) Permalink

all I have heard for the past week is 'buy ripple' but it's apparently a fucking pain in the ass to buy

I barely understand any of this crap and I'm in software. I did finally open a coinbase account and start buying ethereum though (in small amounts on a weekly basis).

akm, Friday, 12 January 2018 23:11 (four days ago) Permalink

Why not buy stocks?Possibly similarly overvalued and bubbly right now but actually buying a slice of something real.

American Fear of Pranksterism (Ed), Friday, 12 January 2018 23:56 (four days ago) Permalink

Or ammo, for our post-apocalyptic barter economy. Five rounds of 9mm will get you one of those cockroach bars from Snowpiercer.

louise ck (milo z), Saturday, 13 January 2018 00:00 (three days ago) Permalink

simplify your investment life by saddling yourself with a horrible mortgage. that way it will always be wisest to pay down the terrible yoke of your high rate mortgage.

Scatperson (ski-ba-bop-ba-dop-whore.) (Sufjan Grafton), Saturday, 13 January 2018 00:14 (three days ago) Permalink

What does there have to be all these different bitcoins? Like, what’s the difference between Litecoin and Ethereum?

Mr. Snrub, Saturday, 13 January 2018 00:25 (three days ago) Permalink

Noobs

infinity (∞), Saturday, 13 January 2018 00:37 (three days ago) Permalink

ethereum is more programmable / flexible than Bitcoin. it was intended more as an extensible platform than a payment syatem

Simon H., Saturday, 13 January 2018 00:39 (three days ago) Permalink

all I have heard for the past week is 'buy ripple' but it's apparently a fucking pain in the ass to buy

Back in my day, ripple was just an extremely cheap sweet wine, mostly purchased by young adults who were within two years of the legal drinking age, plus or minus. It was only a pain in the ass to buy if you were on the minus side of that equation.

A is for (Aimless), Saturday, 13 January 2018 02:04 (three days ago) Permalink

For reference: https://www.youtube.com/watch?v=ciR7Fq2tqJ0

A is for (Aimless), Saturday, 13 January 2018 02:06 (three days ago) Permalink

Haha
The Grateful Dead even wrote a song about it

June Pointer’s Valentine’s Day Secret Admirer Note Author (calstars), Saturday, 13 January 2018 12:53 (three days ago) Permalink

Just like guns and roses did later for nighttrain, another cheap wine
anyone ever write one for mad dog 20/20?

June Pointer’s Valentine’s Day Secret Admirer Note Author (calstars), Saturday, 13 January 2018 12:54 (three days ago) Permalink

shocked youngsters here don't know from the ripple tipple

Chocolate-covered gummy bears? Not ruling those lil' guys out. (ulysses), Saturday, 13 January 2018 16:17 (three days ago) Permalink

https://youtu.be/G1ndS-KotLo

illegal economic migration (Tracer Hand), Saturday, 13 January 2018 20:43 (three days ago) Permalink

xp to images of 2018 thread

Chocolate-covered gummy bears? Not ruling those lil' guys out. (ulysses), Sunday, 14 January 2018 22:36 (two days ago) Permalink

https://www.nytimes.com/2018/01/13/style/bitcoin-millionaires.html

these guys..

Jeff, Monday, 15 January 2018 11:36 (yesterday) Permalink

capitalism is the real tale told by an idiot

IF (Terrorist) Yes, Explain (man alive), Monday, 15 January 2018 15:35 (yesterday) Permalink

btwn this, the "water grid" article and the Silicon Valley retreat, Nellie Bowles is the NYT MVP rn

Simon H., Monday, 15 January 2018 15:40 (yesterday) Permalink

I hope she turns this stuff into a book

El Tomboto, Monday, 15 January 2018 16:19 (yesterday) Permalink

She should call it Quiddities and Agonies of the Ruling Class

IF (Terrorist) Yes, Explain (man alive), Monday, 15 January 2018 16:25 (yesterday) Permalink

Oh wow, I really need to explore her work more:

https://www.nytimes.com/2017/12/04/technology/silicon-valley-esalen-institute.html


“I just sold my start-up and needed a place to reflect,” said Sam McBride, 31, from Chicago. “To give me some perspective.”

Esalen’s hot springs are good all day but are famous for the night scene, when they open to the public between 1 and 3 a.m. A weekend stay for a couple at Esalen can cost $2,890, so budget travelers stay nearby and come wandering in with towels a little after midnight.

IF (Terrorist) Yes, Explain (man alive), Monday, 15 January 2018 16:29 (yesterday) Permalink

huh i've read all these pieces but somehow failed to notice the same person wrote them all

nellie bowles 4 presidetn

pee-wee and the power men (bizarro gazzara), Monday, 15 January 2018 16:30 (yesterday) Permalink

she's the marilyn hagerty of the 1%

illegal economic migration (Tracer Hand), Monday, 15 January 2018 16:39 (yesterday) Permalink

the 1am-3am time slot at esalen is $30

it's open to the public at that time but i think you still need to make a reservation? but it's fairly straightforward to do

infinity (∞), Monday, 15 January 2018 17:14 (yesterday) Permalink

i've never really understood that place

akm, Monday, 15 January 2018 17:17 (yesterday) Permalink

The End of Money is Nigh

Dean of the University (Latham Green), Tuesday, 16 January 2018 18:23 (five hours ago) Permalink

yeesh rough 24 hours for these guys

frogbs, Tuesday, 16 January 2018 21:10 (two hours ago) Permalink


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