bit¢oin$

Amazon Coins

so dumb

ha its like buying a gift certificate for yourself

love how amazon is like, this is an easy way for our customers to buy things

... here at the Amazon Appstore for Android on Kindle Fire.

if you don't have your own virtual currency you likely don't exist on the internet.

ilx¢oin$

just keep thinking about the Playstation online store thing where I keep getting email messages monthly reminding me I have a balance

the balance is one cent

http://i.imgur.com/hjH98LR.jpg

http://siliconangle.com/files/2011/11/bitcoin-devilrobber.png

http://i.imgur.com/6FJrFG3.png

http://i.imgur.com/l464dvr.jpg
http://i.imgur.com/iyUv99s.jpg

Just when the Cypriots were losing faith
That’s when I learned about the block chain
I still remember how it all changed
Satoshi said,
Don’t you worry, don’t you worry, child
Bitcoin has got a plan for you
Don’t you worry, don’t you worry now

http://leaksource.files.wordpress.com/2013/03/bitcoin.jpg

http://i.imgur.com/FSIkmqR.png

http://i.imgur.com/OGumtoL.jpg

1 bit coin is worth close to 90 bucks right now. Bought some a year or so ago for 5 bucks a piece. $$$

฿฿฿

A friend of mine told me last night that he made 250k off these.

http://www.businessweek.com/articles/2013-03-28/bitcoin-may-be-the-global-economys-last-safe-haven

http://i.imgur.com/h6gl9nM.png

mining, always a hazardous occupation

omg

how much processing power do you need to have bitcoins?!?!

CPUs do a mediocre job of it, GPUs are mostly used. So you end up with computers with as many video cards crammed in as possible.

http://www.amd.com/us/products/desktop/graphics/ati-radeon-hd-5000/hd-5850/Pages/ati-radeon-hd-5850-overview.aspx

what are they actually like ~doing~

rendering ultra-realistic images of them>??

No. At a high level, it's basically a certain type of math and algorithm that is similar to the calculations that need to be done to render 3d images also let you compare data much more quickly to find bitcoins. It's mostly a coincidence that GPUs are much better at this than a CPU, and a processor specifically designed to be good at bitcoin mining would be much better than that.

Historically this isn't that unique; the cell processor in the PS3 was a variant of an IBM design iirc, but putting together dedicated machines with those processors was less feasible than just buying a shitload of PS3s at the time as the processors weren't really built for consumers, so you ended up with server farms like this: http://www.tomsguide.com/us/ps3-air-force-usaf-playstation,news-5297.html

In the distant future, we'll obviously have 3d-printed processors on demand that you can customize for any particular task, but in 2013 that still isn't the case.

but what IS bitcoin mining, can you like, produce new bitcoins by applying enough processing power?

i dont understand this at all im just realizing

Imagine it's like finding prime numbers. Not the same, but kind of the same territory

wiki that dawg

as president of the international bitcoin mining federation i wasn't going to reveal this yet... but perhaps the time is now. every machine that has been put under the task of mining bitcoins has, in fact, been contributing secretly and without their knowledge to a far grander and more enlightened undertaking: the world's most realistic 3D rendering of the penis organ of homo sapiens. thank you. we expect to unveil the rendering by christmas

i should pitch a treasure of sierra madre remake but with bitcoins

A thousand men, say, go searchin' for bitcoins. After six months, one of them's lucky: one out of a thousand. His find represents not only his own labor, but that of nine hundred and ninety-nine others to boot. That's six thousand months, five hundred years, scramblin' over a mountain, goin' hungry and thirsty. An ounce of bitcoins, mister, is worth what it is because of the human labor that went into the findin' and the gettin' of it.

I too did not know you could "mine" bitcoins.

http://bitcoinreport.com/wp-content/uploads/2013/01/bitcoin-miner.jpeg

I too did not know you could "mine" bitcoins.

― pplains, Saturday, March 30, 2013 5:14 PM (3 minutes ago) Bookmark

where do u think they come from, pal. bitcoin trees???

http://2.bp.blogspot.com/-1BbbTVdEHAI/T1GxWVAd1yI/AAAAAAAAD-k/b-bX9QbxdhM/s1600/pimpcoin.jpg

http://news.firedoglake.com/2013/03/29/as-bitcoin-becomes-billion-dollar-market-america-moves-for-crackdown/

where do u think they come from, pal. bitcoin trees???

In a way, yeah?

Like, How much is this sack of mushrooms? Well, it's 35 B$. Ok, in my world a sack of mushrooms is fifty bucks, so the exchange for me is 7-10, but in Saudi Arabia, it's $200, so the value of my $35 is worth $200 Saudi dollars.

I didn't really think it all out, sure. Kinda got stuck on that sack of mushrooms, tbh.

Bitcoins aren't a fiat currency, really, it's just that each coin is representative of a unit of work completed. Unfortunately, that work only created a bitcoin.

do you have any idea how much work went into mining this ounce of gold

bitcoins are fiat-like tho arrnt thry

Bitcoins aren't a fiat currency, really, it's just that each coin is representative of a unit of work completed. Unfortunately, that work only created a bitcoin.

― ☠ ☃ ☠ (mh), Saturday, March 30, 2013 7:59 PM (3 hours ago) Bookmark

Howard: Well, there's no other explanation, mister. Gold itself ain't good for nothing except making jewelry with and gold teeth.

smiles

http://i42.tinypic.com/16583p.jpg

i thought this was really interesting, from the other bitcoin thread:

http://eprint.iacr.org/2012/584

Abstract: The Bitcoin scheme is a rare example of a large scale global payment system in which all the transactions are publicly accessible (but in an anonymous way). We downloaded the full history of this scheme, and analyzed many statistical properties of its associated transaction graph. In this paper we answer for the first time a variety of interesting questions about the typical behavior of users, how they acquire and how they spend their bitcoins, the balance of bitcoins they keep in their accounts, and how they move bitcoins between their various accounts in order to better protect their privacy. In addition, we isolated all the large transactions in the system, and discovered that almost all of them are closely related to a single large transaction that took place in November 2010, even though the associated users apparently tried to hide this fact with many strange looking long chains and fork-merge structures in the transaction graph.

Unreal hockey stick

Bitcoin’s programming ensures there can never be more than 21m coins in existence. Part of the “bubble” effect, no doubt, is linked to a realisation that we are quickly approaching that limit. According to the latest data from Bitcoin charts, for example, there are currently 10,986,175 bitcoins in issuance. Yes, we still have some room to go, but given exponential dynamics, the fact that we’ve reached the “half-way point” in supply is no doubt meaningful.

Wait, what? I've been reading about these things for a while and never knew this

he is kind of imposing

Sam Bankman-Fried being sentenced today, time to place your bets on how long he gets

25 years

https://x.com/innercitypress/status/1773356442629574987

This is such a concise version of the "he's just an adorable boy" story they kept trying to sell. Such a weird element.

SBF's statement was infuriating word salad. Right after an FTX customer/victim mentioned other victims committing suicide you have SBF saying "I agree with most of what Sunil said ... what matters are my colleagues." My COLLEAGUES?!?!?

honor amongst thieves

I don't know why I hate this guy so much. Maybe it's the hair.

something that bothers me is people just dumped all this money on him calling him a generational genius then you hear him talk and hes all yeah so uh you put money in the program then uuhh so its a ponzi scheme and more money comes out, hes keeping spreadsheets called crimes go in here, just not even good at scamming, but silicon valley rolled the red carpet out for him, shameful, media repeating all his blatant bs about trying to save the world, i want to see a master manipulator at work not this privileged dweeb

there's probably an argument to be made for a smart but socially tone deaf kid getting way in over his head and cutting corners in ways he didn't know were illegal and committing major errors which he didn't know how to dig out of but that really doesn't seem to be the case here

he repeated the lie today about how ftx couldve survived if there wasnt a run on deposits which was just not true, i wonder if he believes it, seems like vcs giving him all that money went to his head, when the story first broke his plan was to go to congress and persuade them that everything was cool, he considered himself the best salesman in the world, lol

that really doesn't seem to be the case here

― frogbs, Thursday, March 28, 2024 1:24 PM (fifty-eight seconds ago) bookmarkflaglink

yeah theres tons of evidence he was knowingly doing fraud the entire time, i mean maybe he thought it was ok because hes a crypto guy so laws dont apply idk, pretty dumb if so

He just seems like a sociopath who developed a schtick that was close enough to his "real" self that it kind of fooled some people for a while. Although my theory is that low interest rates are kind of like booze, and the lower they are and the longer they last, the lower the bar gets for hot. Like the guy came off as a buffoon, and the narrative seemed to be "he comes off as a buffoon which proves he is a genius." It was all kind of thin to begin with.

yeah if you have a fund you have to invest the money somewhere and crypto was hot so why not say the guy is a genius, but i do think due to various incentives a lot of people believed it, they considered themselves geniuses too no doubt tho

As someone who has to regularly read a lot of investment banker research/analyst reports, I often find myself wondering to what extent people in their world are bullshitting themselves versus just others.

Like there's a thin line between actually believing the story and just believing it's a story you can sell to other people. And there's an incentive to at least believe that you believe the story.

yeah believing things is pretty easy if it benefits you, and they say theres no one easier to sell than a salesperson

in the end it doesn’t matter tho, because the guy will get off with a relatively light prison sentence and then inherit all of mommy and daddy’s money. hope he gets shanked

they spent most of their money on his quixotic defense

I mean so they claimed in a soft-touch profile anyway, I'm sure they've got something

he got 25 years and some people are saying its light but thats big chunk of even the longest life, and you have to serve at least 85% of yr time in the feds so its not like hell get out in 12 or whatever, things arent going that good for him

12 is a very long time, being in jail for a month sucks from what ive heard, were somewhat injured to all these numbers due to living in a police state but being incarcerated is not too great

yeah it definitely sucks for him. like imagine being in jail since 1999

caek posted in the other thread theres a recentish law that allows non violent federal offenders to serve as little as 50% of their sentences depending on circumstances fwiw 85% is somewhat out of date

yeah it definitely sucks for him. like imagine being in jail since 1999

― frogbs, Thursday, 28 March 2024 18:42 (twenty-two minutes ago) bookmarkflaglink

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