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Bieeardo posted:Someone on Slashdot did some math when the astroturf rolled out there, and apparently figured out that the amount of money spent on electricity for those machines handily outstrips the value of any coinage they 'mine'. I'd kill for someone to do the math and smack them all upside the head with it.
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May 23, 2011 20:28
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SoroScrew 
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http://www.youtube.com/watch?v=5syX-4l51Oc There's a lesson somewhere here. quote:Last Price: 7.011 High:7.45 Low: 6.6108 Well that seems like a rock solid currency. How can I convert my savings? Seriously though, this does have it's uses and the best ones are all illegal. I can't believe people are actually "investing" in this. The coins even look like scrooges money bin coins. 
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May 23, 2011 20:29
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So how do you launder money with this? Edit: actually i should point out i'm not serious or i'll probably get banned. The russian mafia thing is interesting though.
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May 23, 2011 20:30
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ChubbyEmoBabe posted:http://www.youtube.com/watch?v=5syX-4l51Oc Its better if you look back a bit more further back:  ROCK SOLID CURRENCY HERE FOLKS (note most of those jaggies on the line are where its value drops by 20% or more overnight or over a weekend)
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May 23, 2011 20:31
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Hahaha, awesome, it's got all the inflexibility and disassociation from useful economic output that makes the gold standard a bad idea, only without the potential security against hyperinflation.
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May 23, 2011 20:33
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infinity2005 posted:So how do you launder money with this? 1. Buy BitCoins with REALMONEY® 2. Transfer BitCoins to Someone Else 3. Someone Else sells out the BitCoins for REALMONEY® Of course, time is of the essence, because the value of those bitcoins may drop overnight. Then again, they could grow as well. It's like trading stocks, I guess. I dunno, I got a C in Economics.
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May 23, 2011 20:33
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infinity2005 posted:So how do you launder money with this? I'd imagine same way they were doing it with flooz, Buying a ton of fake internet money, then either selling the fake net money back at a different site or using it to buy goods with resale value from one of the few places that accept it as payment and selling them on.
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May 23, 2011 20:34
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ReverendFaux posted:1. Buy BitCoins with REALMONEY® I got a C in Economics and I still know enough that this poo poo is bullshit.
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May 23, 2011 20:36
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Drone_Fragger posted:Its better if you look back a bit more further back: Hah, ohh man I thought the intraday was horrific. People are going to lose their asses off on this. Why don't I even think of a way to bilk people out of their money! 
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May 23, 2011 20:37
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Vincent Van Goatse posted:I got a C in Economics and I still know enough that this poo poo is bullshit. again I'm gonna point to flooz, http://en.wikipedia.org/wiki/Flooz.com, which the russian mafia did legitimately use to launder money and did it in exactly the same way.
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May 23, 2011 20:38
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Vincent Van Goatse posted:I got a C in Economics and I still know enough that this poo poo is bullshit. What are you expecting to happen with this? I really don't know what to make out of it, but I think it could be similar to the WoW Gold market (Paying cash for in-game gold to be goofy virtual poo poo). I think it's just a goofy virtual-poo poo market with goofy virtual-cash.
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May 23, 2011 20:39
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Drone_Fragger posted:again I'm gonna point to flooz, http://en.wikipedia.org/wiki/Flooz.com, which the russian mafia did legitimately use to launder money and did it in exactly the same way. And since I am not the Russian mafia, there's no loving way I could make bank off this bullshit. ReverendFaux posted:What are you expecting to happen with this? I really don't know what to make out of it, but I think it could be similar to the WoW Gold market (Paying cash for in-game gold to be goofy virtual poo poo). I think it's just a goofy virtual-poo poo market with goofy virtual-cash. Except it won't, because WoW Gold has actual value attached to it (not having to grind in an MMORPG). This doesn't even stagger that low.
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May 23, 2011 20:39
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I'm still trying to wrap my head around the idea that the currency is created with out either a tangible substance backing it or an exchange of goods/services/labor. It also sounds like the whole economy has a pre-planned, built-in aristocracy. You can create coins simply by having an expensive, powerful computer. If there is actually a finite number of these coins, then there is a zero-sum game and the people with the most powerful computers literally create wealth and have an absurd level of control over the exchange rates. The value of a coin is literally different for someone with the infrastructure to create these coins than it is for a merchant or consumer attempting to engage in an equitable exchange of goods/services/labor.
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May 23, 2011 20:41
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Versus Boredom posted:I'll take one human liver and six kilos of cocaine please. You accept BitCoin right? If this actually takes off it will be a great currency to make those kinds of transactions with. Dollars are tracked in a way bitcoins are not. Overall it's an interesting thought experiment but I doubt it'll ever take off. It's not going to become a viable and robust currency with a few thousand adopters having a few hundred bucks each in it. Their decision not to manage it at all and just let it take it's natural course doesn't inspire confidence either. I know what happens to currencies naturally. They fail. It's funny they say, "It CANT FAIL unless people stop using it!" Yeah, that is one of the big ways currencies go down.
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May 23, 2011 20:41
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Vincent Van Goatse posted:And since I am not the Russian mafia, there's no loving way I could make bank off this bullshit. Well yeah since I kinda assumed you weren't money laundering?
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May 23, 2011 20:41
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Drone_Fragger posted:Well yeah since I kinda assumed you weren't money laundering? Ah see I thought you were saying that because of Russian money laundering someone made money off of this poo poo so it wasn't 100.00% bullshit. My apologies.
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May 23, 2011 20:42
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Videodrome posted:If there is actually a finite number of these coins, then there is a zero-sum game and the people with the most powerful computers literally create wealth and have an absurd level of control over the exchange rates. The value of a coin is literally different for someone with the infrastructure to create these coins than it is for a merchant or consumer attempting to engage in an equitable exchange of goods/services/labor. Only 21 Million coins are to be released through 2040. I don't know if more are to be made available after that (if it goes for that long), but it is definitely finite.
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May 23, 2011 20:43
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ReverendFaux posted:Only 21 Million coins are to be released through 2040. So loving what?
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May 23, 2011 20:43
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I have a mid-high end desktop system that wasn't too pricey (i7 processor, 4GB RAM, etc)...what would my bitcoin production rate be? What about on my super slow old netbook?
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May 23, 2011 20:45
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Vincent Van Goatse posted:So loving what? It's a response to a question, chill the gently caress out. There's plenty of non-related conversations you could probably enjoy in another thread.
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May 23, 2011 20:45
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As a mathematician I think the idea of the BitCoin is brilliant... for the dude who created them. I was reading some article which says he possesses 1/3 of the bitcoins in existence currently which means he will make millions if he correctly anticipates the bubble/crash and offloads them all. Everything about the BitCoin seems designed to give people the idea it carries some sort of legitimacy and the cryptocurrency method of distributing the coins does a great job of making sure it doesn't crash too soon while giving BitCoin users a (false) feeling of scarcity. Basically the dude had a brilliant idea to get himself rich while simultaneously gaining internet/academic credibility and if he doesn't lose his rear end by refusing to offload before the crash he will cash in on it bigtime.
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May 23, 2011 20:46
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ReverendFaux posted:Only 21 Million coins are to be released through 2040. Right, so the handful of people with computers powerful enough to create the coins have an obvious incentive to horde them, making the few they allow into circulation more "valuable". They don't even have to invest to make their wealth more valuable. Lack of circulation alone makes them "richer".
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May 23, 2011 20:47
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bewbies posted:I have a mid-high end desktop system that wasn't too pricey (i7 processor, 4GB RAM, etc)...what would my bitcoin production rate be? What about on my super slow old netbook? I don't know if you would mine enough to cover your power bill. In fact, at the crazy economy it seems to have, the people who start mining now would never break even.
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May 23, 2011 20:47
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If buying drugs on Tor or trading for Etsy-grade I <3 BitCoin clothing and trinkets sounds appealing, Folding@coin is for you
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May 23, 2011 20:48
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Videodrome posted:Right, so the handful of people with computers powerful enough to create the coins have an obvious incentive to horde them, making the few they allow into circulation more "valuable". They don't even have to invest to make their wealth more valuable. Lack of circulation alone makes them "richer". When hoarding pays off. If only cats were a currency.
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May 23, 2011 20:48
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I'm generating a coin right now, somehow. Soon I'll be rich and if you're lucky I'll wave to you from my huge yacht. 
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May 23, 2011 20:49
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Nathilus posted:... "It CANT FAIL unless people stop using it!" ... Conair Pro Black Bird Professional 2000W Hair Dryer $39.95/BC00.000000012-BC00.000002
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May 23, 2011 20:51
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Stoatbringer posted:I'm generating a coin right now, somehow. Soon I'll be rich and if you're lucky I'll wave to you from my huge yacht. 
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May 23, 2011 20:52
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artard posted:As a mathematician I think the idea of the BitCoin is brilliant... for the dude who created them. I was reading some article which says he possesses 1/3 of the bitcoins in existence currently which means he will make millions if he correctly anticipates the bubble/crash and offloads them all. Everything about the BitCoin seems designed to give people the idea it carries some sort of legitimacy and the cryptocurrency method of distributing the coins does a great job of making sure it doesn't crash too soon while giving BitCoin users a (false) feeling of scarcity. Basically the dude had a brilliant idea to get himself rich while simultaneously gaining internet/academic credibility and if he doesn't lose his rear end by refusing to offload before the crash he will cash in on it bigtime. Basically to reiterate my own point I think that Satoshi Nakamoto (the creator of BitCoin) is a genius because he basically found a way to invent his own monopoly money and created a distribution framework that ensures he gets a huge share of the currency (by being the earliest adopter). All while getting a community behind it so they are all rabidly mining/buying up coins that pumps up the value so the early adopters can cash in and make shitloads of money while the hype machine leads to the inevitable bubble/bust. I think it's really quite awesome and wish I'd thought of it first.
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May 23, 2011 20:52
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Videodrome posted:Ill give you 21 million bitcoins for that! (but you will have to wait until 2040 since that many wont exist until then)
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May 23, 2011 20:54
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What about shitcoins? Has anyone said shitcoins yet? Am I original yet?
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May 23, 2011 20:57
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Julius Milkwhite posted:Ill give you 21 million bitcoins for that! It is still worth more than all the BitCoins in existence because actually labor was required to create it. It doesn't sound like anyone is actually interested in this psuedo-currency having any connection to an exchange of time/labor.
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May 23, 2011 20:58
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Videodrome posted:It is still worth more than all the BitCoins in existence because actually labor was required to create it. Minus the the handful cyberpunk miners and tin-foil-hat wearing lunatics and Glenn Beck.
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May 23, 2011 21:00
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ReverendFaux posted:I don't know if you would mine enough to cover your power bill. In fact, at the crazy economy it seems to have, the people who start mining now would never break even. As a competing currency it needs to be flexible. If every coin was "created" it would be 120-140million USD today. In the scheme of currencies, especially global, that's nothing. As people save their coins (horde) the remove more and more from circulation causing the price to go up. Look what happened to oil and housing and they are backed by tangible assets.
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May 23, 2011 21:03
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winvirus posted:What about shitcoins? Has anyone said shitcoins yet? Am I original yet? You could probably recreate this currency with horseshit. People with horses "mine" the currency and then trade it for services and whatnot, plus horseshit can only be sold once, and instead of being digitally "secure", horseshit is theft proof because who the gently caress steals horseshit?
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May 23, 2011 21:03
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artard posted:Basically to reiterate my own point I think that Satoshi Nakamoto (the creator of BitCoin) is a genius because he basically found a way to invent his own monopoly money and created a distribution framework that ensures he gets a huge share of the currency (by being the earliest adopter). All while getting a community behind it so they are all rabidly mining/buying up coins that pumps up the value so the early adopters can cash in and make shitloads of money while the hype machine leads to the inevitable bubble/bust. I think it's really quite awesome and wish I'd thought of it first. Suckers have short memories.
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May 23, 2011 21:03
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If I use BitCoins to purchase Linden Dollars, will the universe collapse?
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May 23, 2011 21:05
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I do like that guy in the other thread who thinks these are a good hedge for the dollar.
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May 23, 2011 21:07
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winvirus posted:What about shitcoins? Has anyone said shitcoins yet? Am I original yet? Sorry, i typed it into a youtube comment 14 minutes ago. Oh no you are first. Its not plural.
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May 23, 2011 21:08
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nimh posted:Sorry, i typed it into a youtube comment 14 minutes ago. I think we could mine youtube comments for shitcoins.
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May 23, 2011 21:09
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