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Monitor
Dec 28, 2010


So there are people still believing in the eternal dream of Bitcoins after the poo poo hit the fan? Libertarians own. Need to get them interested in some tulips.

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Monitor
Dec 28, 2010


I think being able to pay my bills with the components of the current monetary system makes it sane enough for me

Monitor
Dec 28, 2010


I cannot fathom how someone can think "Heh, these assholes think they crashed my currency with their one forum post, we'll rally back like we never even lost 66% of our worth overnight "

Monitor
Dec 28, 2010


davebo posted:

Here's all I need to know about any currency on the planet: can I slide it under a stripper's g-string? If the answer is no, then you've got yourself a useless currency.

You could print out some bitcoin coupons -- maybe you'll find a stripper who enjoys bitcoins as much as you! That's a woman to marry if you ever found one.

Monitor
Dec 28, 2010


Barudak posted:

I agree completely, and if they had done something like that it would have been brilliant. Make the drat thing do research functions, sell those functions off to various groups, and then reward people with the BTC and you suddenly have a currency with backed value that doesn't fluctuate insanely when a single seller decides to get out.

That said, I find it amusing that a single major seller can tank the market that hard and I'm assuming your going to see a series of tanks as each major 2009 BTC holder cashes out in turn.


Our market is super stable as long as everyone involved is super passive in their buying and selling.

Monitor
Dec 28, 2010


PainBreak posted:

Those songs are awesome! Did Kara Dioguardi pen this one, or was it someone from the Bitcoin forums? I can't tell!

I think it was Bruno Mars, but there's no confirming it, they were paid in BitCoins

Monitor
Dec 28, 2010


It's doubly funny because isn't a large reasoning for the buttcoins to avoid a central agency controlling the currency? I mean, MTGOX doesn't control the distribution, but it controls all transfers; the dark pool is even more evidence of control

Probably all blabber

Monitor
Dec 28, 2010


Bitcoins : Beanie Babies With a White Paper

Monitor
Dec 28, 2010


You want to buy a couch? Are you sure you wanna risk your money like that? Tomorrow you might be able to get this couch for half those coins brah.

Monitor
Dec 28, 2010


ChuckHead posted:

I will be picking up some AMD stock tomorrow and hold them into to their earnings release on july 21. It has sold off hard in the last few weeks and I'm expecting them to say they have seen strong sales in older graphic card sales During their conference call.

Okay this is a good idea, but it has me worried. My dad is a hawk on most hardware related news, and if he somehow gets a waft of this bitcoin stuff via someone pointing out increased AMD sales potentially due to all of this, he's going to bite. He's a real big believer in uses for GPU processing at home stuff and he would love for a reason to buy 4 big graphics cards to crunch something.

I mean, I guess no big harm if he just mines and is happy seeing numbers move as a kind of hobby, but I hope he doesn't get the speculation bug

Of course this is probably worrying more than I need to, but buttcoins got me on edge son

Monitor
Dec 28, 2010


NoNotTheMindProbe posted:

He's trying to burn an Australian $20 note. They're made of waterproof, fire resistant polymers.

Those polymers that bond that note together are the polymers that bind your freedom to the government, never to be owned by one's own self.

Monitor
Dec 28, 2010


XboxPants posted:

How many can you even hook up in a single rig? As a nerd it would actually be cool to get a picture of the setup for someone running many dozens of cards at once in a home-made facility.

I think 4 is the most you can (ie you can get at most 4 graphics slots for those cards on one board) but I would think they are maybe doing at most 3? I could be totally off though, they could be doing something totally different.

Monitor
Dec 28, 2010


Lolie posted:

It's bizarre how they have so much faith that the "currency" will rise in value but they don't trust the founder, the early adopters, or the exchange.

I think you'll find there are a quite large amount of loonies in any crypto-centric circle

Monitor
Dec 28, 2010


Happy Noodle Boy posted:

For all the amount of money they're dumping on this, I'm surprise they're not going out of their way to backup whatever wallet file has all their moneys in 10 different locations.

That gives a greater chance of the CIA finding their wallet file whenever the government take over happens -- how will they be able to preserve the currency if the feds get everyone's supply???

Monitor
Dec 28, 2010


raezr posted:

The thing that gets me is that, to me, BitCoins are a silly internet thing that exist on the internet and on internet forums. There's no real community, business, organization, or even significant individual who I can associate with them. Do people just read a bunch of posts on internet forums and decide that BitCoins are a great investment, worth putting your entire life savings into? I can't even imagine this.

heck of a salesman i am hoping, that way i can at least commend some one in this process

Monitor
Dec 28, 2010


drive_the_hive posted:

bought at $13, cashed out now

so why are people still poo poo-talking this?

played $50 dollars on red, cashed out at $100

why do people poo poo talk roulette?

Monitor
Dec 28, 2010


MD2020 posted:

I'm pretty sure that Oklahoma's Premier Wedding Cake And Sugar Artist is a bit more than a "small business", buddy.

I wonder if I can get my Slim Jims decorated

Monitor
Dec 28, 2010


Uglycat posted:

That fluctuation should be absolutely EXPECTED as it's in it's 'early adopters' phase. There are new people entering (and leaving) the market DAILY. Like, enough people to count as a significant portion of their userbase. It is fundamentally impossible to have a stable value for a scarce commodity while the number of investors buying the commodity is growing sharply.

The stability will come when everyone knows what bitcoin is, everyone has chosen whether or not to participate in the bitcoin economy, and so on. Worse, speculation will drive prices up, creating 'bubbles.' The creation of a bubble doesn't mean the currency is fundamentally without value, though; just that speculators are over-confident in what value it will reach. There have been a number of oil bubbles in the past; oil is still a commodity.

It's in the early adoptor stage. Whether it makes it out of that stage, I couldn't predict. But that's not irrelevant when looking at the lack of stability.

To build off the paypal thought experiment, suppose paypal decided to sever ties with the USD. They, as a company, will no longer 'cash out' your PayPalDollars. You can still trade them with other PayPal users, exchanging them (within the centralized PayPal system) for goods and services. Some third party sets up a PayPal account and offers to buy PayPalDollars with USD.

Would you expect the value of the PayPalDollar to remain $1USD?

This could be me just making a dumb observation, but is the shift from Bitcoin striving to be a stable currency to being a stable commodity a notable change? Or is it all semantics?

Monitor
Dec 28, 2010


I think if the USD is in danger of devaluing your paycheck by 1/2 we will have bigger problems on our hands than "Golly I wish I got some Bitcoins"

Monitor
Dec 28, 2010


homerlaw posted:

I still have no idea what people are doing with dozens of graphics cards, how are they hooking them up to their computers to mine?

You just slot a bunch of them into a motherboard capable of holding a sizable amount of the cards, the actual software uses the processor on the cards to do the computations for mining. This is possible due to advances in software stuff that allows GPU processing to be used for things other than just display of graphics (things like CUDA and OpenCL)

Monitor
Dec 28, 2010


Xel posted:

There actually is, and now that the bitcoin difficulty went up it may actually be more profitable to mine them instead.

https://en.bitcoin.it/wiki/Namecoin

I'm getting in on this so hard

Bitches don't know my Namecoins

Monitor
Dec 28, 2010


anotherone posted:

if he could have found a buyer, sure.

Though if you don't cash out super carefully you'll probably crash the market through people flipping the gently caress out

Monitor
Dec 28, 2010


Son of Thunderbeast posted:

just saw this on Twitter




Man would I hate being the UPS guy delivering all this loving stuff

Monitor
Dec 28, 2010


Devian666 posted:

I am disappointed. There does not seem to be a site to convert bitcoins into dong.

There's a niche to be filled! Quick!

Monitor
Dec 28, 2010


homeless snail posted:

Bad programmers comment like that. They know they're supposed to make comments, but they don't know which lines need them or what they should be saying.

"My professor said I need more comments... hm.

for(int i = 0; i < 10; i++){ //loops until i is equal to 10, increments by one each time

DONE!"

Monitor
Dec 28, 2010


On a slip and slide down to $14 and below!

Just the weekend crash, don't mind it.

Monitor
Dec 28, 2010


quote:


You speculate every day you carry dollars, too.

You're holding on to them in good faith that the government won't screw up horribly and devalue them somehow. And unfortunately, that is the case. It is just a matter of 'when' the massive debts the U.S. is carrying crash upon our heads. There is no such thing as perfectly 'safe', but you better bet I'd rather hold bitcoins in the long run than fancy green toilet paper.


truth

Monitor
Dec 28, 2010


Devian666 posted:

Somehow a bitcoin is worth $19 two days ago, $16-17 last night and $13 now.

Normal market fluctuations, untainted by governmental regulations! Freedom at last!

Monitor
Dec 28, 2010


Orange Sunshine posted:

Bitcoins have been going up in value for the past year.

May 22, 2010, someone trades 10,000 bitcoins for 2 pizzas worth $25, valuing bitcoins at 1/4 cents each.

October 2010, Bitcoins are selling for 6 cents a piece.

November 2010, Bitcoins first reach 50 cents.

February 2011 Bitcoins first reach $1.

May, 2011 Bitcoins first reach $6.

And upwards from there. There have been flat periods of months, especially in the earlier days, but you can see a steady progression upwards. There is no "real price" to fall back on after the press coverage dies down, each burst of press coverage increases the number of people doing this and ultimately raises the price permanently... until the eventual collapse of the system.

Yeah it only goes up

Monitor
Dec 28, 2010


adamarama posted:

I've just heard of Bitcoins, and don't really understand where their value lies. They have a fairly stable supply, in that you can predict how many are available and how many will be produced, based on the computing power in the network? Yet despite there being a steady supply, there are wild swings in demand. So is the entire Bitcoin market based on speculation? And people are spending real money on this?

It's a commodity literally based upon speculation, weed, and slim jims. A nerd's wet dream, essentailly

Oh and because of no regulation scamming and theft are very large and real problems for it! More things for them to whinge about to their moms

Monitor
Dec 28, 2010


Smite posted:

She should have covered her mouth and coughed when she said each coin was worth $18.

The best would be if at the end of the report she reported "And now each coin is worth $14."

Monitor
Dec 28, 2010


Ahahaha MTGOX is getting too many connections, SELL SELL SELL

Monitor
Dec 28, 2010


Nibiru posted:


Did the creator seriously store unhashed passwords in the database?

Considering how much bigger sites do the same, I wouldn't doubt it.

Monitor
Dec 28, 2010


raezr posted:

How the hell do people not salt their hashes? I remember dicking around with PHP five years ago and every tutorial on the first page of google told you to salt them. The PHP manual even tells you to salt passwords. It literally just takes 45 seconds to type the code to do it.

I don't think you understand the lengths people go to to be lazy with their coding.

Monitor
Dec 28, 2010


Orange Sunshine posted:

According to the bitcoin forums, at http://forum.bitcoin.org/index.php?&topic=19751.0

"There are 220 of us over at http://onlyonetv.com/?page_id=178
getting ready for the interviews in 20min. that is 6/19 9:00ET jered from tradehill is on at 9:00 and someone from mt gox @ 10:00(presumably Mark aka.MagicalTux)"

So the guy running mtgox will be possibly talking live on there in about an hour.

This should be good.

Monitor
Dec 28, 2010


barking frog posted:

"Right now we don't have any plans for [SSL certificates]. If we have any suggestions for low cost security, we will implement them."
"Ha ha ha. We want to keep it simple for the users."

Wait, they seriously just said this?

This has got to be a front for a scam.

Monitor
Dec 28, 2010


barking frog posted:

It was the interviewer responding with the wanting to keep it simple comment, I should've made that clear. Mostly at this point the interview has completely exposed them as rank amateurs.

Still, jesus christ.

Monitor
Dec 28, 2010


I've been out of this stuff for a few days, apparently MTGOX is dead? Huh. And the live ticker is now measuring a site called tradehill? Trading at $13? Bitcoins, you never stop amazing me.

Monitor
Dec 28, 2010


alreadybeen posted:

Seriously, why is there a chat room at all, honestly.

The world must voice their opinion on the nature of the Bitcoin. Bruce must know the people's opinion, because he is the people's Bitcoin hero.

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Monitor
Dec 28, 2010


alreadybeen posted:

is ANYONE on the chat not form this thread?

I'd imagine Bruce's mom is in there.

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