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ymgve posted:Depending on your video card and how much you pay for electricity, mining is still profitable. The important part is that they are 'earning' this money not by working, but by virtue of owning something. That is infinitely preferable to these people to the point that they aren't even bothered if they aren't ultimately making a real profit.
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| # ? May 26, 2012 18:53 |
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| # ? May 18, 2013 05:53 |
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Where the gently caress would you even spend the stupid things?
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| # ? May 26, 2012 18:58 |
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Mr.48 posted:Where the gently caress would you even spend the stupid things?
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| # ? May 26, 2012 19:00 |
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On drugs. Seriously, that one bitcoin drug site probably contains 90% of the bitcoin-for-goods trades in existence.
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| # ? May 26, 2012 19:01 |
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Mr.48 posted:Where the gently caress would you even spend the stupid things? Why, at Meze Grill of course! quote:“I heard that you take ... bitcoins here ... as a way of paying for food,” oh my god this article quote:As if on cue, a young man I’d prefer to remember as wearing a trench coat, mirrored sunglasses, and with slicked-back hair walked in with his entourage. I knew why he was there even before he began inquiring about Meze Grill’s Bitcoin support. Wells fucked around with this message at May 26, 2012 around 19:08 |
| # ? May 26, 2012 19:02 |
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There used to be a ridiculous hot potato game where bitcoiners would try to convince each other that these things have a dollar value, so they could be sold at shady companies like Magic the Gathering Online Exchange, but that seems to be cooling down.
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| # ? May 26, 2012 19:09 |
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Mr.48 posted:Where the gently caress would you even spend the stupid things? Buying drugs online. Also I think the russian mafia uses it to launder money or something.
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| # ? May 26, 2012 19:11 |
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Loden Taylor posted:Does anyone have that video of the very first Bitcoin Show where they didn't really know what they were doing, so it was like 2 minutes of the intro animation looping while you heard them shouting at each other from across the room because they had left their mics on? And demo mode. You can't forget demo mode.
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| # ? May 26, 2012 19:21 |
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To be fair, the thing seems to have stabilized around $5, which is pretty mind-blowing all things considered.
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| # ? May 26, 2012 19:22 |
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Loden Taylor posted:Does anyone have that video of the very first Bitcoin Show where they didn't really know what they were doing, so it was like 2 minutes of the intro animation looping while you heard them shouting at each other from across the room because they had left their mics on? It took them like 5 shows before they learned how to turn the Demo Mode off.
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| # ? May 26, 2012 19:22 |
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Shimrra Jamaane posted:It took them like 5 shows before they learned how to turn the Demo Mode off. Five glorious shows. If someone would have captured the chat window with the video feed from those episodes it would be great watching.
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| # ? May 26, 2012 19:27 |
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I'm pretty sure I stopped following the bitcoin phenomenon right about when the pic of the guy talking about getting brain damage. Also I seem to remember there being a website by goons called buttcoin. I see the old thread in the goldmine, but its over 500 pages. Anyone have any choice starting places for the stuff like the cosbycoin?
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| # ? May 26, 2012 19:40 |
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buttcoin.org is still up, but inactive.Ashenai posted:No, they're good questions. The fundamental concept and technical execution of bitcoins is actually quite solid, it's just that, well, internet libertarians. Mobile payments are very popular in some parts of Africa where the central banks are unreliable, and the Canadian Royal Mint is looking at some kind of cross-platform cryptographic currency (mintchipchallenge.com), so is there a workable path for the model being picked up for actual cash-like transactions without all the graphics card mining and magic the gathering online exchanges and ronpauls?
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| # ? May 26, 2012 19:44 |
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anyone got the video of when Bruce went on air and broke down saying he's lost money it's what he does, but his family lost so much  http://www.youtube.com/watch?v=4FZldY-ZBBE#t=65s Found it, this was the greatest moment of internet TV ever. Photex fucked around with this message at May 26, 2012 around 19:57 |
| # ? May 26, 2012 19:47 |
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Guavanaut posted:buttcoin.org is still up, but inactive. Mintchip is a retarded idea that relies on no one breaking into their protected chips. So, basically, expect someone generating unlimited money within a week of them being in the hands of the public.
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| # ? May 26, 2012 20:03 |
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Photex posted:anyone got the video of when Bruce went on air and broke down saying he's lost money it's what he does, but his family lost so much So he lost over $20,000 bitcoins, the exchange rate comes out to what $.02 in real money? (valuewise, not what it cost to gather that many.)
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| # ? May 26, 2012 20:05 |
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Part of me still thinks this entire Bitcoin fiasco started as just a scam to make the guy at the top money. Batcoins are surrounded by rhetoric that appeals to a group of people that are known for near or literal worship of a few figures (Ayn Rand, Ron Paul, etc.), and trusting anything that can claim support from their holy books. This makes them easier to understand and manipulate. Buttcoins are designed such that the first few people to begin 'mining' them automagically hit the 'mother-load' and all those who follow are doomed to pick at their crumbs. Botcoins rely on a transaction backbone that, once in place, requires no actual resources from those who benefit the most (The founding miners who took the mother-load from the top.) In fact, all of the effort and investment required to keep the system running come from the least profitable sector of the economy: Mining. The miners are expected to also front the electricity to authenticate transactions. (I think.) Betcoins are surrounded by a culture of credulous people, prone to believing fantastic claims with little evidence; that's kindof how they got mixed up with Burpcoins to begin with. Once again such a group could be easily manipulated by either members of their worshiped elite, or by anyone impersonating them, or anyone with a good enough story and the right buzzwords. I fully expect the history and (short) future of the Pitcoin to be filled with false, but sensational stories and rumors that drastically affect their trading price. It all just feels like a very long, involved and potentially profitable scam. And it's 100% legal.
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| # ? May 26, 2012 20:07 |
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Moto42 posted:And it's 100% legal. So is Amway.
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| # ? May 26, 2012 20:11 |
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A co-worker and I are obsessed with BitCoin. Whenever we're talking about bitcoin, USD is always "grown up money" Every time I read something about it, it makes me laugh, and it's probably one of the greatest amusement generators until the Diablo 3 real money auction house launches. We want to purchase *a* bitcoin at this point, we're trying to pool some friends together to go in on some of these: https://www.casascius.com/ Just for shits and giggles. Even with the hilarity of the premise, and all the hackings, drama, and video card rigs, I can't deny the fascination I have for the whole thing. It's really interesting, if extremely poorly executed.
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| # ? May 26, 2012 20:16 |
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ymgve posted:Mintchip is a retarded idea that relies on no one breaking into their protected chips. So what's stopping a reputable provider using a derivative of the bitcoin crypto system, but with actual banks or major payment processors managing the security of the central points, instead of Magic: The Gathering card traders and internet libertarians, and paying for them as normal currency/mobile payments instead of the ridiculous mining system? (Other than that currency reserves make Ron Paul cry)
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| # ? May 26, 2012 20:21 |
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http://www.youtube.com/watch?v=rXCNezOenxo This is hilarious. Its not before 5:50 in the video before they start doing stuff, and the face-recognition puts his face in a square.
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| # ? May 26, 2012 20:23 |
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Guavanaut posted:So what's stopping a reputable provider using a derivative of the bitcoin crypto system, but with actual banks or major payment processors managing the security of the central points, instead of Magic: The Gathering card traders and internet libertarians, and paying for them as normal currency/mobile payments instead of the ridiculous mining system? (Other than that currency reserves make Ron Paul cry) You have to have some mechanism for creating money, and the currency won't take off unless you have a way to reward early adopters. Therefore, mining.
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| # ? May 26, 2012 20:26 |
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It is absolutely amazing that stuff like this still hits the "news". When BitCoins were $25 a piece, I thought hey maybe this will actually be a thing but I'm pretty sure it is going to go down like the Wall Street crash of 1929. Sure enough soon after I started watching the original BitCoin thread we were all laughing at MtGox getting hacked. How anyone can seriously still support such a train wreck is difficult to imagine, but it sure does create amazing comedy.
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| # ? May 26, 2012 20:32 |
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Guavanaut posted:So what's stopping a reputable provider using a derivative of the bitcoin crypto system, but with actual banks or major payment processors managing the security of the central points Well, because the entire point of Bitcoin revolves around a peer-to-peer infrastructure. Paypal doesn't need to cryptographically verify its transactions because it handles both 'ends.' There is no point in a bank using something like Bitcoin, they can do the same thing without the peer-to-peer and without the strong cryptography.
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| # ? May 26, 2012 20:37 |
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AuMaestro posted:You have to have some mechanism for creating money, and the currency won't take off unless you have a way to reward early adopters. Therefore, mining. Marketing and having an existing trusted name in banking or payment processing (and some kind of insurance for if things gently caress up) seems like a good way to get a cashlike payment system leveraging the good mathematical security of Nakamoto's transaction system without all of the "oops, some 'hackers' stole exactly half of our moneys" or "we reset our server and all our wallets were stored in volatile RAM  " problems that the bitcoin market kept falling into.edit: revmoo posted:Well, because the entire point of Bitcoin revolves around a peer-to-peer infrastructure. Paypal doesn't need to cryptographically verify its transactions because it handles both 'ends.' There is no point in a bank using something like Bitcoin, they can do the same thing without the peer-to-peer and without the strong cryptography. Guavanaut fucked around with this message at May 26, 2012 around 20:51 |
| # ? May 26, 2012 20:49 |
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Bitcoins where the best thing on this forum in 2011. Between this and aluminium skies, GBS was really fun. Why do I have nostalgia for internet stuff barely a year ago?
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| # ? May 26, 2012 20:52 |
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Moto42 posted:Part of me still thinks this entire Bitcoin fiasco started as just a scam to make the guy at the top money.
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| # ? May 26, 2012 21:02 |
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you know it's good because it's highly technical and highly technical things will reward the intelligent and cunning and usher in an objectivist paradise
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| # ? May 26, 2012 21:02 |
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DrManiac posted:I think my favorite bitcoin thing is that dude who got brain damage beacuse he stayed in a super hot room. If he thought bitmining was a good investment, he probably already had brain damage.
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| # ? May 26, 2012 21:12 |
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Air is lava! posted:Bitcoins where the best thing on this forum in 2011. I know what you mean. The OnlyOneTV chatroom was the most fun I've had on the internet, at least until Bruce got all fascist with it. We could get that guy to do almost anything. Remember the QUAD-COPTER!! e: and staying up late watching a dark office, listening to the sound of pizza delivery guys ringing the doorbell... 
gnarlyhotep fucked around with this message at May 26, 2012 around 21:27 |
| # ? May 26, 2012 21:25 |
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oscarthewilde posted:If he thought bitmining was a good investment, he probably already had brain damage. I don't understand how he got heatstroke. I know very little about the bitmining process, and my only exposure to it was selling my 5850 for $400 in the early stages of bitcoin. Do you have to monitor the progress in order to attain delicious bitcoins? Could he not leave the room?
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| # ? May 26, 2012 21:32 |
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OldMemes posted:Have any of Ayn Rand's ideas ever worked, or is she considered a hack by anyone who isn't a liberterian? For anyone wondering about the technical implementation of BitCoin, this podcast episode provides a decent overview, without addressing the hilarious community: http://twit.tv/sn287
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| # ? May 26, 2012 21:39 |
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I love the fact that bitcoin mining requires gaming PCs. It's too perfect. In the old Seasteading thread, Daktar artfully brings objectivist philosophy to its logical conclusion.
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| # ? May 26, 2012 21:42 |
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"฿1 COIN: This is a solid brass coin. Each 1-bitcoin coin is about 1.125inch (28.6mm) in diameter (just bigger than a US quarter but smaller than a half-dollar) and weighs a quarter ounce. I like to tip with them." I think it's at this point that bitcoins cease to be a dumb, pointless waste of time harming only its adherents to something actually malicious and antisocial. This person is a horrible person.
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| # ? May 26, 2012 21:53 |
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I still don't understand how generating an integer becomes a money. Is it like some retarded smug ironic thing "well the US dollar isn't based on anything?"
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| # ? May 26, 2012 22:01 |
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Loden Taylor posted:Does anyone have that video of the very first Bitcoin Show where they didn't really know what they were doing, so it was like 2 minutes of the intro animation looping while you heard them shouting at each other from across the room because they had left their mics on? You mean this one? I love this goddamned clip. http://youtu.be/CGRto5XRRUM
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| # ? May 26, 2012 22:07 |
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Yeah Funyuns posted:I don't understand how he got heatstroke. I know very little about the bitmining process, and my only exposure to it was selling my 5850 for $400 in the early stages of bitcoin. Do you have to monitor the progress in order to attain delicious bitcoins? Could he not leave the room? The mining process is all automatic, but he put the mining rigs in his bedroom, and he was too cheap to run an air conditioner. He got heat stroke while he was sleeping.
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| # ? May 26, 2012 22:09 |
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FogHelmut posted:I still don't understand how generating an integer becomes a money. Is it like some retarded smug ironic thing "well the US dollar isn't based on anything?" Technically, almost anything can be used as money as long as people can agree that it has value: for example, Somalians still use paper money printed by a central bank that collapsed decades ago. The problems with Bitcoins are that there's literally no advantage to using them over, say, prepaid cash cards, there's no recourse you can take if you get scammed or your wallet.dat gets hacked, and there's nothing you can buy with them besides drugs and Slim Jims, so sane, rational people stay away from Bitcoins and it ends up naturally attracting crazy libertarians, drug dealers, speculators, and people who take advantage of all of them by stealing their Internet monies. Zotwoz fucked around with this message at May 26, 2012 around 22:21 |
| # ? May 26, 2012 22:16 |
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The pictures of the mining rigs are great because of all the harebrained mounting and cooling solutions you see. Like taping dozens of expensive LED computer fans a foot away from your GPUs where they won't do anything as opposed to just buying a big shop fan from home depot, or all those janky looking mounting frames holding up $5,000 of video cards that look like they were nailed together from balsa wood by a 3 year old.Zotwoz posted:The problem with Bitcoins is that there's literally no advantage to using them over, say, cash cards, there's no recourse you can take if you get scammed or your wallet.dat gets hacked, and there's nothing you can buy with them besides drugs and Slim Jims, so sane, rational people stay away from Bitcoins and it ends up naturally attracting crazy libertarians, drug dealers, speculators, and people who take advantage of all of them by stealing their Internet monies. As far as I understand they're not really anonymous either since the bitcoin transactions are all traceable and they still have to be converted back to real money at some point. So even if you want to use them to deal drugs or hire a hitman or buy child porn you still have to go through the same sort of money laundering strategies you would with any other currency. Fortuitous Bumble fucked around with this message at May 26, 2012 around 22:32 |
| # ? May 26, 2012 22:17 |
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| # ? May 18, 2013 05:53 |
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juliuspringle posted:So he lost over $20,000 bitcoins, the exchange rate comes out to what $.02 in real money? (valuewise, not what it cost to gather that many.) this was last year no one knows what he bought in at but word was it was over $10.00 a coin when he did. So he could have lost up to $200,000 which after a lot of digging doesn't too far fetched considering all the shady loan/mortgage practices he was charged with.
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| # ? May 26, 2012 22:28 |
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