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Jan 8, 2007



Paradox Personified posted:

This is sadly hilarious.
"You can even purchase or rent pre-made systems specially designed for mining: Bitcoin Rigs", and that links to this: http://www.bitcoinrigs.com/

It's the new Alienware!

Edit:

Some crazy ads on those sites.

Oh hey, why won't this company take my Bitcoins as payment for a computer...

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Jan 8, 2007



randombattle posted:

Isn't it a terrible idea to have a currency where anyone at all can make more of it out of literal nothingness?

The best part about Bitcoins is that it is just as much a fiat currency as anything else, but instead of being given to banks or whatever it basically ends up randomly appearing in the hands of a Bitcoin user.


I'd say it's just dumb libertarians who want free money, but it's actually dumb libertarians spending a bunch of money on computer parts to race against other dumb libertarians for 'free' money.

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Jan 8, 2007



I would love to see the looks on people's faces when someone explains their Bitcoin hobby


http://www.youtube.com/watch?v=G5f_e4P6gMA



edit:

holy poo poo, this guy too: http://www.youtube.com/watch?v=FThX...feature=related

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Jan 8, 2007



Archer666 posted:

Wait, this is confusing me. I can generate non existant money, and trade it with some idiot for real money? Is that what's happening?

Because if it is, then what's stopping people from making a quick buck with this? Just make some bullshit money in a week and sell it for real money.

IIRC when I last read about this, you have to have some pretty hefty computer hardware to make it near profitable, mining doesn't guarantee money, profitability mostly depends on the market, which fluctuates heavily every few hours, and due to the increasing complexity of the required calculations it is much more likely that you will waste a lot of real money getting involved and have a rough time just breaking even.


But you may get lucky and be able to stick it to THE FED.

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Jan 8, 2007



Stephen Harper posted:

Couldn't some of these people get in tax trouble for profiting off of BitCoin?

Since there is an overwhelming chance that none of them are reporting any of the money they earn from mining and selling, I'd imagine that they could get in a lot of trouble for tax evasion if caught.

Which would cause the best meltdown on their forums after the first one got caught.

"Is a man not entitled to the sweat caused by the banks of videocards in his bedroom?"

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Jan 8, 2007



Shasta Orange Soda posted:

Why yes, my kitchen does generate as much white noise as a data center and is 20 degrees hotter than the rest of the house, but it will be a blessing come winter (assuming I survive the inevitable drug raid). Can I borrow a couple grand for my electricity bill?

Supposedly that's happening too:
http://esspe.net/bitcoins-and-weed

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Jan 8, 2007



slothgirl posted:

I was sitting here reading this, and I caught myself thinking 'drat, i wish i'd known about this earlier, so i could get in before the pyramid got too big'.

Then I realised that if I had heard about it, I would have just thought 'that sounds dumb' and ignored it. Guess I just don't have the genius of spotting Great Investment Opportunities.

I find it slightly spooky that the BTC forum someone linked to has so little discussion of BTC's actual uses as a currency, really reminds me of stuff i saw in the MLM thread.

I'm pretty sure that their community is split between True Believers and the people who see the bubble as a chance to make some easy money off other's bad decisions.

Basically, the people who actually see Bitcoins as viable money
A) Think their capped fiat currency isn't fiat
B) Hope this gets big and all the coins they saved up from the beginning will make them an internet billionaire


Really, it seems like they see this as a way of being the e-gold equivalent of being born into money.

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Jan 8, 2007



Baddog posted:

This looks like the place to do it, no one else has any volume.

https://mtgox.com/trade/buy

But this market does, 1 million coins traded in 30 days isn't too bad.

If this actually catches on a little bit, it will beat the poo poo out of paypal. Remember when they seized the account for the Katrina relief effort? Did that money ever get recovered? I don't like having to deal with paypal, neteller, usemywallet, moneybookers, etc/etc/etc. They all have problems, and they all charge too much.

I don't really understand why people are so negative about this, besides "lol fake money". Although a highly deflationary currency is going to have issues. People will rather hold onto it than spend it, then it won't get used as much. I think their supply curve should have been very small but linear.

It is:
A) Been subject to successful attacks before
B) Automatically placed into the hands of the people running server farms
C) Highly deflationary
D) Has bubbles. minor ones every day
E) Is run by amateurs


I mean seriously, what is there to stop me from setting up a ton of bots on Mt Gox and the other Bitcoin exchanges, have them spew out a bunch of fake/corrupt sell orders, and either crashing the exchanges or buying up a shitload of coins at a low price and then re-selling them as the dumb speculators make the price rebound?

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Jan 8, 2007



The Brown Menace posted:

Yeah I'm sure people who have hoarded loads of Bitcoins will foster the market and nurture it like a growing plant rather than cash out and go on a dork dollar cruise, because if history is any indication, that's what happens.

It's not even like pretty much everyone flirting with the idea of getting into Bitcoins in this very thread has expressly voiced that desire out of sheer interest in making big bucks out of speculation or anything.

Fiscal libertarians are known for valuing their ideals over any amount of money.

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Jan 8, 2007



Inept posted:

Too bad he'll probably hold on to them until they're worthless.

Why be a real millionaire today when you could be an internet trillionaire tomorrow?

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Jan 8, 2007



Loonytoad Quack posted:

What the hell happened at 6am (BST) to cause this stupid scam of a currency to shoot up in value by almost 50%? The swing today is mental:

Bitcoin pump-and-dumpers posting articles to more news sites, also word about that BTC-only drug site got out.

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Jan 8, 2007



50 cent increase since I first opened this page and mtgox and when I refreshed mtgox after getting to the bottom of the page.

Kinda upset I missed out on a few quick bucks off some speculators, but not really since I'm a gambler and would let that poo poo ride until the minute after everyone decides to sell at once.

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Jan 8, 2007



At this point, I doubt nearly anyone is use BitCoins for services of any type and it has completely turned into a Wall Street-style game of chicken with the markets.

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Jan 8, 2007



Pedrophile posted:

The best way to cash out a winner is to convince your friends and family to buy the currency and put dollars into the market that you then take when you decide to cash out and sell all your bitcoins.

You joke, but glance through reddit or something for a bit and notice how many of them are recommending it to family and friends, and then a minute later posting how much money they think they have in USD.

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Jan 8, 2007



UrbanFarmer posted:

I've been big on Bitcoin since I first heard about them at $1.00. I've had nothing but positive remarks about them. It was EASY to see that this was going to happen. It's EASY to see that there is going to be tremendous growth in the bitcoin ecosystem moving forward.

I'm not going to tell anyone to buy BTC. But if you want to make a shitload of money, what you CAN do is develop some sort of offering that support the BTC ecosystem whether that be an app, commerce website, some method of accepting BTC, whatever. Just use your imagination. We are STILL ground floor on all of this. The opportunity is FAR from lost.

Or you can keep listening to the people that have been naysaying it since they heard about it.

Ground floor may have been when the prices were still modest and you could trade your fake money for shared web hosting.

Exponential increase in 'value' over the course of a few days isn't ground floor anymore.

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Jan 8, 2007



Drone_Fragger posted:

http://forum.bitcoin.org/index.php?topic=13623.0 Someone has a moment of sanity and points out that this is loving absurd and theres no way this is permanant, and everyone just laughs at him and tells him to look at the same graph except using a log of both axes, which proves exactly the same fuckin point except in a more difficult way for idiots to understand it.

Are libertarians born retarded or does it come with the title "libertarian"?

That thread is fantastic.

"You think that this is going to crash? What about oil? Oil has crashed! What is your point?"


"That was my point."

"You are still wrong"




Also this quote:

quote:

The bitcoin economy is not going to crash. Bitcoin has no natural predators. It will out-breed any native currency. What is going to crash is the global economy. The fractional reserve system will either unwind, causing a deflationary death-spiral or eventually hyper-inflate. What will replace the Dollar as the world reserve currency? IMF special drawing rights? please. the Euro? two years from now there won't even be a Euro. Chuinese Yuan (renmimbi)? China is headed for a lost decade or two because they are following the same disasterous neo-mercantilist policies as Japan did. i remember the fear and panic in the 1980-s when we were afraid Japan would take over the world economically. They didn't and China won't and for the same reason. What's left? gold and Bitcoin, mostly.

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Jan 8, 2007



Shasta Orange Soda posted:

http://www.bitcoinminingaccidents.com/

Maybe these guys should create a bitminers union and lobby for safer mining conditions

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Jan 8, 2007



What am I supposed to do with 10 Radeon 6850s now????

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Jan 8, 2007



Even the original miners have been cashing out as fast as possible:

http://news.ycombinator.com/item?id=2632671

Congrats on donating to this guy's start-up, Bitcoiners

Some of these BitCoin guys have some great ideas for start-ups though : http://www.bitrific.com/2011/05/sum...-employing.html

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Jan 8, 2007



WOOHOO, ride that coaster!

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Jan 8, 2007



nebby posted:

this poo poo is just noise. anyone who can somehow extract prices out of mt. gox's lovely PHP script fast enough is probably microtrading a small fortune.

Parsing that poo poo is fast and easy - it's just JSON data.

Getting the data in a timely manner when all the bitcoiners are trying to cash out at the same time? Different story

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Jan 8, 2007



TC_ posted:

Edit - Can someone explain exactly how MTG controls this?

Almost everyone, regardless of whether they are trading on mtgox or not, pegs the price of their bitcoins near mtgox's current price.

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Jan 8, 2007



I was gonna go screenshotting, but this whole thread is :redditsay: as gently caress -http://www.reddit.com/r/Bitcoin/comments/hyerl/the_primary_reason_people_cant_understand_bitcoin/

Starts out with someone calling the OP out, typical bitcoin dogpile follows.



fake edit - nvm, one screenshot of OP:

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Jan 8, 2007



Justice posted:

Thanks to this thread, I now know that people use the word 'meatspace' repeatedly and without irony.

poo poo, I was just about to post this.


I'm assuming all these nerds think they are living out all their favorite cyberpunk fantasies, imagining that they are dodging in and out of meatspace and cyberspace to avoid the black helicopters of the lizard people who run the FED.

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Jan 8, 2007



Devian666 posted:

Anon are going to attack the Federal Reserve and accept donations in bitcoins. Those dinosaurs will be laughing at us from orbit.

http://news.cnet.com/8301-27080_3-2...in-next-attack/

Sounds more like a scam to get Bitcoin donations

A) They are announcing their attack before they do it
B) Picking a target the bitcoiners hate
C) Didn't Anonymous just attack bitcoin infrastructure?

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Jan 8, 2007



Nibiru posted:

True, although most of those ebay auctions are for the coins, which are worth whatever the silver bullion in them is + collector value.

Yeah but who would wanna melt this down?

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Jan 8, 2007



Sten Freak posted:

I agree. Mine, buy, or sell, no one is scamming anyone. A commodity has been assigned a value by those participating in the exchange.

When has pumping and dumping not been a scam? The Bitcoin community has been going out in full force, publishing positive articles about a clearly flawed currency all over the web, and then joining in on the speculation to makes some USD.

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Jan 8, 2007






This is all just too good

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Jan 8, 2007



Got my ban too.


Also, it's not Mount Gox

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Jan 8, 2007



Cao Ni Ma posted:

Maybe watch for an opened box deal from newegg if the whole return thing is real. If the market crashes hard by the end of this weak though and newegg starts tightening up on returns then you can probably scan ebay for cheap cards.

Also the 68xx generation of ATI cards are pretty quiet and cool even at 100% output. My card hasn't gone up past 33% in fan activity while playing witcher 2 which Im sure is taxing my card. So even if some hardcore miner was going at it for 24/7 it shouldn't have put that much strain on the gpu.

You area also supposing they weren't overclocking the cards to get those extra few hashes out of it.


I'm beginning to the the second-hand cards maybe be a bit of a gamgle. If these people can't properly ventilate a room to keep themselves from getting brain damage, there is a good chance they can't get proper cooling to a videocard to prevent the solder from getting back.

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Jan 8, 2007



Not just slim jims, but a currency backed completely by dried meat?

http://bitjerky.com/

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Jan 8, 2007



dipwood posted:

We can use my old domain GokuShrine.net where we exchanged our favorite pics of Goku for Gokubux, the interface is perfect to store tens of millions of dollars.

You know two nerds had this exact discussion years ago

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Jan 8, 2007



Angela Christine posted:

Transparency. They have nothing to hide.

Not even large, gross bellies

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Jan 8, 2007



TheBandOffice posted:

Atlas reaches out to the bitcoin community for help:


Even when not discussing bitcoins this forum is just...odd.

Poor kid is actually crazy and needs someone to help him out, and he is turning to the worst loving people for that help

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Jan 8, 2007



dietcokefiend posted:

2. Since we are seeing bitcoin jump through the past few generations of money in a matter of days, if the system doesn't implode could it actually end up growing or stabilizing into some oddball advanced currency? Is that even possible? Or is it that bitcoin only has one path to take, the end is "failure" and its just playing in fast forward up until that point?

Even if they had every regulation in place, it still has other flaws, like being deflationary and non-reversible. The only time bitcoins will be "stable" is when the number of users drops very low

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Jan 8, 2007



saintonan posted:

MTGOX now has a claim process in place at https://claim.mtgox.com . An email address is required to reclaim an account, and apparently you can try to claim anyone's account. Fun!

This just doesn't loving stop

Holy poo poo

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Jan 8, 2007



Xenomorph posted:

That MtGox recovery kept telling me my password was invalid - but when I put in just the first 8 characters, it accepted that. Now I'm left wondering if I wrote down the wrong password, or was really using a shorter password than I remember.

Theres a good chance that mtgox only accepts the first 8 characters of any password, which would be even more hilarious


Senor Tron posted:

On OpenDiary back in the day (shut up) it was actually a feature of the site that only the first 8 characters of your password mattered. Given this is an older site it's entirely possible they were stupid enough to do something like that here.

I think this phenomenon was fairly common across some kind of login system years ago, digging for old articles now.

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Jan 8, 2007



hahaha holy hell this is amazing


The bitcoin tech support show

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Jan 8, 2007



Either these guys are terribly stupid, or brilliant trolls, and I'm really can't figure out which now.

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Jan 8, 2007



Brucie has written a book, huh?

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