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Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Blarghalt posted:

Aha this is the best.

"Here's some bullshit I made up; Please don't call it bullshit."

That was my favourite part. There are a lot of hilarious threads on the bitcoin forum of the quality that you'd expect with almost no moderation. There were a lot of panic threads when the price dropped to around $10.50USD.

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Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

OddOne posted:

If the end result is that it drives the prices down on the 6990s before I upgrade in a couple months, I'll be thrilled. Unfortunately that's pretty much the last thing that could come from it...

Some of them are building rigs with two or three 6990s. I'm expecting the price to go the other way.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

AuMaestro posted:

Yeah but he only had a few computers there. We already know that none of them have any common sense, so somebody with even more computers will inevitably do the same thing and die. At what point do we just assume that this is effectively a suicide, rather than merely an accidental death?

I believe it's called death by misadventure.

I've heard unconfirmed reports of people overloading their house and starting fires. There are bound to be more to come.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

OddOne posted:

Indeed, which sucks - another prime upgrading season is coming (what with Bulldozers and Sandy Vaginas vying for king of the processing hill and all) and anything ATI will be ridiculously overpriced. (Unless, of course, AMD drops a few 7000 series cards in the next several weeks...)

In New Zealand there isn't any stock of 6990 until the end of the month. Being able to get cards for upgrading will be a pain in the arse. Note that supply in New Zealand is usually alright, there are massive card shortages in the US for preferred bitcoin gpus.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Wreckus posted:

Bitcoins are not worth anything.

Just as all currency does not have significant value. It has a perceived value.

There seems to be some level of backlash on the official bitcoin forum about it being full of crazy people.

quote:

If no one invests in making their marketplace or site bitcoin capable because all they see is insane paranoid scheziophrenics who believe the government wiretapped their bathroom to steal their bitcoins then how is it ever going to get popular support? I want bitcoin to succeed, it's an excellent idea but currently the community seems to be really trying to destroy it (announcing they're going to use it for tax evasion, purchasing drugs, government conspiracies and such like).

I thought that most of the transactions were for trading drugs until Silkroad closed its doors.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

OddOne posted:

I cannot even fathom the disconnect that would drive someone to transfer their savings into BitCoins...

It reminds me a lot of the 1987 stock market crash. Everyone went crazy and mortgaged their house to buy shares. Then people started publicly listing companies which only owned or traded in shares. What could possibly go wrong when people do that?

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

An event such as the bitcoin hackathon will inspire people to use bitcoins. Unfortunately they do not accept bitcoins as payment.

http://bitcoinhackathon.eventbrite.com/

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Barudak posted:

Somebody mentioned Silk Road going down, did that really happen?

One of my friends has been following it with interest. They closed off to new users when some Senator started making a fuss about it in the media. Now it may be closed for the moment but I could be wrong.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Barudak posted:

If so, then the one potential use of Bitcoins has vanished and anybody pretending its a currency are misguided. Sell your BTC now, because you're speculating on digital beanie babies.

Every day is a good day to panic buy/sell.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Methylethylaldehyde posted:

If you have balls of steel, you can probably triple your money every week just playing the high/low cycle that seems to take place daily.

I think someone might be onto this already. There are some wallets that contain 100,000+ BTC which aren't exchanges.

Though I heard a story of someone trying to sell pizzas for 10,000 BTC last year (which was a the going rate).

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Dr. Pwn posted:

I think you're referring to http://forum.bitcoin.org/?topic=137.0

It's a pretty great thread.

Someone did a parody of that thread in the last week but instead offered a Cessna for 10k BTC (delivered to any US airport) when they were $10.

Who knew selling a pizza last year could buy a light aircraft this year?

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Dr. Stab posted:

One thing I don't get about this whole run on graphics cards is why is it only ATI 5000 series cards that are going for thousands of dollars. I bought a similar range 6000 series this week, and it was at a normal price. Are the 5000s seriously ten times more effective at bitcoin mining, or are bitcoin miners just stupid? (We know they're stupid, but is it also the other thing?)

In short the 6xxx generation of cards add features that don't speed up hashing. Where they have a similar number of stream processors they perform the same. They are buying 5xxx cards because they have a lower capital cost per hashing capability.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

A Fancy 400 lbs posted:

Ahahahaha, that matches so well it's hilarious. Someone post this on their forums so they'll plunge into "Fear".

That forum is a free for all for trolling. Every man for himself.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

TiCK posted:

And in the comments it says that it could make 3 BTC/day? And these are worth like $20 a BTC? So $20,000/year?

I don't know what the cost in electricity would be to run all that but it seems there would be better uses of your time/money than the equivalent of a less-than-minimum wage job.

For 48Ghash/s it should be making 85BTC per day which sells for around $2000USD at current rates.

e: That's $60k per month or $720k per year (assuming static rates).

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Amrosorma posted:

What if this is all one gigantic collusion by NVIDIA and AMD to significantly increase sales of their GPUs?

NVidia gpus actually get really crappy hash rates. It's a conspiracy by AMD.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Barudak posted:

Most of these people seem to have arrays of these things. While 16 or more top of the line gaming PCs might be cool, I don't think you'd need that outside of a netcafe.

I'm just waiting on more stories of electrical fires or worse running 40 computers putting out around 1kW each setting fire to their house. You know they won't bother spending any money on air conditioning.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Barudak posted:

Most of these people seemed to have splurged on liquid cooling systems because these systems have to be run 24/7 or you're going to get killed in this market. How much electricity thats using is anyone's guess, but I wouldn't be surprised if it ate a significant chunk of these people's current daily BTC earnings and will soon surpass that value.

Liquid cooling or not they're still dumping tens of kW of heat into their house. In the region of the heat output you'd use to heat a commercial building. No wonder they're having strokes, or losing strands of their neckbeards.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

dphrag posted:

Ok. Let me get this all straight....People are buying and selling an arbitrary unit of something that appears into existence at an arbitrary rate, and the method upon which this appearance is divided among the people "mining" is based upon an arbitrary mathematical calculation that is best performed by an arbitrary AMD graphics card. The units they are buying and selling for USD are only good for buying and selling for USD to other people, and cannot generally be exchanged for goods or services outside of some arbitrary website that I have no idea how to access. There is no "earnings" to back this unit like a companies stock, and there is no need for liquidity like a real currency. It's entirely a bunch of people arbitrarily receiving magical beans from thin air via AMD GPU and then selling them to people who plan on selling them to other people who plan on selling them to other people. No dividends, no earnings, no usefulness other than the (hopeful) ability to sell to someone else.

Is that about right, or am I missing something, cause I feel like I'm missing something.

They are minting a virtual currency. Its value is entirely perceived.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

sticky wizard posted:

I've probably missed this, but what exactly are they calculating with all these computers?

This is the research paper that it's based on, maybe this will help.
http://bitcoin.org/bitcoin.pdf

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Tesseraction posted:

Post #16 seems to jump out at me for some reason



can't think why. I love the Bitcoin edited into the avatar though.

Wait until he sells his arse for bitcoins.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Uglycat posted:

People buy child pron with USD.

People also use USD for trading substantial amounts of drugs. drat these currencies backed by the drug trade.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Brick Moses posted:

My issue is that a currency whose supply doesn't increase over time, and isn't adequately replaced as unique units of it are lost, will cause potentially-catastrophic deflation as the economy grows (as more goods become available and fewer and fewer bitcoins exist, it takes less and less bitcoins to buy goods, etc.)

Using bitcoins as a standard currency is like using gold except your gold isn't pretty and isn't useful for anything and can be destroyed by computer viruses and all the gold in the universe has already been mined.

Once it reaches the limit people will collect transaction fees for each wallet transfer. The bitcoins are divisible to eight decimal places. If currency is lost, too bad they could trade smaller units.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Flesh Forge posted:

Part of the indictment against Von NotHaus et al. was mail fraud, so I dunno man. I guess it depends on how motivated the gubmint is to shut you down.

I've had a look at the exchanges and most of the commonly used ones are not located in the US. The US Government could put up a the great firewall and block political groups from coming up in search engines.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

ChubbyEmoBabe posted:

Ohh and before I finish my formula can someone confirm the rate of sucker production is 1 every minute? Should I adjust the suckers produced according to population growth?

This is a market ripe for unregulated market manipulation. Time to farm some life savings.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Some Strange Flea posted:

I see what you're saying but might I suggest an alternate viewpoint?

The dollar was pretty stable for a while but took a massive dive.

Thankfully, someone had a brainwave and ran through Goldman Sachs screaming "THE VALUE OF DOLLARS IS SKYROCKETING BUY BUY BUY" and saved the day.

You see the problem here is that the US dollar is being minted faster than bitcoins.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Xenomorph posted:

I'm up to 0.21196225 BTC now. There's no stopping me!

I'm totally buying a bitcoin mining machine with all my money. Right now I have an old Media PC mining 24/7 (~30 Mhash/s). I'm sure it costs about $100 a month to power it, but it will all be worth it in the end!

Haters gonna hate.

There are still people mining bitcoins with their cpus. They'll be able to cover the electricity costs when bitcoins trade for $100.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Benminnn posted:

So as soon as someone opens an options market I should just straddle the hell out of it, right?

Note: I may have no idea what I'm talking about.

I believe mtgox exchange is planning on adding an options exchange. You could make synthetic options to your hearts content, or at the expense of someone's retirement fund.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

I wonder how far away that first suicide is?

quote:

I feel like killing myself now. This get me so f'ing pissed off. If only the wallet file was encrypted on the HD. I do feel like this is my fault somehow for now moving that money to a separate non windows computer. I backed up my wallet.dat file religiously and encrypted it but that does not do me much good when someone or some trojan or something has direct access to my computer somehow.

http://forum.bitcoin.org/index.php?topic=16457.0

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Chlorus posted:



This is amusing on several levels:
A. They assume the police might know what the hell a Bitcoin is
B. A forum known for extensive anti-government views is currently recommending calling the authorities. The answer of a true libertarian would be to hire a PI

I found the idea of going to the police to be hilarious. It's as stupid as reporting that someone stole your virtual couch.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Xenomorph posted:

After hitting 1.0 BTC, I don't know if I'd even want to continue. What's the point? People mining in 2009/2010 were able to stock-pile shitloads of them. Everyone else is supposed to fight over scraps for the next 100+ years? Really?

We may as well trade in farts.

Sell your bitcoin and they never think about it again.

As for trading in farts I think you might be onto something.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Orange Sunshine posted:

In fact, I'd say that one of the bitcoin clones will be much more likely to succeed than the original, as they'll have the opportunity to fix whatever the first bitcoin has done wrong. Facebook learned from Myspace's example, google did it better than yahoo.

There are probably various ways of improving the system, which will become clear when the clones start coming out, each varying somewhat from the original. (Assuming bitcoin doesn't collapse first, of course)

It's for this reason that we need to bandwagon any clone currency systems, and cash out when people start "investing" cash into it.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

ChubbyEmoBabe posted:

An options market with a 1000$ max transaction.

That's a rather dubious issue. I see mtgox are going to offer margin trading accounts at some point as well. Imagine a margin call coming in less than 30 minutes after opening your account and realising your loss immediately.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Selling one bicycle capable of riding on water (hot air balloon attachment not included) for 20 BTC.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

evilweasel posted:

I wouldn't, I'd need that time to find a new job.

While waiting for the next job you could sell the virtual currency to someone else (for a profit). The same method that's used to scam people in MMOs.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

JakeP posted:

They couldn't possibly think this would be an actual currency when such a huge portion of the total wealth is held by such a small number of people.

I think the idea was that people could trade them for goods and services. The number of goods and services available in exchange for bitcoins is still very limited.

You'll always find someone hoarding currency, virtual or not.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Rudager posted:

I'm surprised there aren't people scamming other people out of Bitcoins left and right, the nature of the currency is just begging for it.

I need to correct this right here. People are scamming other people out of bitcoins. There are even dodgy investments set up to purchase bitcoin mining hardware. They're all classic scams that I've seen before.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

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 plug them into the motherboard, connect power, install drivers, and run the mining software. There's even a graphic interface if people can't use the command line.

Ziir posted:

I don't get it. You mean to say that this wallet doesn't even have a password or anything? So that if I somehow copied someone's wallet.dat file or whatever I could just open it and send myself all the coins in their wallet?

In the bitcoin application you just hit a send coin and put in the address wallet and your transaction is complete. Once you have the wallet.dat that's all you need to do.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

Rudager posted:

Guess I need to hang around bitcoin forums more, hopefully it won't kill all my brain cells if I do.

Often you'll click on the thread and realise every poster is completely retarded. You have to sift through to find the gems. I just target anyone bitching about lost bitcoins.

Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

man thats gross posted:

What if I were to offer to pay you in my own semen rather than USD. But wait! There's more: I'll even DOUBLE your salary, and pay you at the market rate of my semen 3 months ago.

But 3 months ago your semen wasn't worth a fraction of what it's going for today! I am incredulous!

Please, save your incredulity until the end of my speech! How about this: Just to get you started, I'll just give you one small supplementary pay cheque, right now, deposited directly on your face. If you don't like it, you can wipe it off in three months!

Unreal! I would be fool not to choose!

I'll go one better I'll pay you in urine. My urine has a much higher liquidity, and therefore will be accepted by more merchants.

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Devian666
Aug 19, 2008

Take some advice Chris.



Fun Shoe

I'm thinking about offering a wallet protection service. You see they pay me 0.1 BTC so that they can safely upload wallet.dat to my database.

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