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Apr 24, 2024 17:35
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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A phd in STYLE, baby!
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Jun 13, 2011 17:10
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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Uglycat posted:
Absolutely true.
Can you make a sound argument for why it is impossible that amazon will ever accept bitcoin for payment?
I can make a sound argument that one day, in some possible scenario, with the right factors, Amazon will start accepting shoes as payment, that doesn't mean hording shoes is smart.
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Jun 13, 2011 21:50
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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JakeP posted:
lol seriously?
I want to turn that to a play, is the title 'The Dipshit Parade' taken yet?
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Jun 13, 2011 23:29
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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I can't imagine the kind of person who, if their boss says 'I'd like to pay you in internet money', would not go 'ha ha, I quit' instantly.
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Jun 13, 2011 23:37
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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Imapanda posted:
I can still buy poo poo if I actually build up these internet coins over time though, right?
I mean, that's all that matters. I don't care about the inner 'evils' of the program. I just want to receive free crap that takes little effort to get.
No but save up enough and you can get an hour of child porn.
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Jun 15, 2011 00:43
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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Patter Song posted:
Shortest summary:
Bitcoins are the product of a possibly fictional Japanese man named Satoshi Nakamoto. They are "mined" through having computers with powerful graphics cards solve gradually more complex mathematical equations, and only 21 million Bitcoins will exist (creating an inherently deflationary currency, a major no-no). Bitcoin gained notoriety due to the press talking about how people were using a service named "Silk Road" to buy drugs online with Bitcoin, and Bitcoin's "value" skyrocketed to over $30 to 1 BTC.
The big Bitcoin "currency exchange," MtGOX ("Magic: the Gathering Online Exchange," or, as they like to call it, "Mount Gox") made a killing off of taking a .65% fee off of every conversion, and had a policy of only allowing people to withdraw $1000 USD a day or $10,000 a month from their MtGOX account, supposedly to conform with money laundering laws but actually to prevent a run on the bank. The first run on the bank happened in relatively slow motion due to MtGOX holding everyone's money hostage (if you can only withdraw $1,000 a day you have an interest in keeping the bubble going artificially long) and helped prevent a full-fledged initial run on the bank. Nevertheless, prices plummeted as low as $10 USD-1 BTC before recovering to about $15.
Then, MtGOX was hacked and someone took 100,000 BTC and sold them to another account of his for $.01 a Bitcoin (to conform with their "withdraw no more than $1000 a day" rule) and this crashed the market. MtGOX shut down and has had an incredibly tough time trying to rebuild itself. It instituted a "rollback" of the deal and reclaimed the "stolen" Bitcoins, but it is still sitting on at least 1.3 million dollars of other people's money, and they're no longer even completely sure what belongs to who. They're opening the market up again at 11 PM EDT tonight, and we will witness a full-scale cyber-run on the bank, It's a Wonderful Life-style.
Various other exchanges have been set up to replace MtGOX, but none is that big yet.
This thread has mainly been focusing on "The BItcoin Show," a webcam series by a couple of enterprising, incompetent nerds that are huge fans of this new commodity currency Ponzi scheme. With their amateurish charm and low production values, "The Bitcoin Show" has wormed its way into the Goony heart. Supposedly, they are going to be interviewed by Al Jazeera English in the next few days, though no one can figure out why AJE would waste their time with them.
Hey thanks for this, I kinda lost track of this thread half in so I've been only understanding half of the things said so far.
This should be fun tonight, then, any idea what's going to happen when everyone rushes?
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Jun 23, 2011 23:22
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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Pipski posted:
Surely, surely that has to be a joke?
Reddit has been a firm bastion for bitcoin fans, I have no trouble believing that.
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Jun 23, 2011 23:42
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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I Might Be Adam posted:
How does one pay for things with bitcoins?
OK I can explain this well.
Have you ever been to the Eastern Europe/Russia part of town? Like, everyone there operates on a system of favors and IOUs with each other. It's literally only a matter of getting the person you're trying to work with to believe that you're 'good' for the favors and debts, because otherwise it's worthless to them.
It's exactly like that, except there's no cultural/location based incentive to prove you're good, so it's just a constant cycle of assholes selling to assholes selling to assholes until it all crashes down and the assholes are broke.
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Jun 23, 2011 23:50
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Apr 24, 2024 17:35
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- shotgunbadger
- Nov 18, 2008
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WEEK 4 - RETIRED
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Devian666 posted:
Bitcoins are literally playing hot potato until they crash. If it becomes uneconomic to mine the amount of mining going on will drop and transactions will slow considerably. Many of the people with 50 mining computers will probably kill themselves.
Expect to see a lot of news stories about large men being rescued from windows, basically.
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Jun 23, 2011 23:52
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Jun 3, 2011 17:48
