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thehustler posted:Some friends of mine just got into this, 4 of them. They'll break even in 2-3 months and the exchange rate seems to be just staying the same or going up, it's not going very low at all. They made quite a bit so far huh? How much have they made? What was their initial investment?
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May 27, 2011 18:25
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tomkandy posted:Graphics cards only lose about 10% of their value out of the box, Who would pay 90% for a graphics card that has already been out of the box? I'd say its worth closer to 60%.
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May 27, 2011 20:55
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tomkandy posted:Idiots on ebay I guess. Those aren't the same card... edit: never mind, I just clicked the first one on the ebay list
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May 27, 2011 21:16
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Deadlysherpa posted:Obviously he doesn't have to choose all or nothing, he could dump coins an maintain an artificial $10 ceiling or slowly break to $5 over the course of a month or two. It all depends on how strong the market is, I suspect he's making a bet that it will continue to grow and be robust enough to support both his bitcoin mining and sales at a price he hopes to set. But once he starts making moves like this the speculators will likely notice, and then its beyond his control. I am sure there are people watching his bitcoin total like hawks, and the second it moves, they will unload theirs, without regard for the long-term stability of the system.
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Jun 2, 2011 17:48
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Deadlysherpa posted:1. Why isn't "mining" tied into a cloud computing service, which would provide real money generation that could be converted to bitcoins? Is it just too vulnerable and/or open to cheating? Because this isn't trying to be a legitimate business, but some open-ended p2p ponzi-scheme. Deadlysherpa posted:2. Is the system open to modification in the future if options to improve it become available? Limited in that, because the structure of the system is designed so that it can't be changed. It is decentralized so there isn't any way to implement control over everyone with bitcoins. Pretty much the only way the system can change is if everybody involved with it actively agrees, and cooperates. So basically no. Deadlysherpa posted:3. With an upper limit of available bitcoins, how long are unused generated bitcoins stored before returning to the mine-able pool? Is it subject to calcification by casual users that download the mining app and forget about the system altogether, resulting in "lost" bitcoins? Unused bitcoins that are not used will never be mineable again. If they are lost, they are lost forever, and the economy will just have a lower max coin threshold.
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Jun 2, 2011 18:32
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Archduke posted:and "warez". People pay for pirated software?
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Jun 3, 2011 20:35
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The fact that there is a limit to the amount that can exist alone makes it impossible to become a viable currency.
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Jun 5, 2011 06:21
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Uglycat posted:There's a limit to the amount of gold on this planet. What definition of 'viable currency' are you using? And do you believe your particular definition of 'viable currency' is useful in determining if a given commodity has value? This is why we don't use gold as a currency anymore? A viable currency is not something that I am going to write an essay about defining, but it can't fluctuate in value like bitcoins do. The ability to establish monetary policy is important in a currency. A commodity has value as long as someone will pay for it.
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Jun 5, 2011 06:45
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man thats gross posted:they just know this will fold in the long-term, whereas others are stupid. Fixed.
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Jun 6, 2011 18:40
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man thats gross posted:Totally agree. Oh  I thought I was being smarmy.
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Jun 6, 2011 18:43
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Salt Fish posted:Theres a big market for bitcoin tattoos in the future. In fact, investing in tattoo parlors is a great way to diversify your bitcoin portfolio. How many bitcoins would it cost to start my own tattoo parlor?
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Jun 7, 2011 00:24
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blunt posted:So what's the difference between Dollars & Cents VS BTC and cBTC? How is one simpler than the other? $3.75 USD vs 3.3643276 BTC Which is easier?
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Jun 7, 2011 18:40
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Hungry Gerbil posted:Why would anyone ask for such a silly amount of money? Because that is how the system was designed to be used. Being that the concept of Bitcoins is so deflationary in nature, eventually it is more than reasonable to assume that if this currency were to take off (it won't) it will eventually end up at a point where 1 Bitcoin is worth a substantial amount of money. If you were to buy something cheap with bitcoins you would need to spend a small fraction of 1. This is all obviously extremely hypothetical since this point in time will never exist.
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Jun 7, 2011 18:53
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nebby posted:This argument makes no sense, since in that case people will simply start pricing things in millibits or whatever. The idea that you'll ever see a price labeled "3.12938293" doesn't make any sense for the same reason you don't see that in any modern currency today. If you buy a car it costs say 34,999. If there was a 7% state sales tax on this it would be 37098.94. How would you express this in bitcoins if 1BTC =$10,000USD? 3.709894. Modern currency doesn't have to do poo poo like this because we aren't limited by an upper threshold on the amount of currency that can exist in our economic system.
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Jun 7, 2011 19:12
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ayekappy posted:To be honest, now that I've thought about it, two things are clear: I can't tell if this is serious or not.
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Jun 7, 2011 20:44
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Captain Morose posted:10BTC for an assassination seems awfully cheap to me. Depends how much BTCs are worth this time next month! In any case the quoted statement isn't even close to the most ridiculous thing somebody has said in this thread. I guess I have been reading it so long that my grasp on peoples concept of reality is getting away from me. It is getting so hard to tell the difference between actual bitcoin supporters, and the fake posters, because there is barely any difference in the content of their posts. Pure delusional, and misinformed craziness. I don't even know why I am posting in this thread to be quite honest. I just can't seem to pull myself away from it, it is just so entertaining. Can't wait for it to crash.
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Jun 7, 2011 21:19
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Pedrophile posted:Write a check you chucklefucks, way simpler and has way more protections. In the memo just put "Not Heroin"
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Jun 7, 2011 21:52
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Salt Fish posted:Where does real money come from? Who is going to honor real money? How can you "cash out" your dollar bills into goods? How is this question anywhere comparable to what 56k asked? Who doesn't honor real money?
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Jun 7, 2011 23:53
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Salt Fish posted:And why does everyone take US currency? What makes a person think that a piece of paper is a good trade for a good or service? Its backed by the US government.
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Jun 8, 2011 00:21
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Salt Fish posted:What does the US government "back" the us dollar with? Hint; it used to be backed by gold. You clearly have no idea what you are talking about, but let me try and simplify it for you. If I owe you $2000 through the American courts, if I give you 20 $100 notes you are not allowed to refuse to take them. If i give you 100 bit coins no one is going to say you need to accept that for your debt. Also you are an idiot for trying to argue this.
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Jun 8, 2011 00:44
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Salt Fish posted:people who are incredulous that a currency can be created are the worst. If you actually feel like that is what is happening here then perhaps you should be a more incredulous person.
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Jun 8, 2011 01:16
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max4me posted:okay now that the bubble is expanding. when will people start to cash out. will some hard core hoarders just wait till all 21 million units are made? or will it happen before then Chances are that when people start cashing out, it will snowball into more and more and more people cashing out exponentially, causing it all to crash. I am sure still that some idiots will still hang on to their bitcoins at this point, but honestly, once it starts crashing, if you still have bitcoins in your possession you already lost. No one will be buying them so you will be stuck with them. Eventually the price may stabilize again (significantly lower in price), as bitcoins don't need to be valuable to fulfill their purpose. I don't know if bitcoins will cease to exist soon after the crash, or if they will just slip back into obscurity. The crash is inevitable though.
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Jun 8, 2011 16:27
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UrbanFarmer posted:Dark pools are used on the stock market as well: http://en.wikipedia.org/wiki/Dark_liquidity Isn't there a bit of a difference here, where a dark transaction on a stock exchange would still be reported by one of the parties to confirm that it actually took place, but not revealing who was involved in the transaction. In this bitcoin dark pool situation the transaction wouldn't post anywhere, so there would be no record of a transaction taking place? Maybe I am just not understanding this, but if my take on this is right, this bitcoin darkpool is just a way for people with huge amounts of bitcoins to unload them with a chance that the market won't realize what is happening.
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Jun 8, 2011 18:34
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man thats gross posted:Yes but the same system exists on Wall Street, therefore, There is a big difference between the two dark pools, and what they are used for.
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Jun 8, 2011 19:46
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Kavros posted:I wish I could be participating in this future speculation, but the pressure was too much, I GOT OUT, I'M DOWN TO ONE LONELY BITCOIN BITCOIN SUCCESS STORY!!!
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Jun 8, 2011 23:53
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Random Stranger posted:I feel like I should invent BitGold as a hedge against BitCoin inflation... I'll help you mine it and promote it for 200,000 bitgold.
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Jun 9, 2011 02:08
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Brigadier Sockface posted:Doesn't the long long term the supply of bitcoins trend toward zero as people lose interest/die/lose access to their wallets? I guess with the way the system is designed now, if you died there would be no way to transfer your bitcoins to your heirs, without giving somebody (lawyer or your heirs) your wallet information, with which they could clean you out even before death. This is a pretty big flaw ya?
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Jun 9, 2011 13:44
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Klyith posted:Copy of your wallet's private key. You still have this key on your own computer (or wherever) so you can use the money in it while you're alive. This is how private keys work. In the event you know you're going to die (old or sick) you probably convert to real money so your heirs don't have to deal with it. The safe deposit box is an elaboration, really. If one is not bit-rich or paranoid one wouldn't bother, just put the usb key with your will or in an envelope on the mantle or whatever. Well this doesn't really help... Most people don't die on a schedule, and when most people find out they are dying soon, I am sure they don't want to have to run out to the store to buy a USB stick, or lose their entire fortune. Storing it on your computer doesn't sound like a very good idea either, especially if you are particularly wealthy. Want to be a millionaire? Break into his house and steal his computer. You just stole his entire life savings (in bitcoins). Obviously this is just a ridiculously hypothetical situation for if this was actually a serious attempt at creating a currency, and none of the problems I mentioned above should ever actually be problems for anyone (because no rich people are going to redistribute their wealth into e-money, and if any bitcoin spergelord is going to die, he most certainly has no actual heirs to leave his money to anyway, because he is a bitcoin spergelord with no friends or family) My point is only that the system has no solutions for the long term problems that would occur if people actually decided to accept bitcoins as a currency. The only problem bitcoins solves for me is it relieves my boredom to read, and argue about them.
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Jun 9, 2011 15:59
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ayekappy posted:People are getting pretty annoying with the whole "HAHA YOU MAYBE MADE A FEW THOUSAND BUT YOUR'RE DUMB FOR MAKING MONEY OFF OF FAKE STUFF." Most real money is made off of speculation anyways... stop being passive aggressive just because you didn't have the foresight to get in early, so now all you can do is constantly insult adopters and hope for a crash to vindicate yourself. It will crash, but no one knows when and there's lots of money to be made before then... or everyone can just keep working at $14 an hour, 8 hours a day, 5 days a week and put their extra money into diversified accounts that also bet money on speculative poo poo like China stocks and precious metals, but at least some of it is just betting on the US Dollar, which we all know is ultra stable nowadays. Is anyone saying this at all? I don't think anyone is telling the people who are taking advantage of this bubble and making a few dollars that they are stupid for it. The people being called stupid are the ones who think that bitcoin is the next big thing, and will somehow become an important currency. The type of person who would say that "The Euro won't exist in 2 years". More power to anyone who is making money off of this though, and be careful not to get stuck with to many bitcoins when this inevitably pops.
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Jun 9, 2011 16:38
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Benminnn posted:Totally just sold a random string of numbers my computer generated over the past 48 hours for $29.09. That's awesome, I never get in on these bubbles to make any money. Hopefully the bartender accepts currency, and not just bitcoins.
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Jun 9, 2011 18:56
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peak debt posted:What they list on Mt Gox is the amount of bitcoins that could currently be traded if they could find a buyer/seller, not the amount that actually swaps owner. $2million is more than the entire stock of bitcoins that has ever been traded. Didn't someone buy 20,000 at 30$?
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Jun 9, 2011 19:33
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Death Himself posted:If someone (or someones, though it would only take one person on a market like this) is doing this then the value of a bitcoin is far over what it really is. Only mtgox knows for sure though and they are making thousands a day in USD by not telling since the price of a bitcoin keeps going up. This is the whole point of the darkpool. So the people with tons of coins can bail before this crashes.
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Jun 10, 2011 01:03
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Alec Eiffel posted:I'm convinced that BitCoins are a front for the graphics card industry. Best marketing campaign ever.
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Jun 10, 2011 18:28
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My popcorn can't pop fast enough it seems.
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Jun 10, 2011 21:30
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Monocle Smile posted:Nope, no anger in this thread. There is a pretty big difference between being angry at bitcoins, and being frustrated with the stupid points people are trying to play off as valid arguments to the validity of bitcoins (even the phrase validity of bitcoins is a joke). I think it is great that some people managed to make money off of some stupid and greedy people. I don't think there is anyone in this thread who is upset at all that anyone made money off of bitcoins. Bitcoins have provided me with weeks of entertainment at this point, and I would love for that to continue for at least a little longer. I just don't get your bitcoin hate hate.
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Jun 13, 2011 19:59
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Uglycat posted:Can you make a sound argument for why it is impossible that amazon will ever accept bitcoin for payment? Based on the stability that bitcoin has shown, the fact that its only practical uses are laundering money, and buying black market goods, I would say at this point there is no chance of Amazon accepting bitcoins ever. Unless bitcoins can shed its negative reputation, no viable, reputable American corporation will accept them as tender, because they are viewed as shady, and inconsistent. The fact that they are decentralized makes it practically impossible for bitcoins value to remain even close to static enough to be used as a currency, and they are not liquid enough anyway to convert quickly enough to counteract its instability. Maybe Amazon could someday accept a similar currency to bitcoins, but bitcoins are fundamentally broken.
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Jun 13, 2011 21:46
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Uglycat posted:Dumbest dialogue ever. lol seriously?
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Jun 13, 2011 23:26
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UZR IS BULLSHIT posted:It's pretty funny to me that every single person who comes in here complaining about how people are participating in 'goonthink' by making GBS threads on bitcoins inevitably reveals themselves to have the Dumbest loving Beliefs Possible. Its not like we are debating euthanasia, or abortion here. We are debating about whether or not Bitcoins are the alien currency of tomorrow.
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Jun 13, 2011 23:34
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JakeP posted:We are debating about whether or not Bitcoins are the alien currency of tomorrow.
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Jun 13, 2011 23:35
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Uglycat posted:I think "Perpetual Ponzi Scheme" is the best definition I ever heard for 'Currency.' The whole reason Ponzi Schemes are illegal is because they are inherently unsustainable. You rightly observe - though most in this thread miss the point - that bitcoin can ONLY crash to $0 if absolutely everyone regards it as worthless. Ponzi scams must INEVITABLY crash to $0, as there are no new investors to rope in. The bitcoin is definitely not a ponzi scheme. Like others have said it is much more similar to a pyramid or a pump-and-dump, as the people who got in on the ground floor ended up with 10s of thousands of bitcoins before they were difficult to acquire. They easily stood to make a lot of money off of bitcoins if they ever took off (and to the extent they needed it did). 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.
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Jun 13, 2011 23:42
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