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trashcanman posted:What's stopping Cray from just brute-forcing all the rest of the bitcoins or something? What stops this is that anyone with the (legal, non-botnet) computational power to actually do this (and probably most/all the botnets too) can make far, FAR more money utilizing their power for other purposes. I could use my supercomputers to brute-force bitcoins... or I could lease computation time to companies and universities needing simulations performed. One of these is way more likely to be profitable. I could make all the computers in my botnet run bitcoin checks... or I could get spammers to throw me some cash and send a few trillion e-mails on their behalf. Also more profitable.
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May 24, 2011 03:41
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evensevenone posted:First you need to craft a shovel and a pickaxe (the item shop will sell you the scrolls). When you get them leave town to the north and go about four screens and you will get to the dwarf village. The entrance to the mine is one screen east (behind the tavern). You should probably bring some food and a couple torches. as long as you stay on the first two caverns the mobs aren't too bad, but if you go deeper you should probably be at level 4 or higher. look for the purple-blue crystals, those are worth the most. When you get as much as you can carry, the metalsmith in the village will convert them to bitcoins. You've clearly got the wrong version of bitcoins, like a pirated alpha version or something. (Plus only the chemist accepts them as trade. If you want to stay at the inn, you need cold, hard gold pieces, like the ones slimes used to drop back in the good old days before we drove them to extinction.) Look, it was very clear what he's talking about. The number of blocks is increasing. If he doesn't get rid of them, they're going to reach the top of his bitscreen and then he'll lose. He needs to liquidate all his bitcoins in a hurry, preferably in groups of four to get the best deal.
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Jun 9, 2011 01:11
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Jalumibnkrayal posted:Why haven't any copycats arisen yet? Make an exact duplicate of BTC, and the "get in on the ground floor!" mania might even make it more popular than BTC. I think that's what is necessary for a lot of these people to come to their senses. Clearly, the solution is to get SH/SC involved and invent AwfulBucks. Talk up how much harder the hashing is and how it'll prolong the stability of the currency by (bullshit percent) over BitCoins and you've got your next bubble. Hell, you've probably got 130,000 people willing to endorse it purely for the eventual giggles.
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Jun 11, 2011 19:49
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t3ch3 posted:Obviously the profits from this project would be used to buy an aircraft carrier, or even an island! Exactly! Now we're talking! Seriously though, someone will produce something almost identical to bitcoins after bitcoins crashes out. I'd be willing to bet that plenty of fools will fall for it just as readily after the easy earnings are already gone, as they did the first time.
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Jun 11, 2011 19:53
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Sounds about right. It will end in an uninspiring whimper.
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Jun 11, 2011 20:13
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dipwood posted:Bitcoins are a market in the same way that Magic: The Gathering cards were back when we discovered a new rule every week that made every half our cards worthless or really good. I invested my entire college savings in a diversified portfolio of Rishadan Ports and Morphlings. The market will correct itself soon enough and then I'll be rolling in money. Edit: Bitcoins... more worthless than out-dated, rule-modified MTG cards. Think about that.
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Jun 12, 2011 00:10
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Quantify! posted:Remember "product" from when you were a kid? This is like that! No, trading cards actually have the tangible benefit of being able to play a card game if you own them. Bitcoins are literally less useful than trading cards. (Well, unless you like drugs or Slim Jims I guess.) Edit: Actually, I'd be willing to compare this to the dot-com bubble in a way. Think about how many absolutely worthless internet stocks took off with zero products, no benefits to their existence, and nothing to in any way indicate that they'd ever have value.
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Jun 12, 2011 00:19
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Detroit_Dogg posted:I'll stop posting these when they stop being so funny. Atlas is an absolute nutjob. Holy poo poo, that thread is great.
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Jun 12, 2011 03:09
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That's right folks... he could make so much more money if the government didn't have minimum wage laws and restrict how he sells his labor. How dare a government restrict how long of hours a company is allowed to make children work or how little they can pay them?
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Jun 12, 2011 03:19
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Atlas posted:If people want sidewalks, firemen and police they can easily pay for them themselves. How? Your only limit is your imagination. The secret to libertarian society is Zombo.com. Who'da thunk?
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Jun 12, 2011 03:47
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quote:I can buy rolling papers for 0.063BTC, how much is that in human dollars? Fifteen dollars. Wait... eight cents. A dollar seventy. Well shoot just hand them to me and don't worry about what they may or may not be worth.
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Jun 12, 2011 16:55
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Vengarr posted:The obvious retort, of course, is "La Familia doesn't want their holdings in buttcoins", but considering that most organized crime groups get taken down by accountants, it's not unfathomable that they might see the currency fluctuations as an acceptable risk. That doesn't follow. They don't want their holdings in Bitcoins because nobody in the real world uses bitcoins. They're still going to have to take the bitcoins and convert them back into USD, so there's still going to be a giant pile of unaccounted-for money that they're going to have to either explain or launder yet again. The currency fluctuations aren't an acceptable risk because they don't reduce any of the other real world risks for them. Bitcoins isn't even a suitable intermediate for any major criminal organization, let alone a substitute currency. At the end of the day, it is absolutely worthless except as an intermediate for podunk, low-level dealers who could probably get away with using straight cash without worries anyway.
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Jun 12, 2011 21:45
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The Bible posted:How does this work, anyway? Wallets are anonymous. What's to stop me from just cashing out $1000 from several different wallets in a day? That's not quite what's going on. First, the selling of bitcoins requires a corresponding buyer at your price. MTGox isn't buying them; they're just handling all the buy and sell requests, the money / coin exchanges, and taking a cut. You can theoretically sell as many bitcoins as you like as long as you have a buyer at any given price. Like the guy above said, you won't have that many buyers at any given price-point before the price starts falling. The $1000 limit is a different thing. There's a $1000 withdrawal limit per 24-hr period from your MTGox account. So, let's say you sell $500,000 worth of bitcoins to someone, somehow. Your MTGox account now has a $500K balance in it. You cannot pull out more than $1K per day, meaning it's going to be 500 days until you can get that balance out, assuming the site doesn't pack up and take your money with it. That's what the early-adopter linked to earlier in the thread was talking about when he said he was making "$30K a month". He sold a shitload of coins and was slowly cashing out his balance as soon as he was allowed to. You can get around that with multiple accounts (which I think is what the Lulzsec sells were doing?) I suppose, but you can't do it with one account.
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Jun 17, 2011 17:39
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BitCoins: I'm holding a bag, and it ain't got burritos.
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Jun 17, 2011 21:44
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Dame Cook posted:3. It doesn't matter because everyone will withdraw all their bitcoins and go trade somewhere more reliable. This ought to be the most likely outcome, but I expect far too many people will give them another chance. Clearly whatever the bitcoin community does is the ideal answer. What libertarian currency would be complete without a 100%-rational-actor userbase? No, when MtGox retains 50%+ share of the trading and then gets hacked, you know it was the right thing to do. 
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Jun 20, 2011 14:54
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ymgve posted:They're going to leave the balances negative for people who withdrew BTC after the hack. Considering how badly coded mtgox is, this sounds like a very very very bad idea. Clearly, the solution is to keep withdrawing from your negative account at that point and see how far negative you can make it go. It's amazing how quickly everything involving bitcoins went from seeming like idiot libertarians to 12-yr-old counterstrike players whining over their microphones.
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Jun 21, 2011 14:50
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Dame Cook posted:Are you entirely sure there's a distinction there? There is. Eventually twelve year olds grow up and move on to better games. 
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Jun 21, 2011 14:58
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HighClassSwankyTime posted:Why isn't this thread gold yet? Because it's a fiat thread with an ever-inflating post-count?
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Jun 22, 2011 15:11
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