Bitcoins - anyone else mining? (1 Viewer)

[Mr. Pickles]

There seems to be this tacit acknowledgement that solving these complex computational problems is somehow required or productive. From everything I've read, it's merely a high barrier to obtaining Bitcoins and nothing more.

 

[Politician Spock]

There seems to be this tacit acknowledgement that solving these complex computational problems is somehow required or productive. From everything I've read, it's merely a high barrier to obtaining Bitcoins and nothing more.

Well, that's just a natural golden rule.He who makes the gold makes the rules.

 

[mattdaddy]

There seems to be this tacit acknowledgement that solving these complex computational problems is somehow required or productive. From everything I've read, it's merely a high barrier to obtaining Bitcoins and nothing more.

From everything I read. You have to have one of the ASIC rigs to even have a shot. It's a computer specially designed for mining bitcoins. The demand is through the roof and as more come online your chances of actually mining decrease dramatically. The uncertainty is such that if you ordered one today that by the time you got it you wouldn't be guaranteed to make your money back. I could be wrong about this but it's just what I uncovered in 30 minutes of research. It makes sense that this is the direction that it has headed though since technology moves extremely fast and if people are giving out free money there is no end to the takers

 

[Slapdash]

Ripple and Dwolla are closer parallels to paypal than bitcoin:

dwolla vs. paypal

Bitcoin is more closely compared to gold as a store of wealth, via Forbes:

http://tech.fortune.cnn.com/2013/05/23/why-paypal-is-bullish-on-bitcoin/

Yeah, I'll stick with the gold.

 

[mattdaddy]

My main problem with them is security. I get that the encryption is extremely good and hard to crack and I get the redundancy of the block chain or ledger as a mechanism to provide a verified transaction history. However, as with all encryption the weak link is the private key. If you own the private key you own the currency. Why bother trying to brute force the key it just go after them directly. That means I have to watch every single private key or trust someone else to. I have a whole list of other commodities I would rather own at present. But to each his own.

 

[Jojo the circus boy]

xactly. If people are investing their own money in hardware and utilities to help mine the coins they should be rewarded

Why?

you think they are worthless so why do you care?

Actually, no.. I don't. Not necessarily, anyway. I'm open to the idea, but I'd like some convincing. So convince me instead of being a defensive shill.

<blockquote>

>if someone buys a boat and underwater excavating equipment and the gas to support them shouldn't they get to own what they find?

Put another way when banks or other financial service providers process transactions don't they get paid via transaction fees? This is really no different, you are paying for the digital currency superhighway to create the currency and the infrastructure which processes the transac

tions.

I think this is where I get lost. Bitcoins are being distributed and treated like money. There are two aspects of them: their implied value and the mechanism by which they are exchanged. Most of your posts defend Bitcoins by highlighting comparisons with wire transactions and PayPal. If Bitcoins offer a more secure method of transferring money, that's fine, but that doesn't get to the point about what a Bitcoin is actually worth. What we see is Bitcoins being generated in a purely arbitrary fashion and being assigned some value rather than being exchanged in lieu of something that has present value. The method of generation and distribution of this new currency is some arbitrary and unuseful task.

The decentralized network wouldn't exist if there wasn't a payoff to those supporting it. It's not just creation of the currency but maintaining the blockchain (the ledger).

If exponential computing power is required, won't the incentives to this backbone need to increase overtime? Instead its going to be static. Say some of these superrigs only run continuously for a year before they breakdown and then people decide its not worth the investment to replace the rig. If the computing power attacking these new harder problems is suddenly scaled back to levels of the GPU days, couldn't the network stall out?

No.

Blocks are mined every 10 minutes, on average and for the first four years (210,000 blocks) each block included 50 new bitcoins. As the amount of processing power directed at mining changes, the difficulty of creating new bitcoins changes. This difficulty factor is calculated every 2016 blocks and is based upon the time taken to generate the previous 2016 blocks.

The target is a 256-bit number (extremely large) that all Bitcoin clients share. The SHA-256 hash of a block's header must be lower than or equal to the current target for the block to be accepted by the network. The lower the target, the more difficult it is to generate a block.

It's important to realize that block generation is not a long, set problem (like doing a million hashes), but more like a lottery. Each hash basically gives you a random number between 0 and the maximum value of a 256-bit number (which is huge). If your hash is below the target, then you win. If not, you increment the nonce (completely changing the hash) and try again.

For reasons of stability and low latency in transactions, the network tries to produce one block every 10 minutes. Every 2016 blocks (which should take two weeks if this goal is kept perfectly), every Bitcoin client compares the actual time it took to generate these blocks with the two week goal and modifies the target by the percentage difference. This makes the proof-of-work problem more or less difficult. A single retarget never changes the target by more than a factor of 4 either way to prevent large changes in difficulty.

__________

Since there is a predetermined release schedule of bitcoins, if people lose interest in mining then the difficulty will go down to ensure the schedule is met.

 

[Fennis]

Mr P--The value of bitcoins is being set by the market just like a stock on the NYSE.One of the big advantages of bitcoins is the low fees associated with transferring them. Much lower than PayPal. There are certainly many shortcomings at this time, but I believe they are being addressed. They are not user friendly at this point--your grandmother isn't going to feel comfortable buying bitcoins.

Forget grandma, at this point 99%+ of the people in the FFA aren't going to feel comfortable buying bitcoins.

 

[Jojo the circus boy]

Someone touched upon scalability earlier, thought this was a good read:

https://en.bitcoin.it/wiki/Scalability

 

[Jojo the circus boy]

Now THIS is a mining investment:

http://imgur.com/a/APcL4

 

[The Noid]

Anyone know what this is, or how/why it's used? All I know is that it's related to bitcoins. Trying to figure out what to do with it.

Cuttler Hammer D200MOD3224D 32pt. Transistor Out Module

 

[Sarnoff]

Does the Liberty Reserve Indictment Endanger Bitcoin?

 

[bagger]

This is going to be a hilarious bump in a few years. The kind that probably sends people into hibernation one way or another. But I keep hearing about this low fee structure P2P network similar to PayPal but better. I'm not sure what is better other than the lower fees. And you know what happens when competition occurs, PayPal will more than likely adapt and lower its fees. Then what?

bitpesos?

 

[Fennis]

Anyone know what this is, or how/why it's used? All I know is that it's related to bitcoins. Trying to figure out what to do with it.

Cuttler Hammer D200MOD3224D 32pt. Transistor Out Module

It means you found a bitcoin gold nugget.

 

[Mr. Pickles]

Anyone know what this is, or how/why it's used? All I know is that it's related to bitcoins. Trying to figure out what to do with it.

Cuttler Hammer D200MOD3224D 32pt. Transistor Out Module

It means you found a bitcoin gold nugget.

I think you get 99-UP.

 

[Jojo the circus boy]

FinCEN not looking to destroy BitCoin any time soon:

Article 1

Article 2

 

[Jojo the circus boy]

this is pretty cool

it would be even cooler without all of those fees

another 1 with slightly lower fees, for online purchases only though:

https://cryptcard.org/

 

[Maelstrom]

Bitcoin Foundation ordered to cease operations in California:

http://news.cnet.com/8301-1023_3-57590635-93/bitcoin-foundation-ordered-to-cease-operations-in-california/

The California Department of Financial Institutions, which oversees banks, credit unions, and other financial organizations operating in the state, sent a cease-and-desist letter (see below) last month to the foundation accusing it of "engaging in the business of money transmission without a license or proper authorization."

 

[pittstownkiller]

Bitcoin Foundation ordered to cease operations in California:

http://news.cnet.com/8301-1023_3-57590635-93/bitcoin-foundation-ordered-to-cease-operations-in-california/

The California Department of Financial Institutions, which oversees banks, credit unions, and other financial organizations operating in the state, sent a cease-and-desist letter (see below) last month to the foundation accusing it of "engaging in the business of money transmission without a license or proper authorization."

Chet?

 

[Phil Elliott]

http://www.mediabistro.com/insidebitcoins/register.asp?c=bcoinfbpmb Yes, bitcoins accepted.

 

[Charlie Frown]

http://www.wired.com/wiredenterprise/2013/07/winkelvoss-bitcoin/

Winklevoss Twins File for $20M Bitcoin Public Offering

Cameron and Tyler Winklevoss say they’ve sewn up about 1 percent of the world’s Bitcoins, and now they want to offer you a piece of the action.

On Monday, they filed forms with the Securities and Exchange Commission, saying they intend to offer shares of their Winklevoss Bitcoin Trust to the public. They plan to register 1 million shares — each one representing .20 Bitcoins — in the trust, which will trade at $20 on the day of the IPO.

In April, Cameron and Tyler Winklevoss told The New York Times that they owned about $11 million worth of Bitcoins, or about 1 percent of the total amount of the digital currency in circulation. Since then, they’ve been tireless Bitcoin promoters. Bitcoins peaked in early April, trading as high as $260, but the currency quickly crashed and has hovered in the $100 range since then. On Monday, Bitcoins were trading for $87 on the Mt. Gox exchange.

It might seem easier to simply buy Bitcoins, but the Trust will be a useful vehicle to some, says Patrick Murck, general counsel with the Bitcoin Foundation. It “puts the investment in a format that institutional and non-technical investors can get behind,” he said via text message.

The 74-page prospectus includes 17 pages of risk factors.

In 2007, the twins were awarded $20 million in cash and $45 million in stock to settle a lawsuit, after they claimed that they had been defrauded by their former Harvard classmate Mark Zuckerberg when he founded Facebook.

 

[stbugs]

http://www.wired.com/wiredenterprise/2013/07/winkelvoss-bitcoin/

Winklevoss Twins File for $20M Bitcoin Public Offering

Cameron and Tyler Winklevoss say they’ve sewn up about 1 percent of the world’s Bitcoins, and now they want to offer you a piece of the action.

On Monday, they filed forms with the Securities and Exchange Commission, saying they intend to offer shares of their Winklevoss Bitcoin Trust to the public. They plan to register 1 million shares — each one representing .20 Bitcoins — in the trust, which will trade at $20 on the day of the IPO.

In April, Cameron and Tyler Winklevoss told The New York Times that they owned about $11 million worth of Bitcoins, or about 1 percent of the total amount of the digital currency in circulation. Since then, they’ve been tireless Bitcoin promoters. Bitcoins peaked in early April, trading as high as $260, but the currency quickly crashed and has hovered in the $100 range since then. On Monday, Bitcoins were trading for $87 on the Mt. Gox exchange.

It might seem easier to simply buy Bitcoins, but the Trust will be a useful vehicle to some, says Patrick Murck, general counsel with the Bitcoin Foundation. It “puts the investment in a format that institutional and non-technical investors can get behind,” he said via text message.

The 74-page prospectus includes 17 pages of risk factors.

In 2007, the twins were awarded $20 million in cash and $45 million in stock to settle a lawsuit, after they claimed that they had been defrauded by their former Harvard classmate Mark Zuckerberg when he founded Facebook.

Interesting way for them to get rid of their bitcoins without crashing the market. They were big news when they first bought so much, although not sure why. Just because they were made famous via a movie, they aren't exactly Warren Buffett. This could be a way out to get dollars for those bitcoins.

That said, now that bitcoins are going for $71, not sure how well this investment will work out. The article is from Monday and bitcoins were already down from their $100 price tag and now are another 20% lower. I don't think it is going higher anytime soon. Wouldn't be surprised to see it way, way down by the end of the year.

 

[Maelstrom]

http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/

Guy made $700 over the course of a couple weeks. Not bad, and if you can get your hands on a machine right now, you could probably make some quick Bitcoin. I wouldn't look at it as a long term investment however.

The other issue is a bit stickier: the Bitcoin system adjusts its overall difficulty as mining speed increases in an attempt to limit the speed of Bitcoin production. A few years ago, a 5GH/s miner like the Jalapeño would have produced a veritable torrent of bitcoins in a day; a few years from now, specialized hardware will be required to mine even tiny fractions of BTC.

Not only that, but as time goes on, each hash "mined" will actually give fewer Bitcoins.

edit: corrected timeframe. All of a sudden I'm not as impressed.

 

[flapgreen]

What the...

 

[stbugs]

http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/

Guy made $700 over the course of a couple days. Not bad, and if you can get your hands on a machine right now, you could probably make some quick Bitcoin. I wouldn't look at it as a long term investment however.

The other issue is a bit stickier: the Bitcoin system adjusts its overall difficulty as mining speed increases in an attempt to limit the speed of Bitcoin production. A few years ago, a 5GH/s miner like the Jalapeño would have produced a veritable torrent of bitcoins in a day; a few years from now, specialized hardware will be required to mine even tiny fractions of BTC.

Not only that, but as time goes on, each hash "mined" will actually give fewer Bitcoins.

That and bitcoins are worth almost half of what the article stated they were worth even though the article is only a week old.

Also, it wasn't $700 over a couple days. He mentions he ran the first machine a couple weeks and then ran two machines after that. This is a quote from the article:

The short answer: every day, that machine magically generates something like $20 in bitcoins.

With today's bitcoin prices, it is closer to $11 per day and as more miners get used, it would be less than that. The other thing that is pretty funny, because one of the draws of bitcoins was the non-fee aspect of using it over credit cards, is that the article mentions there is a 2% commission to transfer bitcoins and a $20 fee to actually get the money sent to you. So, it was a 7% fee to get the bitcoins into cash on hand, which is pretty expensive fee-wise.

 

[Jojo the circus boy]

http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/

Guy made $700 over the course of a couple days. Not bad, and if you can get your hands on a machine right now, you could probably make some quick Bitcoin. I wouldn't look at it as a long term investment however.

The other issue is a bit stickier: the Bitcoin system adjusts its overall difficulty as mining speed increases in an attempt to limit the speed of Bitcoin production. A few years ago, a 5GH/s miner like the Jalapeño would have produced a veritable torrent of bitcoins in a day; a few years from now, specialized hardware will be required to mine even tiny fractions of BTC.

Not only that, but as time goes on, each hash "mined" will actually give fewer Bitcoins.

That and bitcoins are worth almost half of what the article stated they were worth even though the article is only a week old.Also, it wasn't $700 over a couple days. He mentions he ran the first machine a couple weeks and then ran two machines after that. This is a quote from the article:

The short answer: every day, that machine magically generates something like $20 in bitcoins.

With today's bitcoin prices, it is closer to $11 per day and as more miners get used, it would be less than that. The other thing that is pretty funny, because one of the draws of bitcoins was the non-fee aspect of using it over credit cards, is that the article mentions there is a 2% commission to transfer bitcoins and a $20 fee to actually get the money sent to you. So, it was a 7% fee to get the bitcoins into cash on hand, which is pretty expensive fee-wise.

These miners typically cash out each day, they don't hold, so you are wrong, it is not $11 per day.

 

[Maelstrom]

http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/

Guy made $700 over the course of a couple days. Not bad, and if you can get your hands on a machine right now, you could probably make some quick Bitcoin. I wouldn't look at it as a long term investment however.

The other issue is a bit stickier: the Bitcoin system adjusts its overall difficulty as mining speed increases in an attempt to limit the speed of Bitcoin production. A few years ago, a 5GH/s miner like the Jalapeño would have produced a veritable torrent of bitcoins in a day; a few years from now, specialized hardware will be required to mine even tiny fractions of BTC.

Not only that, but as time goes on, each hash "mined" will actually give fewer Bitcoins.

That and bitcoins are worth almost half of what the article stated they were worth even though the article is only a week old.Also, it wasn't $700 over a couple days. He mentions he ran the first machine a couple weeks and then ran two machines after that. This is a quote from the article:

The short answer: every day, that machine magically generates something like $20 in bitcoins.

With today's bitcoin prices, it is closer to $11 per day and as more miners get used, it would be less than that. The other thing that is pretty funny, because one of the draws of bitcoins was the non-fee aspect of using it over credit cards, is that the article mentions there is a 2% commission to transfer bitcoins and a $20 fee to actually get the money sent to you. So, it was a 7% fee to get the bitcoins into cash on hand, which is pretty expensive fee-wise.

These miners typically cash out each day, they don't hold, so you are wrong, it is not $11 per day.

Edited my post, I must have misread the article. Don't think it's a long term play, and at $11/day I'd be worried about getting my investment back before either the cost of bitcoins goes down or it starts getting harder to get them because everyone doing it is running a rig like these.

 

[Jojo the circus boy]

So long as it pays for itself in ~2-3 weeks you are making free money after that point, your only expense is electricity.

I also disagree that just because the current trend is down that we are to assume it will continue to go down.

Once the downtrend reverses there will be increased demand to mine but there could be fewer miners at that point and who's to say what the availability of the ASIC mining machines will be.

I'm not invested in btc or mining right now, I have my own venture I'm focusing on.

 

[Slapdash]

http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/

Guy made $700 over the course of a couple days. Not bad, and if you can get your hands on a machine right now, you could probably make some quick Bitcoin. I wouldn't look at it as a long term investment however.

The other issue is a bit stickier: the Bitcoin system adjusts its overall difficulty as mining speed increases in an attempt to limit the speed of Bitcoin production. A few years ago, a 5GH/s miner like the Jalapeño would have produced a veritable torrent of bitcoins in a day; a few years from now, specialized hardware will be required to mine even tiny fractions of BTC.

Not only that, but as time goes on, each hash "mined" will actually give fewer Bitcoins.

That and bitcoins are worth almost half of what the article stated they were worth even though the article is only a week old.Also, it wasn't $700 over a couple days. He mentions he ran the first machine a couple weeks and then ran two machines after that. This is a quote from the article:

The short answer: every day, that machine magically generates something like $20 in bitcoins.

With today's bitcoin prices, it is closer to $11 per day and as more miners get used, it would be less than that. The other thing that is pretty funny, because one of the draws of bitcoins was the non-fee aspect of using it over credit cards, is that the article mentions there is a 2% commission to transfer bitcoins and a $20 fee to actually get the money sent to you. So, it was a 7% fee to get the bitcoins into cash on hand, which is pretty expensive fee-wise.

These fees are asinine.

 

[Jojo the circus boy]

http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/

Guy made $700 over the course of a couple days. Not bad, and if you can get your hands on a machine right now, you could probably make some quick Bitcoin. I wouldn't look at it as a long term investment however.

The other issue is a bit stickier: the Bitcoin system adjusts its overall difficulty as mining speed increases in an attempt to limit the speed of Bitcoin production. A few years ago, a 5GH/s miner like the Jalapeño would have produced a veritable torrent of bitcoins in a day; a few years from now, specialized hardware will be required to mine even tiny fractions of BTC.

Not only that, but as time goes on, each hash "mined" will actually give fewer Bitcoins.

That and bitcoins are worth almost half of what the article stated they were worth even though the article is only a week old.Also, it wasn't $700 over a couple days. He mentions he ran the first machine a couple weeks and then ran two machines after that. This is a quote from the article:

The short answer: every day, that machine magically generates something like $20 in bitcoins.

With today's bitcoin prices, it is closer to $11 per day and as more miners get used, it would be less than that. The other thing that is pretty funny, because one of the draws of bitcoins was the non-fee aspect of using it over credit cards, is that the article mentions there is a 2% commission to transfer bitcoins and a $20 fee to actually get the money sent to you. So, it was a 7% fee to get the bitcoins into cash on hand, which is pretty expensive fee-wise.

These fees are asinine.

There are multiple ways to cash out including P2P local exchanges or buying gift cards.

 

[stbugs]

http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/

Guy made $700 over the course of a couple days. Not bad, and if you can get your hands on a machine right now, you could probably make some quick Bitcoin. I wouldn't look at it as a long term investment however.

The other issue is a bit stickier: the Bitcoin system adjusts its overall difficulty as mining speed increases in an attempt to limit the speed of Bitcoin production. A few years ago, a 5GH/s miner like the Jalapeño would have produced a veritable torrent of bitcoins in a day; a few years from now, specialized hardware will be required to mine even tiny fractions of BTC.

Not only that, but as time goes on, each hash "mined" will actually give fewer Bitcoins.

That and bitcoins are worth almost half of what the article stated they were worth even though the article is only a week old.Also, it wasn't $700 over a couple days. He mentions he ran the first machine a couple weeks and then ran two machines after that. This is a quote from the article:

The short answer: every day, that machine magically generates something like $20 in bitcoins.

With today's bitcoin prices, it is closer to $11 per day and as more miners get used, it would be less than that. The other thing that is pretty funny, because one of the draws of bitcoins was the non-fee aspect of using it over credit cards, is that the article mentions there is a 2% commission to transfer bitcoins and a $20 fee to actually get the money sent to you. So, it was a 7% fee to get the bitcoins into cash on hand, which is pretty expensive fee-wise.

These miners typically cash out each day, they don't hold, so you are wrong, it is not $11 per day.

Umm, based on his $20/day at $129 per bitcoin, yes, the current rate is $11 per day. I was just illustrating that the article was posted a week ago and the price used in the article was around 80% more than its current price.

While the downward trend may not continue, I don't see much out there that shows that it won't continue down.

 

[Maelstrom]

I like a lot of the advantages that BitCoin has, but this basically sums up my fear:

http://gigaom.com/2013/07/13/bitcoin-will-prosper-until-governments-or-banks-decide-to-crush-it-overnight/

 

[[icon]]

I like a lot of the advantages that BitCoin has, but this basically sums up my fear:

http://gigaom.com/2013/07/13/bitcoin-will-prosper-until-governments-or-banks-decide-to-crush-it-overnight/

Dude that's impossible. This is free money, guy.

 

[mquinnjr]

First person to get nailed de-frauding people via Bitcoin Ponzi-scheme where investors send their Bitcoins for a 7% promised return:

http://money.cnn.com/2013/07/23/investing/bitcoin-ponzi-scheme/

I guess it was only a matter of time, tons of suckers out there.

 

[Jojo the circus boy]

Heat's getting turned up

 

[Whitetail Hunter]

Heat's getting turned up

This is good news for bitcoin IMO. If it's ever going to become a more mainstream currency, they have to address the money laundering issues and regulators have to be comfortable that it can't be used to funnel money to Al Qaeda or other enemies.

 

[mquinnjr]

And the knockout blow: http://www1.icsi.berkeley.edu/~nweaver/UlbrichtCriminalComplaint.pdf

Apparently, the guy who ran the Silk Road drug trafficking site, Dread Pirate Roberts, aka Ross Ulbricht, was arrested today after the FBI/DEA found messages that he had negotiated an execution of someone who threatened to out him to the authorities/police. He also went on a forum in 2011 (in the non-deep internet) soliciting developers with his gmail account, making it pretty simple for authorities to track him down.

Bitcoin value today plummeting on this news (if you were still wondering what they were used for): https://btc-e.com/

 

[shader]

And the knockout blow: http://www1.icsi.berkeley.edu/~nweaver/UlbrichtCriminalComplaint.pdf

Apparently, the guy who ran the Silk Road drug trafficking site, Dread Pirate Roberts, aka Ross Ulbricht, was arrested today after the FBI/DEA found messages that he had negotiated an execution of someone who threatened to out him to the authorities/police. He also went on a forum in 2011 (in the non-deep internet) soliciting developers with his gmail account, making it pretty simple for authorities to track him down.

Bitcoin value today plummeting on this news (if you were still wondering what they were used for): https://btc-e.com/

This is a very interesting story. This guy runs a drug trafficking site on the "deep web" that somehow got around authorities for years. I'm assuming that they had him long before this, but were waiting on something big to nail him on.

Interesting story on this dude from a few months back (before anyone knew his real identity)

http://www.forbes.com/sites/andygreenberg/2013/04/29/collected-quotations-of-the-dread-pirate-roberts-founder-of-the-drug-site-silk-road-and-radical-libertarian/

 

[stbugs]

I'm amazed that the exchange Mt. Gox hasn't just failed based on things like this: http://techcrunch.com/2013/08/23/feds-seize-another-2-1-million-from-mt-gox-adding-up-to-5-million/

I guess it is either still be propped up by people who don't want it to fail or it is based solely now on people that use it for illegal purchases on sites like the one above. There has been so much bad news over the past months with little to no positive coverage that it seems impossible for it to have been trading in September around $140-$150. Based on the linked article, they are having trouble paying out money, so it wouldn't surprise me if people are propping it up since there is so little volume and no where else to go with the money.

Yet, the most surprising move happened in June, when the company announced that it would suspends U.S. dollar withdrawals. While the feature was supposed to come back two weeks later, withdrawals have been sluggish ever since.

The latest warrant tells us why Mt. Gox couldn’t keep up with demand. $2.1 million was seized on June 19, just one day before suspending U.S. withdrawals. With $5 million in frozen assets, the company simply didn’t have enough funds in dollars to convert Bitcoin to USD.

 

[lod01]

This is so ####### stupid.

 

[Jojo the circus boy]

And the knockout blow: http://www1.icsi.berkeley.edu/~nweaver/UlbrichtCriminalComplaint.pdf

Apparently, the guy who ran the Silk Road drug trafficking site, Dread Pirate Roberts, aka Ross Ulbricht, was arrested today after the FBI/DEA found messages that he had negotiated an execution of someone who threatened to out him to the authorities/police. He also went on a forum in 2011 (in the non-deep internet) soliciting developers with his gmail account, making it pretty simple for authorities to track him down.

Bitcoin value today plummeting on this news (if you were still wondering what they were used for): https://btc-e.com/

Knockout?

Last price:$142.01192

 

[mquinnjr]

And the knockout blow: http://www1.icsi.berkeley.edu/~nweaver/UlbrichtCriminalComplaint.pdf

Apparently, the guy who ran the Silk Road drug trafficking site, Dread Pirate Roberts, aka Ross Ulbricht, was arrested today after the FBI/DEA found messages that he had negotiated an execution of someone who threatened to out him to the authorities/police. He also went on a forum in 2011 (in the non-deep internet) soliciting developers with his gmail account, making it pretty simple for authorities to track him down.

Bitcoin value today plummeting on this news (if you were still wondering what they were used for): https://btc-e.com/

Knockout?

Last price:$142.01192

I guess it is stabilized outside of use to purchase illicit items on the darknet. In that case, it should be going up more with it evidencing that it's being used for legal purposes.

 

[Jojo the circus boy]

Baidu (the Google of China) now accepts bitcoin for payment

With a market cap of 53.50 Billion dollars. They are the biggest company to accept bitcoin, for one of their services.

 

[spodog]

I have just started a new virtual currency called dork dollars. I'd explain exactly how you can generate some yourself, but you wouldn't understand it. Much easier to just buy some from me at the low intial exchange rate.

Who wants in?

 

[Sarnoff]

I have just started a new virtual currency called dork dollars. I'd explain exactly how you can generate some yourself, but you wouldn't understand it. Much easier to just buy some from me at the low intial exchange rate.

Who wants in?

"I'll take eleven hundred dollars worth."

 

[Ignoramus]

I have just started a new virtual currency called dork dollars. I'd explain exactly how you can generate some yourself, but you wouldn't understand it. Much easier to just buy some from me at the low intial exchange rate.

Who wants in?

How many can I get for 10,000 Schrute Bucks?

 

[Jojo the circus boy]

Over $200USD per bitcoin now.

To the moon!!! ┗(°0°)┛

 

[Otis]

Popcorn.

Also can someone explain the dark internet or deep internet or underground Internet for me? These are all just hyperlinks from one place to the next, what makes those places so special and secret?

Can you post links to some of those places?

TIA

 

[FDAS]

Popcorn.

Also can someone explain the dark internet or deep internet or underground Internet for me? These are all just hyperlinks from one place to the next, what makes those places so special and secret?

Can you post links to some of those places?

TIA

It's like the video game forum. Everyone other than flysack can get there.

 

[DiStefano]

Popcorn.

Also can someone explain the dark internet or deep internet or underground Internet for me? These are all just hyperlinks from one place to the next, what makes those places so special and secret?

Can you post links to some of those places?

TIA

I can get you in there, but I will need your bank account # and password.

 

[Sarnoff]

Also can someone explain the dark internet or deep internet or underground Internet for me? These are all just hyperlinks from one place to the next, what makes those places so special and secret?

Can you post links to some of those places?

Not exactly. Some of these places you can't go unless you're connected to the proper network. If you just typed in an address or clicked a link in your browser, you'd go nowhere. You'd have to go into your internet connection settings on your computer and force it to connect to a specific IP address on a particular port using the right kind of protocols & software.