Bitcoins - anyone else mining? (1 Viewer)

[Jojo the circus boy]

WTF does this mean:

If you have OpenCL set up correctly this should launch the GUI. If you get an error about OpenCL, you need to install an OpenCL package from your GPU vendor. For AMD/ATI cards you can get OpenCL here.

Install latest drivers, when I tried installing it on my laptop which I bought a few years ago with 2x 5870m cards I had to install latest drivers for the software to recognize it.

I made $2.85 (USD equivalent) last night on my 7970 cards with a throughput of 500-600 MHash/s

I am doing this more as an experiment right now, seeing if it is worth it to invest in some hardware.

5870 card requires 2 75W cords. A 797 requires a 150W cord and a recommended 75W cord, so we'll use 225W here.. Its unlikely the card was drawing a full power load the whole time, but you also need to account for the power to keep the CPU running, so lets just use the above wattages as the rough draw. Depending on where you live, time of year, time of day, power costs are highly variable, but lets say it averages to 20 cents per kW-hr. If you ran the GPU for 12 hours the cost in energy was roughly 54 cents. So, a profit of roughly $2.31 last night. This is irrespective of the depreciation cost to the computer and the card from continuous high load operation. A 7970 card retails for well above $300 (many over $400). So, you'd need to run for nearly 130 nights to cover the cost of one card.

Also, you need to consider the likely future behavior of the costs involved. Will the inflation of bitcoins outstrip both the inflation of energy costs and the exponential computing requirements? While possible, I'd guess its unlikely.

Great.

Now multiply profit 100x and do the calculation again for a 50GH/s yield. Unit costs $2500.

Would you need a dedicated internet connection for that? What about additional air conditioning? Was your one night's profit typical or atypical? If you think you can make $250 a day, you should do it in a heartbeat, but just remember to pay your taxes quarterly.

I don't think it would be any different than running a laptop:

http://www.butterflylabs.com/

 

[Jojo the circus boy]

Local bitcoin economy forming in Kreuzberg, Germany

 

[Charlie Frown]

Anybody's mine producing bitcoins yet?

I have about $10 worth in a couple of weeks.

 

[Charlie Frown]

What's the rate for renting Amazon Cloud Computing resources - if I understand this correctly if that rate was less that the rate that you "earn" bitcoins then someone could just cap out on Amazon resources and rofit: I know that rate will be more so it wouldn't work but am I at least understanding the concept here?

At what point does the goverment step in and SHUT IT DOWN?

http://www.businessinsider.com/is-bitcoin-legal-2013-4

 

[Flying Spaghetti Monster]

Silk Road keeps getting knocked offline.

Many ISP and maybe other entities keep trying to take it down.

 

[Jojo the circus boy]

https://www.bctip.org/

This is a great business idea. A good way to market the currency with no risk. I wouldn't recommend only leaving BTC as a tip but to supplement a generous fiat tip. For example, run up an $80 bar tab, leave $15 in bills and a $2 BTC tip to go with it.

 

[Jojo the circus boy]

I'm tempted to pick up a butterfly labs unit they just seem sketchy to me.

Got this email back from them when I asked about a 50G/s unit

All of our current models are available for unlimited preorder on the website.

Shipping is either quoted or calculated prior to checkout on the website.We are currently shipping 4.5GH/s ASICs to early preorder customers and we are gearing up for assembly of our other models. Prepayment is the only method by which your preorder is entered into the queue. We have a backlog of preorders from June 2012, so it is not presently feasible to give you an ETA for preorders placed now.

Thank you for your interest in Butterfly Labs and our products.

 

[[icon]]

WTF does this mean:

If you have OpenCL set up correctly this should launch the GUI. If you get an error about OpenCL, you need to install an OpenCL package from your GPU vendor. For AMD/ATI cards you can get OpenCL here.

Install latest drivers, when I tried installing it on my laptop which I bought a few years ago with 2x 5870m cards I had to install latest drivers for the software to recognize it.

I made $2.85 (USD equivalent) last night on my 7970 cards with a throughput of 500-600 MHash/s

I am doing this more as an experiment right now, seeing if it is worth it to invest in some hardware.

5870 card requires 2 75W cords. A 797 requires a 150W cord and a recommended 75W cord, so we'll use 225W here.. Its unlikely the card was drawing a full power load the whole time, but you also need to account for the power to keep the CPU running, so lets just use the above wattages as the rough draw. Depending on where you live, time of year, time of day, power costs are highly variable, but lets say it averages to 20 cents per kW-hr. If you ran the GPU for 12 hours the cost in energy was roughly 54 cents. So, a profit of roughly $2.31 last night. This is irrespective of the depreciation cost to the computer and the card from continuous high load operation. A 7970 card retails for well above $300 (many over $400). So, you'd need to run for nearly 130 nights to cover the cost of one card.

Also, you need to consider the likely future behavior of the costs involved. Will the inflation of bitcoins outstrip both the inflation of energy costs and the exponential computing requirements? While possible, I'd guess its unlikely.

Great.

Now multiply profit 100x and do the calculation again for a 50GH/s yield. Unit costs $2500.

Would you need a dedicated internet connection for that? What about additional air conditioning? Was your one night's profit typical or atypical? If you think you can make $250 a day, you should do it in a heartbeat, but just remember to pay your taxes quarterly.

I don't think it would be any different than running a laptop:

http://www.butterflylabs.com/

PSHT.. bow before My rig. I've named him ZOD

 

[Jojo the circus boy]

http://www.londonlovesbusiness.com/entrepreneurs/famous-entrepreneurs/how-23-year-old-charlie-shrem-became-a-millionaire-through-bitcoin/5439.article]Decent interview

 

[Jojo the circus boy]

http://www.businessinsider.com/if-facebook-doesnt-start-attacking-ground-breaking-ideas-its-users-are-going-to-get-bored-2013-5]A partnership with Facebook could be HUGE for Bitcoin

 

[lod01]

Anybody's mine producing bitcoins yet?

I have about $10 worth in a couple of weeks.

You'll be rich in no time.

 

[Jojo the circus boy]

http://video.foxbusiness.com/v/2359385547001/]Old Fogies talk Bitcoin and taxes

 

[Jojo the circus boy]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

 

[Whitetail Hunter]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

0.0%

 

[McGarnicle]

Local bitcoin economy forming in Kreuzberg, Germany

This makes me believe there could be something to this.

The lack of fees, keeping your money out of the hands of the banks, and worldwide acceptance seem very attractive. I still need to understand why I shouldn't be concerned about wild fluctuations in value.

 

[Mister Martie]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Is this shtick? I can not imagine a state of the world where this would be possible.

 

[bagger]

This is flat out re tarded.

Anyone who "invests" in these will deserve what will eventually be coming to them.

This makes people investing in wheat pennies look like Warren Buffet.

 

[Jojo the circus boy]

What's a $100? You buy a $100 in BTC and it gets as big as the USD, you just made $2MM.Gold 2.0, it's a hedge.Big VC Says Bitcoin Is 'Gold 2.0. It's a Huge, Huge, Huge Deal'

Think the recent collapse in Bitcoin’s value was the end of the experimental currency’s, um, currency? Not even close, says Chamath Palihapitiya, the longtime Facebook executive who now runs The Social + Capital Partnership.Likening Bitcoin to the “red pill” from the movie “The Matrix,” which exposes those who take it to a hidden reality, Palihapitiya sounded as bullish as could be during a Q&A at TechCrunch Disrupt NY on Monday morning. “We are entering a complete world of uncharted water right now,” he said.Palihapitiya went on:I personally own Bitcoin in my hedge fun, I own Bitcoin in my fund, I own Bitcoin in my private account. It is a huge deal. It’s a huge, huge, huge deal. Because what you’re talking about right now is, for the next three to five years, an unbelievably better stored value. It is gold 2.0. Right? The value of gold that hedges the world economy, about $9 trillion, right? Thirteen hundred an ounce, of which only a hundred to a hundred and fifty dollars is the actual production value. So all the rest is imputed….Well, guess what? I can do the same thing with Bitcoin only I can do it outside the purview of every single government. It’s being used everywhere you would think it would be used. Russia, Iran, Iraq, Egypt, Venezuela, Argenina. Everywhere you have currency pressure. Everywhere you want to basically shield your assets. And then, after that, it will probably become a payment mechanism.

 

[dparker713]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

 

[Mr. Pickles]

PSHT.. bow before My rig. I've named him ZOD

Nice Lorenz attractor.

 

[Jojo the circus boy]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

I'm trying to understand the relevance of this statement. Is the world's wealth stored by poor people?

http://www.marketwatch.com/story/why-bitcoin-will-succeed-2013-05-10]Marketwatch article

 

[Whitetail Hunter]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

I'm trying to understand the relevance of this statement. Is the world's wealth stored by poor people?

Marketwatch article

Do you honestly believe there's any chance of the aggregate value of bitcoins overtaking the aggregate value of USD?

 

[Jojo the circus boy]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

I'm trying to understand the relevance of this statement. Is the world's wealth stored by poor people?

Marketwatch article

Do you honestly believe there's any chance of the aggregate value of bitcoins overtaking the aggregate value of USD?

Yes.

 

[shader]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

I'm trying to understand the relevance of this statement. Is the world's wealth stored by poor people?

Marketwatch article

Do you honestly believe there's any chance of the aggregate value of bitcoins overtaking the aggregate value of USD?

Yes.

silly

 

[Jojo the circus boy]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

I'm trying to understand the relevance of this statement. Is the world's wealth stored by poor people?

Marketwatch article

Do you honestly believe there's any chance of the aggregate value of bitcoins overtaking the aggregate value of USD?

Yes.

silly

The converse is to say it is impossible for the U.S. Dollar to crash.

Never speak in absolutes.

Just to clarify the original question I posed is if BTC could eclipse the U.S. Money Supply. I am not sure if the goalposts are moved by using the term "aggregate value of USD" (not sure if this means global use of the dollar).

 

[Ignoramus]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

I'm trying to understand the relevance of this statement. Is the world's wealth stored by poor people?

Marketwatch article

Do you honestly believe there's any chance of the aggregate value of bitcoins overtaking the aggregate value of USD?

Yes.

silly

The converse is to say it is impossible for the U.S. Dollar to crash.Never speak in absolutes.

Just to clarify the original question I posed is if BTC could eclipse the U.S. Money Supply. I am not sure if the goalposts are moved by using the term "aggregate value of USD" (not sure if this means global use of the dollar).

Why would it not mean global use? A large part of the value of the U.S. Dollar is that you can take it just about anywhere in the world and easily exchange it for either local currency or even goods.

 

[Jojo the circus boy]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

I'm trying to understand the relevance of this statement. Is the world's wealth stored by poor people?

Marketwatch article

Do you honestly believe there's any chance of the aggregate value of bitcoins overtaking the aggregate value of USD?

Yes.

silly

The converse is to say it is impossible for the U.S. Dollar to crash.Never speak in absolutes.

Just to clarify the original question I posed is if BTC could eclipse the U.S. Money Supply. I am not sure if the goalposts are moved by using the term "aggregate value of USD" (not sure if this means global use of the dollar).

Why would it not mean global use? A large part of the value of the U.S. Dollar is that you can take it just about anywhere in the world and easily exchange it for either local currency or even goods.

There is a distinct difference between the U.S. Economy (i.e. US Money Supply) and the Global Economy whereby other countries use the U.S. Dollar to transact business.

 

[GroveDiesel]

Maybe this has already been discussed, but I just don't get bitcoins and how they're created. Basically a computer user's computer does a bunch of guessing until it gets a solution to an encrypted key created by the company that "makes" bitcoins. When that happens, they add a bitcoin to the world's stock and assign it to the person that came up with the solution. Is that correct?

But there's no inherent value on bit coins much like paper money. The difference between paper money and bit coins being that one is backed by a government and the other one is backed by a corporation.

Is that the gist of it? So ultimately the value of bitcoins relies on the trustworthiness of the owners of the bitcoin company?

 

[Jojo the circus boy]

Maybe this has already been discussed, but I just don't get bitcoins and how they're created. Basically a computer user's computer does a bunch of guessing until it gets a solution to an encrypted key created by the company that "makes" bitcoins. When that happens, they add a bitcoin to the world's stock and assign it to the person that came up with the solution. Is that correct?

But there's no inherent value on bit coins much like paper money. The difference between paper money and bit coins being that one is backed by a government and the other one is backed by a corporation.

Is that the gist of it? So ultimately the value of bitcoins relies on the trustworthiness of the owners of the bitcoin company?

What county backs gold?This should answer most of your questions:

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

 

[Jojo the circus boy]

I like this analogy to a telephone:

Another way to think about this is to consider the value of bitcoin the global network, rather than each bitcoin in isolation. The value of an individual telephone is derived from the network it is connected to. If there was no phone network, a telephone would be useless. Similarly the value of an individual bitcoin derives from the global network of bitcoin-enabled merchants, exchanges, wallets, etc... Just like a phone is necessary to transmit vocal information through the network, a bitcoin is necessary to transmit economic information through the network.

 

[GroveDiesel]

I like this analogy to a telephone:Another way to think about this is to consider the value of bitcoin the global network, rather than each bitcoin in isolation. The value of an individual telephone is derived from the network it is connected to. If there was no phone network, a telephone would be useless. Similarly the value of an individual bitcoin derives from the global network of bitcoin-enabled merchants, exchanges, wallets, etc... Just like a phone is necessary to transmit vocal information through the network, a bitcoin is necessary to transmit economic information through the network.

Which is to say there is no intrinsic value in a bitcoin. The only value is that which people assign to it. Like any other fiat currency system, the currency is only worth something if people trust the system backing the currency. The other major component seems to be gaining acceptance by merchants and banks. That seems a long way off for any true traction and very questionable as to whether it will ever happen.Is there any way to short bitcoins?

 

[Jojo the circus boy]

I like this analogy to a telephone:

Another way to think about this is to consider the value of bitcoin the global network, rather than each bitcoin in isolation. The value of an individual telephone is derived from the network it is connected to. If there was no phone network, a telephone would be useless. Similarly the value of an individual bitcoin derives from the global network of bitcoin-enabled merchants, exchanges, wallets, etc... Just like a phone is necessary to transmit vocal information through the network, a bitcoin is necessary to transmit economic information through the network.

Which is to say there is no intrinsic value in a bitcoin. The only value is that which people assign to it. Like any other fiat currency system, the currency is only worth something if people trust the system backing the currency. The other major component seems to be gaining acceptance by merchants and banks. That seems a long way off for any true traction and very questionable as to whether it will ever happen.Is there any way to short bitcoins?

Go nuts:https://icbit.se/

 

[Sarnoff]

Maybe this has already been discussed, but I just don't get bitcoins and how they're created. Basically a computer user's computer does a bunch of guessing until it gets a solution to an encrypted key created by the company that "makes" bitcoins. When that happens, they add a bitcoin to the world's stock and assign it to the person that came up with the solution. Is that correct?But there's no inherent value on bit coins much like paper money. The difference between paper money and bit coins being that one is backed by a government and the other one is backed by a corporation.Is that the gist of it? So ultimately the value of bitcoins relies on the trustworthiness of the owners of the bitcoin company?

There is no "bitcoin company" backing it. There is no centralized authority behind it.

 

[Charlie Frown]

Wired.com got their Butterfly Labs miner setup: http://www.wired.com/wiredenterprise/2013/05/butterfly_live/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wired%2Findex+%28Wired%3A+Top+Stories%29

 

[dparker713]

Anyone else get the impression that Jojo is working for a bitcoin PR firm?

 

[Mr. Pickles]

Can anyone direct me to the Kool-Aid dispenser?

 

[Kool-Aid Larry]

Can anyone direct me to the Kool-Aid dispenser?

OH YEEEEAAAHHHHH!!!!!!!!!

 

[Kool-Aid Larry]

Had a conversation with a buddy of mine tonight. If you were a betting man, what would you put the odds at bitcoin becoming as big as the USD in the future? If you don't like the openended-ness of this type of question, put a time cap on it.

Seeing as the poor people in the world have limited access to electricity, let alone computers, I'll put the odds at slim to none.

poor people have limited access to dollars, too

 

[GroveDiesel]

Looks like the US government is already going after Bit coins:

http://beforeitsnews.com/alternative/2013/05/bitcoin-panic-department-of-homeland-security-shuts-down-dwolla-payments-of-mt-gox-video-2648278.html

 

[dickey moe]

Can anyone direct me to the Kool-Aid dispenser?

OH YEEEEAAAHHHHH!!!!!!!!!

 

[Jojo the circus boy]

Looks like the US government is already going after Bit coins:

http://beforeitsnews.com/alternative/2013/05/bitcoin-panic-department-of-homeland-security-shuts-down-dwolla-payments-of-mt-gox-video-2648278.html

This news "broke" a few days ago, for a while all you could find was vague snippets like you linked above without any more information, so I hesitated to post anything.

This morning, some more substantive information came out, and it looks like it was just a case of Mt.Gox not filling out the proper paper work to satisfy FinCEN when applying for a Wells Fargo account which is used for the "money transmitting" which they are in violation of.

http://arstechnica.com/tech-policy/2013/05/feds-reveal-the-search-warrant-that-seized-mt-gox-account/

 

[stbugs]

Maybe this has already been discussed, but I just don't get bitcoins and how they're created. Basically a computer user's computer does a bunch of guessing until it gets a solution to an encrypted key created by the company that "makes" bitcoins. When that happens, they add a bitcoin to the world's stock and assign it to the person that came up with the solution. Is that correct?

But there's no inherent value on bit coins much like paper money. The difference between paper money and bit coins being that one is backed by a government and the other one is backed by a corporation.

Is that the gist of it? So ultimately the value of bitcoins relies on the trustworthiness of the owners of the bitcoin company?

What county backs gold?This should answer most of your questions:

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

What? Gold has value, correct? It is a metal, can be used to make things. What make bitcoins worth anything and who is the entity behind them? Someone is "creating" them out of thin air.

The links you have posted are sort of silly. The little town in Germany using bitcoins was one guy who owned a bar and a few friends. The Facebook article was a guy, who like you probably has an interest in bitcoins, who knows Zuckerberg saying Facebook might want to do something with bitcoin. This:

Palihapitiya said that he's worried Facebook is getting lost in incremental "feature creep" – and that it should be focusing on "ground-breaking new products."

He suggested Facebook should think about solving problems in healthcare, education, or maybe even bringing Bitcoin into the mainstream.

Seems like a far cry from an actual partnership, which your link seems to imply.

Whoever the guys were that started this are smart. They "created" currency that they were probably able to trade for real money to people like you. Crazy. Just reminds me of a ponzi scheme where the people who jump in at the end are left holding the bag or are the ones making the early folks rich.

 

[Jojo the circus boy]

Maybe this has already been discussed, but I just don't get bitcoins and how they're created. Basically a computer user's computer does a bunch of guessing until it gets a solution to an encrypted key created by the company that "makes" bitcoins. When that happens, they add a bitcoin to the world's stock and assign it to the person that came up with the solution. Is that correct?

But there's no inherent value on bit coins much like paper money. The difference between paper money and bit coins being that one is backed by a government and the other one is backed by a corporation.

Is that the gist of it? So ultimately the value of bitcoins relies on the trustworthiness of the owners of the bitcoin company?

What county backs gold?This should answer most of your questions:

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

What? Gold has value, correct? It is a metal, can be used to make things. What make bitcoins worth anything and who is the entity behind them? Someone is "creating" them out of thin air.

The links you have posted are sort of silly. The little town in Germany using bitcoins was one guy who owned a bar and a few friends. The Facebook article was a guy, who like you probably has an interest in bitcoins, who knows Zuckerberg saying Facebook might want to do something with bitcoin. This:

>>>Palihapitiya said that he's worried Facebook is getting lost in incremental "feature creep" – and that it should be focusing on "ground-breaking new products."

He suggested Facebook should think about solving problems in healthcare, education, or maybe even bringing Bitcoin into the mainstream.

Seems like a far cry from an actual partnership, which your link seems to imply.

Whoever the guys were that started this are smart. They "created" currency that they were probably able to trade for real money to people like you. Crazy. Just reminds me of a ponzi scheme where the people who jump in at the end are left holding the bag or are the ones making the early folks rich.

Lmao

The question posed was "who backs bitcoin?" I gave gold as an example of something used as a currency with no country backing it.

You obviously have no clue where gold derives its value, the industrial value is a very small fraction to how much it sells for. Half of the gold consumption in the world is jewelry, 40% investments and only 10% in industry.

You also don't know who "http://www.businessinsider.com/palihapitiya-hiring-from-facebook-2013-5]that guy" was or what a Ponzi scheme is if you are trying to associate bitcoins with one.

http://www.paybit.co/]Today you can buy anything off of Amazon with bitcoins, but go ahead and keep your head in the sand.

 

[dparker713]

Maybe this has already been discussed, but I just don't get bitcoins and how they're created. Basically a computer user's computer does a bunch of guessing until it gets a solution to an encrypted key created by the company that "makes" bitcoins. When that happens, they add a bitcoin to the world's stock and assign it to the person that came up with the solution. Is that correct?

But there's no inherent value on bit coins much like paper money. The difference between paper money and bit coins being that one is backed by a government and the other one is backed by a corporation.

Is that the gist of it? So ultimately the value of bitcoins relies on the trustworthiness of the owners of the bitcoin company?

What county backs gold?This should answer most of your questions:

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

What? Gold has value, correct? It is a metal, can be used to make things. What make bitcoins worth anything and who is the entity behind them? Someone is "creating" them out of thin air.

The links you have posted are sort of silly. The little town in Germany using bitcoins was one guy who owned a bar and a few friends. The Facebook article was a guy, who like you probably has an interest in bitcoins, who knows Zuckerberg saying Facebook might want to do something with bitcoin. This:

>>>Palihapitiya said that he's worried Facebook is getting lost in incremental "feature creep" – and that it should be focusing on "ground-breaking new products."

He suggested Facebook should think about solving problems in healthcare, education, or maybe even bringing Bitcoin into the mains

tream.

Seems like a far cry from an actual partnership, which your link seems to imply.

Whoever the guys were that started this are smart. They "created" currency that they were probably able to trade for real money to people like you. Crazy. Just reminds me of a ponzi scheme where the people who jump in at the end are left holding the bag or are the ones making the early folks rich.

Lmao

The question posed was "who backs bitcoin?" I gave gold as an example of something used as a currency with no country backing it.

You obviously have no clue where gold derives its value, the industrial value is a very small fraction to how much it sells for. Half of the gold consumption in the world is jewelry, 40% investments and only 10% in industry.

You also don't know who "that guy" was or what a Ponzi scheme is if you are trying to associate bitcoins with one.

Today you can buy anything off of Amazon with bitcoins, but go ahead and keep your head in the sand.



You do realize, that at any point the US Congress can decide that Bitcoins are illegal and stop all US based transactions in Bitcoins, right?

 

[stbugs]

Maybe this has already been discussed, but I just don't get bitcoins and how they're created. Basically a computer user's computer does a bunch of guessing until it gets a solution to an encrypted key created by the company that "makes" bitcoins. When that happens, they add a bitcoin to the world's stock and assign it to the person that came up with the solution. Is that correct?

But there's no inherent value on bit coins much like paper money. The difference between paper money and bit coins being that one is backed by a government and the other one is backed by a corporation.

Is that the gist of it? So ultimately the value of bitcoins relies on the trustworthiness of the owners of the bitcoin company?

What county backs gold?This should answer most of your questions:

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

What? Gold has value, correct? It is a metal, can be used to make things. What make bitcoins worth anything and who is the entity behind them? Someone is "creating" them out of thin air.

The links you have posted are sort of silly. The little town in Germany using bitcoins was one guy who owned a bar and a few friends. The Facebook article was a guy, who like you probably has an interest in bitcoins, who knows Zuckerberg saying Facebook might want to do something with bitcoin. This:

>>>Palihapitiya said that he's worried Facebook is getting lost in incremental "feature creep" – and that it should be focusing on "ground-breaking new products."

He suggested Facebook should think about solving problems in healthcare, education, or maybe even bringing Bitcoin into the mains

tream.

Seems like a far cry from an actual partnership, which your link seems to imply.

Whoever the guys were that started this are smart. They "created" currency that they were probably able to trade for real money to people like you. Crazy. Just reminds me of a ponzi scheme where the people who jump in at the end are left holding the bag or are the ones making the early folks rich.

Lmao

The question posed was "who backs bitcoin?" I gave gold as an example of something used as a currency with no country backing it.

You obviously have no clue where gold derives its value, the industrial value is a very small fraction to how much it sells for. Half of the gold consumption in the world is jewelry, 40% investments and only 10% in industry.

You also don't know who "that guy" was or what a Ponzi scheme is if you are trying to associate bitcoins with one.

Today you can buy anything off of Amazon with bitcoins, but go ahead and keep your head in the sand.



Industrial value? Didn't say that. You just proved that 60% of gold is used to make things. Hand someone a bitcoin and tell me what they can do with it if the $ value of it is zero. I will give you a hint, nothing.

Also, love your links. YOU CANNOT PAY FOR SOMETHING ON AMAZON.COM WITH BITCOINS. All that link is is a place for you to give bitcoins to someone who then buys something for you on Amazon with USD and accepts your bitcoins for their payment. Hey, I tell you what, I take payments in old shoes and I have Amazon Prime, so now you can buy anything you want off Amazon with old shoes and get two day free shipping. Old shoes are better than bitcoins.

My head is out of the sand, you may want to stop drinking the Koolaid.

 

[12punch]

I'd like to open an old shoe account if you could link me to the form

 

[stbugs]

I'd like to open an old shoe account if you could link me to the form

www.iboughtalotofoldshoeshopingtheywouldgoupinvalue.com

Just laughable to see a link about buying anything on Amazon with bitcoins being a service you can pay bitcoins to that will order the stuff on Amazon with their credit cards. Actually, pretty genius idea if they can sell the bitcoins immediately and just use the market value. They buy stuff with their Amazon visa card and just net the 3% credit card rebate and can live off of Amazon for nothing.

 

[Cliff Clavin]

Might want to read the "fine" print:

THIS IS NOT ENDORSED BY AMAZON


Good luck when you need to return something

 

[Whitetail Hunter]

I am in San Jose and am planning to attend Bitcoin 2013: The Future of Payments conference tonight.

I sat beside a bitcoin expert on the flight out and he convinced me to attend tonight.

 

[Jojo the circus boy]

The mob mentality is strongly opposed to bitcoins, can't argue with the collective intelligence who's best argument is "the old shoe argument", http://blockchain.info/charts/market-cap]not even when faced with over a billion reasons why they might be too stubborn to get their heads out of their ###.

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