Das Boot
Footballguy
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Bitcoins - anyone else mining? (1 Viewer)
- Thread starter Charlie Frown
- Start date
AAABatteries
Footballguy
Fennis
Footballguy
I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
PinkydaPimp
Footballguy
I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
NajehHejan
Footballguy
Any FBGs made moatloads buying these things around 20 and selling at 1,000?
Encyclopedia Brown
Footballguy
Bitcoins just got name-checked on "The Simpsons".
Krusty was explaining to Lisa how he went bankrupt.
Krusty was explaining to Lisa how he went bankrupt.
AAABatteries
Footballguy
My wife would be dumb enough to buy a bitloon.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Mr. Pickles
Footballguy
Don't we get updates on the way down too?
![[icon]](/data/avatars/m/5/5167.jpg?1660313464){kind=avatar}
Jojo the circus boy
Footballguy
Now imagine that in every city there was a robotic carrier pigeon setup to transfer the balloon to anywhere in the world for free, no delivery charge.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Now imagine that there were thousands of merchants already setup to trade for your balloon.
Now imagine that you can fill your balloon with contracts, a deed to your house or even use it to do a low cost IPO to raise money for your "3D paranoid glasses" that you think will be a big hit.
Just because bitcoin hasn't penetrated the market enough to your satisfaction does not mean it is just another "balloon" without a developed infrastructure nor a merchant base willing to accept bitcoin.
.
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SacramentoBob
Footballguy
The concrete is being poured for a bitcoin rally.Mr. Pickles said:
Sammy3469
Footballguy
This isn't bitcoin specific, but why in the world would you want everything in one place in electronic form, especially after seeing the stories about either being hacked or throwing the disc away?Now imagine that in every city there was a robotic carrier pigeon setup to transfer the balloon to anywhere in the world for free, no delivery charge.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Now imagine that there were thousands of merchants already setup to trade for your balloon.
Now imagine that you can fill your balloon with contracts, a deed to your house or even use it to do a low cost IPO to raise money for your "3D paranoid glasses" that you think will be a big hit.
Just because bitcoin hasn't penetrated the market enough to your satisfaction does not mean it is just another "balloon" without a developed infrastructure nor a merchant base willing to accept bitcoin.
.
I get the BitCoin argument, but a) I know I don't have the technological know-how to safely guard the things and b)the current banking/CC/Paypal system works more than adequately for 99.999999999999% of my transactions, I've yet to see truly compelling argument why I would need BitCoins over a Dollar. Plus a truly stable currency shouldn't be this volatile.
shader
Footballguy
Exactly. It's not a currency. It's a fad.This isn't bitcoin specific, but why in the world would you want everything in one place in electronic form, especially after seeing the stories about either being hacked or throwing the disc away?Now imagine that in every city there was a robotic carrier pigeon setup to transfer the balloon to anywhere in the world for free, no delivery charge.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Now imagine that there were thousands of merchants already setup to trade for your balloon.
Now imagine that you can fill your balloon with contracts, a deed to your house or even use it to do a low cost IPO to raise money for your "3D paranoid glasses" that you think will be a big hit.
Just because bitcoin hasn't penetrated the market enough to your satisfaction does not mean it is just another "balloon" without a developed infrastructure nor a merchant base willing to accept bitcoin.
.
I get the BitCoin argument, but a) I know I don't have the technological know-how to safely guard the things and b)the current banking/CC/Paypal system works more than adequately for 99.999999999999% of my transactions, I've yet to see truly compelling argument why I would need BitCoins over a Dollar. Plus a truly stable currency shouldn't be this volatile.
Jojo the circus boy
Footballguy
A) If someone is dumb enough to throw their deed to their house away, what's to prevent them from throwing the disk containing their deed to their house?This isn't bitcoin specific, but why in the world would you want everything in one place in electronic form, especially after seeing the stories about either being hacked or throwing the disc away?Now imagine that in every city there was a robotic carrier pigeon setup to transfer the balloon to anywhere in the world for free, no delivery charge.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Now imagine that there were thousands of merchants already setup to trade for your balloon.
Now imagine that you can fill your balloon with contracts, a deed to your house or even use it to do a low cost IPO to raise money for your "3D paranoid glasses" that you think will be a big hit.
Just because bitcoin hasn't penetrated the market enough to your satisfaction does not mean it is just another "balloon" without a developed infrastructure nor a merchant base willing to accept bitcoin.
.
I get the BitCoin argument, but a) I know I don't have the technological know-how to safely guard the things and b)the current banking/CC/Paypal system works more than adequately for 99.999999999999% of my transactions, I've yet to see truly compelling argument why I would need BitCoins over a Dollar. Plus a truly stable currency shouldn't be this volatile.
B) quite simply fees. Do you know how much money either gets pocketed by lawyers and bankers and visa/MasterCard/paypal or is wasted for fraud purposes? Digital currency has the opportunity to drastically lower the bar to entry and eliminate much of the overhead. If you agree with this then you have to see the value in the data network bitcoin provides.
I think the major resistance here is timing. People won't accept it until they can pay their rent and gas with it.
culdeus
Footballguy
We could start by buying, I don't know, anything with it.A) If someone is dumb enough to throw their deed to their house away, what's to prevent them from throwing the disk containing their deed to their house?This isn't bitcoin specific, but why in the world would you want everything in one place in electronic form, especially after seeing the stories about either being hacked or throwing the disc away?Now imagine that in every city there was a robotic carrier pigeon setup to transfer the balloon to anywhere in the world for free, no delivery charge.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Now imagine that there were thousands of merchants already setup to trade for your balloon.
Now imagine that you can fill your balloon with contracts, a deed to your house or even use it to do a low cost IPO to raise money for your "3D paranoid glasses" that you think will be a big hit.
Just because bitcoin hasn't penetrated the market enough to your satisfaction does not mean it is just another "balloon" without a developed infrastructure nor a merchant base willing to accept bitcoin.
.
I get the BitCoin argument, but a) I know I don't have the technological know-how to safely guard the things and b)the current banking/CC/Paypal system works more than adequately for 99.999999999999% of my transactions, I've yet to see truly compelling argument why I would need BitCoins over a Dollar. Plus a truly stable currency shouldn't be this volatile.
B) quite simply fees. Do you know how much money either gets pocketed by lawyers and bankers and visa/MasterCard/paypal or is wasted for fraud purposes? Digital currency has the opportunity to drastically lower the bar to entry and eliminate much of the overhead. If you agree with this then you have to see the value in the data network bitcoin provides.
I think the major resistance here is timing. People won't accept it until they can pay their rent and gas with it.
Jojo the circus boy
Footballguy
Nobody is saying convert all of your USD to bitcoin, just like nobody is telling you to buy Deutsche Marks.We could start by buying, I don't know, anything with it.A) If someone is dumb enough to throw their deed to their house away, what's to prevent them from throwing the disk containing their deed to their house?B) quite simply fees. Do you know how much money either gets pocketed by lawyers and bankers and visa/MasterCard/paypal or is wasted for fraud purposes? Digital currency has the opportunity to drastically lower the bar to entry and eliminate much of the overhead. If you agree with this then you have to see the value in the data network bitcoin provides.This isn't bitcoin specific, but why in the world would you want everything in one place in electronic form, especially after seeing the stories about either being hacked or throwing the disc away?Now imagine that in every city there was a robotic carrier pigeon setup to transfer the balloon to anywhere in the world for free, no delivery charge.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Now imagine that there were thousands of merchants already setup to trade for your balloon.
Now imagine that you can fill your balloon with contracts, a deed to your house or even use it to do a low cost IPO to raise money for your "3D paranoid glasses" that you think will be a big hit.
Just because bitcoin hasn't penetrated the market enough to your satisfaction does not mean it is just another "balloon" without a developed infrastructure nor a merchant base willing to accept bitcoin.
.
I get the BitCoin argument, but a) I know I don't have the technological know-how to safely guard the things and b)the current banking/CC/Paypal system works more than adequately for 99.999999999999% of my transactions, I've yet to see truly compelling argument why I would need BitCoins over a Dollar. Plus a truly stable currency shouldn't be this volatile.
I think the major resistance here is timing. People won't accept it until they can pay their rent and gas with it.
merchants
Not sure why you would buy or take payment in something with such wild swings in price.We could start by buying, I don't know, anything with it.A) If someone is dumb enough to throw their deed to their house away, what's to prevent them from throwing the disk containing their deed to their house?This isn't bitcoin specific, but why in the world would you want everything in one place in electronic form, especially after seeing the stories about either being hacked or throwing the disc away?Now imagine that in every city there was a robotic carrier pigeon setup to transfer the balloon to anywhere in the world for free, no delivery charge.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Now imagine that there were thousands of merchants already setup to trade for your balloon.
Now imagine that you can fill your balloon with contracts, a deed to your house or even use it to do a low cost IPO to raise money for your "3D paranoid glasses" that you think will be a big hit.
Just because bitcoin hasn't penetrated the market enough to your satisfaction does not mean it is just another "balloon" without a developed infrastructure nor a merchant base willing to accept bitcoin.
.
I get the BitCoin argument, but a) I know I don't have the technological know-how to safely guard the things and b)the current banking/CC/Paypal system works more than adequately for 99.999999999999% of my transactions, I've yet to see truly compelling argument why I would need BitCoins over a Dollar. Plus a truly stable currency shouldn't be this volatile.
B) quite simply fees. Do you know how much money either gets pocketed by lawyers and bankers and visa/MasterCard/paypal or is wasted for fraud purposes? Digital currency has the opportunity to drastically lower the bar to entry and eliminate much of the overhead. If you agree with this then you have to see the value in the data network bitcoin provides.
I think the major resistance here is timing. People won't accept it until they can pay their rent and gas with it.
Whitetail Hunter
Footballguy
Kool-Aid Larry
Footballguy
you can buy a pizza with it but it'll cost you $10mWe could start by buying, I don't know, anything with it.A) If someone is dumb enough to throw their deed to their house away, what's to prevent them from throwing the disk containing their deed to their house?This isn't bitcoin specific, but why in the world would you want everything in one place in electronic form, especially after seeing the stories about either being hacked or throwing the disc away?Now imagine that in every city there was a robotic carrier pigeon setup to transfer the balloon to anywhere in the world for free, no delivery charge.I'll explain it for you.
Pretend you invented a new kind of computer toy that fills up with air and you call it a bitloon. You promise to make only 10,000,000 bitloons and it is the hot item for the Christmas season. People are trampled buying your bitloons. Fights at Walmarts happen. Bitloons are soon selling for $1000 each! Crazy people have threads about them on the Internet, rich people buy them, poor people buy them. Reddit has a subreddit about them. They are even selling in China! In China!!!!! China!!!!!!!!
But then people blow up the bitloon and the ### #### thing pops.
Then all of a sudden people remember there are like 1000 different balloons on the market and there has been balloons for like the last 150 years. And most of them suck.
Now imagine that there were thousands of merchants already setup to trade for your balloon.
Now imagine that you can fill your balloon with contracts, a deed to your house or even use it to do a low cost IPO to raise money for your "3D paranoid glasses" that you think will be a big hit.
Just because bitcoin hasn't penetrated the market enough to your satisfaction does not mean it is just another "balloon" without a developed infrastructure nor a merchant base willing to accept bitcoin.
.
I get the BitCoin argument, but a) I know I don't have the technological know-how to safely guard the things and b)the current banking/CC/Paypal system works more than adequately for 99.999999999999% of my transactions, I've yet to see truly compelling argument why I would need BitCoins over a Dollar. Plus a truly stable currency shouldn't be this volatile.
B) quite simply fees. Do you know how much money either gets pocketed by lawyers and bankers and visa/MasterCard/paypal or is wasted for fraud purposes? Digital currency has the opportunity to drastically lower the bar to entry and eliminate much of the overhead. If you agree with this then you have to see the value in the data network bitcoin provides.
I think the major resistance here is timing. People won't accept it until they can pay their rent and gas with it.
btw, I could read this thread a lot quicker if you 8 yr old ##### could ease up on the nuhuh yahuh routine.
Bogart
Footballguy
Guy paid 10K in Bitcoins for Pizza back in 2010.
41 bucks back then, would be worth $7.23 million today.
41 bucks back then, would be worth $7.23 million today.
SacramentoBob
Footballguy
Fennis
Footballguy
Fennis
Footballguy
Sammy3469
Footballguy
Area51Inhabitant
Footballguy
That was one quick bubble.
Wilfredo Ledezma
Footballguy
http://dealbook.nytimes.com/2013/12/18/bitcoin-collides-with-government-concerns/
Mr. Williams, the Boston University professor, said that Bitcoin had followed the trademark patterns of past asset bubbles and predicted that the value will fall as low as $10 next year.
But Bitcoin aficionados are far from accepting that the recent declines spell any sort of long-term trouble for the movement. Users took to Twitter to mount a defense. And the currency has survived past swings in value. In April, the value fell 70 percent in a matter of days but eventually recovered fully. Even after the recent declines, the price of Bitcoin is still up 180 percent from where it was in early November. During the day on Wednesday, the price had risen more than 40 percent from its morning low.
Mr. Williams, the Boston University professor, said that Bitcoin had followed the trademark patterns of past asset bubbles and predicted that the value will fall as low as $10 next year.
But Bitcoin aficionados are far from accepting that the recent declines spell any sort of long-term trouble for the movement. Users took to Twitter to mount a defense. And the currency has survived past swings in value. In April, the value fell 70 percent in a matter of days but eventually recovered fully. Even after the recent declines, the price of Bitcoin is still up 180 percent from where it was in early November. During the day on Wednesday, the price had risen more than 40 percent from its morning low.
First heard about these back in 2011, pretty sure it was here actually after the original crash. Idea definitely had some appeal, especially given I'm one of the whack job libertarian types this tends to appeal to and also a tech geek but never really looked into it too heavily. Buddy was talking about them the other day and all of these millions people "forgot about" and stuff and so I've been interested. Obviously in retrospect I should have paid some closer attention to this.
Looking at this a little closer now and I simply can't see how this will work. There are a lot of great things about it, but this speculation has destroyed it. It seems like it was doomed to be that way from the start as it kicked off with ludicrous ideas like "just imagine if this replaces currency, they could be worth 1 million each and you got in on the ground floor". If this actually kept with the spirit of what a lot of the crazy libertarian types wanted and grew slowly it had potential to be disruptive. But the "OMG we're going to be rich when gold created with a computer algorithm makes people not want actual gold anymore" crowd sunk it. They made themselves a lot of money in the process though.
The technology as a whole has lots of potential and this bizarre virtual gold rush has pushed a lot of that forward. Assuming it doesn't die too quickly it should push Internet security forward. All good things. But when you're still in beta, people have to go through ridiculous steps in order to create offline wallets to protect from theft and all of that jazz and it's shooting up like this that's all just pure speculation that the technology has no ability to meet at this point and it's doomed to crash, cost people fortunes, and set the idea back quite a bit. It turned itself into a speculative commodity. People may be trying to "lay the concrete", but that's something that should already be in place for this sort of demand.
At the same time, if you look at the forums around 2011 this was pretty predictable. People were already dumping lots of cash into mining rigs, which is what created that first bubble. Once you had enough of these "OMG rich" types sinking in actual dollars and forcing the price up combined with so many people hating our current economic system it was a recipe for exactly this. Wish I had read the signs back then. Oh well, I guess I'll have to get rich the old fashioned way.
Looking at this a little closer now and I simply can't see how this will work. There are a lot of great things about it, but this speculation has destroyed it. It seems like it was doomed to be that way from the start as it kicked off with ludicrous ideas like "just imagine if this replaces currency, they could be worth 1 million each and you got in on the ground floor". If this actually kept with the spirit of what a lot of the crazy libertarian types wanted and grew slowly it had potential to be disruptive. But the "OMG we're going to be rich when gold created with a computer algorithm makes people not want actual gold anymore" crowd sunk it. They made themselves a lot of money in the process though.
The technology as a whole has lots of potential and this bizarre virtual gold rush has pushed a lot of that forward. Assuming it doesn't die too quickly it should push Internet security forward. All good things. But when you're still in beta, people have to go through ridiculous steps in order to create offline wallets to protect from theft and all of that jazz and it's shooting up like this that's all just pure speculation that the technology has no ability to meet at this point and it's doomed to crash, cost people fortunes, and set the idea back quite a bit. It turned itself into a speculative commodity. People may be trying to "lay the concrete", but that's something that should already be in place for this sort of demand.
At the same time, if you look at the forums around 2011 this was pretty predictable. People were already dumping lots of cash into mining rigs, which is what created that first bubble. Once you had enough of these "OMG rich" types sinking in actual dollars and forcing the price up combined with so many people hating our current economic system it was a recipe for exactly this. Wish I had read the signs back then. Oh well, I guess I'll have to get rich the old fashioned way.
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I also set up a miner over the weekend just to play around, I went with lite coins at first but I also grabbed some other misc coins since there's like 20 knock offs now. To me there's still a lot of possibility for attacks which just haven't been exploited as of yet. The lite coin site requests that you use a "p2p pool" if you have a certain amount of power because these pools have destroyed the decentralized nature of this somewhat. If enough pools combined their power they could take one of these currencies down. The system really relies in people playing nice for it to all work. Which kind of relies on there not being enough value in disrupting it. And at one point in the past, when a user started GPU mining before code to do so was made publicly available, a single user controlled about 25% of the network by themself. Once you get over 50%, you can control the chain. Again, awesome idea. Both from a technological standpoint and as a Ponzi idea. But this is really a beta.
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cstu
Footballguy
Kool-Aid Larry
Footballguy
what's your computing power and how many lite coins can you mine in a day?
Barely any, I was just CPU mining to play around. If I actually believed in this I'd just buy up coins.
Actually it's even better than that. It started at 1300 (based on how much electricity is cost to generate them at the time), then jumped up pretty quickly before dropping late in 2009.
http://newlibertystandard.wikifoundry.com/page/2009+Exchange+Rate
Pizza guy actually traded like a hundred thousand for pizzas, he was mining thousands a day at the time and knocked the offer off once he couldn't mine thousands a day anymore. (With just CPU mining - they avoided GPU mining at the start because they wanted to keep the cost of entry low and also because of the whole "too much power in one user's hands can destroy the whole thing" issue. That arms race got kicked off in 2011) A month before someone tried to auction off 10,000 for $50 but had no takers. Then slashdot mentioned it and it just kind of took off from there.
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fantasycurse42
Footballguy Jr.
Like to meet the guy who bought like 200 coins when they were $1100 three weeks ago...
"Sooooo, how does it feel to lose half of your investment n three weeks?"
Read an article on LinkedIn yesterday where Winklevoss said these were going to $40k a coin.
"Sooooo, how does it feel to lose half of your investment n three weeks?"
Read an article on LinkedIn yesterday where Winklevoss said these were going to $40k a coin.
Kool-Aid Larry
Footballguy
you could have made the same crack a year ago when people bought at 200 and they dropped back down to 120 -- if those people didn't panic they probably feel pretty good about it, right now.
if you dump a bunch of money into something like this I don't know why these daily highs and lows would bother you.
I'd assume if you have 200k to dump into bitcoins you're doing alright for yourself
Also, there weren't too many people selling them at these rates. The early participants pretty much mined/horded about 4 million of these in the first year and there were virtually no transactions. Even when the pizza guy stuff was happening there really weren't all that many of them being traded. The slashdot mention that kicked them up to about .06 - .08 caused there to start to be some more, but even then you're talking a pretty low volume of these moving considering there were like 6 million "in circulation". The average transactions per block was still almost 0. Eventually someone started pumping up the value and they got a gigantic boost when the slashdot "bitcoin reaches parity with US dollar" article happened. Then the arms race kicked off. And everything was great until enough money got into them and there was incentive to launch attacks that the technology / economy weren't prepared to handle.
Then after the original bubble / pop there were people with some money that were actively working to keep this from sliding. I saw one thread in late November of 2011 on the forums there were someone had essentially set up a trade wall at $2.90, then when the price jumped a bit they moved their trade wall to $2.98 and on and on. So they just slowly waited to build back some confidence, make sure miners were profiting slightly off of them, now with a decent place to build a bubble for some real money off of. With a dedicated community crying about how undervalued the currency that would replace all currencies was at the time.
Really well done.
If it could grow slowly there's something here. But every time one of these bubbles happens there becomes big incentive for attacks both technologically and economically that the technology and market just aren't quite ready to handle.
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Which is why the gains from this "currency" are distributed like this: https://bitcointalk.org/index.php?topic=51011.0
Paulymaggs
Footballguy
I use paypal for incoming and outgoing transactions virtually every single day. I barely notice the 1.2% to 2% that gets taken out.
About $100 to $200 bucks a month for the ease of paypal.
Will bitcoins get to a point of mass scale where I can save this $200 a month?
About $100 to $200 bucks a month for the ease of paypal.
Will bitcoins get to a point of mass scale where I can save this $200 a month?
Yeah, you wonder why when you look at the sourceforge download history:
http://sourceforge.net/projects/bitcoin/files/stats/timeline?dates=2008-12-12+to+2013-12-18
There were only 50 downloads a month happening in 2009, most of them probably from the guys developing the code. Those were the guys that got almost all of the coins. The 2010 slashdot mention got them a little bit, but the experienced professionals probably still got the bulk of the coins there.
I can't find it right now but the launch of this thing also included an "interesting thought exercise" which talked about the world wealth being 21 trillion. So if these replaced all currencies they could be worth 1 million since there's only 21 million of them. It was on Slashdot over the weekend somewhere, but now I can't find it. Now in their defense, they did release this open source so anyone could have gotten involved in the hording. But it's pretty clear what the intentions were here, it's not like they were sending out a bunch of press releases, there was just a small discussion on the cryptography mailing list.
They were also clear it was a beta in one of the mailings I found, and that everyone could have their currency wiped out and started over at some point. But of couse that never happened when real money got involved.
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Some people get caught up in the waves of these things and I'm sure there's lots of people losing stuff they can't afford to lose over this. If I were one of the people profiting that's one of the things I would feel slightly bad about. In some ways they've become the very thing they were complaining about to begin with.
It's easy to complain about how screwed over you are when you have little or nothing, but it's also easy to get caught up in screwing other people over when there's something big at stake in it for you personally.Now If you bend over the Winklevoss scumbags, that's fair game, but the other way around is far more likely when you have a commodity that someone with enough cash and/or stake in that commodity can easily manipulate (another thing people investing in this are theoretically trying to avoid, amusingly enough).
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Found it - here's some of the initial correspondence on the release:Yeah, you wonder why when you look at the sourceforge download history:
http://sourceforge.net/projects/bitcoin/files/stats/timeline?dates=2008-12-12+to+2013-12-18
There were only 50 downloads a month happening in 2009, most of them probably from the guys developing the code. Those were the guys that got almost all of the coins. The 2010 slashdot mention got them a little bit, but the experienced professionals probably still got the bulk of the coins there.
I can't find it right now but the launch of this thing also included an "interesting thought exercise" which talked about the world wealth being 21 trillion. So if these replaced all currencies they could be worth 1 million since there's only 21 million of them. It was on Slashdot over the weekend somewhere, but now I can't find it. Now in their defense, they did release this open source so anyone could have gotten involved in the hording. But it's pretty clear what the intentions were here, it's not like they were sending out a bunch of press releases, there was just a small discussion on the cryptography mailing list.
They were also clear it was a beta in one of the mailings I found, and that everyone could have their currency wiped out and started over at some point. But of couse that never happened when real money got involved.
http://sourceforge.net/p/bitcoin/mailman/bitcoin-list/?viewmonth=200901
Some interesting stuff there:
The software is still alpha and experimental. There's no guarantee the system's state won't have to be restarted at some point if it becomes necessary, although I've done everything I can to build in extensibility and versioning. You can get coins by getting someone to send you some, or turn on Options->Generate Coins to run a node and generate blocks. I made the proof-of-work difficulty ridiculously easy to start with, so for a little while in the beginning a typical PC will be able to generate coins in just a few hours. It'll get a lot harder when competition makes the automatic adjustment drive up the difficulty
....
Total circulation will be 21,000,000 coins. It'll be distributedto network nodes when they make blocks, with the amount cut in halfevery 4 years.first 4 years: 10,500,000 coinsnext 4 years: 5,250,000 coinsnext 4 years: 2,625,000 coinsnext 4 years: 1,312,500 coinsetc.......and then one of the other devs chimes in about the distribution pattern...
As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of the currency should be equal to the total value of all the wealth in the world. Current estimates of total worldwide household wealth that I have found range from $100 trillion to $300 trillion. With 20 million coins, that gives each coin a value of about $10 million. So the possibility of generating coins today with a few cents of compute time may be quite a good bet, with a payoff of something like 100 million to 1! Even if the odds of Bitcoin succeeding to this degree are slim, are they really 100 million to one against? Something to think about... Hal
Essentially if you were one of the starting guys you got yourself a huge pile of these at self described "ridiculously easy difficulty levels" (where it stayed for about a year - first increase in difficulty was end of 09 and it looks like it stayed ridiculously easy through about mid 2010), along with a nice little dream to fuel your speculation.
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Then if you read through the tone of these messages on the mailing list, especially like a year in, it's basically "what a cool idea, now we have this big pile of coins and there's a community supporting this. Only problem left is how do we convince people this is actual currency?" Because hey, once you actually do this now we've solved the problem of having a "central authority" controlling and issuing the currency. I mean, there's like 50 of us.
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Online suicide warning posted in response to current slump: http://news.ninemsn.com.au/technology/2013/12/19/09/41/bitcoin-suicide-warning-issued-on-reddit
You know there's people that have lost their asses on these things. All of these feel good "750K pizza" and "Man finds 7 million under his pillow" are great, and yeah I'm sure people that invested at $50 or $100 feel great still, but the flip side of this "coin" is definitely that there's a lot of people that have and will lose a crapload of money over this chasing those same results. And I'm sure we'll start to see a lot of those stories as this all continues to unfold.
Kool-Aid Larry
Footballguy
yeah there's people that lose a lot of money on slots and scratch tix too
Wilfredo Ledezma
Footballguy
Who Owns the World’s Biggest Bitcoin Wallet? The FBI
http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/
http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/
Ray Karpis
Footballguy
I'm a pretty smart guy, and I seriously have no idea WTF is going on in here.
