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Thread: Bitcoin

  1. #41
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    Well the hacking concerns come into play now. Price still dropping because of flaws and word of some minor hacking/theft.
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  2. #42
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    "There's almost no downside." - quick release circa 2014

  3. #43
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    Quote Originally Posted by Morphinity View Post
    "There's almost no downside." - quick release circa 2014
    Emphasis on the word almost.
    ‎"...the common and continual mischiefs of the spirit of Party are sufficient to make it the interest and duty of a wise people to discourage and restrain it... It opens the door to foreign influence and corruption, which find a facilitated access to the Government itself through the channels of party passions."
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  4. #44
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    Quote Originally Posted by quick release View Post
    Emphasis on the word almost.
    well played

  5. #45
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    A Complete, Interactive History of Bitcoin

    http://mashable.com/2014/02/10/bitco...m-fb-main-link
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  6. #46
    In Vigneault, Veritas BSBH Prospect
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    Quote Originally Posted by Patrick Bateman View Post
    Currency is fine as is, it's not like there's any major problems facing it. I can send someone USD as quickly as I can send them bitcoin, and only one of these can be used at places other than the trendy local coffee shop
    There is one major problem with Bitcoin, actually.

    Try to liquidate the currency. It's fucking impossible.
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  7. #47
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    Quote Originally Posted by G1000 View Post
    There is one major problem with Bitcoin, actually.

    Try to liquidate the currency. It's fucking impossible.
    It is, by definition, already liquid. It's cash. I assume you mean exchanging it for USD is impossible. But why do you say that?

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

    It's early yet. Not going to say it's easy but "fucking impossible" is pretty dramatic. I have a friend who exchanged it back to USD relatively easily and this was over a year ago.
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  8. #48
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    Where do you think bitcoin would be today if the whole sheep incident never occurred?

  9. #49
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    It's official. I purchased my 1 BTC through Coinbase.

    I'll get it by Friday, transfer it to my Blockchain wallet, then back that up, etc.
    ‎"...the common and continual mischiefs of the spirit of Party are sufficient to make it the interest and duty of a wise people to discourage and restrain it... It opens the door to foreign influence and corruption, which find a facilitated access to the Government itself through the channels of party passions."
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  10. #50
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    I thought the transaction were supposed to be quicker. It really takes 3 days to process an order?
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  11. #51
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    Quote Originally Posted by Patrick Bateman View Post
    I thought the transaction were supposed to be quicker. It really takes 3 days to process an order?
    It's truly the free market. So the fastest and the cheapest they can do the transaction, they will. Right now, with Coinbase for instance, if you have it linked to a credit card as backup (which I do), you can do it almost instantly but there's some kind of fee % you're hit with. Since I'm not daytrading bitcoins (yet haha), there's no reason to bother... I just did the basic transaction which only costed me about 1%.

    Not sure how it works for other exchanges. When you do the localbitcoins thing, you can exchange immediately I think.
    ‎"...the common and continual mischiefs of the spirit of Party are sufficient to make it the interest and duty of a wise people to discourage and restrain it... It opens the door to foreign influence and corruption, which find a facilitated access to the Government itself through the channels of party passions."
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  12. #52
    Coaching Fail Pee-Wee Division GordonGecko's Avatar
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    You can make your own bitcoins, if you have some good old computers lying around just set them up and let em run for a year and you'll mine a few dozen bitcoins, worth several thousand bucks

  13. #53
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    how much electricity would that use
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  14. #54
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    Quote Originally Posted by Patrick Bateman View Post
    how much electricity would that use
    As much as it would take to run a computer 24/7, 365 (or however much you want, but you want to run it as much as you can). The return is obviously worth it (you won't be using thousands of dollars in electricity), but the process is very resource intensive. CPU and GPU utilization would be at or around 100% all the time, so your computer will be running very, very hot. There's a high risk of damaging your computer by mining Bitcoins if you don't have advanced cooling methods.

    Some developers have gotten in trouble by sneaking Bitcoin mining in their applications and damaging their users' computers. Most notably: http://www.wired.com/wiredenterprise/2013/11/e-sports/

    It's not recommended unless you have a good, powerful computer with custom cooling solutions.

  15. #55
    Coaching Fail Pee-Wee Division GordonGecko's Avatar
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    Quote Originally Posted by Patrick Bateman View Post
    how much electricity would that use
    Since I posted that I did some research and learned all about the arms race to mine bitcoin. First people used PCs, then clusters of enterprise grade servers, then configured their graphics chips to do it 1000 times faster, then they created programmable circuits, and finally they invented a type of processor called FPGAs (Field-Programmable Gate Arrays). These chips are built to ONLY do bitcoin processing, they are pretty useless for anything else. Only one company managed to get this to market, Avalon ASIC, started by a Chinese dude. These machines use 600 Watts which is totally reasonable and 2 weeks ago each box was generating $240 per day of coin value. Shortly that'll be down to $120 because the more is made, the harder the algorithms get, and it will get harder and harder until it's impossible to create any more coins. So if you didn't already order an ASIC, it's probably too late

    If that weren't bad enough, when you order those machines the Chinese dude is running it for a few days to mint his own coins before sending it to you lol
    Last edited by GordonGecko; 02-12-2014 at 04:57 PM.

  16. #56
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    This is the equivalent to going door to door checking couch cushions for change.

  17. #57
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    Quote Originally Posted by Pete View Post
    This is the equivalent to going door to door checking couch cushions for change.
    lol, WORSE, it's like using an avatar of yourself and searching VIRTUAL couches for make-believe change.

  18. #58
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    more like bitCON hehe
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  19. #59
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    I just don't get how people can spend practically their whole life savings to mine bitcoins. It just seems like a giant fad. Maybe cyrpto currency won't die in the near future, but my gut says bitcoin will die in the near future. Miners just seem like people who hopped on the bandwagon.

    I'm also slightly biased against them because of what the miners did to the GPU market. I really wanted a 280X, but prices don't look like they'll fall anytime soon.
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  20. #60
    Coaching Fail Pee-Wee Division GordonGecko's Avatar
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    Quote Originally Posted by rvbcaboose View Post
    I'm also slightly biased against them because of what the miners did to the GPU market. I really wanted a 280X, but prices don't look like they'll fall anytime soon.
    What goes up must come down, what do you think will happen to that glut of GPUs that was hoarded up by bit miners after they can't mint any more coins? They're going to flood the market and you'll find some sweet deals

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