bitcoin

http://www.youtube.com/watch?v=Um63OQz3bjo

"Bitcoin will do to legal tender what bittorrents did to copyright" Jon Matonis @ http://themonetaryfuture.blogspot.com

http://www.bitcoin.org/

discuss

Too complicated to understand in under a minute; will never take off

I'm guessing in a year or two this will either be totally forgotten or I will be really mad at myself for not getting in on it when Bitcoins were dirt cheap.

hah now there's a good excuse to spend tons on invest in a good video card.

interesting though yazz land http://forum.watmm.com/topic/63878-bitcoin/page__p__1518490__hl__bitcoin__fromsearch__1#entry1518490

Max Keiser interviews a blogger who explains bitcoin in his latest 'Keiser Report' episode (interview starts at 13:00 but would recommend watching the whole of it):

http://www.youtube.com/watch?v=uHcS_UvRxCM

Bitcoin looks quite interesting - will reserve some more time to look into it I think

A high-tech ponzi scheme. WHEEEEEEEE!

I created some bitcoins with my SLI system but stopped doing it because it takes increasingly more time to generate them. I'll hold on to them and see what happens. I like that it's untrackable and I don't have to pay rip-off fees to transfer money.

It's a weird system though. A fixed number of coins available (that can be lost/destroyed) which rise in value over time. Seems like it would encourage hoarding and I have no idea how they would determine the value, but I'm no economist.

as i understand it, the value increases, but has a maximum. after that, no new bitcoins. at that point, there's no reason to horde. the bitcoins will kind of just be there, fixed in number but possibly fluctuating in value, like gold (there is only so much gold in the world, but its monetary value changes).

seems like the only people guaranteed to make money are the people that started it. if you get in early enough, you might make some money. but there's nothing wrong with using it like paypal -- someone pays you some bitcoins for something, or sells you some, and you then use the bitcoins to buy something you want. the only danger with that would be not finding anything you want to buy with them....

what is this i am not good with computer

  On 6/2/2011 at 12:50 AM, Luke Fucking Hazard said:

what is this i am not good with computer

use it to buy/sell shrooms without paper trail

this whole concept of mining bitcoins is so alien to me.. what are they using my CPU/GPU power for? is it just random proof of concept problems all those computers are churning away at?

  On 6/2/2011 at 3:59 AM, a missing sense said:

this whole concept of mining bitcoins is so alien to me.. what are they using my CPU/GPU power for? is it just random proof of concept problems all those computers are churning away at?

if they just give them away, they're worth nothing, and never will be. if people have to spend a couple days of CPU for one, it's not free. the idea is that they're cheap initially, but as there are more people using them, the value goes up. that and it's all based on crypto shit !

I watched that interview about it, it's very intriguing that this could actually be as impressive as people think it will be. Their really is no feasibility that the cryption puzzles? or whatever can't be tampered eventually with if you had a team of 30 super haxorz rendering it the system fucked? The bitcoins are generated using graphics processing? So the better graphics card or a rendering farm you have the more bit coin you could harvest?

I gotta do some more research but I would really appreciate a smart watmmers detailed explanation.

  On 6/2/2011 at 9:41 AM, Blanket Fort Collapse said:

Their really is no feasibility that the cryption puzzles? or whatever can't be tampered eventually with if you had a team of 30 super haxorz rendering it the system fucked?

in 10-30 years when quantum computers become more than a toy for theoretical physicists, a lot of things we take for granted about crypto might change. until then, i doubt anyone's cracking the bitch.

p.s. the grammar of your post is horrible. you must be drunk

I'd just like to say I've made $425 off this. And currently 1 bitcoin goes for like 8 bucks.

  On 6/2/2011 at 10:42 AM, ZiggomaticV17 said:

I'd just like to say I've made $425 off this. And currently 1 bitcoin goes for like 8 bucks.

How long did that take you?

  On 6/2/2011 at 10:59 AM, Gary C said:

  On 6/2/2011 at 10:42 AM, ZiggomaticV17 said:

I'd just like to say I've made $425 off this. And currently 1 bitcoin goes for like 8 bucks.

 

How long did that take you?

he probably got in early. the idea is that generating bitcoins becomes more difficult the more there are in circulation - so if you started mining them "way back" you could get a whole ton of 'em in a matter of days.

im gonna go ahead and say that this idea is bullshit.

  On 6/2/2011 at 11:54 AM, kaen said:

im gonna go ahead and say that this idea is bullshit.

yeah, this too. wet dream for dorks, libertarians, and libertarian dorks.

  On 6/2/2011 at 8:39 AM, hahathhat said:

  On 6/2/2011 at 3:59 AM, a missing sense said:

this whole concept of mining bitcoins is so alien to me.. what are they using my CPU/GPU power for? is it just random proof of concept problems all those computers are churning away at?

if they just give them away, they're worth nothing, and never will be. if people have to spend a couple days of CPU for one, it's not free. the idea is that they're cheap initially, but as there are more people using them, the value goes up. that and it's all based on crypto shit !

but... so basically your GPU computes a hash or something for every bitcoin, and the algorithm that does this will scale according to some scheme to get more computationally intense after a while? but all it does is generate some hash code? so just to get this right, once more... actually generating a hash key is rather cheap, but it's artificially made to be a highly computationally intensive task? if this is so, it is so hard stupid.

edit: i don't get it.

  On 6/2/2011 at 11:55 AM, Iain C said:

  On 6/2/2011 at 11:54 AM, kaen said:

im gonna go ahead and say that this idea is bullshit.

 

yeah, this too. wet dream for dorks, libertarians, and libertarian dorks.

when the bitcoin revolution that will destroy all world governments takes place, ill see to it that you two are executed.

  On 6/2/2011 at 1:03 PM, Funktion said:

  On 6/2/2011 at 11:55 AM, Iain C said:

  On 6/2/2011 at 11:54 AM, kaen said:

im gonna go ahead and say that this idea is bullshit.

 

yeah, this too. wet dream for dorks, libertarians, and libertarian dorks.

 

when the bitcoin revolution that will destroy all world governments takes place, ill see to it that you two are executed.

yeah please do

the mining is what makes the system work, if you are mining bitcoins you are actually checking the validity of transactions so the system keeps safe from hackers. it gets harder to mine the coins because of moores law, they figure that computers get faster and faster so it has to get harder and harder to mine blocks.

meh.