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05-16-2011, 11:19 PM | #51 |
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Isn't this the currency used on teh super secret "deep web"? Hidden wiki and such, where you can order drugs and hire contract killers? :tinfoilhat:
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05-16-2011, 11:52 PM | #52 | |
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05-17-2011, 12:24 AM | #53 |
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05-17-2011, 12:38 AM | #54 |
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05-17-2011, 12:50 AM | #55 |
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so what ive gathered from the video.....
5-10 years to create 50 coins, to a value ~ 250 dollars? ....worthless. so anyone who wants coins now better start working, or if youre lucky and "developed" the bitcoin just HAS them....what is this communist bull**** and...doesnt seem like you can withdraw you own coins...so they are only good for the use online crap....uselesss Last edited by cha86; 05-17-2011 at 12:55 AM. |
05-17-2011, 01:16 AM | #56 |
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Okay... I went to Wiki to learn about this and it's already talking over my head. Same with this thread. Can someone n00b me out on what a Bitcoin even IS?
My guess: Is it a digital currency that passes P2P without any regulations from banks and governments? Thus you live in the "Bitcoin world", buy REAL things from other Bitcoin "sellers", who then take your "fake" Bitcoin "money" to buy things themselves in the Bitcoin marketplace? Am I getting that right? I don't need to know where they come from, just what they are. In other words, it's a new form of currency that the buyers/sellers accept as being real? |
05-17-2011, 01:31 AM | #57 | |
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You can either use real $$ to buy bitcoins or mine for them, then setup an account on the market and transfer your bitcoins there and sell them for the current market asking price, which is currently $7.78 per bitcoin. Then transfer your real dollars out to a payout service such as paypal or whatever the site supports. They got "mining pools" where a block is split up amongst several users who all solve individual portions of the block and get an equal payout based on the work performed, so that way you don't need to wait however long it would of took you to solve a complete block yourself before you get any bitcoins. |
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05-17-2011, 01:39 AM | #58 | |||||||
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For realtime graphs on BC exchange rates, check out: www.bitcoincharts.com Quote:
I wanted to point out this is a very possible outcome of this whole exercise. If everyone at some point decides these have no value, only the people who cashed out first would make money on this. Bitcoin either succeeds because people agree collectively it's useful, or it dies an ugly death. I give it a 50/50 chance either way. Quote:
Right now speculation is driving most of the price movement. The common understanding is that owning Bitcoins is basically an investment in it's future potential as a secure currency. |
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05-17-2011, 06:27 AM | #59 | |
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05-17-2011, 08:31 AM | #60 | |
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05-17-2011, 08:52 AM | #61 |
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so, has anyone generated any coins yet? been running the client 24hrs now on what I think is a decent box - core i7/16GB/ATI48502GB and nada
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05-17-2011, 09:09 AM | #62 |
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I'm watching the YouTube.
It's. I don't know what to say. I'm a smart guy, a programmer, and from a family of investment bankers. I know stuff. This is bending my brain around. |
05-17-2011, 09:27 AM | #63 |
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Silverpike...did this start as a project from a guy at MIT?
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05-17-2011, 09:39 AM | #64 |
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So they said the algorithm will only allow some 20 million bitcoins to be generated... ever. Thats one coin to share between 500 people in the world today.
So I'd be mega rich if this were the global currency and I had like... six of them. |
05-17-2011, 10:02 AM | #65 |
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It seems like an amusing idea but would not really last any bit if just for the reason that rogue mentioned.
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05-17-2011, 10:08 AM | #66 | |
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Private/public key encryption (which this looks like a bastardization of) is very hard for the average person to understand anyway. Throw in something about P2P and algorithms and buzzwords like global currency and fiat and there's just no way that most people will be able to grasp what this is about. Not understanding, some will then assume it must be brilliant and valuable and will want to buy in. |
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05-17-2011, 10:08 AM | #67 |
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There is fractional ownership. These aren't physical coins, remember?
What you guys are seeing as a limitation will actually safeguard currency users against devaluation through printing more currency. That problem seems to be too tempting and results in the inevitable downfall of all prior fiat currency. -* |
05-17-2011, 10:10 AM | #68 |
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I think that's what they're counting on. People "buying in" on the idea being novel and hip, which is really the only way to make the system remotely valid since it's completely arbitrary.
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05-17-2011, 10:14 AM | #69 | |
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Thanks, ****wit. We totally didn't realize these aren't physical coins. Here's my bitcoin. 6489106915061. Take half of it. Go on, show me how this is done. Beyond me telling you that you have half and remembering it. Now go spend your half. How's that work, you tell me to give your half to someone else? There's no control in this scenario for fractional ownership that I can see. Admittedly, I've only know about this concept for a few hours. |
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05-17-2011, 10:14 AM | #70 | |
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05-17-2011, 10:15 AM | #71 | ||
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One problem I see with the limited amount of available bitcoins is interest. If you charge interest on a limited currency eventually a few individuals will be able to amass most of that currency so long as they don't spend it, which is why usury was a sin at one point in our history. With government currency that problem is largely solved by banks by creating more currency through debt to outpace interest. Quote:
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05-17-2011, 10:17 AM | #72 |
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I would like to trade 17 bitcoins for a wizard hat and Birkenstocks. PM me if you're interested.
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05-17-2011, 10:18 AM | #73 | |
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It looks like right now bitcoins are just an intermediary for other currencies. Similar to paypal or any other electronic transaction, the bitcoins are only of value because someone is willing to pay you for them later. If that interest were to dry up (which would take nothing more than people changing their minds or becoming bored) then they'd lose value. |
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05-17-2011, 10:22 AM | #74 |
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Reading up, there seems to be some system for fractions, though I admit I'm not sure how that works.
But there are other problems. Deflation. http://brianreiter.org/2011/02/21/bi...atally-flawed/ |
05-17-2011, 10:52 AM | #75 | |
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A government saying 'we won't print any more money' then printing more money. And the Bitcoin system saying, 'there are limits on how much currency is in circulation' then changing that limit? Or even worse, a person finding a way to duplicate bitcoins and insert them into the closed economy? |
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