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Old 12-05-2013, 02:05 PM   #751
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I'm sure it's been explained somewhere in this thread, but where's the tl;dr notes on who is "creating" this currency. What's backing it/ giving it any value?
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Old 12-05-2013, 02:07 PM   #752
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Power to the people bro.
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Old 12-05-2013, 02:31 PM   #753
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Originally Posted by 340Duster View Post
I'm sure it's been explained somewhere in this thread, but where's the tl;dr notes on who is "creating" this currency.
Shadowy hackers.

Quote:
What's backing it/ giving it any value?
Nothing aside from people thinking it'll be worth more tomorrow than it is today.
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Old 12-05-2013, 02:36 PM   #754
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Like any currency, it's only value come from those who are willing to exchange it for other things of value. That being said, i built a $500 computer that has now made me $1000 in coin, not to mention I still have this bad ass gaming rig from it .
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Old 12-05-2013, 02:38 PM   #755
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Like any currency, it's only value come from those who are willing to exchange it for other things of value. That being said, i built a $500 computer that has now made me $1000 in coin, not to mention I still have this bad ass gaming rig from it .
But is that realized $1000 cash or still imaginary?
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Old 12-05-2013, 02:38 PM   #756
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I see. Not to be a dick, but a $500 "bad ass gaming rig" doesn't compute to me. Pun not intended.
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Old 12-05-2013, 02:41 PM   #757
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I see. Not to be a dick, but a $500 "bad ass gaming rig" doesn't compute to me. Pun not intended.
you can hardly get a mediocre laptop for that
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Old 12-05-2013, 02:48 PM   #758
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Quote:
Originally Posted by 340Duster View Post
I see. Not to be a dick, but a $500 "bad ass gaming rig" doesn't compute to me. Pun not intended.
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you can hardly get a mediocre laptop for that
but it's $500 in Bitcoins. You can buy a Mercedes with that kind of cash
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Old 12-05-2013, 02:53 PM   #759
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but it's $500 in Bitcoins. You can buy a Mercedes with that kind of cash
Or a Lamborghini
http://www.dailymail.co.uk/sciencete...-currency.html

Perhaps a Tesla
http://www.businessinsider.com/tesla...itcoin-2013-12

Quote:
Originally Posted by 340Duster View Post
I'm sure it's been explained somewhere in this thread, but where's the tl;dr notes on who is "creating" this currency. What's backing it/ giving it any value?
Math is backing it, there can only be an X amount of it, unlike the dollar which is infinite (and backed by nothing).
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Old 12-05-2013, 03:13 PM   #760
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So is it basically worth how much it is perceived to be worth? Since it has no value other then what others are willing to pay for it. Wouldn't the bottom fall out as soon as it was all mined up or the difficulty was to high? Since most peoples interest would change to some other crypto currency.
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Old 12-05-2013, 03:20 PM   #761
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So is it basically worth how much it is perceived to be worth? Since it has no value other then what others are willing to pay for it. Wouldn't the bottom fall out as soon as it was all mined up or the difficulty was to high? Since most peoples interest would change to some other crypto currency.
News flash, the definition of value is what others are willing to exchange X for Y. Be it digital currency, gold, paper, food, whatever...

Bitcoin tops out at 21 million, and that won't be mined for many many years, a long way to go. It's more akin to gold in that there's only ever going to be a fixed amount on Earth. That said, there are already dozens of parallel digital currencies, many of those will come and go, but bitcoin has the fortune of being the first and most widespread.
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Old 12-05-2013, 03:20 PM   #762
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I see. Not to be a dick, but a $500 "bad ass gaming rig" doesn't compute to me. Pun not intended.
Lol true, better than anything I have had before. Crossfired 7850's and I, for the first time ever, have been able to play a new game (BF4) on ultra settings at 40+fps. Never had that before. And the $1000 is realized, as in I sold it all and have cash in an account that can be pulled out through a few methods.
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Old 12-05-2013, 03:25 PM   #763
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I'm still hanging on to my coins. I've already made a good profit, and I don't see bitcoin going anywhere so I don't see any reason to sell just yet. Seems to me the biggest use right now is money transfers, they're quick and cheap unlike dealing with banks. People moving millions at the click of a button.
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Old 12-05-2013, 03:27 PM   #764
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Lol true, better than anything I have had before. Crossfired 7850's and I, for the first time ever, have been able to play a new game (BF4) on ultra settings at 40+fps. Never had that before. And the $1000 is realized, as in I sold it all and have cash in an account that can be pulled out through a few methods.
That's a lot of card for the price. I suppose the prices of some have dropped. I'm still running a single 6850 on air with my 3 core Athlon on water.
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Old 12-05-2013, 03:30 PM   #765
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That's a lot of card for the price. I suppose the prices of some have dropped. I'm still running a single 6850 on air with my 3 core Athlon on water.
One was a 7870 for a bit but it was not getting the hash numbers like the 50 so I traded with a friend until it comes time to bail out. Sucks though because I never really play any games and every time I want to, I have to think about the few bucks it will cost me to stop the miners lol.
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Old 12-05-2013, 03:30 PM   #766
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Originally Posted by RastaMon View Post

News flash, the definition of value is what others are willing to exchange X for Y. Be it digital currency, gold, paper, food, whatever...

Bitcoin tops out at 21 million, and that won't be mined for many many years, a long way to go. It's more akin to gold in that there's only ever going to be a fixed amount on Earth. That said, there are already dozens of parallel digital currencies, many of those will come and go, but bitcoin has the fortune of being the first and most widespread.
Yes but things like gold are

A: physically obtainable
B: not being replicated in similar fashions.

The thing with bitcoin or any digital currency is that it isn't alone, it can be replicated in another form. The only thing that adds value to it, is its popularity. So as soon as the crowd moves to something bigger and better, there goes the value with them. That's what I'm getting at.

Someone can't just go and create a different form of gold, that's why it will always have its value. Maybe I'm not making sense or I dont fully understand.
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Old 12-05-2013, 03:32 PM   #767
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Yes but things like gold are

A: physically obtainable
B: not being replicated in similar fashions.

The thing with bitcoin or any digital currency is that it isn't alone, it can be replicated in another form. The only thing that adds value to it, is its popularity. So as soon as the crowd moves to something bigger and better, there goes the value with them. That's what I'm getting at.

Someone can't just go and create a different form of gold, that's why it will always have its value. Maybe I'm not making sense or I dont fully understand.
I know, I only meant it's like gold in that there's a fixed amount. But like I said there are dozens of parallel currencies just like bitcoin. Maybe I'll buy gold with my bitcoins.
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Old 12-05-2013, 03:40 PM   #768
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i built a $500 computer ........ bad ass gaming rig
So....uh....you bought a last generation graffics card and stood there looking at it as the new one came out?
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Old 12-05-2013, 03:40 PM   #769
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I know, I only meant it's like gold in that there's a fixed amount. But like I said there are dozens of parallel currencies just like bitcoin. Maybe I'll buy gold with my bitcoins.
Now I'm awake......
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Old 12-05-2013, 03:41 PM   #770
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I'm still hanging on to my coins. I've already made a good profit, and I don't see bitcoin going anywhere so I don't see any reason to sell just yet. Seems to me the biggest use right now is money transfers, they're quick and cheap unlike dealing with banks. People moving millions at the click of a button.
Great Grand Rasta October 24th, 1929: "I'm still hanging on to my stocks. I've already made a good profit, and I don't see the market going anywhere so I don't see any reason to sell just yet."

Great Grand Rasta October 29th, 1929: *Jumps out of 40th story window*
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Old 12-05-2013, 04:04 PM   #771
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Great Grand Rasta October 24th, 1929: "I'm still hanging on to my stocks. I've already made a good profit, and I don't see the market going anywhere so I don't see any reason to sell just yet."

Great Grand Rasta October 29th, 1929: *Jumps out of 40th story window*


I've already cashed out enough to break even, at this point it's just profit, may as well enjoy the ride.
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Old 12-05-2013, 10:01 PM   #772
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building a warehouse and expanding ops this month.. been so busy lately! to the guy that asked if he should be mining with his 2 7950s in his gaming rig... yes lol you could make decent money right now! you could probably clear $500 this month with 1300khash if we hold above $30/ltc
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Old 12-18-2013, 08:34 AM   #773
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http://www.cnbc.com/id/101281272

But it's so much more stable than the dollar!

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Old 12-18-2013, 08:47 AM   #774
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Originally Posted by "RastaMon View Post
Math is backing it, there can only be an X amount of it, unlike the dollar which is infinite (and backed by nothing).
The dollar is backed by the taxing power of the U.S. Government.

Unlike Bitcoin, which is backed by speculation.
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Old 12-18-2013, 08:48 AM   #775
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Originally Posted by RastaMon View Post
I'm still hanging on to my coins. I've already made a good profit, and I don't see bitcoin going anywhere so I don't see any reason to sell just yet. Seems to me the biggest use right now is money transfers, they're quick and cheap unlike dealing with banks. People moving millions at the click of a button.
Quote:
Originally Posted by Furiousd1983 View Post
Great Grand Rasta October 24th, 1929: "I'm still hanging on to my stocks. I've already made a good profit, and I don't see the market going anywhere so I don't see any reason to sell just yet."

Great Grand Rasta October 29th, 1929: *Jumps out of 40th story window*
Awkward...
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