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Old 12-19-2013, 06:29 PM   #826
jim_newton
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I wasn't aware of the target thing, thanks. That's probably what happened. Oh well no matter.

However the plot thickens .. maybe:

Quote:
Czech bitcoin exchange Bitcash.cz hacked and up to 4,000 user wallets emptied
Danny Bradbury (@dannybradbury) | Published on November 12, 2013 at 16:57 GMT | Crime, Exchanges

Bitcash hacked
Czech Republic-based bitcoin exchange Bitcash.cz has been hacked and up to 4,000 customers’ wallets have been emptied.

The company’s site is currently down, showing only a message informing of the hack, which took place on 11th November.
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Old 12-23-2013, 09:16 AM   #827
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Yeeerp. Time to pull out. Just sold what I have. Someone just moved 400k coins around and I rather play it safe than sorry. Even if it doesnt crash. People are going to start selling once the news gets around.
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Old 12-26-2013, 02:44 PM   #828
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Going back up, over $800 today.
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Old 01-03-2014, 11:04 AM   #829
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First Dogecoin, now this? Srsly?

Coinye West is your newest Bitcoin-inspired cryptocurrency
Quote:


There’s a new player in the increasingly-crowded and increasingly-arbitrary world of cryptocurrency.

“Coinye West,” scheduled to launch on Jan. 11, is — as the name implies — a digital Kanye-themed currency. Its creators aren’t revealing their names, perhaps because the whole project surely constitutes copyright infringement. But they were, in an interview with Vice, forthcoming on their motives: “Coinye West is a cryptocurrency for the masses. Bitcoin is for hardcore money-hoarders, and Dogecoin was more for the Internet-meme crowds … Our goal with Coinye West is to make it easier for people to use cryptocurrency.”

For those of us who still have only the most tenuous of grasps on Bitcoin and Dogecoin, an explainer: These cryptocurrencies are basically decentralized financial systems with their own invented currencies. They’re appealing because they’re anonymous and peer-to-peer — no middle-man! — and thus potentially augur an age of new, more open financial services. (My colleague Tim Lee has written a brilliant explainer on Bitcoin, which you can read here.)

Here’s the thing, though: Because the currencies are invented, and because Bitcoin’s code is open-source, anyone can theoretically start their own. By some estimates, there are more than 60 Bitcoin imitators in circulation now. These novelty Bitcoin knock-offs are, in many cases, jokes — but they can still be worth a lot of money.

That, more than any altruistic interest in educating the Bitcoin-less masses, seems like the likeliest motivation behind this latest coin. But in either case, it’s a pretty entertaining idea.



We have to question why the anonymous creators chose Kanye as a namesake, though. His preference for cash is already pretty well-established.
And in case you missed it over the holidays:

Such Hack. Many Dogecoin. Very Disappear. So Gone. Wow.

Last edited by masskillingspree; 01-03-2014 at 06:21 PM. Reason: wtf
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Old 01-03-2014, 11:12 AM   #830
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Quote:
Originally Posted by masskillingspree View Post

And in case you missed it over the holidays:

Such Hack. Many Dogecoin. Very Disappear. So Gone. Wow.
Ironing that it leads to a 404 page.
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Old 01-03-2014, 11:44 AM   #831
Jessie James
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Quote:
Originally Posted by jim_newton View Post
Yep

Kill-a-watt

Probably should get one of those before you start. 100W at idle VS 800W at full load 24x7 is a big hit on your electric bill, probably bigger than non-useful internet money can cover.
They're not kidding. I ran four R9 290's for about 2-3 weeks, and my electric bill was 1000kw more than the previous year. And for comparison:

Dec 2012: 2708 kWh
...
Nov 2013: 2465 kWh
...
Dec 2013: 3899 kWh

So my bill was almost 50% more last month due to mining. And my rate is something like $0.02/kWh, which is cheap.

And now hackers are stealing them? And Kanye is getting on board?

Not worth it IMO.
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Old 01-03-2014, 12:04 PM   #832
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It seems to me that Bitcoins are a lot like Beanie Babies. When they first came out everybody wanted them. When they stopped making them their value shot up. Then imitators starting making similar things, and now they just have residual "camp" value.
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Old 01-03-2014, 12:18 PM   #833
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Personally, I think most coins will fail in the long run as far as being accepted on a widespread basis by "average" consumers if they do not have the ability to protect from loss or theft. If someone steals your coins from an exchange, they should be able to get them back for example. The anonymous nature of most coins presents too much risk for the average user, IMO.

They could also use a built-in escrow system.

I'd never put any substantial amount of money into a BTC exchanged-hosted wallet, for example, knowing it could be stolen online and never retrieved. But then I also cannot spend it.

The coin that figures that problem out will have a chance at surviving the long run, IMO.
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Old 01-03-2014, 06:23 PM   #834
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Quote:
Originally Posted by etothen View Post
Ironing that it leads to a 404 page.
Weird. I don't know how that happened. Link is fix0red now.
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Old 01-03-2014, 06:37 PM   #835
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ALL of my friends are building rigs right now.

One even has some 15 amp psu running in a room by itself with a box fan in -10 degree weather to try and cool it down.

I'm not touching it.
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Old 01-03-2014, 06:42 PM   #836
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Just run an extension cord from your neighbor's house to power it.
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Old 01-03-2014, 06:44 PM   #837
Indocti Discant
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this reminds me of tulipomania.

http://en.wikipedia.org/wiki/Tulip_mania
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Old 01-03-2014, 06:45 PM   #838
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Getting close to $900 now, just saying.
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Old 01-03-2014, 07:13 PM   #839
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Quote:
Originally Posted by masskillingspree View Post
Weird. I don't know how that happened. Link is fix0red now.
Works now. Pretty funny.

So, as for the contention of some that bitcoin is not a fiat currency, with other new systems coming online it seems that it would be difficult to define it as a currency at all, it seems more like a gambling system with a bit of ponzi scheme feel thrown in for laughs.

This whole idea that you can crack an equation and while no one is paying for that, but it is somehow has intrinsic value that is determined by 'the market' seem at it's heart a ridiculous proposition. Commodity speculation without a real commodity of some kind.

At least with the tulip mania and beanie babies you had something tangible if grossly overvalued. It dose not seem to me that there is any other possible fate for bitcoin than to become an object lesson is irrational speculation and eventual a punchline.

I am open to rational counterargument here.
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Old 01-03-2014, 07:14 PM   #840
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Quote:
Originally Posted by Indocti Discant View Post
this reminds me of tulipomania.

Tulip mania - Wikipedia, the free encyclopedia
Dam you, I stop mid post to feed the kids and bam, my obscure reference to seventeenth century dutch society is scooped.
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Old 01-03-2014, 08:05 PM   #841
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Won't it hurt Bitcoin's value if all these other coins are being created? I mean, Kanye and Doge are downright lauaghable too. How could anyone take any of it seriously?
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Old 01-03-2014, 08:07 PM   #842
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Quote:
Originally Posted by etothen View Post
Dam you, I stop mid post to feed the kids and bam, my obscure reference to seventeenth century dutch society is scooped.




it aint obscure.
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Old 01-03-2014, 08:07 PM   #843
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Quote:
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Won't it hurt Bitcoin's value if all these other coins are being created? I mean, Kanye and Doge are downright lauaghable too. How could anyone take any of it seriously?
This has always been my biggest argument against bitcoin since the beginning, that even though bitcoin is finite, you could have infinite other versions of the same thing. Bitcoin will benefit from being the first and most famous, but for how long? And FWIW I own some bitcoins.
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Old 01-03-2014, 09:20 PM   #844
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Quote:
Originally Posted by etothen View Post
my obscure reference
Not very obscure. It's even in Wall Street 2....
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Old 01-05-2014, 01:31 PM   #845
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Back up over $1,000

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Old 01-05-2014, 02:41 PM   #846
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In for the next crash...
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Old 01-05-2014, 02:50 PM   #847
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You know what. If there were enough people here in OT buying and selling bitcoins we could probably affect the price to some extent. At a given time every here sells all their bitcoins causing the price drop - then at a given time every buys as many as they can afford driving the price up. Rinse and repeat. In the stock market that would be illegal, but with unregulated cyber-currencies anything goes.
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Old 01-05-2014, 03:17 PM   #848
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Quote:
Originally Posted by Howl View Post
You know what. If there were enough people here in OT buying and selling bitcoins we could probably affect the price to some extent. At a given time every here sells all their bitcoins causing the price drop - then at a given time every buys as many as they can afford driving the price up. Rinse and repeat. In the stock market that would be illegal, but with unregulated cyber-currencies anything goes.
ya think we can muster ~$1-3 million to affect volume at price near $1000/coin?
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Old 01-05-2014, 03:25 PM   #849
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In for the next crash...
Waiting to buy eh?

I was thinking of picking some more up when it dropped to around $600, but didn't because of stupid xmas.
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Old 01-05-2014, 03:28 PM   #850
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Waiting to buy eh?

I was thinking of picking some more up when it dropped to around $600, but didn't because of stupid xmas.
I'll wait til they get back to $10, buy one as bit of digital memorabilia.
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