Welcome to the North American Subaru Impreza Owners Club Friday August 23, 2019
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
NASIOC
Go Back   NASIOC > NASIOC Miscellaneous > Off-Topic

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads. 
Closed Thread
 
Thread Tools Display Modes
Old 04-12-2013, 06:25 AM   #501
Howl
Scooby Specialist
 
Member#: 57830
Join Date: Mar 2004
Location: Ontario CA
Default

Quote:
Originally Posted by BigWrecKs View Post
One guy gets rich? Who cares.

The whole system is a racket; from the exchanges, hacking, gasoline-like volatility...etc why even bother? Im not surprised that merchants havent adopted the currency probably because the lay-person wouldnt know where to start working with Bitcoins.

It is a nice fantasy money and i have many doubts it would become mainstream
"Satoshi Nakamoto" invented the whole system and then went into seclusion. He's the top of the pyramid. He could bring the whole system down at any time and make billions of dollars in the process. The whole system currently operates on trusting he won't screw everyone over.

For most other currencies the top of the pyramid is a national government. That's not to say they won't screw people over too (Cyrpus) but I'd rather take my chances with a known government than a shadowy computer programer.
* Registered users of the site do not see these ads.
Howl is offline  
Sponsored Links
* Registered users of the site do not see these ads.
Old 04-12-2013, 06:33 AM   #502
Daggah
Scooby Newbie
 
Member#: 152077
Join Date: Jun 2007
Chapter/Region: MWSOC
Location: Rapid City, SD
Vehicle:
2015 Volkswagen GTI
Reflex Silver

Default

Quote:
Originally Posted by Dirty25RS View Post
I offer no official info only more useless speculation but I wouldn't be surprised if that one user selling of their entire wallet was the United States Federal Reserve.

To quote the fear mongers at info wars that might be right 10% of the time.
Heh...you really can't win with this line of thought. Assuming the conspiracy theory "attack" idea is true...it should seriously concern bitcoin advocates that their currency is VULNERABLE to this kind of market manipulation.
Daggah is offline  
Old 04-12-2013, 09:07 AM   #503
FightingFalcon
Scooby Newbie
 
Member#: 223299
Join Date: Sep 2009
Chapter/Region: MAIC
Location: NoVA/DC/NCR
Vehicle:
2009 WRX WRB 4dr
2007 Kawasaki ZX6R

Default

Kinda busy at work this week so I'm just now catching up on the Bitcoin shenanigans from earlier in the week.

I have to say, all of my available schadenfreude is being taken up by watching Bitcoin both skyrocket and then collapse. Remember kids, removing the central bank would bring even *greater* stability to our currency
FightingFalcon is offline  
Old 04-12-2013, 09:18 AM   #504
rogue
Scooby Guru
 
Member#: 7977
Join Date: Jul 2001
Chapter/Region: MAIC
Location: Sterling, VA
Vehicle:
100% Abuse

Default

Quote:
Originally Posted by Howl View Post
"Satoshi Nakamoto" invented the whole system and then went into seclusion. He's the top of the pyramid. He could bring the whole system down at any time and make billions of dollars in the process. The whole system currently operates on trusting he won't screw everyone over.

For most other currencies the top of the pyramid is a national government. That's not to say they won't screw people over too (Cyrpus) but I'd rather take my chances with a known government than a shadowy computer programer.


What makes you think the inventor can bring it down?
rogue is offline  
Old 04-12-2013, 09:35 AM   #505
BigWrecKs
Scooby Newbie
 
Member#: 93830
Join Date: Aug 2005
Chapter/Region: South East
Location: Flori:derp:
Vehicle:
'06 Silverado
'19 STI

Default

Quote:
Originally Posted by rogue View Post


What makes you think the inventor can bring it down?
If he's got the bitcoin servers in his closet....
BigWrecKs is offline  
Old 04-12-2013, 09:38 AM   #506
rogue
Scooby Guru
 
Member#: 7977
Join Date: Jul 2001
Chapter/Region: MAIC
Location: Sterling, VA
Vehicle:
100% Abuse

Default

Quote:
Originally Posted by BigWrecKs View Post
If he's got the bitcoin servers in his closet....


Part of the point of this system is that it's in the wild and open. It's not like one guy has a server somewhere that says who has how much money. It's distributed. Just because someone, somewhere invented it doesn't mean they have the power to **** with it or switch it off.
rogue is offline  
Old 04-12-2013, 09:56 AM   #507
BigWrecKs
Scooby Newbie
 
Member#: 93830
Join Date: Aug 2005
Chapter/Region: South East
Location: Flori:derp:
Vehicle:
'06 Silverado
'19 STI

Default

Quote:
Originally Posted by rogue View Post


Part of the point of this system is that it's in the wild and open. It's not like one guy has a server somewhere that says who has how much money. It's distributed. Just because someone, somewhere invented it doesn't mean they have the power to **** with it or switch it off.
unregulated and vulnerable to hacking and other attacks that render using the currency useless. Got it.
BigWrecKs is offline  
Old 04-12-2013, 10:19 AM   #508
masskillingspree
Scooby Newbie
 
Member#: 176730
Join Date: Apr 2008
Chapter/Region: TXIC
Location: The Land of Sugar
Default

Quote:
Originally Posted by FightingFalcon View Post
Kinda busy at work this week so I'm just now catching up on the Bitcoin shenanigans from earlier in the week.

I have to say, all of my available schadenfreude is being taken up by watching Bitcoin both skyrocket and then collapse. Remember kids, removing the central bank would bring even *greater* stability to our currency
Like the stability of guaranteed deflation... by design.

It's nice if you just sat on a bunch of bitcoins, but it would be absolutely disastrous if you actually used them. Imagine if you bought something for 10 bitcoins back in 2011 when bitcoins were trading at about $8. Those 10 bitcoins that were valued at $80 the time of your purchase would have been worth $2500 a week ago, and are still worth $790 today. No one is going to conduct any financial transactions denominated in bitcoins in that kind of environment (especially financial institutions), and that is the environment that bitcoins will always be in, by design. And as long as bitcoins have no prayer of being used in complex financial transactions, then they are more of a curiosity than they are a currency.
masskillingspree is offline  
Old 04-12-2013, 10:23 AM   #509
BigWrecKs
Scooby Newbie
 
Member#: 93830
Join Date: Aug 2005
Chapter/Region: South East
Location: Flori:derp:
Vehicle:
'06 Silverado
'19 STI

Default

Quote:
Originally Posted by masskillingspree View Post
Like the stability of guaranteed deflation... by design.

It's nice if you just sat on a bunch of bitcoins, but it would be absolutely disastrous if you actually used them. Imagine if you bought something for 10 bitcoins back in 2011 when bitcoins were trading at about $8. Those 10 bitcoins that were valued at $80 the time of your purchase would have been worth $2500 a week ago, and are still worth $790 today. No one is going to conduct any financial transactions denominated in bitcoins in that kind of environment (especially financial institutions), and that is the environment that bitcoins will always be in, by design. And as long as bitcoins have no prayer of being used in complex financial transactions, then they are more of a curiosity than they are a currency.
Oh, but the dollar value fluctuates daily!
BigWrecKs is offline  
Old 04-12-2013, 10:31 AM   #510
rogue
Scooby Guru
 
Member#: 7977
Join Date: Jul 2001
Chapter/Region: MAIC
Location: Sterling, VA
Vehicle:
100% Abuse

Default

Quote:
Originally Posted by BigWrecKs View Post
unregulated and vulnerable to hacking and other attacks that render using the currency useless. Got it.
Absolutely unregulated, but all currencies are vulnerable to hacking. Hack any exchange and start messing with bank records...

All our bank accounts, credit cards, mortgages... it's all 1s and 0s on a hard drive somewhere.

rogue is offline  
Old 04-12-2013, 10:54 AM   #511
BigWrecKs
Scooby Newbie
 
Member#: 93830
Join Date: Aug 2005
Chapter/Region: South East
Location: Flori:derp:
Vehicle:
'06 Silverado
'19 STI

Default

The problem is the Bitcoin has no physical form. If the bank crashes and steals all of your 1s and 0s, then your physical dollar buck still retains some sort of value (given the value of the dollar overall hasn't tanked).

I think the volatility of Bitcoin will be its demise. OVerall, it's nothing more than an ultra-risky stock except you don't get any sort of certificate of ownership and if your wallet file gets corrupted then you lose everything. It's impractical.
BigWrecKs is offline  
Old 04-12-2013, 10:58 AM   #512
rogue
Scooby Guru
 
Member#: 7977
Join Date: Jul 2001
Chapter/Region: MAIC
Location: Sterling, VA
Vehicle:
100% Abuse

Default

Quote:
Originally Posted by BigWrecKs View Post
The problem is the Bitcoin has no physical form. If the bank crashes and steals all of your 1s and 0s, then your physical dollar buck still retains some sort of value (given the value of the dollar overall hasn't tanked).

I think the volatility of Bitcoin will be its demise. OVerall, it's nothing more than an ultra-risky stock except you don't get any sort of certificate of ownership and if your wallet file gets corrupted then you lose everything. It's impractical.
Dollars have physical form, yes, but I have physically $25. The rest is virtual. I see it on a web page. Sure, I get a paper statement in the mail once in a while, but it's just a printout. I can't exchange it for money.

Volatility is killer. If this thing magically stabilized, that'd be one thing... but the price is being artificially inflated by speculators all running to buy in just so they can day trade that **** or hold it for long term profit. From what I can tell, very few actual things are being purchased with those bitcoins at this point, it's mostly just stock market nutters.
rogue is offline  
Old 04-12-2013, 11:09 AM   #513
BigWrecKs
Scooby Newbie
 
Member#: 93830
Join Date: Aug 2005
Chapter/Region: South East
Location: Flori:derp:
Vehicle:
'06 Silverado
'19 STI

Default

Quote:
Originally Posted by rogue View Post
Dollars have physical form, yes, but I have physically $25. The rest is virtual. I see it on a web page. Sure, I get a paper statement in the mail once in a while, but it's just a printout. I can't exchange it for money.

Volatility is killer. If this thing magically stabilized, that'd be one thing... but the price is being artificially inflated by speculators all running to buy in just so they can day trade that **** or hold it for long term profit. From what I can tell, very few actual things are being purchased with those bitcoins at this point, it's mostly just stock market nutters.
I understand your point. My example was intended to compare in-hand money at the time "virtual money" in the bank were to be compromised.ie. people who stash money in the walls or in the mattress. Bitcoin has no physical form, it is all or nothing.
BigWrecKs is offline  
Old 04-12-2013, 11:10 AM   #514
rogue
Scooby Guru
 
Member#: 7977
Join Date: Jul 2001
Chapter/Region: MAIC
Location: Sterling, VA
Vehicle:
100% Abuse

Default

Quote:
Originally Posted by BigWrecKs View Post
I understand your point. My example was intended to compare in-hand money at the time "virtual money" in the bank were to be compromised.ie. people who stash money in the walls or in the mattress. Bitcoin has no physical form, it is all or nothing.
You mean it is all nothing!
rogue is offline  
Old 04-12-2013, 11:14 AM   #515
BigWrecKs
Scooby Newbie
 
Member#: 93830
Join Date: Aug 2005
Chapter/Region: South East
Location: Flori:derp:
Vehicle:
'06 Silverado
'19 STI

Default

How long does it take to mine 1 bitcoin these days?
BigWrecKs is offline  
Old 04-12-2013, 11:25 AM   #516
69subaru360
Scooby Guru
 
Member#: 159682
Join Date: Sep 2007
Chapter/Region: NESIC
Location: Maine
Vehicle:
1995 WRX
2015 F150

Default

Quote:
Originally Posted by BigWrecKs View Post
How long does it take to mine 1 bitcoin these days?
Would depend upon what hardware you have and how much.
69subaru360 is offline  
Old 04-12-2013, 11:38 AM   #517
BigWrecKs
Scooby Newbie
 
Member#: 93830
Join Date: Aug 2005
Chapter/Region: South East
Location: Flori:derp:
Vehicle:
'06 Silverado
'19 STI

Default

Quote:
Originally Posted by 69subaru360 View Post

Would depend upon what hardware you have and how much.
Modern hardware. Core i5 with an nvidia 660 ti
BigWrecKs is offline  
Old 04-12-2013, 11:46 AM   #518
Bochet
Scooby Newbie
 
Member#: 155613
Join Date: Aug 2007
Chapter/Region: South East
Location: Charleston, SC
Default

i think you'd want to join a pool otherwise you may never end up with anything
Bochet is offline  
Old 04-12-2013, 12:14 PM   #519
Dirty25RS
Scooby Specialist
 
Member#: 56731
Join Date: Mar 2004
Chapter/Region: MWSOC
Location: Akron, Ohio
Vehicle:
2004 STi, 00 Insight
10 Volvo C30R-d 11 F150

Default

Quote:
Originally Posted by BigWrecKs View Post
Modern hardware. Core i5 with an nvidia 660 ti
My very rough estimate is that if you were in a pool it would take you 150-200 days to mine 1 BTC.

Solo mining you probably, for all intents and purposes, never would.
Dirty25RS is offline  
Old 04-12-2013, 12:19 PM   #520
BigWrecKs
Scooby Newbie
 
Member#: 93830
Join Date: Aug 2005
Chapter/Region: South East
Location: Flori:derp:
Vehicle:
'06 Silverado
'19 STI

Default

Quote:
Originally Posted by Dirty25RS View Post
My very rough estimate is that if you were in a pool it would take you 150-200 days to mine 1 BTC.

Solo mining you probably, for all intents and purposes, never would.
So let me get this straight. It would take my computer about 6 months of non-stop mining and then maybe i'll get a Bitcoin? My computer would consume that much money in power costs.
BigWrecKs is offline  
Old 04-12-2013, 12:33 PM   #521
Bochet
Scooby Newbie
 
Member#: 155613
Join Date: Aug 2007
Chapter/Region: South East
Location: Charleston, SC
Default

that's why people buy hardware specific to btc mining and even then usually pool up so that they stand a chance of getting some
Bochet is offline  
Old 04-12-2013, 12:33 PM   #522
WRX300
Scooby Newbie
 
Member#: 17974
Join Date: Apr 2002
Chapter/Region: MWSOC
Location: Chicago
Default

Quote:
Originally Posted by BigWrecKs View Post
So let me get this straight. It would take my computer about 6 months of non-stop mining and then maybe i'll get a Bitcoin? My computer would consume that much money in power costs.
if you had done it in the first days of bitcoins release it was generating coins every 10 minutes

i posted a mining calculator on the last page that lets you plug in quantities for your graphics card, processor, memory and electricity costs to give you an estimate
WRX300 is offline  
Old 04-12-2013, 01:17 PM   #523
Dirty25RS
Scooby Specialist
 
Member#: 56731
Join Date: Mar 2004
Chapter/Region: MWSOC
Location: Akron, Ohio
Vehicle:
2004 STi, 00 Insight
10 Volvo C30R-d 11 F150

Default

Quote:
Originally Posted by BigWrecKs View Post
So let me get this straight. It would take my computer about 6 months of non-stop mining and then maybe i'll get a Bitcoin? My computer would consume that much money in power costs.
Your computer is not very ideal for this kind of work.

Nvidia don't perform as well as ATI cards for that kind of work. CPU doesn't really matter.
Dirty25RS is offline  
Old 04-12-2013, 01:25 PM   #524
s mack
Scooby Newbie
 
Member#: 317620
Join Date: Apr 2012
Chapter/Region: Tri-State
Location: NY
Default

Quote:
Originally Posted by Dirty25RS View Post

Your computer is not very ideal for this kind of work.

Nvidia don't perform as well as ATI cards for that kind of work. CPU doesn't really matter.
Why does the graphics card matter for this again?

CPU is what does all the computations for processes outside of video processing..
s mack is offline  
Old 04-12-2013, 01:27 PM   #525
sonomaxj
Scooby Newbie
 
Member#: 80916
Join Date: Feb 2005
Chapter/Region: BAIC
Vehicle:
My name isn't Max.
Sonoma. XJ.

Default

Quote:
Originally Posted by BigWrecKs View Post
So let me get this straight. It would take my computer about 6 months of non-stop mining and then maybe i'll get a Bitcoin? My computer would consume that much money in power costs.
It's 25 (used to be 50) if you get a block, not just 1. But anyone with half a brain now joins a pool so they get regular payouts.

Your graphics card sucks at mining anyway. It's ATI or nothing (or ASIC if you can get one). https://en.bitcoin.it/wiki/Mining_hardware_comparison
sonomaxj is offline  
Closed Thread

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
FS/FT : k&n red typhoon with heat shields intake system hersheywrx SCIC Private Classifieds 2 05-16-2011 11:12 PM
Gee, I guess no one saw this comming: UN wants new global currency to replace dollar Qcanfixit Political Playground - Chaotic Neutral Edition 83 09-11-2009 06:21 PM
GM opens doors to Global Battery Systems Lab in Michigan AVANTI R5 Non-Subaru News & Rumors 1 06-08-2009 06:09 PM
MSDE SQL Server on Peer-to-Peer Network (?) GotWRX03 Off-Topic 0 10-24-2006 04:51 PM
peer-to-peer program DJ_STI Off-Topic 2 09-20-2006 10:17 PM

All times are GMT -4. The time now is 12:12 PM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2019 Axivo Inc.
Copyright ©1999 - 2019, North American Subaru Impreza Owners Club, Inc.