Bitcoins

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Arlo1
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Re: Bitcoins

Post by Arlo1 » Nov 26, 2011 1:53 am

I keep thinking about this and what happens when people loose some coins which they will. Then over time there will be less and less bit coins left till they are all lost. The only way for this to be avoided is to track them!
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Re: Bitcoins

Post by liveforphysics » Nov 26, 2011 2:26 am

Arlo1 wrote:I keep thinking about this and what happens when people loose some coins which they will. Then over time there will be less and less bit coins left till they are all lost. The only way for this to be avoided is to track them!

Actually, 50 new coins get minted every hour around the world.

Likewise, people lose cash sometimes. But cash can only exist in a single place. At least with this you can back it up, you could email it to your self in 5 email accounts or whatever, hide it on some flash drives, host it in an encrypted file on a server, or whatever the hell you feel like doing.
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Re: Bitcoins

Post by Arlo1 » Nov 26, 2011 9:44 am

liveforphysics wrote:
Arlo1 wrote:I keep thinking about this and what happens when people loose some coins which they will. Then over time there will be less and less bit coins left till they are all lost. The only way for this to be avoided is to track them!

Actually, 50 new coins get minted every hour around the world.

Likewise, people lose cash sometimes. But cash can only exist in a single place. At least with this you can back it up, you could email it to your self in 5 email accounts or whatever, hide it on some flash drives, host it in an encrypted file on a server, or whatever the hell you feel like doing.
Oh ok so you can have duplicates but cant spend duplicates. And 50 new coins only get mined every hour till there is 21,000,000 coins so what I am saying is when people loose them and they will the total bitcoin number will be always shrinking driving the value up!
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Re: Bitcoins

Post by liveforphysics » Nov 26, 2011 12:38 pm

I can't imagine the tiny percent of lost coins will have much or any effect on the value my friend.
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Re: Bitcoins

Post by Gordo » Nov 26, 2011 1:19 pm

When I first began tracking the value Aug 1, a bitcoin was $14 My first post in this thread is Aug 7 and I said no bitcoins for me. Today the price is @$2.50. Anyone you know who put $14 in a bank Aug 1, 2011 and now has $2.50 :?: :?: :?:
You didn't do your gasintaz carefully when in school. :shock:

Other than mcshitemb, I again urge you all, to not use bitcoin.

The miners are creating 438,000 bitcoins per year. That figure, less the coins lost, is the bitcoin inflation per annum. Seems to be around 25% inflation over 10 years. A strangely reasonable number.
I'm guessing the bitcoin experiment will be duplicated for real, on a world wide mainstream scale, by the central banks, in the not too distant future. The kid who used to live across the street (now 34 years old) is the head of IT for our second largest bank. He just grins when asked about their exploring cyber currency.
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Re: Bitcoins

Post by Arlo1 » Nov 26, 2011 8:44 pm

liveforphysics wrote:I can't imagine the tiny percent of lost coins will have much or any effect on the value my friend.
Thing is luke, there is already has been some people loosing them. And with this happening then its only a matter of time till they are all gone.... sure it may take 1000 years but they will be lost. Or they will need to be tracked.... Which meens tax tax tax and people who can come hack you to steal them because they just have to find out who has them.

You guys realy need to take a long hard look at this because as shit hits the fan I think the government will be the ones to impiment this and it will be forced upon us then every single time you move money BAM, TAX. You think you have it bad just wait till this all comes in. I think big moose is right bit coin is a test to see how it will work. At least now you can lend your buddy $50 without him haveing to pay tax but just wait!

In the end it will go two ways
#1 It will be tracked!
#2 They will be lost!
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Re: Bitcoins

Post by Gordo » Nov 26, 2011 11:24 pm

It may depend on how they are lost? If you mean someone loosing 100 or so, It will have very little effect. When the one exchange was hacked and 50% were stolen, the value went away down. It is hard to prove cause and effect on this event as bitcoin was already on a shitskid. Do you know there is a physical bitcoin business here which will give currency or gold in exchange?
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Re: Bitcoins

Post by zEEz » Jun 03, 2014 5:43 pm

1BitCoin already exchanged for 1000$ ....

transaction rate is currently 1000$ per second, so around 1BTC per second ...

Bubble? :mrgreen:

"finance professor Mark Williams forecast a bitcoin would be worth less than ten US dollars by July 2014"

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Re: Bitcoins

Post by Dauntless » Jun 03, 2014 8:37 pm

Arlo1 wrote:
liveforphysics wrote:I can't imagine the tiny percent of lost coins will have much or any effect on the value my friend.
Thing is luke, there is already has been some people loosing them. And with this happening then its only a matter of time till they are all gone....
At the time youse guys was sayin' this, there hadn't been anyone throwing away his harddrive, let alone an exchange losing xx% of the world's population of Bitcoins. What now, for the thing too big to seriously believe could happen?
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Re: Bitcoins

Post by marty » Feb 14, 2015 9:39 am

Friend of mine has started a bitcoin farm / mine? Not sure if we call this a farm or a mine?
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Pictures taken about 2 weeks after Captain Bitcoin got the farm/mine all set up.

Me - How much did you spend on all this?

Captain Bitcoin - $300, eBay.

Me - How much money do you have? Money as if converted to US dollars?

Captain Bitcoin - $20

Assume he has more as of today?

My thoughts? If you don't mind the humming noise and little lights, this would be a great way to heat with electricity. According to my research, a watt is a watt and it don't matter how you cook it. A 100W light bulb makes the same amount of heat as a 100W Bitcoin machine or a 100W electric heater.
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Re: Bitcoins

Post by Punx0r » Feb 14, 2015 2:48 pm

I heard bitcoin mining doesn't even cover the cost of the electricity used to run the computers. On that basis it would make sense to misuse your employers machines overnight for mining :D

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Re: Bitcoins

Post by amberwolf » Feb 14, 2015 3:04 pm

as marty points out indirectly, if you need the heat anyway, running the computer is more efficient than using a heater because at least you're doing two useful things with teh power. ;)

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Re: Bitcoins

Post by Joseph C. » Feb 14, 2015 7:55 pm



Although it reminds me of pointlessness of The Zero Theorem, if you are going to do it you might as well do it on a large scale.
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Re: Bitcoins

Post by marty » Apr 05, 2015 10:57 am

Marty's got bitcoins! .62 cents as of right now. Captain bitcoin told me to install this wallet.
https://multibit.org/
He sent me a few transactions. Now I feel like a little kid with .62 cents. Remember when you were about 6 years old and you took some coins to the store to buy some candy? Note that if my hard drive fails I think I will loose the .62 cents. If my hard drive fails I will have more to worry about then .62 cents.

Details of my bitcoin collection.
0.0001
0.0003
0.002
Total is 0.0024 BTC ($0.62)
As of right now 1 Bitstamp is worth $257.8 USD this goes up and down like stocks.

Any suggestions on a bitcoin mining machine that does not use a lot of electricity? I don't like humming noises.

Here is a Bitcoin faucet.
https://www.landofbitcoin.com/
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Re: Bitcoins

Post by Dauntless » May 02, 2016 8:40 am

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Re: Bitcoins

Post by marty » May 02, 2016 9:50 am

Update :!: :D
My 62¢ has gone up to $1.06 best investment I ever had. The 62¢ was a gift.

Captain Bitcoin told me told me that he now has a few thousand US dollars worth of bitcoins. Said he is going to use the money for a down payment on a new truck.

I want a bitcoin mining machine. Got a Ethernet cable, 120V power, and a internet router that runs all the time. Will put the equipment in a empty apartment so the humming noise don't bother me.
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Re: Bitcoins

Post by TheBeastie » May 02, 2016 11:58 am

I think who ever created bitcoin was a clever person and probably engineered bitcoins mining system to help it become more popular as it gave anybody a shot to make money spread the wealth and increase bitcoins popularity..
But the bitcoin creator probably didn't anticipate ASIC hardware to ruin the fun of having a more general population participating in bitcoin mining, this is also evident to the fact that bitcoin sovereignty is reliant on separate competing mining pools, if there was only one single mining pool the whole thing would collapse, but the major miners have agreed to never pool together to protect bitcoin and their self interests of course..
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Re: Bitcoins

Post by Dauntless » Aug 07, 2016 4:01 pm

http://money.cnn.com/2016/08/07/technol ... index.html

So is that 36% of ALL Bitcoin that was stolen, or just those on that exchange?

So Marty, did you lose .22 cents out of your original .62, or .38 of 1.06? Tough about your loss, but you got more than a dollars worth of stories to tell from it, eh?

I should think the most logical people to do this hacking are the miners, with their inside info. But will we ever know? The beauty of Bitcoin. . . .
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Re: Bitcoins

Post by swbluto » Aug 07, 2016 4:09 pm

I don't think Bitcoin ever has a chance of becoming a major currency. It's too abstract and too hard to use for the 'average person' as the way it's currently designed to ever become commonly used. I would love my customers to use bitcoins, but I strongly don't think they'd ever give it the time of the day and if I forced them to, they'd just go to my competitors and/or simply not buy. The "hardcore bitcoin geek" market is rather small, and the only people willing to give it the time of day are those trying to evade law enforcement as regular digital payment methods are too risky (Too easy to track). This might entail drug transactions, tax evasion and money laundering. Not too many real businesses would use it because it'd be harder to claim tax deductions, and most 'normal' customers wouldn't use it for payment.
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Re: Bitcoins

Post by swbluto » Aug 07, 2016 4:13 pm

TheBeastie wrote:But the bitcoin creator probably didn't anticipate ASIC hardware to ruin the fun of having a more general population participating in bitcoin mining
The bitcoin creator would have been rather ignorant of hardware technologies in the electrical engineering world to not have anticipated ASIC hardware becoming the norm. But, since it's largely a software/mathematical construct, that wouldn't be too surprising.

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Re: Bitcoins

Post by markz » Aug 10, 2016 9:13 pm

I have looked into this Bitcoin thing. From what I gather the "network" has a record and takes several minutes for a transaction to complete. You can get up to 0.00000001 (8 decimal points) worth a Bitcoin. What the Bitcoin is worth today.

The thing I am still confused about is how does one EARN a Bitcoin. Is it just a matter of hooking up GPU's or ASIC card's and computing the problem?
- If so the common man has no chance, and the people with money can make money. An ASIC card is ideal but is $2000, GPU's are not as efficient at solving the mathmatical problem.

I saw something somewhere where a guy had a warehouse full of Bitcoin computers, making millions but probably spent millions. This guy then transacts hit earned Bitcoins to whatever he wants, can he get cash for it, or is it just services and trade.

Its all still vary complex in my mind. I know these machines run hot and cost a lot in electricity.
But these are all random confirmed facts I read about.

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Re: Bitcoins

Post by swbluto » Aug 10, 2016 11:13 pm

I could probably make one of these guys, ASIC hardware and everything. I wonder if there'd be any significant advantages to rolling your own vs. buying? I would think the prices are jacked up, but then again, there's probably a number of chinese people selling it for 10% above their manufacturing costs on ebay.

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Re: Bitcoins

Post by Dauntless » Nov 14, 2017 12:14 pm

http://money.cnn.com/2017/11/13/investi ... index.html

$500. That is all I would have had to blow when I first heard of bitcoin. How many tens of thousands could I have taken from some OTHER succor just getting into tulip mania just now?

It'll still tank I'm sure. The only thing it's good for is having people imagine they want it. But by the standard of 'If you can't afford to lose. . . .' well, I could afford to lose right then, today the big bucks would have come in handy.

I wonder how many millionaires it has created, or if any will get out in time to STAY a millionaire?
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Re: Bitcoins

Post by markz » Nov 14, 2017 1:19 pm

If you could go back in time, knowing what you know now, you'd be a billionaire for sure.
Imagine buying up $500 worth of bitcoin when it started.
July 19, 2010 $0.05
https://www.coindesk.com/price/

$500 would have been 10,000 coins, now worth $6500, so $65M which is a good sum of money to live on. Back in 2010 I would have invested all I could at the time, which would be a grand or two, so $130M to $260M, a more planned approach is to obtain the highest limit credit card you could at the time, which could easily be a few grand if not $5K, in which case you'd be getting $650M which is a comfortable sum to live on ;) 8)

You could have the fancy homes across the world, all the boy toys, all the women in every different flavor, all the drugs and expensive booze you'd ever want to consume.

Gates just yesterday donated $100M to fight disease. Unsure what my philanthropy projects would be, but I know I'd start off with a few smaller donations and projects close to home. They say you gain a lot when you donate, but I do not believe in society norms of a certain %, like certain religions want 10% which is ridiculous. Im more inline with the random interweb facts I found
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Re: Bitcoins

Post by neptronix » Nov 14, 2017 1:34 pm

Ethereum mining difficulty recently went down a hair. I have a 1060 and 1070 crunching away now. No more video games for me this winter.. :lol:
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