What you heard about bitcoins?

[ScrubNinja]

They seem like a good idea to me. Crypto-anarchy is the only hope at keeping anyone honest these days in my opinion. I've been wanting to get some BTC for the longest time, but honestly, it is just so freaking complex if you want to understand all the ins and outs (which I do, before I get any).

The size of the block chain & general high bandwidth usage with the official client is a big hindrance for me as well.

It's pretty obvious that the governments will/do hate it, and they certainly have the power to outlaw banks from cashing out and such, and also to demonize the whole thing in the eyes of the public, So my gut feeling is that it'll eventually be outlawed or otherwise commandeered and compromised by governments. I hope it doesn't.

 

[walt cunningham]

they take too much of a cut, and is to volatile for them to ever consider it, DUH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
also, this should never be brought up here in my opinion. the fact its used to buy drugs mostly, should be avoided here. it will just tie this site to selling drugs....

 

[ScrubNinja]

Walt, who are you meaning by "they" and "them"?

 

[hunt4genetics]

Bumping this thread because I must be the last person on the planet to hear about bitcoins. I saw an ad about Coinye that refered to bitcoins.

Is this the future?

 

[hunt4genetics]

Ha!

Just read something funny on a Bitcoin blog.

"Bitcoin, is the Kimbo Slice of digital currency.

 

[blastfrompast]

depends on if your mining, or bought back when they were 7bucks a pop or less especialy..


My buddy mines....
Buddy dumped a bunch at 1k that he mined using blades. at the time he was mining 3btc a day..the sweet time lasted about 2weeks...it slows down as more people jump on board and difficulty goes up etc...he mined about 100 coins before he sold the blades...at the time btc was worth around 130bucks...

the 3 blades cost him 12k at the time...he sold them for 10k....

Risky at the time but he is ROLLING in $$$ now....EFT's, buying more hardware to mine BTC.

His newest rig cost him 10k....delivery in a month or so....the general public will have access to them about a month later....when mining isn't as nearly as profitable...he dumps the blade then for 10k....he says the manufacturers dump a limited # on the market to create a buzz...he says it is shady as fuck.....

You could say he met the right hookup....made a friend who is using him to hype up the new HW..post pretty pics, etc....almost reminds me of the pot biz...
his new blade will have 30x the hashing power of his old ones...so..it is just the same cycle all over again....


You can also ride "pump and dumps" make a quick % in the matter of a few minutes sometimes....reminds me of gambling...

Different exchanges also sell btc at diff prices which boggles my mind....some people make btc simply buy buying on one exchange and selling at another....

Buddy can chat for hours about this stupid shit...wish I had taken him up on his offer to trade btc for bud back when it was 100bucks a btc...lol....

 

[mack 10]

Don't this mining thing, whats the low down? A friend offered me a bitcoin miner,
but, Blades? Mining wtf, I need to do more research.

 

[jayjayfrank]

bitcoin is a rabbit whole and a honey badger lives at the bottom of it.

you have to have major $$$ to do mining now or be in a good pool. the rig might be able to be used to mine altcoins, depends on hardware.

when this thread started it was a $1 billion market cap, now its $10 billion, next year it will be$100billion and then $1trillion and maybe $1-3 million per bitcoin in ten years.

exchange arbitrage is getting harder and harder as it becomes more expensive and illiquid (good thing)

 

[blastfrompast]

jayjayfrank:

I wouldn't say you need major $$$, you just need to get ahead of the curve.

When the USB asic miners were going for 130-150....he was getting them for 30bucks a pop buying by the 100's and flipping them on Ebay.

It is all about where you get in on the curve..

30x the hash rate of his old blades is pretty impressive even factoring in electricity costs.

or catch a wave....buddy got a tip to mine "sexcoins" before they bumped....made a quick 3k overnight...

Pretty stressful tho for him, the China thing had him worried a bit...but seems to have rode out the storm well.

 

[jayjayfrank]

yes but this curves flatten out, and its going to be flat in a couple years, and for the last couple years its been STEEP, too steep. soon there will be no curve to be ahead of.

contracting a asic board out to china is cheap cheap cheap because who the hell in china knows that these little boards PRINT MONEY, the chinese didnt... now they know. the factory spitting these puppies out is going to be able to afford a second production line in a couple months, and everything on that second line is going to stay in china.

30x is not impressive, my cell phone is 100x time anything from 20 years ago, in 5 years everything will be no less than 3000x. from here on out, hashing is only going to be a order of magnitude higher every 18 months.

this is basically early crude oil wells -right? its like saying why didnt you buy land in 1890 and drill an oil well? you could have been ahead of the curve!

power of the bitcoin network = (all of Worlds Top 500 Supercomputers) x 8


but, if you are going to mine DO IT NOW. bite the bullet, spend some cash, and HOLD! go long on bitcoin. all you need is one bitcoin and you will have the ability to take part in many financial services in the near future. the days are gone when a laptop or gaming rig had the power to make coin and soon us mere mortals wont have the capital or connections to have significant mining power. massive bitcoin servers farms are being built in iceland and china.

BLESSED ARE THE MINERS FOR THEY SHALL INHERIT THE BLOCKS

 

[blastfrompast]

I agree anyone getting in now...pretty much on the decline..

Im still waiting for it to go KABOOOM...should another digi currency take its place...

I doubt it will, but if it does it will be one helleva show to watch....