Myers Depot Metal Detectors

Bitcoin

Aquaman, do you have "Bitcoin for Dummies" by chance? I just wiki'ed it, and I have no idea what I just read.
 
Never heard of Bitcoin, but it seems very very fishy...

The digital currency sounds fine, but whats with the Bitcoin Mining stuff?
 
Crumble said:
Never heard of Bitcoin, but it seems very very fishy...

The digital currency sounds fine, but whats with the Bitcoin Mining stuff?
Click to expand...

I'm just learning about it myself Crumble but it appears you can use your computer to link up with other computers to literally mine bit coins from the internet. I have no idea how it really works:?: In my mind the whole system (stock market) went off the rails in 2008 and never really came back. Bitcoin is just another way for desk jockeys to steal hard earned money out of the pockets of the dooers in our society.
Just my opinion mind you but when I see the spot on gold tanking every day it leads me to believe there is something nefarious going on behind the scenes and I have no faith that our established heads of govt have any idea what's really going on. Lets just keep pumping $85,000,000,000 monopoly bucks every month into the system and keep our fingers crossed.
 
I did bitcoin and will never do that !!!! again and if the USA congress does outlaw it the bitcoin will die a horrible death.

By the way being able to produce a bitcoin requires a lot of horse power and as more sign on it requires even more. A good bitcoin machine costs about 6 thousand dollars but you can join a pool and share but even your fastest computer is not fast enough anymore and you must use your graphics card at a minimum. Soon that will not be enough and you will have to buy those ASIC machines made just to do Bitcoin farming.

First computers were enough then graphics cards then FPGA was enough then ASIC now it is 6k dollar machines with 15+ ASIC machines running 24x7 to produce a good rate of return.

Just remember there is a MAXIMUM amount of BC that can ever be produced and that number is like 21 million or close to that (was in the 20's of million).

Basically running for BC, even in a pool, on a PC costs more in your wear and tear bills than you make. Graphic cards are hoovering around the threshold of making a profit or losing one depending on your electrical rates. FPGA is just dead so discount it and ASIC is nice because it uses 1/10th the power to churn them out and can get you 8 giga hashes for a few hundred dollars but only 1 is not enough some days.
 
DarkPrognosis said:
I did bitcoin and will never do that !!!! again and if the USA congress does outlaw it the bitcoin will die a horrible death.

By the way being able to produce a bitcoin requires a lot of horse power and as more sign on it requires even more. A good bitcoin machine costs about 6 thousand dollars but you can join a pool and share but even your fastest computer is not fast enough anymore and you must use your graphics card at a minimum. Soon that will not be enough and you will have to buy those ASIC machines made just to do Bitcoin farming.

First computers were enough then graphics cards then FPGA was enough then ASIC now it is 6k dollar machines with 15+ ASIC machines running 24x7 to produce a good rate of return.

Just remember there is a MAXIMUM amount of BC that can ever be produced and that number is like 21 million or close to that (was in the 20's of million).

Basically running for BC, even in a pool, on a PC costs more in your wear and tear bills than you make. Graphic cards are hoovering around the threshold of making a profit or losing one depending on your electrical rates. FPGA is just dead so discount it and ASIC is nice because it uses 1/10th the power to churn them out and can get you 8 giga hashes for a few hundred dollars but only 1 is not enough some days.
Click to expand...

How can you do bitcoin? :D

It was always better to buy some. Mining is not for the faint of heart.
 
He lost me when he said it only exists in cyberspace. Isn't that like the difference between a sandwich and a sandwish? A solar flare could bring bitcoin mining to a halt.
 
Bit coins is a crypto currency, untraceable digital money. Bitcoin "mining" is either by your self or in a "pool" with others cracking blocks of ciphers to retrieve the bitcoin amount in said cipher, there is a finite amout of bitcoins that will ever be in existence, although it is just like the dollar, euro, yen, peso. Its a fiat currency, backed by nothing but by those who use it. In its inception they were only about 5 cents per coin, a year ago $10 earlier in the year they were stable at around 100 bucks each, then got up to 200 and crashed, now the bubble is expanding again and will soon implode on itself crashing the market making people lose billions of dollars. Taking the aspect out of money and their hands out of the "cookie" jar is a great idea, but its really no different when you start a currency thats based around the ideals of "people will pay what they will pay for it." It would have been better if they would have backed the BTC with gold and or silver making it a currency actually worth something other then nothing besides what people are willing to pay for it, causing it to build up and collapse on itself.
 
With bitcoin my main concern is where the money goes when you buy a bitcoin, who is collecting the real money for virtual ones :?::?:

Seems like a good deal to me:laughing::laughing::laughing::laughing:
 
I guess China got tired of manipulating the gold market for a mear 10% so now they have people gambling they can get in and out before its...... whose got my money? I prefer something..... or someone... i can get my hands on when it comes to my money.... trust me is what they all say while they have their hand in your back pocket.

Dew
 
Please do not speculate on this more than you can afford to lose. There is a big tendency for risk adverse individuals to buy in late on hot trends, and lose a lot of money when corrections occur.

Hotrod Tom said:
The ultimate con! Give me cash for pretend cash. I'll stick with my real cash that the bank says I have...:?:
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True that it is just a long code that has value just because it meets the Bit Coin algorithm, there are other similar crypto-currencies that no one cares about, what makes this one special? Hype? Will it have longterm acceptance? It is only worth something because someone is willing to pay for it, there is no guarantee that someone will pay for it tomorrow. You could compare it to a ponzi scheme that is upfront, and has a truely limited supply, which would make it not a ponzi scheme.

Also compare to the current US dollar, they are printing it like it the above scheme!
 
Sign Waved on ESPN nets $24k

http://www.businessinsider.com/someone-holding-bitcoin-sign-on-college-gameday-receives-over-22-bitcoins-2013-12

The real value in bitcoin is its innovation in function. It is an innovation (experiment) which will allow society to advance better in the long run.

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Right on. I do no have, nor will I personally acquire BC, but many poking fun at it conceptually can and should literally apply the same concepts to our very own greenbacks...perhaps they once were "real," heck we love to dig up the silver varieties and dream of the gold...but with todays 'digitization' they are no more real than the fact that they have gained (for how long...) a level of trust and acceptance. The reality is the $20 in your wallet really is no more or less real than the BC and its digital code...both are only as good as the backing of trust behind them and the willingness/ability for a market to form.

RyanChappell said:
Please do not speculate on this more than you can afford to lose. There is a big tendency for risk adverse individuals to buy in late on hot trends, and lose a lot of money when corrections occur.



True that it is just a long code that has value just because it meets the Bit Coin algorithm, there are other similar crypto-currencies that no one cares about, what makes this one special? Hype? Will it have longterm acceptance? It is only worth something because someone is willing to pay for it, there is no guarantee that someone will pay for it tomorrow. You could compare it to a ponzi scheme that is upfront, and has a truely limited supply, which would make it not a ponzi scheme.

Also compare to the current US dollar, they are printing it like it the above scheme!
Click to expand...
 
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