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Bitcoins

FREEDO
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2/14/2013 7:57:01 PM
Posted: 3 years ago
This thread is for any general discussion on bitcoins.

I just downloaded my bitcoin wallet and I'm about to get into a mining pool.

Do you have bitcoins?

Have you made any actual money off it?

Any advice for me or others wanting to get into this?
GRAND POOBAH OF DDO

fnord
bossyburrito
Posts: 14,075
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2/14/2013 8:00:25 PM
Posted: 3 years ago
Aren't bitcoins what people use to hire hitmen and buy drugs?
#UnbanTheMadman

"Some will sell their dreams for small desires
Or lose the race to rats
Get caught in ticking traps
And start to dream of somewhere
To relax their restless flight
Somewhere out of a memory of lighted streets on quiet nights..."

~ Rush
FREEDO
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2/14/2013 8:02:48 PM
Posted: 3 years ago
At 2/14/2013 8:00:25 PM, bossyburrito wrote:
Aren't bitcoins what people use to hire hitmen and buy drugs?

Whatever someone freely chooses to trade with you for them. You can't really keep track of what people use it for, as there's no governing authority.
GRAND POOBAH OF DDO

fnord
FREEDO
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2/14/2013 8:04:50 PM
Posted: 3 years ago
The first bitcoin purchase was 10,000 for a pizza.

They're worth much more now, even with it's volatility. I can imagine the investors have become very rich.
GRAND POOBAH OF DDO

fnord
FREEDO
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2/14/2013 9:13:00 PM
Posted: 3 years ago
At 2/14/2013 9:10:23 PM, FREEDO wrote:
This website is giving out 0.00005 for free. But you can only use it once every hour.

http://dailybitcoins.org...

That's currently equal to about 1/20 of a US cent.
GRAND POOBAH OF DDO

fnord
darkkermit
Posts: 11,204
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2/14/2013 9:13:38 PM
Posted: 3 years ago
At 2/14/2013 8:00:25 PM, bossyburrito wrote:
Aren't bitcoins what people use to hire hitmen and buy drugs?

Yep, Stossel pretty much gave a step to step guideline on how to use bitcoins to buy heroin. I don't care what the haters say, Fox News is awesome.
Open borders debate:
http://www.debate.org...
FREEDO
Posts: 21,057
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2/14/2013 9:15:15 PM
Posted: 3 years ago
At 2/14/2013 9:13:38 PM, darkkermit wrote:
At 2/14/2013 8:00:25 PM, bossyburrito wrote:
Aren't bitcoins what people use to hire hitmen and buy drugs?

Yep, Stossel pretty much gave a step to step guideline on how to use bitcoins to buy heroin. I don't care what the haters say, Fox News is awesome.

You still have to have it transported to you, which can be easily caught.
GRAND POOBAH OF DDO

fnord
johnnyboy54
Posts: 6,362
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2/14/2013 9:15:31 PM
Posted: 3 years ago
At 2/14/2013 9:13:38 PM, darkkermit wrote:
At 2/14/2013 8:00:25 PM, bossyburrito wrote:
Aren't bitcoins what people use to hire hitmen and buy drugs?

Yep, Stossel pretty much gave a step to step guideline on how to use bitcoins to buy heroin. I don't care what the haters say, Fox News is awesome.

Fox News knows what the audience wants, and that is inflammatory political commentary are copious amounts of drugs.
I didn't order assholes with my whiskey.
darkkermit
Posts: 11,204
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2/14/2013 9:21:30 PM
Posted: 3 years ago
At 2/14/2013 9:15:31 PM, johnnyboy54 wrote:
At 2/14/2013 9:13:38 PM, darkkermit wrote:
At 2/14/2013 8:00:25 PM, bossyburrito wrote:
Aren't bitcoins what people use to hire hitmen and buy drugs?

Yep, Stossel pretty much gave a step to step guideline on how to use bitcoins to buy heroin. I don't care what the haters say, Fox News is awesome.

Fox News knows what the audience wants, and that is inflammatory political commentary are copious amounts of drugs.

I also enjoy how the news anchors they hire are much hotter than MSNBC. Rachel Maddow is just gross.
Open borders debate:
http://www.debate.org...
FREEDO
Posts: 21,057
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2/14/2013 10:16:22 PM
Posted: 3 years ago
It turns out there's tons of "faucets" set up to give out free bitcoins to people. Most of them are dry though and, for those that aren't, give out very little. But I imagine taking advantage of as many as you can will give someone a good running start.
GRAND POOBAH OF DDO

fnord
lewis20
Posts: 5,093
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2/14/2013 10:23:11 PM
Posted: 3 years ago
At 2/14/2013 9:21:30 PM, darkkermit wrote:
At 2/14/2013 9:15:31 PM, johnnyboy54 wrote:
At 2/14/2013 9:13:38 PM, darkkermit wrote:
At 2/14/2013 8:00:25 PM, bossyburrito wrote:
Aren't bitcoins what people use to hire hitmen and buy drugs?

Yep, Stossel pretty much gave a step to step guideline on how to use bitcoins to buy heroin. I don't care what the haters say, Fox News is awesome.

Fox News knows what the audience wants, and that is inflammatory political commentary are copious amounts of drugs.

I also enjoy how the news anchors they hire are much hotter than MSNBC. Rachel Maddow is just gross.

There's a reason MSNBC has terrible ratings.
"If you are a racist I will attack you with the north"- Abraham Lincoln

"Do not wear clothing woven of two kinds of material" - Leviticus 19 19

"War is a racket" - Smedley Butler
FREEDO
Posts: 21,057
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2/14/2013 10:23:44 PM
Posted: 3 years ago
Here's what bitcoins are currently worth:
http://bitcoincharts.com...
I think that's updated daily.

Here's the different abbreviations for bitcoin increments that people often use:
https://en.bitcoin.it...
GRAND POOBAH OF DDO

fnord
muzebreak
Posts: 2,781
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2/14/2013 11:20:28 PM
Posted: 3 years ago
As far as I can tell mining is when you let the bit coin peer to peer network use your computing power to crunch data for transactions. An interesting way of getting cheap computing power. But based on the rate I've found, it's essentially pointless unless you have some hard core graphics cards.
"Every kid starts out as a natural-born scientist, and then we beat it out of them. A few trickle through the system with their wonder and enthusiasm for science intact." - Carl Sagan

This is the response of the defenders of Sparta to the Commander of the Roman Army: "If you are a god, you will not hurt those who have never injured you. If you are a man, advance - you will find men equal to yourself. And women.
FREEDO
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2/14/2013 11:31:20 PM
Posted: 3 years ago
At 2/14/2013 11:20:28 PM, muzebreak wrote:
As far as I can tell mining is when you let the bit coin peer to peer network use your computing power to crunch data for transactions. An interesting way of getting cheap computing power. But based on the rate I've found, it's essentially pointless unless you have some hard core graphics cards.

That's why you enter into a pool. You essentially combined each other's computing power and split the reward. This gets you a much higher return than doing it on your own if you don't have any real mining hardware.
GRAND POOBAH OF DDO

fnord
slo1
Posts: 4,351
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2/15/2013 8:08:29 AM
Posted: 3 years ago
At 2/14/2013 11:31:20 PM, FREEDO wrote:
At 2/14/2013 11:20:28 PM, muzebreak wrote:
As far as I can tell mining is when you let the bit coin peer to peer network use your computing power to crunch data for transactions. An interesting way of getting cheap computing power. But based on the rate I've found, it's essentially pointless unless you have some hard core graphics cards.

That's why you enter into a pool. You essentially combined each other's computing power and split the reward. This gets you a much higher return than doing it on your own if you don't have any real mining hardware.

So basically they get energy at a cost for pennies on the dollar and you get bit coins that will be subject to declining value in the long term?
slo1
Posts: 4,351
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2/15/2013 8:19:43 AM
Posted: 3 years ago
At 2/15/2013 8:08:29 AM, slo1 wrote:
At 2/14/2013 11:31:20 PM, FREEDO wrote:
At 2/14/2013 11:20:28 PM, muzebreak wrote:
As far as I can tell mining is when you let the bit coin peer to peer network use your computing power to crunch data for transactions. An interesting way of getting cheap computing power. But based on the rate I've found, it's essentially pointless unless you have some hard core graphics cards.

That's why you enter into a pool. You essentially combined each other's computing power and split the reward. This gets you a much higher return than doing it on your own if you don't have any real mining hardware.

So basically they get energy at a cost for pennies on the dollar and you get bit coins that will be subject to declining value in the long term?

Oh, I see there is a limit on the number of bitcoins, 21 million, which backs up the actual bit coin, so they will be subject to deflation over the long term. Of course bit coins are imaginary, so not extending the 21 million cap is on the full faith of the entity who has access to the program. Regardless they are still getting their electricity to process transactions for pennies on the dollar or shall I say,"bitty's on the bitcoin"
https://en.bitcoin.it...
tmar19652
Posts: 727
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2/16/2013 4:42:32 PM
Posted: 3 years ago
I use bit-coins, but bit-coin mining is a losing venture unless you have a super powerful gpu. Even then the power consumption is exorbitant (My 7990 uses 580 w/hr for example).
"Politics is supposed to be the second-oldest profession. I have come to realize that it bears a very close resemblance to the first." -Ronald Reagan

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malcolmxy
Posts: 2,855
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2/16/2013 5:25:45 PM
Posted: 3 years ago
At 2/14/2013 7:57:01 PM, FREEDO wrote:
This thread is for any general discussion on bitcoins.

I just downloaded my bitcoin wallet and I'm about to get into a mining pool.

Do you have bitcoins?

Have you made any actual money off it?

Any advice for me or others wanting to get into this?

When it gets close to $13.75 - SELL (this is 5% above the last crash price, and without an increase in monetary supply, this is the point that it will crash again. Personally, I think it's a racket by those who founded the money, but I'm probably alone in this thought...it works just like a racket, anyway)
War is over, if you want it.

Meet Dr. Stupid and his assistants - http://www.debate.org...
FREEDO
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2/16/2013 5:55:40 PM
Posted: 3 years ago
At 2/16/2013 4:42:32 PM, tmar19652 wrote:
I use bit-coins, but bit-coin mining is a losing venture unless you have a super powerful gpu. Even then the power consumption is exorbitant (My 7990 uses 580 w/hr for example).

That's why you enter a mining pool. It's pretty profitable.
GRAND POOBAH OF DDO

fnord
FREEDO
Posts: 21,057
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2/16/2013 5:56:25 PM
Posted: 3 years ago
At 2/16/2013 5:25:45 PM, malcolmxy wrote:
At 2/14/2013 7:57:01 PM, FREEDO wrote:
This thread is for any general discussion on bitcoins.

I just downloaded my bitcoin wallet and I'm about to get into a mining pool.

Do you have bitcoins?

Have you made any actual money off it?

Any advice for me or others wanting to get into this?

When it gets close to $13.75 - SELL (this is 5% above the last crash price, and without an increase in monetary supply, this is the point that it will crash again. Personally, I think it's a racket by those who founded the money, but I'm probably alone in this thought...it works just like a racket, anyway)

All currencies are a racket.
GRAND POOBAH OF DDO

fnord
malcolmxy
Posts: 2,855
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2/16/2013 5:57:32 PM
Posted: 3 years ago
At 2/16/2013 5:56:25 PM, FREEDO wrote:
At 2/16/2013 5:25:45 PM, malcolmxy wrote:
At 2/14/2013 7:57:01 PM, FREEDO wrote:
This thread is for any general discussion on bitcoins.

I just downloaded my bitcoin wallet and I'm about to get into a mining pool.

Do you have bitcoins?

Have you made any actual money off it?

Any advice for me or others wanting to get into this?

When it gets close to $13.75 - SELL (this is 5% above the last crash price, and without an increase in monetary supply, this is the point that it will crash again. Personally, I think it's a racket by those who founded the money, but I'm probably alone in this thought...it works just like a racket, anyway)

All currencies are a racket.

Some more than others...

Anyway, this one seems to be pretty predictable. Wait until the crash to fill your wallet...it's close to happening again.
War is over, if you want it.

Meet Dr. Stupid and his assistants - http://www.debate.org...
malcolmxy
Posts: 2,855
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2/16/2013 6:08:04 PM
Posted: 3 years ago
At 2/14/2013 9:21:30 PM, darkkermit wrote:
At 2/14/2013 9:15:31 PM, johnnyboy54 wrote:
At 2/14/2013 9:13:38 PM, darkkermit wrote:
At 2/14/2013 8:00:25 PM, bossyburrito wrote:
Aren't bitcoins what people use to hire hitmen and buy drugs?

Yep, Stossel pretty much gave a step to step guideline on how to use bitcoins to buy heroin. I don't care what the haters say, Fox News is awesome.

Fox News knows what the audience wants, and that is inflammatory political commentary are copious amounts of drugs.

I also enjoy how the news anchors they hire are much hotter than MSNBC. Rachel Maddow is just gross.

I don't think she plays for your team, man. I'm sure she's appealing to the lesbian set, and you gotta give it up to her...at least she's not Keith Olberman.
War is over, if you want it.

Meet Dr. Stupid and his assistants - http://www.debate.org...
FREEDO
Posts: 21,057
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2/16/2013 6:13:04 PM
Posted: 3 years ago
At 2/16/2013 5:57:32 PM, malcolmxy wrote:
Anyway, this one seems to be pretty predictable. Wait until the crash to fill your wallet...it's close to happening again.

For right now, I just plan on immediately turning my BTC into USD once I get them.

Even if it crashes, I'd still make a profit. It doesn't cost me anything to mine.
GRAND POOBAH OF DDO

fnord
malcolmxy
Posts: 2,855
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2/16/2013 6:20:37 PM
Posted: 3 years ago
At 2/16/2013 6:13:04 PM, FREEDO wrote:
At 2/16/2013 5:57:32 PM, malcolmxy wrote:
Anyway, this one seems to be pretty predictable. Wait until the crash to fill your wallet...it's close to happening again.

For right now, I just plan on immediately turning my BTC into USD once I get them.

Even if it crashes, I'd still make a profit. It doesn't cost me anything to mine.

Yeah...you're one of the smart ones here...not too worried 'bout you f*ckin up like some others aroud. Just in case you didn't catch the trend, though, thought I'd note it.
War is over, if you want it.

Meet Dr. Stupid and his assistants - http://www.debate.org...
FREEDO
Posts: 21,057
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2/16/2013 7:27:51 PM
Posted: 3 years ago
At 2/16/2013 6:20:37 PM, malcolmxy wrote:
Yeah...you're one of the smart ones here...not too worried 'bout you f*ckin up like some others aroud. Just in case you didn't catch the trend, though, thought I'd note it.

I agree that it will crash again. But I disagree that dumping is what one should do when it does. It will pick up again and better than last time.
GRAND POOBAH OF DDO

fnord