Bitcoins

[Kouen Hasuki]

Bit coins is something I didn't much time seriously at all till recently when humble bundle started accepting them but I'm curious as to the temps thoughts on a pure digital de-centeralized currency tat cuts government out of the loop.

I for one see it as an interesting thing that seems to be growing fast although it takes time to work out fully and in that until that side of things are resolved I don't think its for everyone.

Thoughts?

 

[Tom Bombadildo]

http://gbatemp.net/threads/bitcoins.352291/
http://gbatemp.net/threads/explain-bitcoins-mining-to-a-dummy-bortz.357239/

Already have a couple threads on Bitcoins and such

But IMO Bitcoin mining isn't worth it unless you have a ton of money to waste. You need to spend quite a bit of money at first, and it'll be a long long time until you actually profit off from it.

 

[Kouen Hasuki]

Didn't wanna macro and since this is more about the principle rather than mining it didn't quite fit the other

 

[Joe88]

you need to buy specialized hardware now which is currently being hoarded by other miners and resellers, not worth it now, it will take a very long time to even make your investment back

you could treat it like a stock market though
but bitcoins at low value (like when they crashed they were around $75 now they are around $650) and sell high

imo though, I wouldnt get involved personally
its too unstable

 

[PityOnU]

Bit coins is something I didn't much time seriously at all till recently when humble bundle started accepting them but I'm curious as to the temps thoughts on a pure digital de-centeralized currency tat cuts government out of the loop.

I for one see it as an interesting thing that seems to be growing fast although it takes time to work out fully and in that until that side of things are resolved I don't think its for everyone.

Thoughts?

It's digital cash.

Paying by cash IRL is usually OK because you are physically interacting with another person and their products/services, usually in a public place, so there is some level of trust.

Paying by bitcoin is paying by cash without ever meeting the other person or seeing what they are selling. There is nothing to verify trust.

Too risky for me.

 

[Kouen Hasuki]

It's digital cash.

Paying by cash IRL is usually OK because you are physically interacting with another person and their products/services, usually in a public place, so there is some level of trust.

Paying by bitcoin is paying by cash without ever meeting the other person or seeing what they are selling. There is nothing to verify trust.

Too risky for me.

There is a kinda lack of protection if a scam goes down aye, some have tried to say its like paypal but with paypal you have some sorta backup

 

[DanTheManMS]

I fully believe in Bitcoin. I think it's a revolutionary way to think of money. It's basically the online equivalent of cash.

The US Government actually had two Senate committee hearings earlier this week regarding Bitcoin, one on Monday and one on Tuesday. In those hearings, they pretty much recognized Bitcoin as a legitimate currency that needs to be looked at.

The way I look at it, Bitcoin is going to go to one extreme or the other. Either Bitcoin is going to become the biggest revolution of the century and become the world's currency, or it's going to crash down to nothing and become just a footnote in the history books. The latter is more likely of course, but hey, anything is possible.

 

[DanTheManMS]

Today marks the day Bitcoin hit $1,000/BTC on the MtGox exchange, and I couldn't be happier to see it.

Hang on folks, we're in for a wild ride!

 

[mrtofu]

deleted

 

[DanTheManMS]

I heard someone ordered a pizza for 10k bitcoins.

Hey now, it was *2* pizzas thankyouverymuch.

But yes, that actually happened way back in Bitcoin's infancy. And the best part is, it NEEDED to happen. That iconic 10k pizza purchase was one of the very first real-life instances of someone legitimately paying for fresh physical goods with Bitcoin.

As for whether it was worth it even with today's 20/20 hindsight, well, we're still talking about that pizza today aren't we?

 

[Guild McCommunist]

lol the buttcoin

If you enjoy investing in a system of currency that fluctuates on a whim and is easily brought into massive inflation by the boredom of some lazy neckbeards then yes, please "bitcoin mine".

But sticking your head in a blender and pressing the "On" button will basically have the same effect.

 

[DanTheManMS]

lol the buttcoin

If you enjoy investing in a system of currency that fluctuates on a whim and is easily brought into massive inflation by the boredom of some lazy neckbeards then yes, please "bitcoin mine".

But sticking your head in a blender and pressing the "On" button will basically have the same effect.

Meh, if you don't believe that Bitcoin is a good thing then I'm not gonna try to force you.

That said, you do sound kinda like the guy from http://www.theonion.com/articles/area-man-constantly-mentioning-he-doesnt-own-a-tel,429/

 

[WhiteMaze]

Meh, if you don't believe that Bitcoin is a good thing then I'm not gonna try to force you.

That said, you do sound kinda like the guy from http://www.theonion.com/articles/area-man-constantly-mentioning-he-doesnt-own-a-tel,429/

I speak for myself, but did anyone else feel an uncontrollable urge to slap his face, after reading the article?

Dear GOD.

 

[DanTheManMS]

I speak for myself, but did anyone else feel an uncontrollable urge to slap his face, after reading the article?
Dear GOD.

(That is the point and that was the joke, as The Onion is pure satire)

 

[Ericthegreat]

Bit coins is something I didn't much time seriously at all till recently when humble bundle started accepting them but I'm curious as to the temps thoughts on a pure digital de-centeralized currency tat cuts government out of the loop.

I for one see it as an interesting thing that seems to be growing fast although it takes time to work out fully and in that until that side of things are resolved I don't think its for everyone.

Thoughts?

When I first looked up bit coins, they so so cheap for a couple grand I would have made millions

 

[tbgtbg]

Did you see the episode of Raising Hope a few weeks ago where Burt and Virginia make up their own currency, and then at the end of the episode *SPOILERS* the whole thing falls apart *END SPOILERS THAT WERE OBVIOUS ANYWAY DUH*?

Yeah, bitcoin in a nutshell.

 

[Costello]

before I used bitcoins: yeah bitcoin is doomed it's fucked up it's wrong it will never live on
after I got my first bitcoin: damn it why didn't I get more when it was worth pennies

this happens to a lot of people lately

 

[DanTheManMS]

before I used bitcoins: yeah bitcoin is doomed it's fucked up it's wrong it will never live on
after I got my first bitcoin: damn it why didn't I get more when it was worth pennies

this happens to a lot of people lately

Thank you Costello, this is pretty much what I was trying to say, albeit in a slightly more roundabout way. It really is one of those "you can't really understand it 'till you try it" types of things.

In annnny case, do you accept Bitcoin for GBATemp funding donations?

 

[Guild McCommunist]

The thing with buttcoins is that while other currency does go up and down, like a dollar or a Euro, the bitcoin does that at a highly accelerated rate. You could be at a high one hour and the next it crashes to be worth nearly anything.

Also if your currency can be crashed by literally fat neckbeards getting bored and hacking it and having dormant elements in their hack that come back AGAIN after a certain amount of time to crash the system then it is absolutely the wrong currency.

They're only good for buying fedoras. Unfortunately not nooses.

 

[Costello]

Thank you Costello, this is pretty much what I was trying to say, albeit in a slightly more roundabout way. It really is one of those "you can't really understand it 'till you try it" types of things.

In annnny case, do you accept Bitcoin for GBATemp funding donations?

sure, if you'd like to make a donation to support the site and help pay for servers and competitions, it's always welcome. Bitcoins accepted.
we're getting ready for tempmas and we'll try to offer neat prizes this year, so every little bit helps.
PM me if you wish to make a donation.