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Guild McCommunist said:
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.
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My friend bought and mined about 200 bitcoins in the early days (not that long ago).
If he sold them now, he would get about $200 000, that's real money.
But he's waiting to see if the rate gets higher in the future.
That's literally free money, he didn't do much and he's going to be rich as fuck.
Seriously, tell me you wouldn't want that?
 
I actually mined bitcoins a while back before they released dedicated mining hardware.

Via a combination of mining and then gambling with said mined part-coins I actually managed to make a bitcoin or 2, sadly this was back when they were trading for $250ish a coin :(

While I still mine now, generally I only get 0.05 or so and go play poker
 
Really regret not buying bitcoins back when I first heard of them, now mining is pretty much impossible and they're valued at like $1000 a coin.

1Cyeh6ye8HSYMVVBfcxF7Hv4r3E1oMQzuh
(in case anyone feels kind enough to donate something!)
 
I find the entire concept of money to be absolutely absurd--but even so, what exact is the value that a bitcoin represents? What is it being "mined"? Is this brute labor being used towards some larger purpose?
 
I'd just like to mention my little success story.

When Bitcoin was cheap I was mining it using a USB Block Erupter. I managed to get a little over two dollars worth of Bitcoin which wasn't much of course. I decided to invest mainly in a new currency called Quark. Bought 923 using that $2~ and sat on them for months. I logged on today to Cryptsy to see they rocketed from the price I bought them for. So much that the 923 I bought amounted to $179 worth of Bitcoin. I've now got that money getting transferred to my bank account and I'm amazed at how something so little was able to amount to so much.

I said I mainly invested in Quark. I also invested in a few other cheaper coins that have yet to spring up too much in value. Once AlphaCoins go up in price I've got 700 to sell. :lol:
 
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Celice said:
I find the entire concept of money to be absolutely absurd--but even so, what exact is the value that a bitcoin represents? What is it being "mined"? Is this brute labor being used towards some larger purpose?
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As with any currency, the Bitcoin itself is meaningless. The value it holds is however much the general populous decides to believe its worth. Like how a Charizard card used to be worth $400, but last I checked you can get one for $20.

The "mining" is attempting to brute force into encrypted blocks of data (like little treasure chests). Not all of the treasure chests must contain coins, and the encryption can be varied in difficulty. This is done so that once there were enough Bitcoins in circulation (like printing money), the difficulty of mining could be varied so that massive inflation could be avoided.

There is no useful work done while mining.
 
PityOnU said:
As with any currency, the Bitcoin itself is meaningless. The value it holds is however much the general populous decides to believe its worth. Like how a Charizard card used to be worth $400, but last I checked you can get one for $20.

The "mining" is attempting to brute force into encrypted blocks of data (like little treasure chests). Not all of the treasure chests must contain coins, and the encryption can be varied in difficulty. This is done so that once there were enough Bitcoins in circulation (like printing money), the difficulty of mining could be varied so that massive inflation could be avoided.

There is no useful work done while mining.
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So is the encryption worth anything? Like, doesn't Prime95 have a goal for its use? Users may use the program for their own means (perhaps just as users may put [false] meaning into the bitcoin as currency), but there is a practical application by which Prime95 is noteworthy, a goal it pursues by offering the service.

So is bitcoin mining arbitrary business, or does it serve some practical value, direct or indirect? It sounds like right now the bitcoin represents nothing, and so in fact has no value whatsoever besides, perhaps, time.
 
Celice said:
So is bitcoin mining arbitrary business, or does it serve some practical value, direct or indirect? It sounds like right now the bitcoin represents nothing, and so in fact has no value whatsoever besides, perhaps, time.
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Correct. It's basically computational masturbation.
 
Costello said:
My friend bought and mined about 200 bitcoins in the early days (not that long ago).
If he sold them now, he would get about $200 000, that's real money.
But he's waiting to see if the rate gets higher in the future.
That's literally free money, he didn't do much and he's going to be rich as fuck.
Seriously, tell me you wouldn't want that?
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WTF why didn't I do this back in the day -_-
I've known about it for years, just didn't look further into it. Now it's too late to do this of course, pretty sad.
 
Satangel said:
WTF why didn't I do this back in the day -_-
I've known about it for years, just didn't look further into it. Now it's too late to do this of course, pretty sad.
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Too late for BitCoins maybe, but there are always other things you can invest in :/
 
Celice said:
Too late for BitCoins maybe, but there are always other things you can invest in :/
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And that's exactly what I'm doing!
Looking into LiteCoins atm, they are basically the silver while BitCoin is the gold.Already got 1 via via. It's amazing how many you can get, not even counting mining in the equation.
One site in particular I'd like to mention is LTC4You , which gives you a chance to win LTC every hour. You can just play again and again, every hour, no fees whatsoever. Free money :tpi:
 
The only "alt-coins" I'd even consider looking at are Litecoin and Namecoin. Litecoin I'm not entirely sure about, but I guess it serves as a backup blockchain in case the cryptographic algorithms behind Bitcoin ever get hacked. Namecoin is a unique way to assign domain names peer-to-peer rather than relying on central Domain Name Services and such.

All the others are just minor forks trying to cash in on the bitcoin craze. Feathercoin? Dogecoin? Wuuuuuut?
 
DanTheManMS said:
The only "alt-coins" I'd even consider looking at are Litecoin and Namecoin. Litecoin I'm not entirely sure about, but I guess it serves as a backup blockchain in case the cryptographic algorithms behind Bitcoin ever get hacked. Namecoin is a unique way to assign domain names peer-to-peer rather than relying on central Domain Name Services and such.

All the others are just minor forks trying to cash in on the bitcoin craze. Feathercoin? Dogecoin? Wuuuuuut?
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meme coins
 
I have about 1.5 btc, just to experiment with, However until their are bitcoin ATM on the Street, or Star bucks or another retailer accepts them, the USD is my go-to. Mining bitcoins seems abit of a waste of cycles, as the reward may never come. I would rather sell the extra cycles to host HTTP servers, or Seti@home or searching for the cure to cancer, stuff like that, a more charitable front rather than profitable. but it is still an interesting concept.
 

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