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General Chat Thread, Anyone got any bitcoins? in General; Originally Posted by LosOjos Time to head over to various news sites and big up the BBQCoin in BitCoin comments, ...
  1. #46

    CHR1S's Avatar
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    Quote Originally Posted by LosOjos View Post
    Time to head over to various news sites and big up the BBQCoin in BitCoin comments, there's still chance you could make a profit from someone even more keen than you!
    lol, I didnt really! The initial $100 investment that, so far, isnt happening was just dipping my toe in the water. It seems to be FAR too difficult to get funds in to buy LTC in the first place. I can only imagine how hard it is to get it out at a profit!

  2. #47

    LosOjos's Avatar
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    Quote Originally Posted by pcstru View Post
    Although at least with Tulip bulbs, you get a pretty show in spring.
    I invested in some tulip bulbs; the growth was phenomenal in the second quarter but I had hardly anything left by the fourth

  3. #48
    Sdrawkcab's Avatar
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    Quote Originally Posted by CHR1S View Post
    I can only imagine how hard it is to get it out at a profit!
    Depending on who you talk to and where you are in the world, this ranges from "almost impossible" to "agonisingly difficult and slow". Here is a good article about how hard it is to get filthy fiat for bitcoins in Canada, the place with the Bitcoin ATM machine.
    Last edited by Sdrawkcab; 6th December 2013 at 02:17 PM.

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    CHR1S (6th December 2013)

  5. #49
    browolf's Avatar
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    conceivably there's a cutoff point where no-one at all can afford to mine the coins anymore?

  6. #50

    CHR1S's Avatar
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    Quote Originally Posted by browolf View Post
    conceivably there's a cutoff point where no-one at all can afford to mine the coins anymore?
    Its a variable difficulty hash, if the rate drops, the difficulty drops to compensate

  7. #51
    Sdrawkcab's Avatar
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    Quote Originally Posted by browolf View Post
    conceivably there's a cutoff point where no-one at all can afford to mine the coins anymore?
    True Believers will still mine even at massive losses to "keep the blockchain alive" - people have already discussed doing this in the past, and there's already a pretty large group of miners who aren't going to switch off their FPGA/GFX card miners even after they stop being profitable due to difficulty increase. Also many miners are convinced that the price of bitcoin is going to skyrocket exponentially, so they're going to keep mining because in their minds, even if the bitcoins can't cover costs now, they will next year when bitcoin is worth $100,000 per btc.

    As @CHR1S says though, the hashing difficulty varies every 20 or so days (can't remember the exact number) so that the time to process a block of transactions is always 10 minutes regardless of the networks total hashing power. If people started switching off their rigs, or fewer people mined, the difficulty would drop and so potentially cause mining to be profitable again. This is incredibly unlikely to happen though. If it did happen, it would inevitably make the news and would lead to more idiots buying mining rigs to try and get money for nothing, so we'd just be back where we started.

    For the record, the bitcoin network currently uses somewhere between 1.5 and 2 Large Hadron Colliders worth of power. That's a lot of people doing a lot of useless calculations for very little internet money.

    Edit: Bitcoiners also say that it's the mining network is powerful supercomputer in the world. It can only compute SHA-1 hashes though, so it's completely useless in every possible way.
    Last edited by Sdrawkcab; 6th December 2013 at 04:16 PM.

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    CHR1S (6th December 2013), pcstru (6th December 2013)

  9. #52


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    Quote Originally Posted by Sdrawkcab View Post
    Edit: Bitcoiners also say that it's the mining network is powerful supercomputer in the world. It can only compute SHA-1 hashes though, so it's completely useless in every possible way.
    Once BitCoin crashes (and after putting a lot of thought into it, I do believe it will) maybe all these mining rigs should be repurposed into a huge zombienet dedicated to brute-forcing Cryptolocker encryption keys :P

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    CHR1S's Avatar
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    Commodities expert....

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    Quote Originally Posted by Garacesh View Post
    Once BitCoin crashes (and after putting a lot of thought into it, I do believe it will) maybe all these mining rigs should be repurposed into a huge zombienet dedicated to brute-forcing Cryptolocker encryption keys :P
    The thing is, the ASIC rigs can't be used for anything other than bitcoin. ASIC stands for "Application Specific Integrated Circuit", they're specialized chips that can only be used for bitcoin mining and nothing else. I guess FGPA/GFX card rigs could be repurposed, though they'd probably be more useful on something like Folding@Home.

    Quote Originally Posted by CHR1S View Post
    Commodities expert....
    Probably makes him more qualified to talk about Bitcoin than a "currencies" expert. The people using bitcoin as an actual currency are a miniscule minority because the deflationary nature of bitcoins encourages hoarding, most people are trading bitcoins as though they were a commodity like gold or another precious metal.

  13. #56

    CHR1S's Avatar
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    There is a downward trend predicted over the next 24/48 hours, some even say a crash.
    I'm only learning to read the markets so posting it here more as a record of my prediction than anything. Lets see how my guess goes! (and no I have no cash invested in BTC)

  14. #57
    Sdrawkcab's Avatar
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    Quote Originally Posted by CHR1S View Post
    There is a downward trend predicted over the next 24/48 hours, some even say a crash.
    I'm only learning to read the markets so posting it here more as a record of my prediction than anything. Lets see how my guess goes! (and no I have no cash invested in BTC)
    Ooh, where are you reading this? Or is this just something you've sort of worked out from looking over the market history?

    A crash is inevitable since the chinese gov have banned the currency, and before the ban the chinese exchange was trading in over 48% of the total trade volume worldwide.

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    So let me get this all straight..

    <sarcasm>
    There's this one secretive guy, who's come up with this crypto-currency idea that everyone is buying into, and recently it has been announced that not only could this be the go to solution for the pending 'debt-backed currency' doom, but it could also handle the exchange of legal documents (Stateless company puts legal documents into Bitcoin blockchain - Imperica - digital arts and culture magazine) and other such things to keep them present, correct and provable. Nah, that doesn't sound like the plot to a bad world domination movie at all!!
    </sarcasm>

    Seriously though, I mean, it's interesting as a proof of concept, and I wish all those (including a good friend of mine who won't shut up about it .. you can't actually have a conversation without it being mentioned that I should start a mining rig in one of my barns) good luck and hope that people are wise enough to (as with shares and such) sell at the right time to make their money, but a decentralised monetary system is surely only decentralised in the fact that it's a peer to peer network, so can't be closed down, but you still need a centralised system at present to be able to exchange these into sensible (read spendable) currency ..

    There's just something that doesn't quite sit right with it all for me .. but I would love to be proven wrong ..

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    Quote Originally Posted by soveryapt View Post
    including a good friend of mine who won't shut up about it .. you can't actually have a conversation without it being mentioned that I should start a mining rig in one of my barns
    Does he mine? Ask him what his overheads are.

    Saw this article today as well: Bitcoin Is Broken :: Hacking, Distributed

    I'm really not suprised there's a flaw like this in proof of concept software though.

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