General Cryptocurrency Discussion

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  1. Post
    #1

    General Cryptocurrency Discussion

    I just found about Bitcoin recently, Its essentially a P2P currency.

    https://en.bitcoin.it/wiki/FAQ

    thoughts on this? Do you guys think it will just stay as a niche or maybe one day become popular?

  2. Post
    #2
    Looks really stupid


    "People known as miners "dig" for BitCoins by setting up powerful home PC's that try to pull off from the algorithm that makes BitCoins. Then, those BitCoins are transferred around the web to BitCoin generators and users. It's math money."

  3. Post
    #3
    It's becoming quite popular and has already been adopted by quite a few e-stores.
    I like the idea, although don't fully understand the logistics

  4. Post
    #4
    yeah... the gui and apps are ****ing shit though. Until they sort that out, not using it.

    You could convert 1 bitcoin to $7usd at one stage.

  5. Post
    #5
    I'll stick with real money thanks.

  6. Post
    #6
    so the faster my PC is the faster I mine bitcoins?


    sweet! my i7 rig should be paying for itself in no time !

  7. Post
    #7
    ISavant wrote:
    I'll stick with real money thanks.
    glhf if you have any kind of specialist need for balance transfer in the interweb.

    I'll probably get in to bitcoin when it gets more popular.

  8. Post
    #8
    attack_by_fire wrote:
    so the faster my PC is the faster I mine bitcoins?


    sweet! my i7 rig should be paying for itself in no time !
    Doubt it. BTW gfx cards pump more than cpu for this app. You need good gfx cards or crossfire etc.

  9. Post
    #9
    there must be a catch.

  10. Post
    #10
    You're not supposed to try and make them yourself, they're just a digital item with inherent value, much like gold irl. Gold doesn't do anything, people just buy it for a certain price because it's gold.

    It's a way to have a digital currency without relying on a central "bank"; a similar comparison can be made between gold and Govt issue dollars. If the government collapses the paper money won't be worth shit but gold will.

  11. Post
    #11
    Quasi ELVIS wrote:
    You're not supposed to try and make them yourself, they're just a digital item with inherent value, much like gold irl. Gold doesn't do anything, people just buy it for a certain price because it's gold.

    It's a way to have a digital currency without relying on a central "bank"; a similar comparison can be made between gold and Govt issue dollars. If the government collapses the paper money won't be worth shit but gold will.
    And then what happens when I can turn lead into gold, by the movement of a few protons and electrons?

  12. Post
    #12
    Shikari wrote:
    And then what happens when I can turn lead into gold, by the movement of a few protons and electrons?
    Then gold will be worth shit also.

  13. Post
    #13
    Whats worse is that if someone rips you off, say by not sending goods, you're ****ed

  14. Post
    #14
    attack_by_fire wrote:
    so the faster my PC is the faster I mine bitcoins?
    Only in relation to total computing power, the more computing power available the harder it is to find them. It costs more in power than you gain from selling coins.

    The Paladin wrote:
    Whats worse is that if someone rips you off, say by not sending goods, you're ****ed
    And if your HDD dies you lose all coins since your last backup

  15. Post
    #15
    The Paladin wrote:
    Whats worse is that if someone rips you off, say by not sending goods, you're ****ed
    There are two parties in every transaction.

  16. Post
    #16
    It's in a bubble atm so people are paying vastly more than they're worth. When the value deflates a bit, I'm going to buy some - the system has a set maximum size, so in 20 years, if they're still around, they might be worth something. It's a bit of a scam at this stage though; the early adopters who got in last year were pulling 50 BTC/day on 1.2MHash/s. Now, after a week of 270GHash/s, I still haven't managed to any bitcoins.

  17. Post
    #17
    frio wrote:
    It's in a bubble atm so people are paying vastly more than they're worth. When the value deflates a bit, I'm going to buy some - the system has a set maximum size, so in 20 years, if they're still around, they might be worth something. It's a bit of a scam at this stage though; the early adopters who got in last year were pulling 50 BTC/day on 1.2MHash/s. Now, after a week of 270GHash/s, I still haven't managed to any bitcoins.
    You seem like the kind of guy who used to crank all advantage

  18. Post
    #18
    http://gawker.com/5805928/the-underg...rug-imaginable

    the ****? anyone in NZ on there selling party favours?

  19. Post
    #19
    More like buttcoin

    its a currency for aspergers people
    |_emon
    Guest

  20. Post
    #20
    it enables shit like silk road to work (online drug marketplace, think that's the name of it). which is pretty cool

  21. Post
    #21
    I still don't get much of the concept.

  22. Post
    #22
    |_emon wrote:
    More like buttcoin
    I'm outta here.

  23. Post
    #23
    Camz wrote:
    http://gawker.com/5805928/the-underg...rug-imaginable

    the ****? anyone in NZ on there selling party favours?
    Only one NZ seller on there selling stuff that is legal.

    Few sellers willing to ship worldwide though.

  24. Post
    #24
    Quasi ELVIS wrote:
    glhf if you have any kind of specialist need for balance transfer in the interweb.

    I'll probably get in to bitcoin when it gets more popular.
    Same. As more stores come on board it'll be quite useful.

  25. Post
    #25
    Ok I just made 50 bitcoins - what can I do with them?