kshymkiw83 Posted June 28, 2011 Report Share Posted June 28, 2011 Any into Bitcoins? The thought being a completely decentralized currency, that is also driven by P2P/Encrypted. I know of a few people in Bitcoins, but they can't seem to explain any single benefit to me. Was hoping someone here on CR, was into Bitcoins, that had a bit more of an insight. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted June 28, 2011 Report Share Posted June 28, 2011 So wait, when someone inevitably breaks the encryption, they will steal all your monies. It could work maybe with some sort of multifactor authentication I guess.... Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 28, 2011 Author Report Share Posted June 28, 2011 So wait, when someone inevitably breaks the encryption, they will steal all your monies. It could work maybe with some sort of multifactor authentication I guess.... It is SHA256 encryption. You can't "steal" money per say. Please read up on it, or provide personal experiences with it. Quote Link to comment Share on other sites More sharing options...
sol740 Posted June 28, 2011 Report Share Posted June 28, 2011 Free talk live almost have me on board the bitcoin train. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted June 28, 2011 Report Share Posted June 28, 2011 So wait, when someone inevitably breaks the encryption, they will steal all your monies. It could work maybe with some sort of multifactor authentication I guess.... They don't need to break the encryption, they just need to find the stupidest insider and get into their computer...like what happened already according to wiki (which is obviously fact and in no way not true). As long as I can't get a virus in my leather wallet, I'll still use fiat money over everything. Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 28, 2011 Author Report Share Posted June 28, 2011 Free talk live almost have me on board the bitcoin train. Why did you decide not to be? Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 28, 2011 Author Report Share Posted June 28, 2011 They don't need to break the encryption, they just need to find the stupidest insider and get into their computer...like what happened already according to wiki (which is obviously fact and in no way not true). As long as I can't get a virus in my leather wallet, I'll still use fiat money over everything. Correct. One user who had a large amount of Bitcoins, had their account hacked. The hacker then sold off all of their Bitcoins, which crashed the Bitcoin market for 1 site, Mt. Gox There are about 20 trades, other than Mt. Gox. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted June 28, 2011 Report Share Posted June 28, 2011 They don't need to break the encryption, they just need to find the stupidest insider and get into their computer...like what happened already according to wiki (which is obviously fact and in no way not true). As long as I can't get a virus in my leather wallet, I'll still use fiat money over everything. fiat currency ftmfw. i say we go back to the gold standard though. Quote Link to comment Share on other sites More sharing options...
unfunnyryan Posted June 28, 2011 Report Share Posted June 28, 2011 The value of the coins is rapidly rising but so is the time needed to generate them. The only ones making a substantial profit off the system are running server farms with multi-GPU setups. That is the ONLY efficient way to harvest them. Anything else is a waste of time. Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 28, 2011 Author Report Share Posted June 28, 2011 The value of the coins is rapidly rising but so is the time needed to generate them. The only ones making a substantial profit off the system are running server farms with multi-GPU setups. That is the ONLY efficient way to harvest them. Anything else is a waste of time. I agree. I do see people buying them, and using them. I guess what I don't get is, why would people be so inclined to support this? As a consumer, it is a system where "charge backs" can't occur. Once you send your Bitcoins, they are spent. They can never be spent again. Plus the whole system will max out at 21 Million Bitcoins, the saving grace to this is the Bitcoin can be carried out 8 decimal places. So I take it no one here, actually buys into the bitcoin? Quote Link to comment Share on other sites More sharing options...
unfunnyryan Posted June 28, 2011 Report Share Posted June 28, 2011 It is impossible to track transactions. Its a great way to launder money. Also, there was an article about a huge drug market based off bitcoin. Quote Link to comment Share on other sites More sharing options...
sol740 Posted June 28, 2011 Report Share Posted June 28, 2011 Why did you decide not to be? Simply because I need to do more research. Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 28, 2011 Author Report Share Posted June 28, 2011 Simply because I need to do more research. Have you done the extra research? If so, are you inclined to start using Bitcoins? Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 28, 2011 Author Report Share Posted June 28, 2011 It is impossible to track transactions. Its a great way to launder money. Also, there was an article about a huge drug market based off bitcoin. Agreed. I have heard about the Drug Markets based on Bitcoin. While it is impossible to track a transaction, every transaction is sent to every user. Which sucks for the user, as they have to maintain a database of every Bitcoin Transaction, dating back to 2009. Quote Link to comment Share on other sites More sharing options...
jeffro Posted June 30, 2011 Report Share Posted June 30, 2011 Dont do it. They will crash. soon. The only people making money are people who got into it when it first started. Theyre waiting for people to drive prices up, then dump them, fucking everyone who invested in them. Quote Link to comment Share on other sites More sharing options...
unfunnyryan Posted June 30, 2011 Report Share Posted June 30, 2011 Dont do it. They will crash. soon. The only people making money are people who got into it when it first started. Theyre waiting for people to drive prices up, then dump them, fucking everyone who invested in them. Yup. At this point I'm about half convinced its a scam, sort of like a gold rush, but unlike a gold rush other people are making far more off your generation of bitcoins than you are. Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 30, 2011 Author Report Share Posted June 30, 2011 Dont do it. They will crash. soon. The only people making money are people who got into it when it first started. Theyre waiting for people to drive prices up, then dump them, fucking everyone who invested in them. You don't have to invest in them. You can mine them for free.... Quote Link to comment Share on other sites More sharing options...
jeffro Posted June 30, 2011 Report Share Posted June 30, 2011 You don't have to invest in them. You can mine them for free.... okay, you spent a shit ton of money building a rig, they become worthless, then your stuck with a crazy powerful machine. Sure, you can sell it, but not for what you paid for it. Ryan, take the words right out of my fucking mouth. i was going to say something about it being a scam, but didnt want to look dumb. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted June 30, 2011 Report Share Posted June 30, 2011 but didnt want to look dumb. Thank god you didn't risk that. :dumb: FS: Bitcoins, in quantities from 1-1000 Come at me internet bro's come at me. Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 30, 2011 Author Report Share Posted June 30, 2011 okay, you spent a shit ton of money building a rig, they become worthless, then your stuck with a crazy powerful machine. Sure, you can sell it, but not for what you paid for it. Ryan, take the words right out of my fucking mouth. i was going to say something about it being a scam, but didnt want to look dumb. You won't look dumb. I am honestly curious about what other people think about these things. They do sell super powerful rigs to mine bitcoins. I have my machine at home just running to mine them - which my machine at home is nothing that powerful. I have mined a few bitcoins out of it. I don't know if it is worth continuing or not. Just curious if there was any hardcore bitcoin believers on this sit. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted June 30, 2011 Report Share Posted June 30, 2011 ok how do you "mine" these and what is their real value? do people really buy shit with them? Quote Link to comment Share on other sites More sharing options...
jeffro Posted June 30, 2011 Report Share Posted June 30, 2011 ok how do you "mine" these and what is their real value? do people really buy shit with them? You mine them using processing power from your computers CPU or GPU. Last i checked they were at 35bucks a coin, but that was weeks ago. They can take up to 24 hours to mine one on a decent machine. You have to trade them on this website or i think i read that amazon accepts them now. I have a theory on them. I think that whoever programmed this is using everyones cpu power to create some sort of super computer. What for i have no idea. Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 30, 2011 Author Report Share Posted June 30, 2011 ok how do you "mine" these and what is their real value? do people really buy shit with them? You need to sign up for a Bitcoins Account. Then you need to use a mining app, which uses GPU processing power in most cases. Real value is a tricky subject. Today they are trading at ~15 bucks a Bitcoin. This value is all speculative value though. People are speculating that the Bitcoin will succeed. Most people aren't buying them though right now. Only 6 Million of the total 21 Million Bitcoins have been mined. You can actually spend them at certain sites: https://en.bitcoin.it/wiki/Trade You can also cash them out of real currency with certain sites. You mine them using processing power from your computers CPU or GPU. Last i checked they were at 35bucks a coin, but that was weeks ago. They can take up to 24 hours to mine one on a decent machine. You have to trade them on this website or i think i read that amazon accepts them now. I have a theory on them. I think that whoever programmed this is using everyones cpu power to create some sort of super computer. What for i have no idea. They already have this with FOLD@Home. Why would the creator of something like this need a supercomputer? Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted June 30, 2011 Report Share Posted June 30, 2011 i have a server running VMware. hmm. Quote Link to comment Share on other sites More sharing options...
kshymkiw83 Posted June 30, 2011 Author Report Share Posted June 30, 2011 i have a server running VMware. hmm. It isn't based on CPU Power....it is GPU Power. Most Servers have poor to no GPU. the CPU based miners, generate far less Bitcoins, than there GPU counterparts. Quote Link to comment Share on other sites More sharing options...
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