Exodus Posted November 1, 2017 Report Share Posted November 1, 2017 TenX has a payment mechanism to spend cryptocurrencies with a debit card Sent from my SM-G955U using Tapatalk Quote Link to comment Share on other sites More sharing options...
Forrest Gump 9 Posted November 1, 2017 Report Share Posted November 1, 2017 you buy drugs. Or pay an international ransom. I guess I won’t need it then. Quote Link to comment Share on other sites More sharing options...
Geeesammy Posted November 1, 2017 Report Share Posted November 1, 2017 That's why I'm considering getting back into a setup. No electricity costs. If I would have held out from my initial run, it would be worth millions. I have warehouse access which I would pay no rent or electricity for, or if so it would be at a rate much greater than my current overhead at my house. Debated stealing neighbors electric and burying the extension cord but that would be a crime and a lot of effort to keep on the dl and do quickly Quote Link to comment Share on other sites More sharing options...
Forrest Gump 9 Posted November 2, 2017 Report Share Posted November 2, 2017 you buy drugs. Or pay an international ransom. Well, I found something that takes bitcoin https://www.ebay.com/itm/1989-Porsche-911-Carrera-4-Coupe-2-Door/253218980184?hash=item3af5070158:g:9gwAAOSwbl5ZiTrm&vxp=mtr&redirect=mobile Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted November 2, 2017 Report Share Posted November 2, 2017 I still don't understand what the fuck this is. Someone help. Quote Link to comment Share on other sites More sharing options...
oh8sti Posted November 2, 2017 Report Share Posted November 2, 2017 I have some Quote Link to comment Share on other sites More sharing options...
Radio Flyer1647545514 Posted November 2, 2017 Report Share Posted November 2, 2017 Forgive my ignorance, how do you spend this “Bitcoin”? You can buy gold and silver with out as well. Quote Link to comment Share on other sites More sharing options...
87GT Posted November 2, 2017 Report Share Posted November 2, 2017 I still don't understand what the fuck this is. Someone help. I will take a stab at it. Simplest way to explain is it is a form of digital currency. Anything can be currency if enough people agree it is worth something. With bitcoin it is setup with a ledger that shows every time currency is "minded" or currency is transferred to someone else. This going all the way back to the first minded coin. It is an anonymous ledger as your address (digital wallet) is a hash key. It can not be hacked allegedly because any time money is transferred everyone receives the updated ledger. It is super simple to see a mistake. I am sure someone else can explain it better. Try youtube videos or netflix if you are more curious. Quote Link to comment Share on other sites More sharing options...
Widow Posted November 2, 2017 Report Share Posted November 2, 2017 What is everyone running? How many mines to make in profitably? Quote Link to comment Share on other sites More sharing options...
99StockGT Posted November 2, 2017 Report Share Posted November 2, 2017 you buy drugs. Or pay an international ransom. Or sex slaves. Or weapons. All the best things in International Business Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted November 3, 2017 Report Share Posted November 3, 2017 Quote Link to comment Share on other sites More sharing options...
smokin5s Posted November 3, 2017 Report Share Posted November 3, 2017 ok, several questions... first, I keep hearing the term free electric thrown around... What are you talking about? If you run a server and have it running high CPU / GPU all the time, it's going to draw more power. Also, there's some posts talking about hearing about the next big thing to invest in. How do you know or even hear about what it's for? Quote Link to comment Share on other sites More sharing options...
Brandon Posted November 3, 2017 Report Share Posted November 3, 2017 Guys buy teslas with them, then flip them into cash. Quote Link to comment Share on other sites More sharing options...
BigOxley Posted November 3, 2017 Report Share Posted November 3, 2017 ok, several questions... first, I keep hearing the term free electric thrown around... What are you talking about? If you run a server and have it running high CPU / GPU all the time, it's going to draw more power. Also, there's some posts talking about hearing about the next big thing to invest in. How do you know or even hear about what it's for? Some people "mine" for coins. Think of it as mining for precious metals. They use their computers to do this. I don't know specifics, as I don't do it, but the theory is if you have free electric to run the computer. Next big thing is anyone's guess. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted November 3, 2017 Report Share Posted November 3, 2017 electric costs money no matter what's running at my house Quote Link to comment Share on other sites More sharing options...
Orion Posted November 3, 2017 Report Share Posted November 3, 2017 "minded" Mined. Otherwise, correct. As of today they are valued at over $7k each. Quote Link to comment Share on other sites More sharing options...
Supplicium Posted November 3, 2017 Report Share Posted November 3, 2017 electric costs money no matter what's running at my house free electric meaning they run their mining farms at work or somewhere someone else is footing the bill. Quote Link to comment Share on other sites More sharing options...
87GT Posted November 3, 2017 Report Share Posted November 3, 2017 Yes I think at this point the amount of hardware you are buying plus electric bill won't generate a profit. Each time someone "mines" a new coin the next one becomes harder and longer to mine. Rinse and repeat to infinity. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted November 5, 2017 Report Share Posted November 5, 2017 Yes I think at this point the amount of hardware you are buying plus electric bill won't generate a profit. Each time someone "mines" a new coin the next one becomes harder and longer to mine. Rinse and repeat to infinity. Not exactly how it works... the hash difficulty does not increase each time you complete solving one. Also, remember that solving one hash does not get you 1 bitcoin. You always get fractions of a bitcon as a reward for solving a hash. for example, 1 hash could reward you with .002 bitcoin. The reward always fluctuates. Quote Link to comment Share on other sites More sharing options...
coltboostin Posted November 6, 2017 Report Share Posted November 6, 2017 Anything can be currency if enough people agree it is worth something. This. Same as if a group of nerds found value in moose shit, a DOLLAR value would be assigned to the moose shit. And for a fleeting moment in time, people would talk about that crazy time when people where paying for mooseshit. As long as there is a tiny segment of people willing to exchange DOLLARS for bitcoin, there will be a tiny segment of vendors willing to accept it. The second that market begins to tank, all vendors will drop support and that will be the end of bitcoin. Take this Porsche for example. They will accept BitCoin, but possibly not mat market rate. Most car vendors I have seen work out a deal to get the BitCoin below market then immediately try to sell. I was talking to a local guy at Tesla about it. They are taking a short term bet in hopes of increasing their profit more so than actually "selling" the car. I don't see how that model works long term but we will see I suppose! Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted November 6, 2017 Report Share Posted November 6, 2017 Take this Porsche for example. They will accept BitCoin, but possibly not mat market rate. Most car vendors I have seen work out a deal to get the BitCoin below market then immediately try to sell. I was talking to a local guy at Tesla about it. They are taking a short term bet in hopes of increasing their profit more so than actually "selling" the car. I don't see how that model works long term but we will see I suppose! Why wouldn't the buyer of the car just exchange the bitcoin to USD and buy it in USD? Why let the dealer get that profit? Quote Link to comment Share on other sites More sharing options...
BigOxley Posted November 6, 2017 Report Share Posted November 6, 2017 Why wouldn't the buyer of the car just exchange the bitcoin to USD and buy it in USD? Why let the dealer get that profit? Taxes. IRS only deals in USD. If the bitcoin is never converted into currency there would be (theoretically) no tax owed. Quote Link to comment Share on other sites More sharing options...
99StockGT Posted November 6, 2017 Report Share Posted November 6, 2017 Supposedly there's a bit of buzz surrounding Amazon gearing up to accept BitCoin payments? All of this so far is fringe transactions and investment by people who are "In the Know" but if a major retailer jumps into this game... Quote Link to comment Share on other sites More sharing options...
smokin5s Posted November 6, 2017 Report Share Posted November 6, 2017 Supposedly there's a bit of buzz surrounding Amazon gearing up to accept BitCoin payments? All of this so far is fringe transactions and investment by people who are "In the Know" but if a major retailer jumps into this game... supposedly they already do but you have to be part of an approved list. Quote Link to comment Share on other sites More sharing options...
BigOxley Posted November 6, 2017 Report Share Posted November 6, 2017 Supposedly there's a bit of buzz surrounding Amazon gearing up to accept BitCoin payments? All of this so far is fringe transactions and investment by people who are "In the Know" but if a major retailer jumps into this game... The developers of this electroneum coin I got in are supposedly working with Amazon also on a app-based transaction system. Quote Link to comment Share on other sites More sharing options...
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