EPTBitcoin discussion thread - Page 2
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sc4k
United Kingdom5454 Posts
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ZenithM
France15952 Posts
On April 19 2013 00:34 Marradron wrote: Bitcoins is a bit like a pyramid scheme. The ones that benefit most by it becoming popular are the early adopters. They made a shitload of bitcoins in the time it was easy to mine them. They are the ones that benefit from a high demand/price of bitcoins. Although the general idea of the coin is good, with the way it was set up, I will not use it. It's also what it seems to me. That's probably a new "gold rush" or something. | ||
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Icapica
Finland206 Posts
On April 19 2013 00:22 zdfgucker wrote:Money only is worth something because we trust it's worth something and therefor accept it as a form of payment, credit, and so on. Try paying your groceries with Bitcoins and see what happens. I can't pay my groceries with a ton of other currencies either, including dollars or pounds. I need euros for that. On the other hand, I can actually eat in a restaurant here and pay with bitcoins. | ||
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scDeluX
Canada1341 Posts
I think Krugman put it best, we don't need Bitcoin. Money only is worth something because we trust it's worth something and therefor accept it as a form of payment, credit, and so on. Bitcoin was created just after the 2008 crash. A lot of people around the world do not trust banking and governement. Go read about what happened to zimbabwe currency inflation. It seems that enough people trust bitcoin right now because it has a value. I work in fraud prevention so to me it is only a matter of time before this system gets figured out. . If you are talking about figuring it out as in tracking the money then no, it's not possible if it stays in the bitcoin system. Getting it out is another story. As for making it crash by an attack, computers hackers have been trying for 5 years now with 1 successful attempt. Are any of you guys miners? Trying to get a sense of the computation power it takes to mine them. Yes I mine. Graphic card mining is kinda out of the game now but if you want to check out litecoin it's a great alternative for gpu mining. Check out reddit.com/r/litecoinmining and the alternate cryptocurrency section on the official forum. Bitcoins is a bit like a pyramid scheme. The ones that benefit most by it becoming popular are the early adopters. They made a shitload of bitcoins in the time it was easy to mine them. They are the ones that benefit from a high demand/price of bitcoins. Although the general idea of the coin is good, with the way it was set up, I will not use it. That one is a valid concern for many. They feel like they've "missed the boat" so they don't want to get in. Some say early adopters should be rewarded (and have been now). It is worthy to note that only 30% of the "early" coins ever moved. Meaning that a lot of them have been lost or kept by early miners. | ||
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Kimaker
United States2131 Posts
On April 19 2013 00:47 nadafanboy42 wrote: One of the problems as Krugman pointed out is that one of the major benefits of paper money was to replace a currency (gold) which required sizeable infrastructure to produce, with a currency (paper) that required almost none, thus freeing up that infrastructure to produce other things. Bitcoin is doing the reverse, returning to a currency that (as time goes on) requires sizeable infrastructure to produce. But what it really all comes down to is that all value is subjective. What a person is willing to pay for something is always based entirely on their subjective opinion on what they need or want. No currency or even a return to barter economy is going to change that. Precisely. It's simply that Central Banks have done a good job of convincing everyone that there are NO other alternatives. This clearly benefits the Financial Manipulators unfairly over everyone else as people come to see them as necessities rather than a CHOICE. Merely one available option in a wide marketplace of currency "producers". It's things like Bitcoin which convince me that corporate territories replacing Nation-States is a viable future (if it already hasn't occurred seeing as I've heard a number of strong arguments to this end). People don't realize, what we live under is Financial Mercantilism. Within a given geographic area the "Financial Colonies" of the "Mother Bank" may only trade through the Imperial Center of Trade (w/e the de facto currency is in your area). To pretend otherwise is to display your ignorance of modern finance. | ||
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dudeman001
United States2412 Posts
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wozzot
United States1227 Posts
Only in Bitcoin can you have a 17-year-old run a currency exchange, shut it down, run away with hundreds of thousands of dollars, pretend to have gotten hacked, blame a mysterious Chinese jade collector, and have people actually believe him | ||
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BrTarolg
United Kingdom3574 Posts
However it's purpose isn't as a speculation vehicle, it's purpose is as a limited electronic currency that runs on mathematical principles, of which it's purpose is served very well for money launderers and the online black market (and as a good way to convert currency if you have the appropriate algo) --- That of course, doesn't stop me speculating and doing crazy arbitrage everywhere lol Hilarity ensued with the most gross mispricing of the binary options on IG that i've ever seen lol, arbitrage at it's best I was also lucky(?) enough to be an extremely early adopter of a bunch of coins | ||
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ToT)OjKa(
Korea (South)2437 Posts
I did a bit of pool mining myself at an amazing 65mhash/s but I figured it won't be worth the electricity. It is kinda fun though, even though you're not actually doing anything as you run your graphics card to 100%, you get to see how long a block takes to break down and it's pretty cool seeing 4 blocks being broke in under 30 minutes each. I read that the ASIC miners are gonna smash the market but none of them have been shipped yet? | ||
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Erik.TheRed
United States1655 Posts
Remember in the first place why we trust the government with printing our money, setting a target interest rate, selling us bonds, and collecting taxes. Not only do they have the means to avoid a conflict of interest, but It's part of a social contract that everyone who lives here abides by-- otherwise they are welcome to move to Somalia. | ||
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Sbrubbles
Brazil5776 Posts
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sob3k
United States7572 Posts
On April 19 2013 01:16 Sbrubbles wrote: You'd probably be better off buying gold. At least you can make gold into something pretty at the end of the day. yes, this is wonderful financial advice. | ||
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Sbrubbles
Brazil5776 Posts
Yup, AND I didn't even charge for it. | ||
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YouthSC
United Kingdom355 Posts
Humans by nature want to get as much as possible, even if they don't need, so that's why finances are "polluted" and why communism doesn't work. | ||
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c0ldfusion
United States8293 Posts
On April 19 2013 00:53 scDeluX wrote: Yes I mine. Graphic card mining is kinda out of the game now but if you want to check out litecoin it's a great alternative for gpu mining. Check out reddit.com/r/litecoinmining and the alternate cryptocurrency section on the official forum. Thanks, I'll check it out. Another poster mentioned ASIC. Are you using any specialized hardware to mine now? And when you used to do GPU mining, did you have to write your own CUDA mining algo? What I'm trying to ask is what's in the mining algorithm that makes it parallelizable. | ||
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SpeaKEaSY
United States1070 Posts
I view bitcoin as an experiment, but I like the idea of competing currencies. The less centralization, the better. | ||
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bonifaceviii
Canada2890 Posts
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Kimaker
United States2131 Posts
On April 19 2013 01:06 Erik.TheRed wrote: Gonna have to agree with Krugman on this one. At best, bitcoin is an interesting social experiment but an extremely dangerous investment option. Most of the hardcore supporters that I've met have been anti-Obama libertarians that are under the impression that America has basically become totalitarian and that a "free" currency like bitcoin will empower people against the overwhelming pressures of gitmo, obamacare, gun control, and socialism. So I think a lot of the hype is political rather than practical (this may be different for people who actually use bitcoin to purchase things they can't buy with traceable money) Remember in the first place why we trust the government with printing our money, setting a target interest rate, selling us bonds, and collecting taxes. Not only do they have the means to avoid a conflict of interest, but It's part of a social contract that everyone who lives here abides by-- otherwise they are welcome to move to Somalia. The Government doesn't print our money. The Fed is a private bank with a charter to print our national currency, which refuses to be audited, and has the entire country by the balls. Imagine, if the Congress actually passed a law which put the power to print currency back in their hands? 1. It wouldn't happen because of the political power the Fed wields. 2. You'd need a volume of currency on standby equal to and globally as acceptable as all of the Federal Reserve Notes in circulation, AND a way to dispense it. This can never occur as it sets a bad precedent on multiple fronts. Other Central Banks will refuse to recognize the currency (fast enough) resulting in lost growth. They would claim that the new currency displays unstable characteristics because of the way it was changed resulting in lower exchange rates that it deserved hurting the whole geographic area utilizing the USD in terms of purchasing power. Essentially the Fed cannot be removed wholesale and only through gradual decentralization of currency can their monopoly be broken. | ||
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Snorkle
United States1648 Posts
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Yuljan
2196 Posts
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