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Doc_T
Random Dude




Registered: 03/06/09
Posts: 42,395
Loc: Colorado
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BitCoin, WTF?
#14571063 - 06/06/11 07:22 PM (12 years, 7 months ago) |
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So am I understanding this right? Bitcoin is like Folding@Home, but instead of doing good for humanity, you get paid in droogz?
-------------------- You make it all possible. Doesn't it feel good?
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realfuzzhead



Registered: 03/03/10
Posts: 10,783
Loc: above the smog layer
Last seen: 1 year, 2 months
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Re: BitCoin, WTF? [Re: Doc_T]
#14571068 - 06/06/11 07:23 PM (12 years, 7 months ago) |
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i thought bitcoin was just a way to pay people online that is ultra mega secure
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ifoundwaldo


Registered: 09/28/10
Posts: 8,389
Loc: Denver, CO
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Re: BitCoin, WTF? [Re: Doc_T]
#14571071 - 06/06/11 07:24 PM (12 years, 7 months ago) |
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Quote:
Doc_T said: So am I understanding this right? Bitcoin is like Folding@Home, but instead of doing good for humanity, you get paid in droogz?

Well, kinda. Yes. You can buy all sorts of things with BitCoins though. Let's not draw attention to the cool things.
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Caine
lab rat



Registered: 01/25/10
Posts: 3,920
Loc: NE
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Yeah, but unless you set up a big bitcoin mining farm then you will make about 30 bucks a year.
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gENERIX
/usr/bin/drinking?



Registered: 10/18/05
Posts: 5,697
Loc: Skyward Bound
Last seen: 3 months, 8 days
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Re: BitCoin, WTF? [Re: Caine]
#14571104 - 06/06/11 07:31 PM (12 years, 7 months ago) |
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BitCoins will never succeed in the long term. It's already slowly beginning to gain a terrible reputation with its link to online criminal activity.
It may seem like a good idea but there's already been a whole range of anonymous payment methods available online.
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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
Loc:
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Re: BitCoin, WTF? [Re: Doc_T]
#14571156 - 06/06/11 07:47 PM (12 years, 7 months ago) |
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Theyre going through a temporary spike. I think you can make something like 16 bucks a day from mining.
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ifoundwaldo


Registered: 09/28/10
Posts: 8,389
Loc: Denver, CO
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How much you make really depends on what kind of parallel processing power you can put together.
Some guy in my ethical hacking class had put together something like 4 top-of-the-line graphics cards running in parallel. Initially expensive, but he will eventually make his money back and then some.
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I AM SWIM
doin' thangs


Registered: 12/24/08
Posts: 9,999
Loc: Feels Changsta Man
Last seen: 1 day, 7 hours
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mining what?
mining minerals and vespene gas?
or do they use your comp for data-mining purposes, and you get paid for that?
http://tinyurl.com/42hh9qb
i'm interested, i could use some extra money fo dr00gz
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Quote:
I AM SWIM said: mining what?
mining minerals and vespene gas?
you gave me some starcraft loll's there. thanks!
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learningtofly
Ancient Aliens



Registered: 05/21/07
Posts: 15,105
Loc: Out of this world
Last seen: 12 years, 5 months
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Re: BitCoin, WTF? [Re: memes]
#14571296 - 06/06/11 08:16 PM (12 years, 7 months ago) |
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data mining
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Oldgregg
I'm old gregg!



Registered: 03/29/09
Posts: 3,066
Loc: China
Last seen: 1 month, 2 hours
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Re: BitCoin, WTF? *DELETED* [Re: I AM SWIM]
#14571298 - 06/06/11 08:17 PM (12 years, 7 months ago) |
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Post deleted by Oldgregg
Reason for deletion: .
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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
Loc:
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Re: BitCoin, WTF? [Re: Oldgregg]
#14571321 - 06/06/11 08:21 PM (12 years, 7 months ago) |
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We should start our own shroomery pool.
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Oldgregg
I'm old gregg!



Registered: 03/29/09
Posts: 3,066
Loc: China
Last seen: 1 month, 2 hours
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Post deleted by Oldgregg
Reason for deletion: .
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bbl337
genetic material is Ar based



Registered: 02/12/09
Posts: 7,008
Last seen: 9 years, 20 days
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Re: BitCoin, WTF? [Re: Oldgregg]
#14571394 - 06/06/11 08:33 PM (12 years, 7 months ago) |
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Not a chance you're making 16$ a day, for most computers you'll spend more in energy bills than you would make out of it. Not particularly efficient
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Re: BitCoin, WTF? [Re: bbl337]
#14571406 - 06/06/11 08:37 PM (12 years, 7 months ago) |
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yeha, if you could just build computers and mine all the money, then companies would be set up to do it. the ease of mining varies depending on the amount of processing being used to mine at taht point in time.
The number of bitcoins in existance is on a logarithmic scale, and will approach 21,000,000 over time
https://en.bitcoin.it/wiki/File:Total_bitcoins_over_time_graph.png
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Caine
lab rat



Registered: 01/25/10
Posts: 3,920
Loc: NE
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Re: BitCoin, WTF? [Re: memes]
#14571413 - 06/06/11 08:39 PM (12 years, 7 months ago) |
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Quote:
meams said: The number of bitcoins in existance is on a logarithmic scale, and will approach 21,000,000 over time
But you can have less than one bitcoin right? Kinda seems like a loophole there.
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MisterMuscaria



Registered: 05/13/08
Posts: 27,646
Loc:
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Re: BitCoin, WTF? [Re: Caine]
#14571419 - 06/06/11 08:40 PM (12 years, 7 months ago) |
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Thus the advent of the bitpenny.
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Doc_T
Random Dude




Registered: 03/06/09
Posts: 42,395
Loc: Colorado
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Re: BitCoin, WTF? [Re: bbl337]
#14571422 - 06/06/11 08:41 PM (12 years, 7 months ago) |
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Quote:
bbl337 said: Not a chance you're making 16$ a day, for most computers you'll spend more in energy bills than you would make out of it. Not particularly efficient 
But if you run it in background you could make something rather than nothing.
-------------------- You make it all possible. Doesn't it feel good?
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Caine
lab rat



Registered: 01/25/10
Posts: 3,920
Loc: NE
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Quote:
MisterMuscaria said: Thus the advent of the bitpenny.
Well not even the bitpenny, it's a separate concept, to compare the bitcoin to the abstract idea of the dollar: you can have less than a dollar. It should be possible to have .0001 dollars even though the fact that we have no physical tender to represent it makes it impossible. But with bitcoins that physical tender doesn't exist to limit your ability to have less than 1 bitcoin.
Doesn't it seem like that possibility would nullify the 21M bitcoin cap then? I mean eventually 1 bitcoin would hold so much face value due to inflation and bitcoin hoarding that even fractional amounts would have financial weight. But if you can keep moving down decimal places then it eventually displays asymptotic behavior.
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Re: BitCoin, WTF? [Re: Caine]
#14571492 - 06/06/11 08:58 PM (12 years, 7 months ago) |
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Its a weird concept. Since i dont unerstand it enough - i wont use it for monies.
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