Bitcoin what?

[hcforde]

jmilcher

Its amazing how BTC has made so many faux economists now experts on forums.

Half of the people repeat what they hear and obviously do not fundamentally understand what a fiat currency is.

And i have yet to see a single screen shot of anyone PROVING they have successfully cashed out any more money than they have spent on electricity while "mining". It's clearly just a fad for basement dwellers and lazy people thinking they can get something from nothing.

Not to mention the FBI literally owning the largest chunk of BTC, and thus could completely devalue the currency instantly, anytime. What a waste of electricity.

But lets be honest, most people who mine don't pay for electricity. Frat boys, mama's boys and people wishing on a star.

Im not saying our legal tender BS federal reserve is any better... because its not. But I've had enough from neckbeard basement dweller miners acting like BTC rules the world... it surely does NOT.

You are so RIGHT. BTC does not rule. Litecoin & Dogecoin do!!!





Just kidding, LOL.

It is amazing that it is allowed to continue without any statement from the Feds about it though. How does it differ from confederate money? Everybody printed their own that had the means and will to do so. In principle this new coin appears to be the same thing.

 

[Lunas]

You know there is a game called shadowrun they have a digital currency called the Nuyen. It is accepted world wide and for physical currency it is easily exchanged into Nuyen.

they get credsticks that you can transfer the balance to other accounts...

This whole bitcoin thing really reminds me of that currency...

 

[octoberasian]

You know there is a game called shadowrun they have a digital currency called the Nuyen. It is accepted world wide and for physical currency it is easily exchanged into Nuyen.

they get credsticks that you can transfer the balance to other accounts...

This whole bitcoin thing really reminds me of that currency...

It honestly wouldn't surprise me that we move to an all digital international currency that crosses borders without silly exchange rates.

Today: Going from Dollar to Yen to something else, etc. One form of currency equals a different amount in another country's currency.

Tomorrow: One digital currency, same value regardless of country. For example, if it was Nuyen, 100 Nuyen in the US would still be 100 Nuyen in Hong Kong.

Who knows? Sci-fi stories tend to be pretty accurate in predicting our future in one way or another-- from Jules Verne to Star Trek.

 

[Dreamerbydesign]

right, we have built the most powerful computing effort ever assembled by humans (by over an order of magnitude) on our parents' power bill

pretty neat 'eh?

It would be neat if A) that were true and B) it was being used for something... useful.


I knew I'd offend a few neckbeards with my opinion. At the end of the day no one takes cryptos seriously because there is nothing to be serious about.

Care to be the first on the interwebs to prove you have profited from all awesome computational power you claim to be doing something useful with? I wont hold my breath waiting.

 

[fanboy]

It honestly wouldn't surprise me that we move to an all digital international currency that crosses borders without silly exchange rates.

Today: Going from Dollar to Yen to something else, etc. One form of currency equals a different amount in another country's currency.

Tomorrow: One digital currency, same value regardless of country. For example, if it was Nuyen, 100 Nuyen in the US would still be 100 Nuyen in Hong Kong.

Who knows? Sci-fi stories tend to be pretty accurate in predicting our future in one way or another-- from Jules Verne to Star Trek.

Then It would only matter if you just needed a product from Hong Kong .. remember that all our jobs went overseas because of cheap labor and Wal-Mart products.

 

[atp1916]

[...]

And i have yet to see a single screen shot of anyone PROVING they have successfully cashed out any more money than they have spent on electricity while "mining". It's clearly just a fad for basement dwellers and lazy people thinking they can get something from nothing.
[...]

Here are my earnings going manual on random Scrypt coins coming out for the month of December 2013. This is from my coinbase account to personal bank account. This is with 15mhs / 6 rigs.

From your tone though, you will most likely dismiss this a 'shopped pic.

 

[blade52x]

It is amazing that it is allowed to continue without any statement from the Feds about it though. How does it differ from confederate money? Everybody printed their own that had the means and will to do so. In principle this new coin appears to be the same thing.

Probably because they're trying to figure out ways they can too can benefit from it. The US has a huge debt, and crypto could be an "easy" way out of it...

 

[octoberasian]

Here are my earnings going manual on random Scrypt coins coming out for the month of December 2013. This is from my coinbase account to personal bank account. This is with 15mhs / 6 rigs.

From your tone though, you will most likely dismiss this a 'shopped pic.

That's honestly impressive, ATP. (Sorry, your user name immediately reminded me of that.)

If you don't mind me asking, what is your mining setup that gets you 15 Mh/s?

And i have yet to see a single screen shot of anyone PROVING they have successfully cashed out any more money than they have spent on electricity while "mining". It's clearly just a fad for basement dwellers and lazy people thinking they can get something from nothing.

It may be a fad like Tamagotchi, Pogs, the Macarena, or MySpace, but I would say that there is some legitimacy behind cryptocurrency. There are people earning actual money from this.

Basement dwellers or lazy people? Hardly.

There are many people doing this, to my understanding, not as a get-rich scheme, but to make some extra money on the side. I really doubt they're lazy basement dwellers as you eloquently describe them to be. These are people who have other jobs earning a paycheck every week or two, or from other forms of unearned income-- unemployment insurance, SSI/disability, or Social Security, or retirement income and want some extra money on the side.

As I said in another thread before it got locked:

We also have to remember that there are people still with good intentions going into mining that are actually using it to help themselves as a form of supplemental income. Put it this way, if I could teach some of the retirees that I've done tax returns for that live off of Social Security and pitiful amounts of SSI and/or retirement income to help pay for their bills and medical care how to get into crytocurrency mining, I'd actually help them do that for that purpose. I've seen the bills and I've seen the checks they receive.

Whether this "fad" disappears like the Macarena as one last hip swing to the left and right, it's brought up a very valid argument whether or not cryptocurrency can be used as a legitimate form of alternate currency to the what we have now.

Could it be the currency of the future? Maybe, maybe not.

As someone mentioned above regarding the currency of the game, Shadowrun, cryptocurrency reminds me of the single, international currency used in many science-fiction stories. And, if science-fiction has taught us anything, they were pretty imaginative at describing our future, and being scarily accurate many times-- from going to the moon in Jules Verne's stories to the tablets from Star Trek The Next Generation.

I have said it above, the idea of having a single international currency with a single value whether or not tied to some material ore like gold, silver, or platinum would do away with the silly currency exchange rates and how one country's currency is valued against another, and so on. It has brought up many legitimate questions and arguments, and one has to question not only its legitimacy as an alternate form of money, but how it'll affect economies from local to international.

Is cryptocurrency perfect as it is now? No, I wouldn't say so.

It doesn't have the equivalence of the FDIC to back up deposits or other forms of insurance. On the other hand, it's largely unregulated by any government or financial institution at large like JP Morgan or the Federal Reserve. It's completely decentralized with money created not by a mint but by regular people to actual business investors who see some form of potential in this new kind of money.

The future cryptocurrency could be some exotic form of encryption like Scrypt 1024 or SHA-2048 or something of that nature that'll provide a seemingly endless amounts of blocks or cryptocurrencies. Until then, crytpocurrency is still in its infancy and only time will tell what direction it heads into.

And, there are only two paths I see:

1. It fades away within ten years due to government interference, regulation and corruption by individual groups like Mt. Gox.
2. Or, one cryptocurrency supercedes other forms of cryptocurrencies and becomes the single standard form of international, single value currency for the world economy and market as a whole, replacing current fiat money in its entirety.

 

[atp1916]

octoberasian,
My farm consists of 11 R9 270s and 21 7950s.

2 crates are 5 270s per. 3 crates are 4 7950s per and the 4th crate is 5 7950s. I've got the 11th R9 270 running outside my rig - he's "hanging out".

 

[jojo69]

It would be neat if...that were true...

current network hashrate running 281661.03 PetaFLOPS equivalent per http://bitcoinwatch.com/

or if you don't like that source, there is Forbes

 

[Tengis]

Thats a shitload of video cards...

 

[collegeboy69us]

Its amazing how BTC has made so many faux economists now experts on forums.

Half of the people repeat what they hear and obviously do not fundamentally understand what a fiat currency is.

And i have yet to see a single screen shot of anyone PROVING they have successfully cashed out any more money than they have spent on electricity while "mining". It's clearly just a fad for basement dwellers and lazy people thinking they can get something from nothing.

Not to mention the FBI literally owning the largest chunk of BTC, and thus could completely devalue the currency instantly, anytime. What a waste of electricity.

But lets be honest, most people who mine don't pay for electricity. Frat boys, mama's boys and people wishing on a star.

Im not saying our legal tender BS federal reserve is any better... because its not. But I've had enough from neckbeard basement dweller miners acting like BTC rules the world... it surely does NOT.

You seem keen on this whole 'neckbeard' and 'wasting electricity' thing... I have a feeling if we looked at your life we could point out a ton of things I thought were wasteful.

The fact you come to a forum where being a nerd, geeky, and trying new things is smiled upon, you sound like a negative closed minded ass. The fact miners are having fun and making money, how does that effect you at all? You don't pay their power bills, you don't pay mine, so why get bent out of shape over something that doesn't have any bearing on you at all?

Unless you live in a cave, and eat ramen noodles every night of your life you could be said to be wasting electricity in some way/shape/form. The only two things I can figure is either 1) your fundamental understanding of crypto is flawed or 2) you are so bitter you missed the initial surge of easy profits you are just some bitter old fuck.

I pay 5.5 cents per kwh (delivered price) I run 4.5Mhash of scrypt and I'm at the level where outside of the 2 dollars a day it costs to run my rigs, every cent is pure profit to me. I own my own home, and pay my own bills, and I'm having a blast mining. Even if the whole thing collapses tomorrow, I'm out zero dollars, it's a great feeling. I paid off my car three years early because of Crypto. Be jealous, because that's all you seem to know.

 

[jojo69]

the butthurt of late adopters is sweet, sweet nectar

 

[Spazturtle]

the butthurt of late adopters is sweet, sweet nectar

I know right? Rolling around in the money and all this hardware that a single 5850 earned me is sweet.

 

[Lunas]

Honestly I hope the FBI sale of 29k bit coins drops the price his wallet is not the biggest out there any more and if the price of bit coin drops and certain alt coins stay about where they are I'll make a killing when bit coin goes back up above the 1k mark.

I'm talking top hat and monacle killing here...

It is still not too late sure a single card won't pay your way in but I'm making about 8 dollars a day with 2 cards... And at the end of the month I'll add another card to hopefully double that.

 

[Metformin]

Virtual mining is out of control. The logical end is that all electricity is devoted to creation of "money". One of the ethics tests they teach is "if everyone did it, would it continue to be viable?" (wrt the health of society, not financially.) If everyone burned 3 kwh 24/7 then it probably wouldn't work. Not enough electricity to go around.

Edison's Medicine

 

[rinaldo00]

octoberasian,
My farm consists of 11 R9 270s and 21 7950s.

2 crates are 5 270s per. 3 crates are 4 7950s per and the 4th crate is 5 7950s. I've got the 11th R9 270 running outside my rig - he's "hanging out".

Well, the obvious question is have you made a profit?

 

[buttons]

Here are my earnings going manual on random Scrypt coins coming out for the month of December 2013. This is from my coinbase account to personal bank account. This is with 15mhs / 6 rigs.

From your tone though, you will most likely dismiss this a 'shopped pic.

Nice work ATP, I started mining in december 13. To date ive cashed out $2200 and i have 1.1btc to sell when the price rebounds to $800~ in a week or two. I make .08 BTC a day, so in a week or two ill probably cash out close to 2 BTC for $1600. At that point all of my costs will have been met (video cards, motherboards, power supplies, ram, usb dongles, electricity, etc etc. im at 6500kh. 5 R9 270x 5 R9 290's and a few older 5870s

 

[nvgrim]

So many butthurt people either that are mad they cant get gpus anymore or people that were late to the party. Bitcoin could go away,but the concept of crypto currency never will.