Is Bitcoin Making a Comeback?

Sly said:
How exactly is the value of the USD determined anyway?
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Largely now US Bonds help determine it since its still the mos reliable form of currency. Countries buy them , it bolsters the dollar in turn because countries know the US economy isn't going to buckle completely. It use to be backed by Gold but there is far more "debt" then there is gold in existence to cover it.

I tried Bitcoin mining and found it to be a hassle and the pay out isn't that great versus the power usage required. I still have like 12 bitcoins sitting in my wallet rotting away... pretty useless venture.
 
There's already metasploits written for stealing peoples bitcoin wallets lol. Either way I'd say bitcoins are more secure and stable than the USD these days. Did you guys read about the Japenese guys that got caught trying to smuggle like 120 billion dollars in US bonds?
 
Maybe I'll mine again, it was very profitable & fun. It's winter for me anyways so the heat is welcome right now.

I still have a small stash of coins left over, hmm...
 
Sly said:
How exactly is the value of the USD determined anyway?
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By the ability to purchase goods and services. By that, it serves as a unit of exchange for transactions in the US.

It is presently, the world reserve currency.
 
BITCOIN IS NOT MEANT TO REPLACE THE DOLLAR. I REPEAT, BITCOIN IS NOT MEANT TO REPLACE THE DOLLAR.

Now that we got that out of the way... Bitcoin is a great way to send money to other countries with minimal fees. This is what bitcoin is designed to do, to act as an intermediary between currencies, never as a replacement. Avoiding the banks, and avoiding the ridiculous fees they impose. Bitcoin is secure, safe, and fast. You can encrypt your wallet, and make copies of that wallet with your encrypted public key on multiple storage devices so you'll always have access to your funds.
And for those that believe mining bitcoins is making money out of thin air, it takes a signifigant amount of time and electricity to mine even 1 bitcoin. So much time and electricity in fact that it's almost at parity, and where electricity is expensive it COSTS you money to mine bitcoins.
 
I don't see it coming back in any major way, nor mining for that matter.

Sure, mining was profitable when it was $14+ per bitcoin. Now, at $4 (and before at around $2 for a long time) it doesn't seem worthwhile.
 
Personally, I believe it only climbed past $4 was because people were using BTC to buy Christmas presents. It was all in the 2 weeks before Christmas and now it's dropped back again.
 
jojo69 said:
Oh, I feel so much better now

thanks for clearing that up, I'll farm everything into treasuries...how could I lose?
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Yeah yeah. It's cool to hate on the US government and bureaucracies in general.

I get it.

The fact is, you have a government (like them, love them, loathe them, whatever) with a currency that's currently recognized as the benchmark for every other currency on the planet. The currency is relatively stable. No wild fluctuations in value.

With Bitcoin, you have...pretty much nobody. It's just whatever you can get from A. Random Guy. As such, you're seeing massive variance in perceived value, leading to the aforementioned wild fluctuations in actual value.
 
There are so many who are economically challenged in this thread, it's no wonder the U.S economy is at the state that it's in right now and headed to the shitters.

Average people just won't get the possibilities of bitcoin being a disruptive technology to the banks as email was to the postal service all over the globe and what impllications that might have on truly free world economy. Not to mention the possibilities of bitcoin price being something much higher than what it is today.

I guess the people who didn't know much about the internet had no idea that it was going to change the world as much as it did in the last 20 years. One thing is for sure, only the one's with the ability to see the posibilities of the new technology will be the ones to reap the rewards. Rest will just sit and watch the world change around them.
 
PotatoChip said:
I guess the people who didn't know much about the internet had no idea that it was going to change the world as much as it did in the last 20 years. One thing is for sure, only the one's with the ability to see the posibilities of the new technology will be the ones to reap the rewards. Rest will just sit and watch the world change around them.
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If I gave you a million bitcoins what would be the first thing you did with them? Cast out for a cool $500,000 or keep the coins for the future of whatever?
 
Sounds like he's trying to talk the value up.

PotatoChip, how much value did your Bitcoins lose from their highest price?
 
I dont even see how it hasnt gotten quashed yet

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures,
To provide for the Punishment of counterfeiting the Securities and current Coin of the United States,

I guess you could argue its a good instead of a currency, and bypass all that
 
SulSeeker said:
Just so you guys know... any ATI card bases on GCN doesn't look like a good Bitcoin miner card. We're more than likely going to see Nvidia and ATI high end cards fighting it out for the gaming card, and any ATI 7xxx cards still based in VLIW4/5 fly off the shelves as mining cards.
.
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so are you saying teh gaming card 7970 will or won't be a good miner?

I thought about maybe doing some mining once I have one but I also live in a place that has some of the highest electricity prices in the country.
 
SulSeeker said:
Just so you guys know... any ATI card bases on GCN doesn't look like a good Bitcoin miner card. We're more than likely going to see Nvidia and ATI high end cards fighting it out for the gaming card, and any ATI 7xxx cards still based in VLIW4/5 fly off the shelves as mining cards.

I for one would gladly trade out the cads i have (2 5830's, 6 5850's, 2 6870s, and 6950) for lower powered 7 series cards, specifically a pair of 7970's for gaming (got eyefinity for Xmas) and the highest specced VLIW card for mining. Can't wait.
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Hmm... I don't know about that... AMD even mentions Bitcoin mining on the 7900 spec sheet.

http://www.amd.com/us/products/desktop/graphics/7000/7970/Pages/radeon-7970.aspx

Fold and mine faster than ever with AMD App Acceleration powered by the unprecedented 28nm GCN Architecture.
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cj3waker said:
I dont even see how it hasnt gotten quashed yet

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures,
To provide for the Punishment of counterfeiting the Securities and current Coin of the United States,

I guess you could argue its a good instead of a currency, and bypass all that
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Congress has the power to coin money and regulate the value of it... Not to say that a person cannot use any other type of money. If a business wanted to accept Euro, CAD, or shells... they could.
 
but they have the power to regulate value of any currency within the country, and (dis)allow what types of currencies are used
 
Tawnos said:
Congress has the power to coin money and regulate the value of it... Not to say that a person cannot use any other type of money. If a business wanted to accept Euro, CAD, or shells... they could.
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tell that to Bernard Von Nothaus
 
jojo69 said:
tell that to Bernard Von Nothaus
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The guy who made coins that looked like US coins and was charged as such?

You do realize there are all kinds of barter currencies that don't cause problems, right?
 
the liberty dollar looked nothing like any current US coin...and was worth a good bit more than a "dollar"
 
jojo69 said:
the liberty dollar looked nothing like any current US coin...and was worth a good bit more than a "dollar"
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Liberty dollar coins do/did look like US coins:
liberty_dollar.jpg
 
OK, look, I'm not trying to troll you, and I'm not even sure we disagree. Further we are veering a bit off topic. I will grant that Liberty dollar's use of the word "dollar" was unfortunate (though I would argue that the modern fiat currency is no more a legal dollar than it).

The traditional motifs of the liberty figure, god, eagles, stars etc have been reproduced on countless privately minted silver rounds over the years that the government had no (or insufficient for action) problem with. The Liberty Dollar was a one troy ounce silver round over an inch and a half across. By its very size it differentiated itself from any current cupro-nickel coinage.

I have read and understand some well reasoned criticisms of how LD went about their particular form of activism, there is some meat there, but you seem to be swallowing the State's argument whole.

Which coin are we in danger of mistaking the image above for?
 
jojo69 said:
OK, look, I'm not trying to troll you, and I'm not even sure we disagree. Further we are veering a bit off topic. I will grant that Liberty dollar's use of the word "dollar" was unfortunate (though I would argue that the modern fiat currency is no more a legal dollar than it).

The traditional motifs of the liberty figure, god, eagles, stars etc have been reproduced on countless privately minted silver rounds over the years that the government had no (or insufficient for action) problem with. The Liberty Dollar was a one troy ounce silver round over an inch and a half across. By its very size it differentiated itself from any current cupro-nickel coinage.

I have read and understand some well reasoned criticisms of how LD went about their particular form of activism, there is some meat there, but you seem to be swallowing the State's argument whole.

Which coin are we in danger of mistaking the image above for?
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Let's back up a step, and start from the beginning. Person A claimed that the constitution grants congress the power to coin money (and all things necessary and proper for that to be meaningful), and therefore is surprised that bitcoin isn't shut down. I said that being granted the power to coin money doesn't grant the power to shut down alternative currencies. I left out the mention that currencies which could be mistaken for US currency may be shut down, as they could undermine the power granted to congress.

You interjected about a guy whose alternative currency was shut down. I responded, and now we're here. Continuing: the issue, given what I said in the paragraph above, is that the person is producing physical coins with "USA" on them, containing a phrase similar to US coins, with an image bearing a resemblance to the 1880s liberty head nickels, the 1912 liberty head nickel, or the 1924 peace coin , with a backing claiming that the coin was worth $20 (even going so far as to use the word dollar).

In other words, the coins were produced in such a manner that they appear to be, imitate, or substantially resemble US-issued currency. Contrast that to a bitcoin, and you can see that they are apples and oranges.
 
While we could certainly debate the finer points, I think that for the purposes of this thread we are largely in agreement.

I was not trying to bait you, just wanted to satisfy myself that you were actually considering the issues at hand. Well met, sir.
 
sleepeeg3 said:
$4 is not even close to overcoming the electric bill. Let it die.
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Comments like this sure do give me a good chuckle. There are two factors in the value of a bitcoin. What its worth on the market AND how easy it is to obtain. When bitcoins were worth $14 they were much harder to obtain...

The difficulty is nearly half of what it use to be, so I can mine two coins in the same time I could of mined 1 coin ( that means im making $8 instead of $4 ).

Since bitcoin jumped from $2.50 to $6 I suspect the difficulty is going to jump up very soon, but for right now im making $150 a month and my average electric bill has been around $59 for my whole house...Not to mention the free heat i get as by product

More then likely I will quit june through august so i dont have to run the A/C as hard.
 
buttons said:
Comments like this sure do give me a good chuckle. There are two factors in the value of a bitcoin. What its worth on the market AND how easy it is to obtain. When bitcoins were worth $14 they were much harder to obtain...

The difficulty is nearly half of what it use to be, so I can mine two coins in the same time I could of mined 1 coin ( that means im making $8 instead of $4 ).

Since bitcoin jumped from $2.50 to $6 I suspect the difficulty is going to jump up very soon, but for right now im making $150 a month and my average electric bill has been around $59 for my whole house...Not to mention the free heat i get as by product

More then likely I will quit june through august so i dont have to run the A/C as hard.
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Man then electricity is dirt cheap for you. I remember when I ran dual HD 6970 @ 920 and stock 2600k for one month, my electricity bill jumped from my average $200 to $300.
 
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