UPSB v4
Off-topic / Bitcoin thread
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Date: Wed, Apr 17 2013 00:44:55
There must be some bitcoin users here on UPSB. Discuss about bitcoins here. If you are new to this start here. http://bitcoin.org/en/resources http://www.weusecoins.com/en/
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Date: Wed, Apr 17 2013 03:50:58
im confused about how the bitcoin miners work. Do they just get the coins for free or do they convert something?
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Date: Wed, Apr 17 2013 04:43:50
You use your CPU (and GPU) to calculate things But for a normal user mining is hardly worth it, you certainly won't make money off it.
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Date: Wed, Apr 17 2013 11:18:19
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Date: Wed, Apr 17 2013 14:12:38
webspider wrote: Mine bitcoins, acquire brain damage.
wat lol -
Date: Wed, Apr 17 2013 16:35:54
webspider wrote: Mine bitcoins, acquire brain damage.
idiot you can't have a server farm in your bedroom forget the brain damage, he already had eardrum damage before that -
Date: Wed, Apr 17 2013 18:10:58
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Date: Wed, Apr 17 2013 18:37:30
exclusive wrote: bitcoin degenerate gambling story
I don't get bitcoin gamblers. Why not just trade in exchanges? -
Date: Wed, Apr 17 2013 19:01:54
Why get bitcoins at all? What's the reason? What's the sense in doing this? What can you buy using these? DO THEY FUCKING SELL?!
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Date: Wed, Apr 17 2013 19:37:00
ChainBreak wrote: Why get bitcoins at all? What's the reason? What's the sense in doing this? What can you buy using these? DO THEY FUCKING SELL?!
someone bought a house with bitcoins -
Date: Wed, Apr 17 2013 19:42:56
Some people buy bitcoins as a long-term investment. Some people use bitcoins to get drugs/illegal services online off the Silk Road anonymously. Some people profit from trading bitcoins daily. Some people gamble online with bitcoins. Some people do online shopping with bitcoins (list of merchants accepting bitcoins https://en.bitcoin.it/wiki/Trade).
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Date: Wed, Apr 17 2013 22:40:11
:facepalm: My god what's the world coming to? Selling stuff for data that has no worth in real life.
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Date: Wed, Apr 17 2013 22:53:20
If people would buy and sell things with it it's definitely not worthless. Also it is always possible to exchange bitcoins for fiat currency. People adopt bitcoins because of it's inherent security, anonymity and various other advantages. It is a relatively new currency but it is definitely growing.
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Date: Wed, Apr 17 2013 22:55:46
So dumb. I'd love to see this proven wrong, but no bank or business is ever going to take bitcoins as legitimate currency.
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Date: Wed, Apr 17 2013 23:09:47
Banks? We'll see in a couple of years maybe. Businesses? There are loads accepting bitcoins. But of course not as widespread as those accepting cash/cc/paypal.
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Date: Wed, Apr 17 2013 23:20:51
It doesnt matter how many businesses accept bitcoins. The only thing that matters is if the banks accept bitcoins.
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Date: Thu, Apr 18 2013 00:42:43
The most efficient way in mining bitcoins is to get a bot farm going. People with about 100 different peoples computers mining without the users knowing is where I would assume most of the coins are coming from. They sell programs called "Bitcoin Miners" that you infect others with and they basically "mine" bitcoins for you without them knowing anything. There are also varients of Bitcoins, such as Litecoins which the last I heard are doing very well.
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Date: Thu, Apr 18 2013 01:21:50
Haven't tried trading litecoins yet, but I have heard people making a profit by trading LTC and BTC to and fro.
King wrote: It doesnt matter how many businesses accept bitcoins. The only thing that matters is if the banks accept bitcoins.
Why so? Even if no banks would accept it it still doesn't make it any less viable than any other currency. It is the supply and demand that keeps the currency strong and running. A decentralized currency doesn't depend on any centralized authority/bank so there isn't any worries about inflation/deflation, and the total available amount of bitcoins over time is fixed. In terms of safekeeping money, a secured wallet is as safe as a bank, or even better. -
Date: Thu, Apr 18 2013 01:42:00
This is silly, at this moment bitcoins arent viable for anything other than a handful of online businesses. Honestly, what do you think the businesses that accept bitcoins do with those bitcoins? Buy raw materials for the goods their selling? Rofl, the only thing bitcoins could be good for is buying porn on the deep web.
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Date: Thu, Apr 18 2013 02:17:17
Well, businesses exchange their earned bitcoins for fiat currency (USD, etc) when the exchange rate is favourable. It's not that you are stuck with bitcoins forever because exchanges are very active. In one sense you are right, raw materials can't be bought with bitcoins at this stage; you'll have to convert bitcoins back to fiat currency to make the products or services that you are selling. But bitcoins are definitely not silly and with its strengths over fiat currency it has great potential ready to be tapped. Note that the currency is only 4 years old, so of course it isn't universally accepted by all businesses now. Nevertheless it has already done a lot in merely 4 years, imagine how many more businesses will adopt it in 10-20 years later. You can even order takeaway food with bitcoins now, I think I saw this on reddit recently. Adoption takes time but the strengths and security of the bitcoin protocol itself is still undeniably a game-changer! (sun)
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Date: Thu, Apr 18 2013 02:54:50
ChainBreak wrote: :facepalm: My god what's the world coming to? Selling stuff for data that has no worth in real life.
lol? any currency is "worthless" in the real life, it's us humans that attribute a value to it. it makes no difference whether the currency is physical or digital. the only tangible thing is when people trade goods to each other, aka barter. why is the number in your bank account worth something? that's digital too. paper money? can you feed yourself by eating that? no. the concept of bitcoin is no less ridiculous than any other form of currency. -
Date: Fri, Apr 19 2013 00:34:24
Zombo wrote: lol? any currency is "worthless" in the real life, it's us humans that attribute a value to it. it makes no difference whether the currency is physical or digital. the only tangible thing is when people trade goods to each other, aka barter. why is the number in your bank account worth something? that's digital too. paper money? can you feed yourself by eating that? no. the concept of bitcoin is no less ridiculous than any other form of currency.
The value of the ''real'' currencies comes from trust. The trust is evaluated by the rating agencies and stuff. There can't be trust in bitcoins since you don't have a external source that can tell you how much trust you can put in the currency. Thus the currency is worthless. -
Date: Fri, Apr 19 2013 04:47:07
The whole point of bitcoins is to be a decentralized currency which isn't manipulable by a central authority. A decentralized currency works because the adopters trust it. It is same for any other 'real' currency out there. People use the USD because they trust the federal reserve to not issue too much of it (which will devalue the currency, basically inflation), and they trust other people and merchants to accept it. BTC is a unique case. Even though the currency is still in its infancy with only limited merchants accepting it, people want to get their hands on it. Massive amounts of people trust the prospect of Bitcoins being a superior currency, therefore creating a demand for it. That is why people trade fiat currency for Bitcoins. Not to forget that the total circulating bitcoins over time is mathematically predetermined, and this ensures that the no inflation will occur even though there is no central issuing authority for it. In essence how much a bitcoin is worth is purely arbitrary and derives from how much demand there is for it. As I type right now 1 BTC is worth 115 USD, but this can easily fluctuate any time. Just a few months ago 1 BTC was worth 15 USD. If one day, everyone in the world just decide to stop using bitcoins it will be worth nothing. Btw, banks and governments and Paypal hate bitcoins because it favours the end users rather than them. Transaction fees are virtually negligible for bitcoins, unlike CCs and Paypal. Also, money-laundering and tax dodging is made easy with bitcoins because by taking necessary steps, one can unlink their own identities from any funds they own in bitcoins.
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Date: Fri, Apr 19 2013 14:58:15
Digital currency o.O
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Date: Fri, Apr 19 2013 15:33:24
Anyone who immediately rules out concepts such as bitcoins has learnt nothing from the last 20-30 years of terrible tech predictions. The Internet is still very new and still very much raging forward; a digital currency does make a lot of sense if you aren't somehow emotionally attached to your paper currency.
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Date: Fri, Apr 19 2013 20:56:21
ChainBreak wrote: The value of the ''real'' currencies comes from trust. The trust is evaluated by the rating agencies and stuff. There can't be trust in bitcoins since you don't have a external source that can tell you how much trust you can put in the currency. Thus the currency is worthless.
trust of the community is more important than some agency. bitcoin has the trust of the community. -
Date: Fri, Apr 19 2013 21:36:44
Got myself some vanity addresses lol :P 1ArgonmhVDXuG39t38innkEesQkiSZPh6N 1FUCKcouPDdrDQumg4dFm4ij6ZqHgsDpAP