BitCoin: Should I Sign Up?

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Re: BitCoin: Should I Sign Up?

Post by DrMatt » Mon Jun 13, 2011 3:31 pm

Cool Hand wrote:
DrMatt wrote:

Code: Select all


           [ ] Shave               [ ] Haircut

You left off "surgery."

CH
How many bits for that?
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Re: BitCoin: Should I Sign Up?

Post by hammegk » Mon Jun 13, 2011 4:14 pm

Cool Hand wrote:
DrMatt wrote:

Code: Select all


           [ ] Shave               [ ] Haircut

You left off "surgery."

CH
Two bits. :rub:

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Re: BitCoin: Should I Sign Up?

Post by WildCat » Thu Jun 16, 2011 5:28 pm

Leaders of the open-source virtual currency project known as Bitcoin say they have no way to verify one user's claim that hundreds of thousands of dollars worth of digital coins were plucked from his computer earlier this week.

Rumors of the heist have been swirling since Monday, when a Bitcoin user named Allinvain claimed 25,000 Bitcoins, technically valued at close to $500,000, had mysteriously been transferred to an unknown user's account. Allinvain speculated the thieves made off with the windfall after using malware to compromise his Windows-based computer.

"I just woke up to see a very large chunk of my bitcoin balance gone," the user wrote. "I feel like killing myself now."

More than 300 posts later, it's still not clear if the claims are part of an elaborate hoax. Because Bitcoin is built on a peer-to-peer foundation that completely bypasses any sort of centralized database, it's impossible for even the architects of the digital currency to verify if a theft took place.
http://www.theregister.co.uk/2011/06/16 ... ft_claims/

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Re: BitCoin: Should I Sign Up?

Post by EvilYeti » Thu Jun 16, 2011 5:51 pm

WildCat wrote: http://www.theregister.co.uk/2011/06/16 ... ft_claims/

When libertard meets reality...
I'm sure it was jackbooted government thugs....

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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Wed Jul 27, 2011 1:32 pm

Okay, so the U.S. has a visa waiver program that allows certain folks to travel here for business purposes without a visa. But even if you don't need a visa, you better have a Visa...or at least a Mastercard.
In a blog first spotted by GeekWire, someone going by the name of Doctor Nefario - founder of the Global Bitcoin Stock Exchange - says he was sent back to China by Customs and Border Protection agents at Seattle airport earlier this month.

According to GeekWire, Nefario was planning to work with entrepreneurs Mike Koss and Peter Vessenes at their StartPad offices in Seattle and had already paid them in Bitcoins for office space.

However, at the airport, agents were concerned that Nefario planned to spend two months in the US with only $600 in cash and no credit card. In a session that lasted between five and six hours, Nefario then tried to explain Bitcoin and how it would fund the trip.

Says the blog: ""Although I was cash poor I had more than enough bitcoin to cover all the costs of my trip and stay, I was going to be meeting with bitoption later that morning in Seattle, he had $1500 of cash to exchange."

The agents were apparently unconvinced though and Nefario was put on a plane back to China, where he was questioned for another three hours about why he had been sent back.
http://www.finextra.com/news/fullstory. ... emid=22812

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Re: BitCoin: Should I Sign Up?

Post by DrMatt » Wed Jul 27, 2011 1:39 pm

But... Bitcoins are backed by "virtually mined" partial solutions to a puzzle! They must be very valuable!
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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Wed Jul 27, 2011 1:51 pm

DrMatt wrote:But... Bitcoins are backed by "virtually mined" partial solutions to a puzzle! They must be very valuable!
I don't know if they must be very valuable or for what reason, but they are currently valued by users at around $14 per.
Image

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Re: BitCoin: Should I Sign Up?

Post by DrMatt » Wed Jul 27, 2011 2:20 pm

Proof-of-work puzzle solutions can be used for dental fillings, as electrical conductors, as thermal conductors, as anti-corrosion coating, and as reflectors of light and infrared. They're very valuable. :Scratch4:
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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Wed Jul 27, 2011 2:37 pm

DrMatt wrote:Paper money can be used for dental fillings, as electrical conductors, as thermal conductors, as anti-corrosion coating, and as reflectors of light and infrared. They're very valuable. :Scratch4:
fify

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Re: BitCoin: Should I Sign Up?

Post by EvilYeti » Wed Jul 27, 2011 2:46 pm

DrMatt wrote:But... Bitcoins are backed by "virtually mined" partial solutions to a puzzle! They must be very valuable!
http://en.wikipedia.org/wiki/Scarcity_value

They are also backed by Libertarian nerds with big egos. Do not underestimate that.

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Re: BitCoin: Should I Sign Up?

Post by En folkefiende » Fri Jul 29, 2011 5:48 am

EvilYeti wrote:
DrMatt wrote:But... Bitcoins are backed by "virtually mined" partial solutions to a puzzle! They must be very valuable!
http://en.wikipedia.org/wiki/Scarcity_value

They are also backed by Libertarian nerds with big egos. Do not underestimate that.
Heh. I wonder how the tragedy of the commons will bite them.
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Re: BitCoin: Should I Sign Up?

Post by Abdul Alhazred » Fri Jul 29, 2011 9:28 am

At least the folks left holding Confederate money had interesting souvenirs.
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Re: BitCoin: Should I Sign Up?

Post by EvilYeti » Fri Jul 29, 2011 1:41 pm

jj wrote: Heh. I wonder how the tragedy of the commons will bite them.
Uh, remember computer science is magic. You can design decentralized systems without a "commons" and currency that literally cannot be counterfeited.

Free markets and open source have already produced best-of-class software. No reason they can't produce a superior fiat currency, either.

The only reason US paper currency has any value at all is the government will stick your ass in jail if you counterfeit it.

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Re: BitCoin: Should I Sign Up?

Post by Mentat » Fri Jul 29, 2011 10:15 pm

EvilYeti wrote:
jj wrote: Heh. I wonder how the tragedy of the commons will bite them.
Uh, remember computer science is magic. You can design decentralized systems without a "commons" and currency that literally cannot be counterfeited.

Free markets and open source have already produced best-of-class software.
Except for a good cross platform gui environment. X windows could have grown up, graduated college, study all the modern systems, and written a new open source windowing system that isn't pushing three decades of being outdated if it were sentient. >_>
It's "pea-can", man.

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Re: BitCoin: Should I Sign Up?

Post by EvilYeti » Fri Jul 29, 2011 10:37 pm

Mentat wrote:
Except for a good cross platform gui environment. X windows could have grown up, graduated college, study all the modern systems, and written a new open source windowing system that isn't pushing three decades of being outdated if it were sentient. >_>

It's called HTML5. Get with the program, bub.

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Re: BitCoin: Should I Sign Up?

Post by Mentat » Sat Jul 30, 2011 12:58 am

EvilYeti wrote:
Mentat wrote:
Except for a good cross platform gui environment. X windows could have grown up, graduated college, study all the modern systems, and written a new open source windowing system that isn't pushing three decades of being outdated if it were sentient. >_>

It's called HTML5. Get with the program, bub.
HTML 5 is like the String theory: it sounds great 'n all, but why are their umpteen conflicting versions that have different assumptions over the number of spatial dimensions of the universe?
It's "pea-can", man.

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Re: BitCoin: Should I Sign Up?

Post by EvilYeti » Sat Jul 30, 2011 4:23 pm

Mentat wrote: HTML 5 is like the String theory: it sounds great 'n all, but why are their umpteen conflicting versions that have different assumptions over the number of spatial dimensions of the universe?
Whichever one firefox uses wins.

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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Thu May 25, 2017 4:26 pm

When I started this thread in May, 2011 it was 30usd/btc/
Currently trading at 2700usd/btc

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Re: BitCoin: Should I Sign Up?

Post by EvilYeti » Thu May 25, 2017 4:57 pm

I was going to buy $1,000 in bitcoin and setup a trading bot (that I wrote in python). Then Mt. Gox got "hacked" and I shelved the product, figuring that the market wasn't sustainable.

Guess I was wrong. And would have around 90k in bitcoins assuming I at least retained my initial investment. Assuming my bot worked I would have 10X that. Oh well :/.

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Re: BitCoin: Should I Sign Up?

Post by Rob Lister » Wed Sep 13, 2017 8:18 pm

(Newser) – Jamie Dimon says he would fire any employee caught trading bitcoin "in a second," the Guardian reports. "It’s against our rules, and they’re stupid. And both are dangerous," the head of JPMorgan Chase said at a conference Tuesday. According to Reuters, bitcoin dropped 10% on Wednesday in the wake of Dimon's tirade against the cryptocurrency, which he called a "fraud.""It's just not a real thing," CNBC quotes Dimon as saying. "You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart," he added.

Dimon did admit there's a "limited market" for bitcoin: drug dealers, murderers, and countries like North Korea. Regardless, he said the digital currency "will eventually blow up" and people who invested in it will lose big. It's a harsh prediction considering Dimon's own daughter bought bitcoin. "She thinks she's a genius now," he said. Bitcoin had increased more than 300% this year and hit an all-time high of just under $5,000 to start the month. However, one expert in investment strategy tells Reuters that Dimon's comments Tuesday "could have been the tipping point" for bitcoin, which was already struggling after China banned the issuance of new digital coins for fundraising last week.
LO fucking L

I guess he's going to short it then?

http://www.newser.com/story/248586/jpmo ... tupid.html