Bitcoins and Other Crypto-currencies

Has anyone had any success with ICO's?

Hmm don't really understand ICOs yet.

Anyone going to invest in some Binance coins BNB? With the exchange doing so well I heard BNB is going to go up

Hope you guys are investing your life savings in Garlicoin. It's going to be a really stable and viable currency.

Karl wrote:Hope you guys are investing your life savings in Garlicoin. It's going to be a really stable and viable currency.

Naa something stinks about it man.

Karl wrote:Hope you guys are investing your life savings in Garlicoin. It's going to be a really stable and viable currency.

I’m putting all of my money into tulip bulbs.

Moggy wrote:

Karl wrote:Hope you guys are investing your life savings in Garlicoin. It's going to be a really stable and viable currency.

I’m putting all of my money into tulip bulbs.

lol read about that in the Tulip museum in Amsterdam.

I don't actually get how bitcoin mining works, where does the monetary value come from? is it some kind of micro-investment algorithm that just slowly builds up money over time or something more sinister like the plot of Office Space whereby the mining program essentially steals minute amounts of cash from millions of sources?

Ironhide wrote:I don't actually get how bitcoin mining works, where does the monetary value come from? is it some kind of micro-investment algorithm that just slowly builds up money over time or something more sinister like the plot of Office Space whereby the mining program essentially steals minute amounts of cash from millions of sources?

This is how I think it works. Mining is basically completing transactions for people and transactions earn you money because fees are paid. So when I buy coins I pay a fee which goes towards the miners for performing the transaction.

Ironhide wrote:I don't actually get how bitcoin mining works, where does the monetary value come from? is it some kind of micro-investment algorithm that just slowly builds up money over time or something more sinister like the plot of Office Space whereby the mining program essentially steals minute amounts of cash from millions of sources?

Mining in simple terms is your computer running calculations and occasionally earning a reward. Those rewards have no monetary value other than what other people are willing to pay for them.

satriales wrote:

Ironhide wrote:I don't actually get how bitcoin mining works, where does the monetary value come from? is it some kind of micro-investment algorithm that just slowly builds up money over time or something more sinister like the plot of Office Space whereby the mining program essentially steals minute amounts of cash from millions of sources?

Mining in simple terms is your computer running calculations and occasionally earning a reward. Those rewards have no monetary value other than what other people are willing to pay for them.

I wonder what those calculations are for, I'd be fairly happy if it was something like protein folding or something else scientifically beneficial but less so if it's working on North Koreas nuclear weapons program or SKYNET/GENYSYS

Ironhide wrote:

satriales wrote:

Ironhide wrote:I don't actually get how bitcoin mining works, where does the monetary value come from? is it some kind of micro-investment algorithm that just slowly builds up money over time or something more sinister like the plot of Office Space whereby the mining program essentially steals minute amounts of cash from millions of sources?

Mining in simple terms is your computer running calculations and occasionally earning a reward. Those rewards have no monetary value other than what other people are willing to pay for them.

I wonder what those calculations are for, I'd be fairly happy if it was something like protein folding or something else scientifically beneficial but less so if it's working on North Koreas nuclear weapons program or SKYNET/GENYSYS

For Bitcoin the calculations are just verification's of transactions. Essentially you have a ton of people verifying each transaction and movement of the coins (or fractions of coins) from one wallet into another to make a system that is (supposedly) tamper proof.

For Etherium, you can actually put out contracts to get people to do your calculations, and you pay them in Etherium tokens. So in theory I guess North Korea could use it to do whatever they needed.

Not sure if anyone will be interested but that faucet I posted for Bitcoin now has a dogecoin version.

http://freedoge.co.in/?r=1529790

Disclaimer: that link is my referral link, if you don't want to use the referral bit just remove the ?r=.... bit

Errkal wrote:Not sure if anyone will be interested but that faucet I posted for Bitcoin now has a dogecoin version.

http://freedoge.co.in/?r=1529790

Disclaimer: that link is my referral link, if you don't want to use the referral bit just remove the ?r=.... bit

That video explaining what Doge is

I decided to try mining to see what it's like, it was fairly easy to set up a (Monero) XMR miner. Since around noon, I've made about 30 cents, or 0.0006012423 XMR

I'm guessing if you want to be serious with this crap you really need to optimize your equipment. I spoke to someone else who is doing the same using their gaming PC, their hash rate is about 1.5K/sec, and they told me in a month they mined 0.6XMR, or about $300. My hash rate is 600/s, (I'm using a 1060) but still $150/month wouldn't be too bad. The only thing is I imagine by the time I convert from XMR to who knows what, to bitcoin, to actual money I'll probably be left with about 10 cents because of all the damn fees.

Rightey wrote:I decided to try mining to see what it's like, it was fairly easy to set up a (Monero) XMR miner. Since around noon, I've made about 30 cents, or 0.0006012423 XMR

I'm guessing if you want to be serious with this crap you really need to optimize your equipment. I spoke to someone else who is doing the same using their gaming PC, their hash rate is about 1.5K/sec, and they told me in a month they mined 0.6XMR, or about $300. My hash rate is 600/s, (I'm using a 1060) but still $150/month wouldn't be too bad. The only thing is I imagine by the time I convert from XMR to who knows what, to bitcoin, to actual money I'll probably be left with about 10 cents because of all the damn fees.

And a nice electric bill.

What a bloodbath! My portfolio has lost $2000 in value these past few days.

Luckily it doesn't bother me much because I got in to hold and it's easy for me to just hold, watch and buy.

Feel sorry for those panicking right now after investing more than they could afford.

A good day to buy more.

Thought this was a good, negative, take on Bitcoin:


https://www.theguardian.com/technology/ ... _clipboard

Rocksleddy wrote:Thought this was a good, negative, take on Bitcoin:


https://www.theguardian.com/technology/ ... _clipboard

I enjoyed that a lot, but then it does echo my feelings about cryptocurrencies. Feels at best a bubble, at worst a Ponzi scheme. Be interesting to see how government legislation changes in the not too distant future, and what effect it has on cryptocurrencies as a whole. It will happen, it's just a matter of when, and to what extent.

Anyone tried talking to people that are obsessed with Bitcoin? It's like talking to a militant Scientologist or a vegan, very cult-like. My sister started preaching about it at Christmas (she's a New York-living vegan and vocal activist about everything) and everyone started rolling their eyes in a "here she goes again" style. Absolutely refused to accept any of the criticisms leveled at it and professed about how it's going to smash the central bank system and set the world on a new path, just like that Zeitgeist documentary about scrapping all money blah blah blah. Bore off.

I suspect she's spent some money on Bitcoin and wants to validate her decision