Bitcoins and Other Crypto-currencies

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Errkal
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PostRe: Bitcoins and Other Crypto-currencies
by Errkal » Sun Dec 08, 2013 7:29 pm

Lol.

The basics like pwoer cost and usage are simple. Its the hash ratings that are harder.

The USB Eruptors are 333 mhash/sec with a 2.5w power usage so that should give a basic idea.

They are accepted as gooseberry fool though, the used to be like £10 a key and so were worth it, but demand has shot up so now they aren't worth it.

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Sun Dec 08, 2013 10:15 pm

Can we get a translation in English please :shifty:

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Meep
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PostRe: Bitcoins and Other Crypto-currencies
by Meep » Sun Dec 08, 2013 10:34 pm

Okay, so having read up on bitcoin a bit more, I have come to the conclusion that it is worthless. Well... not 'worthless' per say, anything is worth something to someone if they are willing to accept it, but bitcoin is not backed by any real resource. Worse, it is not even backed by a state; the way in which our current currency system is guaranteed. Only war or revolution can topple it. There is absolutely nothing guarantee bitcoins in the event of a crisis. One major disruption and the entire currency is easily reduced to so much binary junk.

You would have to be a real gambling type to exchange state guaranteed currency for something as insecure as bitcoin.

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PostRe: Bitcoins and Other Crypto-currencies
by Fatal Exception » Sun Dec 08, 2013 10:37 pm

Meep wrote:Okay, so having read up on bitcoin a bit more, I have come to the conclusion that it is worthless. Well... not 'worthless' per say, anything is worth something to someone if they are willing to accept it, but bitcoin is not backed by any real resource. Worse, it is not even backed by a state; the way in which our current currency system is guaranteed. Only war or revolution can topple it. There is absolutely nothing guarantee bitcoins in the event of a crisis. One major disruption and the entire currency is easily reduced to so much binary junk.

You would have to be a real gambling type to exchange state guaranteed currency for something as insecure as bitcoin.


Same as 'money' these days...

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Ecno
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PostRe: Bitcoins and Other Crypto-currencies
by Ecno » Sun Dec 08, 2013 10:40 pm

Except you can't pay taxes in it.

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Meep
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PostRe: Bitcoins and Other Crypto-currencies
by Meep » Sun Dec 08, 2013 10:46 pm

Not strictly true, as fiat currency is guaranteed by the resources available to a state by virtue of government authority. Even that is flimsy as we all know that the state is not good for it in the event of a real crisis. It is a device cooked up to the aid our precarious modern credit system. Still, it is better than nothing.

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PostRe: Bitcoins and Other Crypto-currencies
by Fatal Exception » Sun Dec 08, 2013 10:54 pm

It might as well be nothing. :lol: In practice it would be good to have a universal currency not controlled by any government, but burning electricity in order to solve pointless puzzles is not something to base an economy on.

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Meep
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PostRe: Bitcoins and Other Crypto-currencies
by Meep » Sun Dec 08, 2013 10:57 pm

Yeah, I was thinking about that after seeing that ridiculous graphic card rig. :lol: Surely if we are going to use a virtual currency there are methods of doing it that don't require wasting massive amounts of fuel solving meaningless equations. Not very environmentally friendly.

Actually, following from the metrics in producing bitcoins, it would seem that much of their 'value' lies in the amount of electronics and energy expended in their production. So, essentially, what you have is a currency based on the expense of wasting electricity and hardware that cannot be reclaimed. :dread:

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Donk
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PostRe: Bitcoins and Other Crypto-currencies
by Donk » Sun Dec 08, 2013 11:04 pm

Universal currency actually working. :lol:

Has the euro taught you nothing?

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Fatal Exception
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PostRe: Bitcoins and Other Crypto-currencies
by Fatal Exception » Sun Dec 08, 2013 11:15 pm

Little Donkey wrote:Universal currency actually working. :lol:

Has the euro taught you nothing?


I meant in addition to our normal ones ;)

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Sun Dec 08, 2013 11:17 pm

To be fair I think producing bitcoins is much more environmentally friendly then producing real currency, at least in the traditional sense when you talk about value being tied to gold. The amount of effort/energy it takes to mine gold is much higher than mining coins.

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Fatal Exception
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PostRe: Bitcoins and Other Crypto-currencies
by Fatal Exception » Sun Dec 08, 2013 11:22 pm

Silent Right wrote:To be fair I think producing bitcoins is much more environmentally friendly then producing real currency, at least in the traditional sense when you talk about value being tied to gold. The amount of effort/energy it takes to mine gold is much higher than mining coins.


No currency is backed by gold or silver anymore. Otherwise to create more money you'd have to mine more gold. Money is created as debt. Creating more money in any country with a central bank requires nothing more than a few keystrokes and this is done millions of times per day at any lending bank.

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Fatal Exception
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PostRe: Bitcoins and Other Crypto-currencies
by Fatal Exception » Sun Dec 08, 2013 11:24 pm

E-gold used to be all the rage (it's backed by gold):

http://www.e-gold.com/

Still exists. :shock: Used to be used for scams, drugs and other illegal gooseberry fool before bitcoins.

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Sun Dec 08, 2013 11:53 pm

Festive Eggnog wrote:
Silent Right wrote:To be fair I think producing bitcoins is much more environmentally friendly then producing real currency, at least in the traditional sense when you talk about value being tied to gold. The amount of effort/energy it takes to mine gold is much higher than mining coins.


No currency is backed by gold or silver anymore. Otherwise to create more money you'd have to mine more gold. Money is created as debt. Creating more money in any country with a central bank requires nothing more than a few keystrokes and this is done millions of times per day at any lending bank.


I know but I mean that compared to traditional currencies it is the same idea, that it has to be difficult to make it to avoid the potential for massive inflation.

Pelloki on ghosts wrote:Just start masturbating furiously. That'll make them go away.

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GM
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PostRe: Bitcoins and Other Crypto-currencies
by GM » Mon Dec 09, 2013 12:58 am

The main problem with bitcoin is that it doesn't make any strawberry floating sense. It's a bunch of things all at once and it's gooseberry fool at being all of them.

It's a payment method - that takes 10 minutes+ to confirm a transaction.
It's a stock - that has crashed at least 3 times, losing 50%+ of its value each time.
It's a currency - backed by nothing and no one.

These libertarian types support it for the anonymity, low transaction fees, and 'be your own bank' crap, but those benefits disappear the minute you start addressing the problems.

Oh and just for giggles, have some charts with zero comment:

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Skarjo
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PostRe: Bitcoins and Other Crypto-currencies
by Skarjo » Mon Dec 09, 2013 1:02 am

:lol:

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False
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PostRe: Bitcoins and Other Crypto-currencies
by False » Mon Dec 09, 2013 10:22 am

Didnt someone here buy some at the start of last week?

Did you sell them in time?

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Winckle
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PostRe: Bitcoins and Other Crypto-currencies
by Winckle » Mon Dec 09, 2013 4:43 pm

Grumpy David wrote:Winckle said I was buying "libertarian moron bucks" back in March.

Those moron bucks have earned me a fair bit since then.

Starjo wrote:85% of it's value lost in a week.

Who would have thought that magical Libertarian beanie babies being mined out of imaginary money mines would be so unstable?

Merry Falsemas wrote:http://bitcoincharts.com/charts/mtgoxUSD#rg10ztgMzm1g10zm2g25zv

cool currency - where can I buy some?


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Dual
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PostRe: Bitcoins and Other Crypto-currencies
by Dual » Mon Dec 09, 2013 4:54 pm

Grumpy David please respond.

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Fatal Exception
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PostRe: Bitcoins and Other Crypto-currencies
by Fatal Exception » Mon Dec 09, 2013 4:55 pm

Dual wrote:Grumpy David please respond.

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