Off Topic - Bitcoin?

[TreasureHunters]

Anyone heard of it? Got any? I obtained about 1.7 in the last two months, slowly making $.. Thoughts?

 

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[Peyton Manning]

heard of it, have no idea what it is. how did you get them? they are good for?

 

[Lost&Found]

Bit coins a digital currency that has to be mined or purchased on a secondary market. The chinese are heavily into mining it. With the recent troubles in China's economy I'd be a bit concerned about the speculative nature of the coins. There was a big run up in the values at the end of 2013.

One of the major premises of the currency is that it is not issued or controlled by any government. A recently issued that I am interested is the Doge bit coin since it features the Shiba Inu's meme image. I have 2 Shibas.



Dogecoin

 

[Peyton Manning]

ummm how exactly does one mine a digital coin? Sounds like the gold coins I always find in my dreams

 

[Lost&Found]

It's done through digital mining with a computer. Here's a link for beginners.

Beginners Guide to Mining Bitcoins

 

[mojjax]

They sell them on ebay - check out the sold listings - highest price first .

 

[Keppy]

Well all that web site wants to do is sell things to you …….. ​Yes i would say you are way off topic here……..

 

[TreasureHunters]

Well all that web site wants to do is sell things to you …….. ​Yes i would say you are way off topic here……..

Figured so but wanted to see what others thought, thank you..

 

[TreasureHunters]

Bit coins a digital currency that has to be mined or purchased on a secondary market. The chinese are heavily into mining it. With the recent troubles in China's economy I'd be a bit concerned about the speculative nature of the coins. There was a big run up in the values at the end of 2013.

One of the major premises of the currency is that it is not issued or controlled by any government. A recently issued that I am interested is the Doge bit coin since it features the Shiba Inu's meme image. I have 2 Shibas.

View attachment 935974 View attachment 935976

Dogecoin

Is 2 shibas 2 doges?

 

[Keppy]

I think you should put this in .." General discussion "...

 

[Lost&Found]

Me Thinks Yez

 

[Keppy]

I saw on ebay that you can buy a bit coin starter kit for $197.00…… Someone is making money here….

 

[mjlalt]

I saw on ebay that you can buy a bit coin starter kit for $197.00…… Someone is making money here….

I saw one that had a Hash Rate of 330 MH/s it sold for $172
If you had free electricity it would mine $.07 worth of bitcoin a day

Here is a Bitcoin calculator
Bitcoin Mining Calculator

 

[TreasureHunters]

That would still take a while to make a ROI unless BTC ran up to 40k+ a coin as predicted?

 

[Grundestoun]

This could put this on topic.
Read this article a man bought an old dell computer at a yard sale that lead to a lot of the bitcoins.

http://nationalreport.net/man-finds-6-million-dollars-worth-bitcoins-garage-sale/

 

[Grundestoun]

Looks like he wins in two categories. 6 millions dollars and the he made the Guinness books too! WOW. Should have read the whole article first. LOL!

 

[inspectorgadget]

I read a story months & months ago about a guy in Britain who accidentally throwing away a hard drive that had $250K in bitcoins on it.

 

[silverdollarbill]

Bitcoin is a lot of things:
1) It is an amazing piece of technology. The open source software manages a shared database which is just in big 'transaction log'. 'Mining' is validating the transactions on the bitcoin payment network. Bitcoin software is distributed. No one entity controls bitcoin. Most mining is not in China.

2) Bitcoin is a payment network that has almost no fees when compared to credit card and transactions are validated almost immediately and cannot be rolled back. (An ebay type site without CC/PayPal fees and instant payment is possible with bitcoin. You can do escrow too.)

3) bitcoin is like cash in that you store it and transfer it as you please. No need for any counterparty risk. Bitcoin is NOT like cash as in that no central authority can create it out of thin air. (which what is happening to all global fiat currency right now. You cannot 'Quantitavily Ease' bitcoin like the Federal Reserve is doing to the USD)

4) bitcoin is like gold in that there is a limited amount of bitcoin and they are mined at a known rate. Bitcoin's value cannot be inflated away. Bitcoin is easily divisible. (You can have .00000001 bitcoins) Bitcoin is NOT like gold which is difficult to store and it is easily divisible.

5) bitcoin could make central banks obsolete

It takes a bit to get your head around bitcoin, but if you understand what money really is (fiat currency), how money is controlled today (fractional reserve lending), and some technology, bitcoin is beautiful.

Here are some good resources.



https://en.bitcoin.it/wiki/Main_Page

http://reddit.com/r/bitcoin

http://evoorhees.blogspot.com/

Bitcoin will likely fail, but the concept and and the fairness and honestly in money/transactions it could bring are hopefully here to stay.

PS....I know I drank the koolaid a bit. Cannot recommend putting significant money into it. Very high risk.

 

[dejapooh]

I doubt that bit coins will go away so soon. It is too convenient for the Drug dealers and illegal operators of the world. As a medium of exchange that has no government oversight, they are the primary customers. No "Real" business will take them because of the violent swings in value. Because it is a "currency" without control, as it competes with government controlled currencies it's value will swing at least as much as metals, and likely more. That is why Gold backed currencies failed. Not because Governments overproduced, or under-produced them, but because there was no flexibility in the currency to allow the central banks the ability to increase the supply of money as the supply of goods and services increased. Before we abandoned the ancient Technology of Gold Backed Currency, the national economies of the world underwent violent swings. Terrific booms and catastrophic busts. Periods of 30% to 40% unemployment were not uncommon. Economies have been much more stable under fiat currency because the governments (or the federal reserve) CAN adjust the supply of money to deal with Crisis and to cool off a boom.

 

[Peyton Manning]

wow I am REALLY getting old. it sounds like monopoly money to me