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-   -   Bitcoins (http://www.nubblies.net/forums/general-chat/18145-bitcoins.html)

f3lix 06-05-2011 01:37 PM

Bitcoins
 
I first saw this today. It's an online P2P currency used internationally, created in 2009. There is a lengthy wikipedia entry on it and Yahoo mentioned its 200,000% increase in value since its creation.

DJ FC 06-05-2011 02:10 PM

I have 100.

I think there is a guy in my office with tens of thousands.

ninjaface 06-05-2011 02:39 PM

Quote:

Originally Posted by DJ FC (Post 410723)
I have 100.

What do you use it for?

Would it be a suitable replacement for paypal?

DJ FC 06-05-2011 03:12 PM

It's more like a replacement for the dollar.

ninjaface 06-05-2011 03:31 PM

Can Bitcoin be used in a brick and mortar store? Or is it just meant for online use?

DJ FC 06-05-2011 03:33 PM

No major retailers accept them yet.

f3lix 06-05-2011 04:28 PM

I might want my DJI bet to be paid in bitcoins

DJ FC 06-06-2011 12:55 AM

We bet in dollars.

I also own bitcoinbank.com

bauer5152 06-17-2011 10:10 PM

Quote:

Originally Posted by DJ FC (Post 410723)
I have 100.

I think there is a guy in my office with tens of thousands.


I also think so.

f3lix 06-17-2011 10:26 PM

first

DJ FC 06-18-2011 05:04 AM

Let's talk more about bitcoins though. You guys should get involved.

I'm currently mining bitcoins with a friend. Together we have 4 computers with a total of 10 graphics cards pumping the shit out of bitcoins. We generate 5-10 bitcoins per day.

Mr. Blonde 06-18-2011 05:23 AM

^ explain that please. One can acquire bitcoins without money? What?

DJ FC 06-18-2011 07:28 AM

There will only ever be something like 21 million bitcoins. That numbe is fxed. But they're still being handed out, and you can aggressively try to get as many as possible.

Mr. Blonde 06-18-2011 08:13 AM

This is very relevant to my interests. However, i'm semi drunk and need to head out now.

I would be very appreciative if you could maybe post some links about bitcoins and tell me why I should be interested? Do you think they will have a high value in the future? I can only imagine that is the case, if you're accumulating them.

f3lix 06-18-2011 08:59 AM

Their value is increasing rapidly, but I don't understand much about them beyond that.

THEINCREDIBLEdork 06-18-2011 09:58 AM

It's a ponzi scheme.

thekremlin 06-18-2011 10:00 AM

Here is my understanding, which may be off in a few details, FC is much more into it than me and can probably explain it much better.

Bitcoins are a fiat currency whose transactions are completely electronic and anonymous. As of right now, there are a limited number of goods that can be purchased with bitcoins, but that shouldn't be too shocking. There are a few sites where you can purchase sex toys or drugs with bitcoins, for example. Also you may recall several months ago that paypal refused to transfer money to Julian Assange. You could have donated bitcoins to him very easily.

There is a large and high-volume market where you can buy or sell bitcoins. The price has been extremely volatile. Around six months ago, they were trading for less than a penny, in the past few weeks they have traded over $30, have recently dipped to $17.

Bitcoin Charts / Markets

Because of the anonymity, it might be attractive to criminal enterprises. For example, a drug producer might move a chunk of dollars into bitcoins... that would certainly increase the value.

Unlike every other currency in the world, there is a maximum number of bitcoins that will be allowed to exist. Like FC said, around 21 million. There are currently less than that, and you are currently able to generate, or "mine" them. Basically, the many transactions involved in maintaining the currency require a lot of computing power. So people can lend their computers to the bitcoin, whatever, master server, and their computers help process the transactions. In return, bitcoins are generated. So in the beginning, you could just leave your computer on overnight and generate some bitcoins. It has since become a little harder to do as the value of bitcoins has risen, so more people are trying to mine, and we slowly approach the limit of whatever, 21 million bitcoins. But smart people have figured out ways to build "rigs" to mine bitcoins.

If you think bitcoins are going to become a mainstream currency, then the fact that there will never be more than 21 million means the value should be considerably higher. There is a greater chance that the thing never really takes off and the value goes to 0. It really just depends on what you think the probability of the two events are. I'm not a believer from this price, but from a certain price I would be buying them, so I clearly don't think the idea is totally bunk.

Dent 06-18-2011 10:19 AM

Bitcoins are getting exponentially harder to mine.
https://lh5.googleusercontent.com/-a...iwyso1_500.png

If you visit the hidden wiki (using tor) you can use them to buy drugs and the like, It's meant to be harder to trace bitcoins than a real currency. FC probably has enough to hire a hitman.

http://i.imgur.com/ftbuw.gif
http://i.imgur.com/JEJCX.png


Here's an online miner if anyone wants to see what it is without having to install anything, but there are other programs which utilise your graphics card better
Generate Bitcoin - Bitcoin Plus


And here's a list of companies that accept bitcoins, not sure how up to date it is
https://en.bitcoin.it/wiki/Trade

I doubt it's worth buying any new hardware to make money, seems most of the internet is a little late to the party.

also, lulz.
Miner Who Reported Brain Damage Tells All | Bitcoin Mining Accidents

THEINCREDIBLEdork 06-18-2011 10:59 AM

how do you access the hidden wiki? pm me if necessary.

Dent 06-18-2011 11:11 AM

http ://kjpjvjzj7jkjij2jvj5jajgjwjtj3j5. onion/wiki/index.php/Main_Page

use a program called TOR https://www.torproject.org/, don't head straight to the CP.
remove the j's.

DJ FC 06-18-2011 02:46 PM

Dent I've been trying to do this for a while and can't seem to get it to work. I have tor up and running through firefox, but still don't know how to access .onion files. Can you help?

Edit: Never mind. Hidden wiki works.

But if you can help me get into Silk Road I'd still appreciate it.

Dent 06-18-2011 02:57 PM

Silk Road was taken down a few days ago, if you look through the hidden wiki you'll find other dealers though.

AcTivE 06-19-2011 09:06 PM

When I first read this--I wasn't paying very close attention.

I read it as a PSP currency (playstation currency) ....

Yea..this is def really awesome, and I had no idea it existed. ....though, its popped up recently on other places I visit.


yea... i def have some really solid ideas 4 generating, and 'obtaining' these coins.. I'm going to go crazy w/this..

vaga1220 06-19-2011 09:12 PM

This time... This time I'm sure you'll make money!

Mr. Blonde 06-19-2011 10:42 PM

God dammit guys now look what you did.


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