Saint Elistan 106 Posted June 12, 2011 Bitcoin: the hacker currency that's taking over the web Global, private and untraceable, it's the monetary system of choice for libertarians, geeks, businesspeople and, apparently, drug kingpins http://www.guardian.co.uk/technology/2011/jun/12/bitcoin-online-currency-us-government Created in 2009 by an anonymous Japanese computer science student using the pseudonym Satoshi Nakamoto, Bitcoin was initially adopted by hackers as a means of bartering services. Now it is fast becoming the unofficial currency of the web. Anyone can buy virtual "coins" at a variety of online exchanges, using major global currency – but they aren't just used for drugs. The list of legitimate businesses that accept Bitcoin is growing all the time, from legal services to landscape gardening, video game retailers to makers of alpaca socks. With one Bitcoin currently traded at around £9.22, the value of the whole Bitcoin economy is estimated at around £32.6m and growing fast. Unlike traditional national currencies, Bitcoin has no central issuing authority. In theory, the "coins" can be created, or "mined" by anyone, but they require a powerful computer and a lot of time to generate. Their supply is controlled using a series of complex mathematical algorithms built into the software. What makes Bitcoin so appealing to its advocates, is that unlike other online methods of payment, such as credit cards or Paypal, transactions made using the currency are virtually untraceable, almost like a digital version of cash. An odd alliance of libertarians, geeks, businesspeople and drug kingpins hail Bitcoin as the future of the internet – global, private and immune from national economic crises and the whims of reckless bankers. Its critics in the political sphere fear that it could give rise to an online Wild West of gambling, prostitution and global bazaars for contraband. Previously dismissed as a nerdy curiosity, the untaxable Bitcoin may soon be due for a crackdown. Very interesting. First I've heard of this. The bolded is why the Government will destroy it, unfortunately. Share this post Link to post Share on other sites
IMMensaMind 459 Posted June 12, 2011 I wondered when something like this would appear. This is fascinating stuff. Great article; thanks for posting it! Share this post Link to post Share on other sites
kilroy69 995 Posted June 12, 2011 I was listing to something about this on npr today. Just opened up an account. Share this post Link to post Share on other sites
kilroy69 995 Posted June 13, 2011 http://bitminer.info/ According to this site it can be pretty profitable if you are willing to put the money into a mining rig. $560 a month per computer thats running a Radeon 6990. And all you have to do is leave the computer and program running. Share this post Link to post Share on other sites
Saint Elistan 106 Posted June 13, 2011 http://bitminer.info/ According to this site it can be pretty profitable if you are willing to put the money into a mining rig. $560 a month per computer thats running a Radeon 6990. And all you have to do is leave the computer and program running. Craziness. Share this post Link to post Share on other sites
kilroy69 995 Posted June 14, 2011 Craziness. according to his projections you would make your money back on the card after 38 days of running. Then its pure profit. Also if you have the money there is no limit so you could buy multiple rigs, set up a farm in the basement and make 2k a month just allowing your 4 computers to run. 4k a month on 8 and so on. Share this post Link to post Share on other sites
IMMensaMind 459 Posted June 14, 2011 US Gubmint is going to try to go after BitCoin I don't think they'll be able to. This is where large Government fails. This is where liberte trumps oppression. Share this post Link to post Share on other sites
BRANDON ROSS 0 Posted June 14, 2011 Bitcoin: the hacker currency that's taking over the web Global, private and untraceable, it's the monetary system of choice for libertarians, geeks, businesspeople and, apparently, drug kingpins http://www.guardian.co.uk/technology/2011/jun/12/bitcoin-online-currency-us-government Very interesting. First I've heard of this. The bolded is why the Government will destroy it, unfortunately. If you want to know about bitcoin this podcast is the best place to start. Very interesting and thorough discussion. http://www.econtalk.org/archives/2011/04/andresen_on_bit.html Share this post Link to post Share on other sites
IGotWorms 3,321 Posted June 14, 2011 It sounds incredibly unsecure to me. What's to stop another hacker from figuring out how Bitcoins are created and flooding the market with them? Share this post Link to post Share on other sites
edjr 5,573 Posted June 14, 2011 Paypal used to xfer with bitcoin, it has since been banned. How do you turn a bitcoin into real money? Share this post Link to post Share on other sites
IGotWorms 3,321 Posted June 14, 2011 US Gubmint is going to try to go after BitCoin I don't think they'll be able to. This is where large Government fails. This is where liberte trumps oppression. From the link: "However, the U.S. government successfully shut down other online cash alternatives, such as E-Gold, when it discovered that they were being used in illegal trade, such as the sale of stolen credit card numbers. Some former customers of that cash alternative are still waiting to get their money out of their E-Gold accounts, more than two years after the service suspended trading activity." That's one reason why putting any significant amount of money into Bitcoins is probably not a good idea. Share this post Link to post Share on other sites
TD Ryan2 314 Posted June 14, 2011 I had a ton of these back in the Super Mario days... all they were good for was extra Mario-lives... you can actually buy real sh!at with these now? Share this post Link to post Share on other sites
edjr 5,573 Posted June 14, 2011 I had a ton of these back in the Super Mario days... all they were good for was extra Mario-lives... you can actually buy real sh!at with these now? Share this post Link to post Share on other sites
NorthernVike 2,080 Posted June 14, 2011 Of course we need Bitcoin. Obama took all of our change. Share this post Link to post Share on other sites
kilroy69 995 Posted June 14, 2011 Paypal used to xfer with bitcoin, it has since been banned. How do you turn a bitcoin into real money? paypal are a bunch of b!tches. They have a policy against virtual currency. I have had 2 accounts closed so far because I trade pokerstars playmoney chips. "That's one reason why putting any significant amount of money into Bitcoins is probably not a good idea." I dont want to put any actual money into it itself. I want to mine it. Share this post Link to post Share on other sites
gocolts 300 Posted December 24, 2012 I am so focking sick of hearing about these gawd damn bitcoins. I listen to Free Talk Live. They use to mention these bitcoins about once an hour. Here lately, these guys cant go 10 focking minutes without plugging these damn digital coins. Often, it takes over the segment and they ignore the topic of discussion and just tell us how great these focking coins are. It is focking ridiculous what they have turned this show into. Thank Gawd Michael Savage is coming back soon. THese motherfockers can shove these damn bitcoins up their ass. Share this post Link to post Share on other sites
frank 2,149 Posted December 24, 2012 What's the ratio of bitcoins to Schrute bucks? Share this post Link to post Share on other sites
Vikings4ever 496 Posted December 24, 2012 What's the ratio of bitcoins to Schrute bucks? Same as the ratio of unicorns to leprechauns Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted December 24, 2012 I can see a hacker getting into your mining computer and focking it all up. Even if you bought a separate comp you will most likely be using you own network to connect to the internet. Sounds like an invite for trouble. I also dont see how a completely unregulated currency like this is a good idea. Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted December 24, 2012 http://bitminer.info/ According to this site it can be pretty profitable if you are willing to put the money into a mining rig. $560 a month per computer thats running a Radeon 6990. And all you have to do is leave the computer and program running. That site is down. Share this post Link to post Share on other sites
Saint Elistan 106 Posted December 24, 2012 That site is down. Probably worked 18 months ago. Share this post Link to post Share on other sites
tubby_mcgee 688 Posted May 16, 2013 How do you turn a bitcoin into real money? You don't. You just have to find other bitcoin lovers to buy stuff from. So, lets say I have 1000 bitcoins, and you have a car. If you are willing to sell that car for 1000 bitcoins, I can email you 1000 bitcoins, and then the sale is complete. I am the new owner of the car. You now have 1000 bitcoins of your own, in which you can take to other people in your neighborhood, and try to buy something from them. You've just gotta have faith in yourself that you can convince someone else that bitcoins are good. Actually, I'm confused about this whole bitcoin thing. Gives me a headache trying to make sense of it. Anyone have a 4 sentence cliff notes discription? Share this post Link to post Share on other sites
porkbutt 862 Posted May 16, 2013 didn't these originate in the "deep web" the super secret underground innerwebs where you need like 8 proxies to get in...and there you can buy hookers, kiddie porn, drugs, hitmen services, etc Share this post Link to post Share on other sites
DankNuggs 305 Posted May 16, 2013 Seems utterly sketchy to me... Frankly it sounds like a scam. Share this post Link to post Share on other sites
tubby_mcgee 688 Posted May 16, 2013 Seems utterly sketchy to me... Frankly it sounds like a scam. And I still don't know what the fock it is. Some sort of monetary system...err...I think...based on...I have no clue. I saw an article today on CNNMoney...something about you can use bitcoins at some malls at some stores. Share this post Link to post Share on other sites
DankNuggs 305 Posted May 16, 2013 And I still don't know what the fock it is. Some sort of monetary system...err...I think...based on...I have no clue. I saw an article today on CNNMoney...something about you can use bitcoins at some malls at some stores. Basically there is a finite amount of bitcoins in circulation, certain people are 'miners' that collect a finite amount of generated 'coins' each year to grow the supply. The supply is to be capped at a certain amount. Some people are able to get these coins for free as i see it and sell them... The miners seem like they can exploit the system. Hackers could also do the same. Share this post Link to post Share on other sites
tubby_mcgee 688 Posted May 16, 2013 Basically there is a finite amount of bitcoins in circulation, certain people are 'miners' that collect a finite amount of generated 'coins' each year to grow the supply. The supply is to be capped at a certain amount. Some people are able to get these coins for free as i see it and sell them... The miners seem like they can exploit the system. Hackers could also do the same. So...people get them and sell them? To whom? And what do the buyers do with them? Thats where i get lost. Share this post Link to post Share on other sites
DankNuggs 305 Posted May 16, 2013 So...people get them and sell them? To whom? And what do the buyers do with them? Thats where i get lost. People sell them to people that want to buy them based on the market price... People who buy them supposedly can feel safe that their value won't be diluted by flooding the system with printed currency, and they can be used for purchases from businesses/people that accept them. Share this post Link to post Share on other sites
BudBro 117 Posted May 16, 2013 People sell them to people that want to buy them based on the market price... People who buy them supposedly can feel safe that their value won't be diluted by flooding the system with printed currency, and they can be used for purchases from businesses/people that accept them. let's say i want to purchase a bitcoin. do i spend dollars to purchase it? Share this post Link to post Share on other sites
Phurfur 70 Posted May 16, 2013 People sell them to people that want to buy them based on the market price... People who buy them supposedly can feel safe that their value won't be diluted by flooding the system with printed currency, and they can be used for purchases from businesses/people that accept them. I don't understand this. Who is controlling the bit coins? What is stopping the market from being flooded by bit coins? Share this post Link to post Share on other sites
Giants Fan 85 Posted May 17, 2013 They are created by effectively solving an mathematical equation, and because of how it's set up, there is a limit on how many can be created. Share this post Link to post Share on other sites
Recliner Pilot 61 Posted May 17, 2013 I'm gonna go out on a limb and say someone will end up getting royally fukked in this thing.........and it will serve them right. Share this post Link to post Share on other sites
DankNuggs 305 Posted May 17, 2013 I don't understand this. Who is controlling the bit coins? What is stopping the market from being flooded by bit coins? The mysterious code that is 'unhackable' (but made by a hacker and hackers can add to the code/put viruses other bad things into it) apparently only allows a finite amount of BC generation. I don't get how title is transferred though... if i have some bitcoins on a flashdrive and somehow use them on the net for purchases, I still have the copy of it on the flashdrive, how does it know that once its spent i can't use it again... Share this post Link to post Share on other sites
DankNuggs 305 Posted May 17, 2013 I'm gonna go out on a limb and say someone will end up getting royally fukked in this thing.........and it will serve them right. its only use is as a way to funnel money for nefarious purposes... Its the only reason you would take the bitcoin risk, is because the transaction is a risky one to do above board.. Its also a ponzi scheme in that in its infancy there is a small finite amount that groups of people are buying up a ton of, like an IPO of a stock... Dry to drive up demand and sell them off, as time goes on and people realize there isn't much purpose besides laundering money the values drop way way down... Share this post Link to post Share on other sites
Recliner Pilot 61 Posted May 17, 2013 its only use is as a way to funnel money for nefarious purposes... Its the only reason you would take the bitcoin risk, is because the transaction is a risky one to do above board.. Its also a ponzi scheme in that in its infancy there is a small finite amount that groups of people are buying up a ton of, like an IPO of a stock... Dry to drive up demand and sell them off, as time goes on and people realize there isn't much purpose besides laundering money the values drop way way down... Yeah, that's what I said......only with fewer werds. Share this post Link to post Share on other sites
DankNuggs 305 Posted May 17, 2013 Yeah, that's what I said......only with fewer werds. Umm....you said people were going to get screwed over... It could prove fairly lucrative possibly for the first people in, and for drug dealers looking to expand their operations... The tin foil hat people that lurk on your favorite websites, who invest all their money in these to save themselves from FEDmageddon doomsday prepper style will get screwed Share this post Link to post Share on other sites
Recliner Pilot 61 Posted May 17, 2013 Umm....you said people were going to get screwed over... It could prove fairly lucrative possibly for the first people in, and for drug dealers looking to expand their operations... The tin foil hat people that lurk on your favorite websites, who invest all their money in these to save themselves from FEDmageddon doomsday prepper style will get screwed That's what I said......only with fewer werds..........and in one post. Share this post Link to post Share on other sites
tubby_mcgee 688 Posted May 17, 2013 let's say i want to purchase a bitcoin. do i spend dollars to purchase it? Buvvalo gravy is the only thing that can actually be used to purchase bitcoins on the openmarket. One ounce of buvvalo gravy can be used to purchase 4 bitcoins. Share this post Link to post Share on other sites
