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Old 11-22-2013, 12:46 AM   #16
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I know, I was joking. Dread Pirate Roberts is a Penn State grad so it's been making the rounds among us alumni since shit hit the fan.
Ahhh - I see.
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Old 11-22-2013, 12:48 AM   #17
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It is decentralized and verification happens using fancy cryptographic systems that I do not understand.
But they must be generated somewhere
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Old 11-22-2013, 12:58 AM   #18
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you seem to be promoting, perhaps too strong of a word, well at least encouraging this?

have you bought any? if so, how much and at what price?
Promote - no. Encourage - perhaps.

Yes, I do have a few bitcoins, certainly not enough to get that excited about. I was "mining" them awhile back (I am in IT after all) and I did purchase a few last year to help get the idea going (and try to understand them). Again, not an investment - just a small "up vote" of the tech with a few dollars.

I only started this thread because the news about it has shown up in my daily round of sites (mashable, wired, techcrunch, singularityhub...etc). I think it could have a tremendously positive impact on many of the issues we face (mostly, the rigged game on Wall St.).

It is my hope, that instead of a wealth creation scheme, bitcoin simply becomes a means of exchange between people in a post scarcity world (like Star Trek or Star Wars credits). Meaning, if there is no more need for basic resources - then creativity will be the last "scarce" resource. And instead of trading a painting for a song (or something along those lines), people would use something like bitcoin to make an exchange.
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Old 11-22-2013, 01:00 AM   #19
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But they must be generated somewhere
They are mined by a huge network of GPU's. These resources solve ever increasingly difficult algorithms and 25 coins are released to the "winner."

Every time coins are released, it gets tougher to mine them. For isntance, last year I could mine with my pc - now, there's no way.

There will only be 21 million coins in existence. Right now there are about 12 million I think.
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Old 11-22-2013, 01:21 AM   #20
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(like Star Trek or Star Wars credits)
Republic Credits are no good out here. I need something more real

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Old 11-22-2013, 01:23 AM   #21
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Republic Credits are no good out here. I need something more real

LOL - I bet myself .5 bitcoin that you would post this scene...
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Old 11-22-2013, 01:25 AM   #22
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hahaha
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Old 11-22-2013, 01:13 PM   #23
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The purpose of Bitcoin is to actually become a currency that can be used to purchase and sell goods globally, however its volatile nature prevents this from happening; hence eliminating its purpose and desired function.

If people want to earn cash trading bitcoin, they should stop promoting it as a currency and its adoption as a currency, they should instead promote it as an investment instrument. Otherwise its price will get fixed when it goes mainstream and the opportunity for investment will be severely limited.
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Old 11-22-2013, 02:20 PM   #24
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The purpose of Bitcoin is to actually become a currency that can be used to purchase and sell goods globally, however its volatile nature prevents this from happening; hence eliminating its purpose and desired function.

If people want to earn cash trading bitcoin, they should stop promoting it as a currency and its adoption as a currency, they should instead promote it as an investment instrument. Otherwise its price will get fixed when it goes mainstream and the opportunity for investment will be severely limited.
Agreed. I was hoping the price would stabilize around $100 - then we would more or less know what fraction of a BTC it would take to buy a sandwich.

Now - why would anyone spend some BTC today when it may be "worth" 10x that much a few months down the road (or why would anyone sell for BTC if it is crashing and possibly "worth" 10x less down the road?)

In order for bitcoin to go mainstream as a currency, then the price has to remain consistent for several years.

We are still in the innovation/early adoption phase. As more people use it, the better chance it will have at becoming a true, alternative currency instead of a simple place to invest and hold.
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Old 11-22-2013, 05:08 PM   #25
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I had no idea this was an actual thing - I thought it was someone's "brilliant" idea that most people just LOL'd at.
I realized a few months ago that it was a real thing, but I'm still laughing at it.

This just seems like asking for disaster not long down the road.

Those who don't know their history are doomed to repeat it, I guess.
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Old 11-22-2013, 07:56 PM   #26
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They are mined by a huge network of GPU's. These resources solve ever increasingly difficult algorithms and 25 coins are released to the "winner."

Every time coins are released, it gets tougher to mine them. For isntance, last year I could mine with my pc - now, there's no way.

There will only be 21 million coins in existence. Right now there are about 12 million I think.

do you actually believe that

with a system like that there is plenty of room for collusion

the twitter wealth, value is totally speculative and this bit coin is even worse, it is not a true Ponzi scheme, but like a Ponzi scheme it will collapse went it's users simply stop using, speculating in it.
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Old 11-22-2013, 09:30 PM   #27
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do you actually believe that

with a system like that there is plenty of room for collusion

the twitter wealth, value is totally speculative and this bit coin is even worse, it is not a true Ponzi scheme, but like a Ponzi scheme it will collapse went it's users simply stop using, speculating in it.
I was just explaining the technical application of the software. How people use/trade/speculate is up to them.
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Old 11-24-2013, 02:42 PM   #28
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Because I spend a bit of time reading 2 local papers everyday in the last year I have read about a dozen different articles about bit-coin,

This one in today's paper is pretty good. It sums up my feelings.

Bitcoins: Widely known and widely misunderstood - latimes.com
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Old 11-26-2013, 07:45 PM   #29
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Would you consider a different cryptocurrency? Something that is "backed" by gold or another commodity, but has the seamless functionality as bitcoin?
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Old 02-26-2014, 03:35 PM   #30
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Bitcoin virtual currency is on verge of collapse - latimes.com


this may be a little harsh

but I have little to no sympathy for anyone that got hurt in this scam
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