Since a digital currency is not based on something that actually exists like gold, the basis of bitcoin is a proof-of-work (basically the basis is usage of electricity), mining is a lottery to reverse SHA-256. Whoever gets the next block is rewarded bitcoins.


And please do not buy any mining equipment unless its based on ASIC everything else will be unprofitable in a couple of months.

I'm not buying anything as i don't understand what any of this is!

http://arstechnica.com/gadgets/2013/06/how-a-...-bitcoins/

I never got it either and I never really cared enough to look into it.
It just sounded like a stupid scam to me supported by the amount of retards on the net.

Goes to shows how narrow-minded you are.

Maybe if you poles actually took an interest in real money you would not have to leave your homeland to flip burgers in my country.

There are billions of more important topics in the world which you no doubt ignore on a daily basis.

Go be a stool pusher else where.

A burger-flipper from Poland contributes more to the amount of wealth in the UK than a fatass gaming lame duck such as yourself so you should actually be grateful. That is, if you weren't a delusional ignoramus and could wrap your head around what I've written, let alone more complex things like Bitcoin.

You must have been replaced by a polish guy in a job, given your incessant laments on that. If so, here's a message from a fellow Brit of yours.

I'm capable of wrapping my head around bit coin, you don't seem to understand that I do not wish to waste my time doing so as there are much bigger things I would rather focus on than a currency system favoured by virtual scammers like you.

I been paying taxes for my entire working life since 18, some of the work I do determines if hospitals, schools are built, or whether energy companies get planning permission on building a wind farm so I disgre on the burger flipper thing.

You're just another angry, anonymous turd on ESR, you are not worth a fraction of me here, so kindly fuck off back to shitsville and take your shitty dick with you.

...and I doubled for Anne Hathaway in Batman ;)

send pics

...or it din't happen

bit coin... you can't even spell it correctly, let alone wrap your head around it.

LOL

Well played, that was beautiful.

yeah, a stupid scam with only a $1-billion total market value.
ETFs and indices are being made, brokers and trading platforms now offer trading based on bitcoins, but oh well...

I'm not saying bitcoin a good thing nor specifically supporting this initiative, but the amount of knowledge you seem to have as the usual basement nerd of yours doesn't surprise me one bit.

Tons of scams make tons of money. Your point proves nothing.

Your implication that if someone does not know how bitcoin works they are some kind of moron is hilarious.

I bet most of the 100 smartest people on the planet have no clue about bitcoin, do you know why they are smart, because unlike you, they don't waste their lives reading unimportant shit on Reddit.

your 100 people argument is quite funny since many well known economists already gave their opinions and insights on this new system.
The US gov. is already reacting through financial institutions (scared of loosing control much?) so politicians are obviously aware of it as well.

I don't imply that anyone not knowing the details about bitcoins is a moron.
I just underline the fact that if you know enough to understand how it works (which you obviously do) and
still say it's some unimportant shit from reddit, then yeah, you're definitely retarded.
But I can understand it goes over your head....

"your 100 people argument is quite funny since many well known economists already gave their opinions and insights on this new system."

I never said economists, I said the 100 smartest people on the planet, you're trying to imply if someone does not know, or take an interest in bitcoin, they are somehow dumb or ignorant.

Nice attempt at trying to manipulate what I said though, by saying my 100 people argument, and then mentioning economists who would naturally know pretty much everything about anything related to finances.

Some of you are very slippery people:>

I can assure you if you gathered the hundred smartest people on the planet most would not have a clue what bitcoin is. Go figure loser.

Alright, such a coincidence, newspaper in the tube this morning, page 2 :
"Bitcoin sites ask UK regulator to oversee trades"

See, it's so insignificant that your country's financial regulators are currently in debate as to how they will regulate it.
So much for the "unimportant shit on Reddit" eh ? :)

Your statement has nothing to do with what I said.
Just because someone does not know about Bitcoin, does not make them anything whether they know about it or not.

irrelevant and missing the point, thanks for participating anyways.

No, thank you.
http://uk.finance.yahoo.com/news/bitcoins-tum...17168.html

Bitcoin value is certainly volatile, but the price on 3 July was around $100 and today its bouncing between $600 and $700. That doesn't prove anything, but I'm guessing lepolac is probably sitting pretty on a few coins.

Congratulations Sujoy, you're only the 557th person on this site to prove Jamie wrong.

How the Bitcoin market going guys?

Pretty well actually, been actively trading btc and other cryptos alongside forex for a little while.

:-)

*COUGH*
Blood Diamonds.

You sound like the typical "Oh no it didn't work for me cause I don't have the patience so it's gotta be SCAM" kinda person.

Oh well. :-)

Not impossible but atm it looks quite hard to fall because:
1. it is a peer to peer system, so no server to shut down and as long as people accept to use the currency it won't die
2. I would not count on the government to fight it too much because government is composed by people who have all individual interests; I don't know who think anymore that government is anything else than a group of people who struggle to get on top to enlarge their financial perspectives. I would not be very surprised if the NSA would use too their computers to generate bitcoins


You are partially right. I am a bit concerned about the value of work if it gets even more devaluated by this financial system -although cannot equal as much as the military complex stole from the honest working citizens to sustain their produced and sometimes fake wars -I am calling this the interplanetary money transfer Earth-Pentagonia.


Thought myself that it might be a scam, but then I have seen this:

http://www.youtube.com/watch?v=FN6Q--zqroM

P.S.: watch out in the future for malware that could use your GPU to someone else's advantage -the recent E-Sports scandal should ring a bell

Bitcoin is sort of like gold. Useless, hard to create and easy to divide and pay with. All previous virtual currency systems got busted because somebody was taking in real dollars and issuing virtual ones. Bitcoin gets around this by the mining - nobody issues anything, the peer to peer algorithm rewards people based on effort and luck.

Rewards people based on effort AND LUCK?

That sounds like shit to me. What are casinos for anyway?

To reward people by relieving them of excess weight in their pockets.

There has to be one winner as everyone is looking for a unique
hash value and the first one who finds it gets the reward. It is
sort of like playing quake, as much as you would like to make it
about skill, there will all times be some lucky.

There is a way of reducing the randomness - joining a mining
pool. People share their rewards to average out the luck.

Mining bitcoins is nothing like a casino; there is no house advantage.

Jamerio wrote:

“ some of the work I do determines if hospitals, schools are built, or whether energy companies get planning permission on building a wind farm”

In a different thread you also mentioned that airplane parts get build due to the work you provide. Could you explain how you are able to do this kind of work without an engineering degree or any other type of higher education for that matter.

sim city?

he probably gets paid $200 to do some shitty rendering work every few months based on some of the work he's shared here before

he serves coffee.

My main work is 3D graphics (thought I'm moving into aerial video and photography more now) and part of that work is visualisation, so when a new car part is made, or a new school is being propsed, architects, design engineers etc come and see me to visualise their ideas and present them in a way everyone can see and understand.

If I do a good enough job I can present their plans in a more accessible way, which can make the difference between something being approved or denied because a lot of the people who make decisions in the world need things spelling out for them.

There are many links in a chain.

Bitcoins are doomed to fail, due to many simple reasons, the core one being that the generated amount is based on a whim (halved every X years).

Then, the limited amount of possible bitcoins means the market will not be able to grow if it needs to.

Then, there's the authorities jumping on top of it and on top of the companies dealing with bitcoins, which defeats the initial purpose of bitcoins.

Then, there's the bad reputation associated with it.

I don't understand the concept of putting a limited amount on the market. Why did they do that ? What's the idea behind this.

If there is limited quantity then theory makes it a commodity like gold, not a currency.

Surely when all the bitcoins will be mined in a few years,
the market value will go to the roof, and it'll thus be subject to massive speculation, which is not the main concept of a currency.

Many people see and go with the concept of a free currency not controlled by states blabla freedom bullshit, but I don't really believe in that, I really wonder what the real goal is...

Their real goal is simple: the way the system was designed, with a total max amount and the influx of bitcoins constantly getting lower towards 0, the "pioneers" who acquire bitcoins easily hold onto them and sell them later at a much higher price. The later you join the party, the less you earn and the more work (computations) you have to do. So, as many have already said, it pretty much resemples a ponzi scheme.

One (hyphenated) word for that: hyper-inflation. If an inifinite amount of people could generate an infinite amount of bitcoins, they would be worthless as their value could be neither estimated nor regulated. Which would defeat the purpose of creation in the first place. For real life examples of hyper-inflation, read up on the Zimbabwean Dollar.

And I disagree with havz0r: yes, the rewards for mining a successful block of bitcoins is halved once every X blocks discovered (which I recall is to be around every million blocks and the Current block size is 25 bitcoins, unless the info I checked out about two months ago is out of date due to massive increase im mining activity). And it's done for the same reason: a tool to control inflation, it's a way to regulate the amount of Bitcoins, since certain milestones have been passed implies a lot of BitCoins have been generated, hence the in-flow should be lowered. Please note the number "million" applies to the number of blocks, not bitcoins, hence the rate of generating bitcoins would not be affected, just the amount you are rewarded per successful generation. And finally, it doesn't resemple a Ponzi scheme at all: for one, nobody encourages or advertises them as "high yield" or "high interest" investments, in fact all original sources I read up on the concept actually implied the opposite (e.g.: "bitcoins are only worth what people are willing to pay for them"), everybody but the most enthusiastic pioneer would not predict the success of Bitcoins (which happened through a series of lucky circumstances putting addtional trast in its liquidity, such as one Finnish HTML development company deciding to pay out salaries in Bitcoins and increase of trade) causing the value of Bitcoins to skyrocket). The people who were the pioneers were looking at about 4-5 years of your currency being worth nothing at all. Here, for example, one pioneer (as recently as in 2010) offers to exchange 10000 bitcoins for a pizza, and is initially happy for the trade as bitcoins were worthless at that time.

Finally, it's not a Ponzi scheme for the following reason: a Ponzi scheme relies on fradulent (and partial) re-allocation of funds back to the initial investors, which are re-branded as "profits" in order to generate further investments via false advertising. Bitcoins do nothing of the sort, they are a commodity, just like beans or the Canadian Dollar, and their value depends on trade demand rather than re-generation/the need for re-issuing more bitcoins (and its main misconceptions come from people not being able to grasp the concept of a computer-generated commodity that has no counterpart in the real world). Yes, you could hypothetically handle bitcoins from the same block, bitcoins you may have either mined or more likely traded for another currency, but the odds and the meaning behind that is the same as handling a banknote that you previously held before via a chain of exchanges for other goods and services.

I'd actually call it a cyclical bubble rather than a Ponzi scheme: its value tends to fluctuate massively as it is controlled by the amount of transactions and people willing to trade bitcoins. Just so you can gauge the sort of fluctuations we're talking about:a year ago they were worth about 6-7 USD/BTC. 3 months ago it made a lot of news when it peaked at US$120/BTC. Checked again today, they are at about US$80/BTC. Should the bubble burst, the bitcoins will be back to being worth a fraction of its today price. And cyclical because its fluctuating trends tend to repeat themselves, although what happened this year was a bit of an unpredicted extreme.

Finally, nigga please: what possible hidden agendas could the creators of a currency have? Have it NOT generate income? I sincerely doubt the creator of bitcoins was all like "It takes brains not to make money. Any fool can make money these days and most of them do. But what about people with talent and brains? Name, for example, one poet who makes money". And the worst hidden agendas I can think of would probably involve funding the Neo-Nazis worldwide, and especially in the US where they struggle to wrestle the oval office back from Obama (if they funded the tree-hugging neo-liberals, it wouldn't really be hidden considered the free currency comcept) or ties to Mexican drug cartels. First of all, victimless crimes, second of all it would put them in the exclusive club of "everybody" on Wall Street. I think the unexpected length of this post made me lose seriousness in the last paragraph. :D

nice read, thank you!

all time high Bitcoins was at ~260$ for 1 bitcoin.

for example, one pioneer (as recently as in 2010) offers to exchange 10000 bitcoins for a pizza

seemed like he was pushing the currency to me, since he had many and wanted to increase the value of the rest of his bitcoins

My friend invested in some solid PC setup with 4x graphic cards, strong power supplier, cooling system etc. He spent a few days to build that just to realize after 1 month it wasn't worth the effort. It was already too late to solve enough blocks of data on current difficulty level. You have to pay for energy and accept noisy and warm atmosphere in your flat.

In fact, after selling this hardware (losing some % of money) he finished pretty well, because he bought a few bitcoins on market and sold them at proper moment.

So no, you don't want to go into that unless you have access to huge computing power for free. I've seen some reports that there are a lot of resolved block hits from one of more famous universities, but I don't remember the name of it.

Basically, yes.

I read up on bitcoin mining when a thread on ESR appeared about that gaming toolkit software that had built-in mining equipment backdoor'ed in. This was just around the time the value of BitCoins exploded, so I wondered whether it would be profitable or not to mine them. Upon seeing the projected difficulties on the source website (there was a built-in calculator based on your hardware setup, the cost of electricity per megawatt and current difficulty coefficient of block mining, it would not be viable with anything but specialist hardware (that's not readily market available) or collectivisation under a mining pool, where either the size of the pool would mean there wasn't a sufficient multiplier to make much of a difference, or should you be part of a larger, already existing mining pool, the projected profits would just about cover your electricity bill, and even that would depend on the unstable and ever-fluctuating value of the BitCoin.

My actual experience with bitcoins is miniscule, when I found out about the concept last summer, exchanged about 25 GBP for just under 5 BTC (exchanging most of the BTCs for one purchase, then forgetting about the remaining 0.75 for approximately a year, until the same American friend who told me about bitcoins in the first place informed me of their skyrocketing value, which was peaking at the time) causing me to exhange them for more goods and partially back into GBP.

Hearing a value of BitCoins skyrocket kind of irked me, as should I have maintained a larger stack than the 0.75 I had remaining from the original 5, I would have had an infinite amount of wealth and power (600 DORRAR), yet that was just human greed talking. Also the point of me having those 5 in the first place was to find out the viability of online shopping with bitcoins (and a niche type of online shopping which I was originally experimenting with rather than with the BitCoins themselves), not for investment purposes, the very improbable chance of BitCoins skyrocketing, and not many people being to predict the value to rise 1500% within a 9 month period, this isn't Russia in 1992 for magical return rates like that (and at least I had the 0.75 anyway). Finally, the same American friend linked me the topic I linked in comment #35, so the final argument to me not really caring was "Hah! At least I'm not the fucking retard who spent 10000 of those on a fucking pizza"

I did the same early enough to make it worth it. Disconnected the machine this spring as the ASIC miners started to make first appearance and the difficulty shot up.

u ran program conect to internet moni magical apear is profits

/o/ $$$ \o\

I can observe in the hieroglyphic text that you have provided that there are two entities attempting to divide between themselves a total of three currency units.

This will surely end in chaos.

Not exactly macro-economic now is it?

It has come to my attention that the above graphic representation that you have provided is in fact subject to the laws of copyright and copyright infringement.

This will surely end in chaos.

bitchcoins.. real men use the gold standard

Ron Paul 2016 #FuckTheNWO

hmm gold gold...ah wait, you mean the commodity currently pricing 1227$/oz, almost a 3years-low ? yeah right....

but doctor Ron Paul disagrees

SELL SELL SELL IT'S BEEN UP ONLY 300% FOR 10 YEARS AND CANNOT BE MINED PROFITABLY AT THE CURRENT PRICE!!!!

edit: Meanwhile, the stock market looks very promising.

:)

Ouch GG!

http://uk.finance.yahoo.com/news/bitcoins-tum...17168.html

"It just sounded like a stupid scam to me supported by the amount of retards on the net." -Jamerio 2 July 2013

Read through this thread for the lulz. Where yo' coins now bitch?

If I shit in a bag does anyone wanna buy it for real money, I'll sell it for a dollar a bag, roll up, roll up.

Mugs.

Value in July 2013 when Jam-Jam claimed it was a scam for retards = ca. 100USD/BTC
Value now, after reported "crash" = ca. 600 USD/BTC

Yea, they ("them" being an experimental, algorhytm-encrypted form of digital currency not tethered to the gold standard) sure done bad for themselves.

ouch gg

he gets his news from yahoo.com. what do u expect :D

The same news is pasted everywhere else From whatever high end news source you perceive as being accurate.

Ouch GG!

wrong assumption, fattie

Name 3 valid news sources you class as credible?

Wanna stay on topic and show a truth, or fold and call names to feel better about what is about to happen?

You know where this is going don't you, before you've even given the answer you can sense I have you in a vice and its not going to end well.

Still, I wanna see if I'm as smart I think I am.

you have issues man

3 too many?

How about 1?

1 credible news source you deem as worthy?

its good to read news, but its better to stay critical and make your own connections.

someone replied with a link that disproved your initial comment about bitcoins.

...yet you completly ignore that
...yet you just keep looking for a way to switch attention and win a new, meaningless argument

If thats what you need, alright. but i'd advice you to not obsess with "winning", but thinking. Sometimes its healthy to take a step back and look at yourself.

"its good to read news, but its better to stay critical and make your own connections."

I was critical of it 6 months ago and was proven I had a decent point within 6 months of making that point.

"someone replied with a link that disproved your initial comment about bitcoins."

Who said I was talking about its exact value at the time?
I was talking about it in genreal, especially its future, of which it looks like I had a valid point you don't seem to want to entertain.

I'm not trying to switch anything, you are the DESPERATE ONE not to quote a news source after you started talking shit about YAHOO NEWS to try and tarnish me.

I offered you the opportunity TWICE to quote you so called valid news source and you didn't post it because you knew full well any valid news source had posted the same thing.

So instead you acted like the typical decietful web twat and tried to mask what you're doing.

Not only have I shot down your failed points, but I exposed your tactics too, you ain't smart enough for me, all you want to do is throw petty names around as you're powerless to discuss anything else.

The SECOND you're asked a serious question about your apparent insight (like citing your news channel) you don't want to play ball.

Pathetic little cretin.

taking it a bit personal eh xd

Lets rewind what you said...

wrong assumption, fattie

Then you said I had issues

All that because you didn't want to cite your news source because you knew I would come back with the same news but with your news source.

Your initial comment into this discussion was to try and tarnish me with some kind of news snobbery.

But as I said, I picked up on it straight away and brought you to the truth. You refusal has allowed me to get the outcome I want, and your refusal to post it has only shown how underhand and fragile you are.

This conversation is OVER. You lost, and that dumb currency will crash more.

OUCH GG!

your fat, dumb and YOU WIN:

are you american? :D

you're going the wrong way

I was predicting its imminent future. Its true value was false, they used the PR of late, and idiots burying millions in landfill sites to get suckers to buy, then BOOM!

reality check. I know of several people who have invested in BC in the last 2 months because of so called POSITIVE stories.

1) imminent future? It's a an algorhythm-encrypted system dependant on users constantly recounting transaction values and compare it to the entire system of blocks to make sure the system is not being fucked with at any time, and it's not centralised completely to any location or country and not attached to any monetarised standard, national bank or stock market directly either. It's impossible to predict any future perfectly, yet alone call an imminent one.

When the system started, a guy exchanged a ten dollar pizza for 10000 bitcoins because they were worthless at the time. As exchange using it went on, it got some value. I heard about the system in june 2012, bought 5 bitcoins (at the time about worth about £25 in total :DDDDDDDD ), spending 4 of them quickly and forgetting about the whole system and the e-wallet I had with the currency until the same friend who told me about the original system told me the value went up to about £75/btc. I was like holy shit and spent the last bitcoin before the value surely would go down (in the short time, it actually fell down to 50% of its peak value... then skyrocketed to 300/btc when a company in Finland said it would pay its employees in Bitcoins like 2 weeks later, by which point I was like "this is fun to observe but definitely too unstable to actually play with real money with". :c. It's designed to fluctuate dude.

2) "Its true value was false"... for its true value to be false somehow, it would require some sort of global conspiracy where everyone either mining bitcoins or exchanging bitcoins is "in on it" :p IT'S A SELF-DEPENDANT ALOGRHYTHM-DEPENDANT SYSTEM!

3) "and idiots burying millions in landfill sites to get suckers to buy"
What about the people actually mining coins? and what landfill sites? afaik a lot of the bitcoin exchange sites get targeted by law enforcement raids and shutdown or national bank withdrawals (check "Intersango"). Additionally, this is not the stone age, and there are many, many ways to check the validity of a website before you attempt to transfer money to it, to be safe. People who don't do the proper research are idiots and deserve what they get.

4a) "I know of several people who have invested in BC in the last 2 months because of so called POSITIVE stories."
You DO live in Swansea dude...

4b) "I know of several people who have invested in BC in the last 2 months because of so called POSITIVE stories."
People who are investing into a currency system after merely hearing positive get rich quick stories AND withut understanding the intricate workings of the system or the potential risks are in for what they get.


I bet you are partial to this topic in a negative way because your anger stems from either the fact you're still thinking this is internet stock market or pyramid scheme or the fact you just don't particularly understand it, and therefore you are dealing with it by dismissing its credibility as something that doesn't even need to be understood.

I said it was shit, it turned to shit within 6 months of me saying, that's not bad going whichever way you look at it.

If $700/unit is shit then I wish to be a reverse Midas, refecating things left and right with my wondering shit-hands.

tell that to all the mugs that bought bitcoin recently.

George Soros???

This turned mass media when it was $400/unit on most big markets, the day it went up to $1,000. It has fluctuated a bit since then, but a couple of days ago it was on that value.

Also there will be a massive increase once again, when the reason for that increase occurs one more time (tied to adoption of established companies, countries, banks and 'legalization'). Idea is buying some hours before that.

Jamerio, I wonder what your take on this would be:

http://www.taxizen.co.uk/

that bitcoin thing is a complete mystery to me how people can attach so much value to it ... a currency is normally only valid if a state is behind it ... there are also so many alternative coins out there, like litecoin, etc. ...
imho. its just a big snowball system, and the ones that mined first laugh their asses off all the stupid people actually paying money for this giant scam and are big millionaires by now ... maybe I should now also introduce the cyronix coin, based on the bitcoin principle, insert some redundant cryptography in it and call it more secure, mine 98 % of the coins myself and give the crums left to the public and give them their ultimate currency to use, I will call it a free currency, that can be used anonymously and will make a greater good to mankind ... hopefully as many idiots fall for it as did already for bitcoin ...
same when progaming went big ... I was one of the best q2 players in my country when q3a came out, perfect starting conditions for q3a, even drew the guy in q3test duel once who won some qualifier in denmark and flew to quakecon ...but I just didnt really like q3a, which was basically a dumbed down quake, and it was just a hobby, with not much fame or money attached to it, and then out of the sudden all these tournaments appeared with big pricemoney ... I never really understood it ... but turns out it was just the dotcum bubble and clueless investors that created the progaming bubble ...
same with bitcoin, 5 years from now you can be happy if you even get one euro for it, it will be known in history as big snowball system disguised as idea for freedom which made the creators very rich ...

Bitcoins are still generated, just the mass media blew it out of proportion, creating a Klondike-like effect where a lot of people find out about this new g9 system "u ran program conect to internet moni magical apear is profits "

And it is a good thing as well, minor oversaturation at times is helpful to weed out the retards at the very first sign of a fluctation, while the workforce is dedicated before they lose interest or see a dubious article on the internet, and cry about their lost dollars.

Especially considering right wing media ALWAYS goes for the worst possible angle and DAMN the objectivity.

"Little heard of digital currency system reaches an unheard of value of $100/unit"

"Great News For BTC, as after FInnish company tests giving out wages in bitcoins, as well as the first BTC-accepting dentistry, in Finland also, opens, making Bitcoins peak at a new high of $300/BTC"

"CRASH AND DESPAIR FOR GET-RICH-QUICK-Schemers AS THE CHINESE CENTRAL BANK SURELY IS TO DEMOLISH THIS HACKER AND MUG FAD. WE PREDICT THE BITCOIN TO BE WORTH ABOUT 0.001c in the next 46 hours, and massive suicide causing decreased playing times on XBOX and PS :O

Business doesn't work like that in anything, jam.

The point is knowing when to buy and when to sell, no matter how long running the enterprise or project goes. Even a 2-day variation can turn out to be very much profitable if the opportunity is taken, therefore "imminent failures" don't matter at all to external investors, as in not tied to the company, currency, affected by commodities' fluctuations etc.

So while there's less volatile investments -personally I wouldn't advise towards it and haven't put much money onto this-, and who knows if bitcoins will be a major currency in the upcoming years, a friend of mine bought an apartment out of BCs, though he was a very early adopter. He doesn't care if it's an "imminent failure" since he already earned what he wanted, selling when he felt it was time.

And jam, if you weren't so skeptical you could have left your brother's place by now (high time). Have you checked the huge increase in bitcoins' value in the period you quoted, the past 2 months? Consider the same market, as the price wildly varies depending on where you want to cash in (and can, it's not that easy). At the time could have doubled the investment in about 5 hours.

bitcoin has no future, no new bitcoins are generated anymore ...
in 2-3 years bitcoin will come to an end as big failure and with it all the other coinsystems, currency only works with constant generation of new coins ... only thing is some people made money and got rich there, but I am not sure if you can really be proud of yourself earning money this way ... anyway with religion dying in western culture, no values exist anymore, no moral values how to behave ... noone cares anyway ... I mean it's totally normal if a store now sends something to you although you haven't commanded anything you can just guard it and don't have to send it back (common opinion in a recent slashdot article) ... and it's totally normal to walk in a store and try out things and then buy the stuff you found online for cheap prize .. it's not only seen as immoral, but "smart", western culture is in complete suicide mode and decadent, soon the effects will be felt

Again, the approach is not to care about years to come. What matters is buying cheap (right now), wait until he next increase then sell. That's weeks to months to come, and that's assuming it isn't going to last..

As for the moral, childish issues, it's no different than any social convention, just that it doesn't have a physical representation in your hands (like buying stocks, futures or trading gold/silver for that matter).

also why is bitcoin called a currency when people always compare it to gold/stocks, which are just financial investment games and not a currency ...

o.k., so a bitcoin is something unique,
but anyone can probably start another bitcoin pendant ... just look at all these altcoins ...
it's like having gold and other versions of gold like gold1, gold2, gold3, gold4 until goldxxxxxxx ... ?
if you had so many gold versions, what would the original gold still be worth? Ask yourself this question m8, and then you know like I do that this coinhype will be history soon ... you can see it as game to make profit, that's all, but this game is soon coming to an end

Still wonder what all that GPU power is really used for...

A mate started mining primecoin in July and yesterday he withdrew 190k$.

I have paid(bitcoin) for home delivery pizza/pasta twice now. Free money is nice as I also mined my share.

I have few far-friends, who in 2013 01 XX sold their flat houses and cars and invested all money to BITCOINS. Now they are rich (or not?).

this bitcoin scam is like poker now ...everyone seems to have a friend now that bought houses/cars with bitcoins ..
people here probably invested in bitcoin and make advertisements now how great it is ... just the same as in poker, where noone loses money but everyone wins, hoping for new "fish" to arrive, which also want to make easy profit, to steal money from ... you're hoping to attract new investors for bitcoin so your bitcoin rises in value or maintains it ... this is only working as long as the people you got interested also find people that are interested and so on ... giant *SNOWBALL* system ... what about the people who paid 1000 $ for bitcoin and now only get 600 $???

Yes, people are looking to move what now is a multiple billion dollar market by looking for new buyers on a gaming forum.

Do you even think that stuff through before you write it? ;)

Bitcoin has genuine utility right now (the cheap and quick payment network compared to the conventional methods) and this stays the same no matter the price. What impacts the price is the scope - price is rising because an increasing amount of people enter the network, so demand is up.

Maybe not all aim fagget after all ;)

Well I would have joined the conversation on Bitcoin you had with tybalt, blaze and slayzah at DH if you hadn't spoken viking :)

August 2014 update: continuous fluctuation whole year with a median value of circa $600UDS/BTC

Meanwhile, bitcoins have been added to major currency converter sites such as XE.com and built-in feed for front of google.com

Fat Welsh peasant cannot into economics)

Any day now.

With an outlook like that you'd better start learning chineese.

My comment was going to be eerily similar to Weird's (mirroring Scottish comedian Frankie Boyle) a la "Bitcoin is going to fluctuate in a not-too-turbulent manner... until we're all in Chinese labour camps" )))

If you're referring to me, the success of a currency is not determined within the space of a year, neither was the time-lime of my statement, so take your desperate attempt at hijacking my words with your tangent based results and toddle off back to noddy land.

neither was the time-lime of my statement

Timeline of your statement? Lolwut.


Also your whole ‘lolmustbescam imtosmart forthat’ attitude is quite laughable. If you are as knowledge about matters related to computers as you claim then you would have understood and appreciate the technical aspect of Bitcoins and how it’s being used in todays economic market. Thanks for another amusing thread though. You never fail to deliver.

[Insert ‘angry rant about how you could easily understand Bitcoins but just never cared about it’ below]

[CAUSE TOO BUSY POSTING ON ESR OKK!]

You're talking about today, I'm talking about the future of which has not been proven yet. So neither has my claim EITHER WAY.

I also said at the start of the thread (over a year ago)

"I never got it either and I never really cared enough to look into it."

So your attempt at predicting my response as..

[Insert ‘angry rant about how you could easily understand Bitcoins but just never cared about it’ below]

Too easy. Way too easy.

the success of a currency is not determined within the space of a year

Two things about that:

1) Glancing in this very thread above, it seems you've reset your basis of comparison:

<< Comment #56 @ 01:42 GMT, 19 December 2013 >>
(Link, iMsg, Edit, Delete, Reply)
By Wales Jamerio
Ouch GG!

http://uk.finance.yahoo.com/news/bitcoins-tum...17168.html

"It just sounded like a stupid scam to me supported by the amount of retards on the net." -Jamerio 2 July 2013

2) It existed since 2008 or so, value's still up 500% from its median average in Q2 2013 and ten times that from a year before that. ggnore

neither was the time-line of my statement

You're implying that sometime in the future Bitcoin will decrease in the future. Well no shit: I agree with you here (check out the 4th paragraph of reply #35: I call the system a bubble, correcting someone else's misnomer of "Ponzi scheme" (which it's not)).
Still, what's exciting is the concept of crypto-currency as a commodity (something which, judging by your response, you still don't quite grasp): a self-sustaining financial system not governed by any one body or central bank. Also, check this site out. It shows 100+ of alternative crypto-currency systems, indepenently administered frmo BTC.

tangent based results

You're a hyperbolic gypsy with your cosine flavoured retorts and algorithmic face. Haha, Jam-Jam is an algorithm-face, his face is full of algorithms. ALGORITHM FACE!!! I just wanted to misuse mathematical terms in a nonsensical manner in an attempt to add some weight to my comment as well.

I would just like to remind you of two things..

A) My first comment on this thread about Bitcoin was...

"I never got it either and I never really cared enough to look into it."

So let's not pretend you somehow schooled me on something here that I was hoping to be seen as an expert in. I'm quite surprised I even got a reply after making such a statement, but moths to a flame :)

B) My profile quite clearly states, winding up dorks on the internet, it says it in 2014.

It said it in 2013
It in 2012
And it even said it in 2010.
http://web.archive.org/web/20100225234225/htt...r_id=23236

I'm not quite sure how else to say this but...

August 2014 update: are you still maintained by your brother?

Never have been, glad to see you're still trying to scratch that itch I left you with :)

So you finally left your brother's or mom's place, at 40? Do you finally live by your own?

Oh age elevation BONUS!
MONSTER RAGE!!!

So, did you?

How old are you exactly?

Are you going to tell us what happened to the "several hundreds of thousands of dollars" you earned in your teenage and early adulthood years? Or was it that you made that up?

How come can you say you do really well financially to this day, but still can't leave the womb? One year of working time should be enough, not 20.

Its more fun to watch you struggle and observe the things you do as a means to escape them.

cannot into economics)

[It's not] something here that I was hoping to be seen as an expert in.

Okej, glad to see we're on the same page then, have a nice day)

my walls of text aside: u wot m8???

Okay, so how are jews a part of this whole bitcoin thing, french anon?

Did WTC.

Swap "W" with "B" and what do you get?

COINCIDENCE? I THINK NOT! APOCALYPSE 2018 CONFIRMED INFA 100%

Try to live from 40 euros weekly suckers!

Easy, live with your parents, shop at Lidl and crack your neighbours wifi.
What more could any solid E-Degenerate want out of life!

I don-t know what degerante means but for the rest i agree

fudk =minions

Sadly i didnt saw this thread in 2013.

We could all be millionaries by now.

Ive been trading since jan 2018, in my models bitcoin will reach $100k in max 1.5 years from now.

Trading is the ultimate asymmetric MMO game. No other game has the amount of players and money flowing of trading. Its also hard as fuck, mainly because you need to fight your instincts, abstract psychologically and reprogram yourself.

Technical Analysis is the easiest part of trading because its purely rational. Emotions/psychology/mental structure is what separates the 95% that lose money vs the 5% that become insanely rich.