Author Topic: What the eff is a bitcoin? (Read 6573 times)

Rams · « **Reply #25 on:** April 11, 2013, 01:15:24 PM »

Quote from: Emo EMAW on April 11, 2013, 01:05:16 PM

So like normal people don't really mess with this stuff?

only if you want to become super rich for a little while and then have anonymous rob you blind.

ben ji · « **Reply #26 on:** April 11, 2013, 01:18:31 PM »

Read some articles about how regular Iranians are using it to buy stuff since we sanctioned their asses.

EMAWican · « **Reply #27 on:** April 11, 2013, 03:21:37 PM »

El-o-El at people who view bitcoins as an alternative currency, not a speculative investment. A currency should store value, not create it.

puniraptor · « **Reply #28 on:** April 11, 2013, 03:22:23 PM »

Quote from: EMAWican on April 11, 2013, 03:21:37 PM

El-o-El at people who view bitcoins as an alternative currency, not a speculative investment. A currency should store value, not create it.

it can't be both?

CNS · « **Reply #29 on:** April 11, 2013, 03:23:53 PM »

Quote from: Emo EMAW on April 11, 2013, 01:05:16 PM

So like normal people don't really mess with this stuff?

Normal ppl that want to buy illegal things from the deep web probably use them all the time.

EMAWican · « **Reply #30 on:** April 11, 2013, 03:26:07 PM »

Quote from: puniraptor on April 11, 2013, 03:22:23 PM

Quote from: EMAWican on April 11, 2013, 03:21:37 PM
El-o-El at people who view bitcoins as an alternative currency, not a speculative investment. A currency should store value, not create it.

it can't be both?

When last I checked, the dollar has never declined by 75% in a single day.

puniraptor · « **Reply #31 on:** April 11, 2013, 03:28:41 PM »

Quote from: EMAWican on April 11, 2013, 03:26:07 PM

Quote from: puniraptor on April 11, 2013, 03:22:23 PM
Quote from: EMAWican on April 11, 2013, 03:21:37 PM
El-o-El at people who view bitcoins as an alternative currency, not a speculative investment. A currency should store value, not create it.

it can't be both?

When last I checked, the dollar has never declined by 75% in a single day.

dollar sounds boring. I have wondered what this does to retailers who accept bitcoin. do you think they immediately exchange it for dollars or do they accept the tremendous risk of holding onto a pile of bitcoin

puniraptor · « **Reply #32 on:** April 11, 2013, 03:31:06 PM »

How could it work for an ebay-like auction sites when the value wildly fluctuates during the duration of the auction? I know such things exist, I just don't get how it could work.

steve dave · « **Reply #33 on:** April 11, 2013, 03:33:20 PM »

There are very few places that accept them right now. Of course, most places don't accept most currencies.

EMAWican · « **Reply #34 on:** April 11, 2013, 03:36:45 PM »

Quote from: puniraptor on April 11, 2013, 03:28:41 PM

Quote from: EMAWican on April 11, 2013, 03:26:07 PM
Quote from: puniraptor on April 11, 2013, 03:22:23 PM
Quote from: EMAWican on April 11, 2013, 03:21:37 PM
El-o-El at people who view bitcoins as an alternative currency, not a speculative investment. A currency should store value, not create it.

it can't be both?

When last I checked, the dollar has never declined by 75% in a single day.

dollar sounds boring. I have wondered what this does to retailers who accept bitcoin. do you think they immediately exchange it for dollars or do they accept the tremendous risk of holding onto a pile of bitcoin

They only "made" around 21 million bitcoins, so after a while a retailer could create the U.S. Reserve of Bitcoins.

CNS · « **Reply #35 on:** April 11, 2013, 03:42:06 PM »

Who created them and what is stopping someone from making more?

Emo EMAW · « **Reply #36 on:** April 11, 2013, 03:45:38 PM »

Quote from: CNS Casey on April 11, 2013, 03:42:06 PM

Who created them and what is stopping someone from making more?

http://www.foxnews.com/tech/2013/04/11/bitcoin-electronic-cash-beloved-by-hackers/

EMAWican · « **Reply #37 on:** April 11, 2013, 03:53:18 PM »

Quote from: CNS Casey on April 11, 2013, 03:42:06 PM

Who created them and what is stopping someone from making more?

Anyone can. Time to sell the meat goats and mine bitcoins. The 21 million amount of bitcoins is the maximum limit that will be available in like a century. IIRC 25 bitcoins are generated in each 10-minute block, with the amount generated decreasing periodically over the next several decades.

Dugout DickStone · « **Reply #38 on:** April 11, 2013, 04:07:36 PM »

You can now pay for your gE premium in Bitcoins.

hemmy · « **Reply #39 on:** April 11, 2013, 07:15:49 PM »

Some people I work with mine similar currency.

Super PurpleCat · « **Reply #40 on:** April 11, 2013, 07:39:01 PM »

So can I use Bitcoins to buy some chocolate milk and Gummy Life Savers at the corner store? And if so, will my receipt be printed out on Twitter?

Thanks for the help, young people.

hemmy · « **Reply #41 on:** April 11, 2013, 07:39:53 PM »

Quote from: Super PurpleCat on April 11, 2013, 07:39:01 PM

So can I use Bitcoins to buy some chocolate milk and Gummy Life Savers at the corner store? And if so, will my receipt be printed out on Twitter?

Thanks for the help, young people.

Yep, all stores accept bitcoins.

Super PurpleCat · « **Reply #42 on:** April 11, 2013, 07:42:19 PM »

Cool. Do I need one of those virtual fannypacks to carry them in? Appreciate the infos.

p1k3 · « **Reply #43 on:** April 11, 2013, 07:45:57 PM »

Quote from: puniraptor on April 11, 2013, 03:28:41 PM

dollar sounds boring. I have wondered what this does to retailers who accept bitcoin. do you think they immediately exchange it for dollars or do they accept the tremendous risk of holding onto a pile of bitcoin

read something about this yesterday. The answer is yes they have to accept a tremendous risk, and until the bitcoin is less volatile than it isn't a very good currency because no "normal" people like us will have anywhere to use it

hemmy · « **Reply #44 on:** April 11, 2013, 07:48:14 PM »

Cryptographic currencies are good if you can get in early when the mining difficulty is low you can make a fair amount of money.

Mr Bread · « **Reply #45 on:** April 11, 2013, 08:05:17 PM »

Quote from: hemmy on April 11, 2013, 07:48:14 PM

Cryptographic currencies are good if you can get in early when the mining difficulty is low you can make a fair amount of money.

Explain what you mean by mining. I am a very smart guy so I will easily be able to understand it, meaning if I don't understand your explanation then you don't actually know what you're saying. Thank you.

puniraptor · « **Reply #46 on:** April 11, 2013, 08:07:37 PM »

Quote from: Mr Bread on April 11, 2013, 08:05:17 PM

Quote from: hemmy on April 11, 2013, 07:48:14 PM
Cryptographic currencies are good if you can get in early when the mining difficulty is low you can make a fair amount of money.

Explain what you mean by mining. I am a very smart guy so I will easily be able to understand it, meaning if I don't understand your explanation then you don't actually know what you're saying. Thank you.

It's like folding@home, but instead of curing cancer you are processing bit coin transactions and getting rewarded with thousandths of a cent.

LickNeckey · « **Reply #47 on:** April 11, 2013, 08:08:49 PM »

http://m.gawker.com/5994433/idiot-dick-facebook-twins-now-own-one-percent-of-all-bitcoin

CNS · « **Reply #48 on:** April 11, 2013, 08:09:46 PM »

wtf is folding@home?

Sent from my KFTT using Tapatalk 2

puniraptor · « **Reply #49 on:** April 11, 2013, 08:14:21 PM »

Quote from: CNS Casey on April 11, 2013, 08:09:46 PM

wtf is folding@home?

Sent from my KFTT using Tapatalk 2

Distributed computing protein folding software that runs in the background using your excess CPU and GPU power