Did anyone ever figure out what their computers were being used for when mining?

Seems we are the only ones wasting our breath to save face on a board called GoFuckyourself? However the chips fall, it has been a pleasure to try and show the others a way around the tax fucking hungry and the main line of information.

Good luck my friend and be sure to close the door on the way out of this close minded conversation.

To all the sheep, ........BAAAAAAAAAA
Peace

that is assuming that bitcoins weren't created by some government in order to track illegal money movements and subversives.

Keep digging........

au contraire my friend, you are the sheep who is getting fleeced. too bad, winter is coming and you could use some wool.

I heat with wood, no worries there. Depending on your current governmental control, with this one option that is in place, you could simply save yourself the tax you are paying for making your last post. This shit is for real, and someone is going to figure it out.

My post form 6/22
 

you might spend time reading Confusions and Delusions: Tulipmania, the South Sea Bubble and the Madness of Crowds and a few hundred books written since then about scams and overhyped markets. Tupliamania made many rich, but they kept reinvesting, only to lose it all,when the tulip bubble burst. One of the few winners of Tupliamania, was a hunchback who, for a few Guilders, let people, buying & selling tulips to use his back, as a desk for the signing of the bill of sale.

MY post from 4/4/11
In the Depression, many small towns created Wooden Nickles, as the townsfolk needed to buy & sell, but there was no cash.
In the 70's & 80's somebody (we'll call X), in a major city would start a barter currency. You agreed with someone to trade a service or goods. The advertising business was the model for this trading ads for restaurant meals. As with most transactions, you might have a trade imbalance, i.e. a car for x number of haircuts. If you didn't want haircuts, you took trade dollars. Transactions went through X for a 2% fee. You could also buy trade dollars. X always seem to print money for himself and counterfeiting was also a problem. These barter services usually folded in a year or two.
Then somebody had Real Dollars, that usually were in tourist or college towns. The idea was to show the money was helping to show money circulating in the town rather than hoarding or being spent out of town. But like Disney Money, people saved them for the pretty pictures on them. Real Dollars are gone, just like so many topless bars that printed their own currency.
As for BitCoins, I looked yesterday at a site that severely limited how many you could buy a month (probably they had a small supply). This makes it difficult if you need some to make a major purchase now. Other problem, since you really don't know who you're dealing with, opposed to PayPal or a postal address, they burn you, there's no recourse.
Lastly, the claim of there will be only 21,000,000 created. If BitCoin takes off, they will go up in value as more people need them. At some point they will become so valuable, most people can't afford them and the market will collapse or suddenly more will be created causing deflation.

There are fractional BitCoins.

> Lastly, the claim of there will be only 21,000,000 created. If BitCoin takes off, they will go up in value as more people need them. At some point they will become so valuable, most people can't afford them and the market will collapse or suddenly more will be created causing deflation.

Bitcoin's internal accounting is done in 0.00000001 base units of Bitcoin, so in case of huge demand each bitcoin can account for 100,000,000 smallest units called Satoshi's, times 21million

If that won't be enough, then community could decide to move decimal point even further, making in reality nearly unlimited amount to supply all demand

50 http://buttcoin.org/

this is a crazy read http://buttcoin.org/has-bruce-wagner...coin-community

As long as Silk Road is around and the Bitcoin continues to preform its basic function, regardless of the exchange rate, there will be a steady stream of funds flowing.

Back of the envelope guesstimate suggests $5k/day gross transactions, minimum. That's growing pretty quickly actually.

Yup, although I don't think I would ever purchase anything off of Silk Road especially when they got in the news.

Actually ... fiat currencies are backed by the country's debt! :thumbsup

Funny, the while thing always had a hippy left wing flavor to me. A communaly created currency. Interesting.

It's interesting to consider what the value of a dollar or other currency is based on. Not nothing, actually. Initially, the value was set by the dollar being actually made of gold or silver.

What is the value of a dollar based on? Not nothing, actually. Initially, the value was set by the dollar being actually made of gold or silver. That history is important because it established a known value which only had to be roughly maintained. Next, they substituted gold certificates, which coulf be redeemed for gold. That still kept the value penned to gold. Next came treasury notes, which could be redeemed for certificates. The value still indirectly backed by gold. Then the treasury starting issuing a bit more notes than it had gold, but it didn't go crazy, ruining the economy. People came to trust that treasury wouldn't completely devalue the dollar because they EARNED that trust during a gradual transition. The US didn't completely end the holds standard until 1971, by which time the money was well trusted. Based a the entire history of this nation and others, people know that the government, through the fed, will keep the value of the dollar stable, with inflation of a few percent. That's why people a) know what a dollar is worth a b) trust it will be worth the same tomorrow. It's value was set by gold (and the Spanish dollar), maintained by gold for 200 years, and is now maintained by the full faith and credit of the United States. (Greatly devaluing the dollar would be constructive default.)

If bitcoin spent it's first 200 years being backed by gold and being run by an institution with the longevity and accountability of the government, you could trust that it wouldn't lose 90% of it's value in a month.

Its a fringe currency and always will be.

The US (and Japan,Greece,France,Italy, etc) are currently in such ridiculous amounts of debt, at this rate, their currency won't be worth the paper it's printed on.

If the interest rates for Japanese gov debt increases by 2% more, that's the entire Japanese budget (tax revenues) for the year spent on interest payments.

The USA is a bit further away from a similar situation.

Bitcoin is supposedly based on cryptography, if it's truly legit and can stand the test of time - that would be magnificent, as we badly need an alternative here.

I found it really interesting myself. But yeah, the core of bitcoin seemed to be largely pushed by gold standard lovin', ron paul fan, types. lol

The thing that cracks me up the most is the BITCOIN community thinking it was going to destroy evil fiat currency that's backed by "nothing" with an internet monopoly money backed by even less.


This "so what? ur fiat currency will fail soon too, cuz it's backed by nothing!" is some hilarious sour grapes shit.

you are not reading about it in mother jones or counterpunch. this is some ron paul 2012 rw libertarian shit.

alt currency fetishism and paranoia is a right wing meme, always has been.

:1orglaugh:1orglaugh:1orglaugh:1orglaugh

Sorry folks, the gold standard has been around for 6000 years at least - no one has based a currency on anything but gold or force successfully. Everything else is a bubble, usually generated by the early in early out investors.

Currency is a commodity, its value is determined by supply and demand. No different than oil or orange juice or gold. Linking a piece of paper to a piece of gold doesn't make it suddenly "not a commodity". It simply ties the value of one commodity to that of another.

There is no strong demand for bitcoins. No real practical use for bitcoins other than to amuse some nerds. That has to change for their value to stabilize and strengthen.

So the fiat is not backed by anything tangible, solely relies on faith and hope that those in power won't screw up economics any more than they have. sounds like sound currency, let them inflate national debt even more, continue expanding government, continue have deficits, continue to suck on pension and social security funds, while draining more value out of dollar (or any other fiat)

The fiat we can trust in, lol

Which gold standard currencies are you talking about specifically?

and the people who are attracted to this type of shit have the attention span of a goldfish. they have lost interest already and are moving on to the next epoch shattering revolution they can be part of from their bedroom.

Tip of the day - Lottery Tickets :thumbsup

http://verydemotivational.files.word...its-a-trap.jpg

Hmmm, lets see, rather than name every country there was before the 1833, I'll just say every country there was before 1833. After that, most successful currencies were backed by force, though gold has still been held in great quantities.

A Random Walk Down Wall Street has a great chapter or 2 about bubbles over the years.

LOL look at the know it all posts in here. I love it.

What the fuck is everyone talking about. 1 Bitcoin is worth nearly $700 as of now. That's still dam good.

I have 8 cents worth of coins.
http://imgload.sx/upload/small/2013/...48617c96f7.png

Going to be rich as fuck when bitcoin goes back up to 1,000!

Old thread that got bumped.

Was a stupid thread back then, and no one really made fun of the stupidity of it until now. The Bitcoin crowd made a killing, and morons who were making threads like these got left out in the cold. :thumbsup

Resurrected to shove in the face of bitcoin detractors? NICE!!!

I have a feeling the next year is going to be fucking crazy with bitcoin. At the convention in Vegas there were VC capitol guys everywhere and even states attorneys for various states trying to get ahead of the tsunami that's coming.

I'm just trying to get as much bitcoins as I can. I cannot mine since my computer is a pile of shit and they're far to expensive to purchase for me.

I got 8 cents worth of coins using

http://freebitco.in/?r=73876

THIS x 1000000 The best is the members who you can tell are upset they didnt get on the bandwagon sooner. Their posts are soooo sour towards bitcoins. Hate to say it but...told ya so. And expect 1k marks again after xmas :thumbsup

the comparisons to tulip mania are the best! that tale was debunked as bullshit a long time ago.

1 btc = $662.52999 usd

http://losangeles.craigslist.org/lac...252717107.html