BitCoin thread

[Crystallas]

So I have been into merged network computing for 15 years or so, and been kind of into bitcoin for the last few years.

Since I travel out of the country quite a bit, I have really fallen in love with the uses of bitcoin. It's a fringe currency in the US, but once you start moving around Europe or South America, it becomes ridiculously useful and makes life so simple when it comes to avoiding hefty exchange rates. So that is how I originally got into bitcoin.

By chance does anyone else use it?

 

[brett05]

I looked into it, but it is so volatile. You can't really call that currency given it's huge fluctuations. More like stocks, no?

 

[Crystallas]

It's a currency. But it's also very young for a currency, so volatility is expected.

 

[brett05]

It's a currency. But it's also very young for a currency, so volatility is expected.

I don't see why age has anything to do with it.

 

[Crystallas]

I don't see why age has anything to do with it.

Age has a lot to do with it. BitCoins are unlike anything we have ever seen before. It's like a new language, people don't learn it overnight. In the infancy of any new technology, you get a major push-pull from those who are polarized. ie: IBM says personal computing is silly, MITS thought otherwise. So you wound up with a lot of pricey toys, until the technology matured enough to be of use to many people somewhere. BitCoin isn't the first cryptocurrency, it's just the first one to implement the demands of the market while being decentralized. BitCoin isn't small either, right now the bitcoin network's computational power is currently over 100 times greater than the worlds top 10 super-computers, combined. But it started off small, and it wasn't until this year that the network became so powerful. If bitcoin were a country, it would be ranked 120 out of 194 economies, that didn't happen overnight and while this measurement isn't some kind of goal to take-over like some idiots(pro and against) try to argue(complimentary competing currency, not a replacement one-size-fits all solution).

Also, as far as currencies alone go, if you look at any currency in the world that is not fixed to a commodity, most of them are highly volatile compared to whatever is recognized as the world reserve currency, more volatile than bitcoin. Of course, to get reserve currency status, that currency needs to be well established and is not something I advocate.

 

[Crystallas]

I find it hard to believe nobody on the forum, other than me, has gotten into bitcoins. But then again, most bitcoiners are math and science nerds, and not many are into sports.

Anyways, maybe someone is. Thus why I'm bumping the post.

I made out real nice with this last swing. Which is perfect timing, because I want to replace my garage door openers before winter. Price was around $126 steady for a while(mtGox prices do not reflect the market, so don't go by that crap) and I caught the drop at $118, bought back at 83, sold again at 104 on the DCB, and bought again at 85. It was a great day for me.

Crash happened on the silkroad shutdown. Which is a shame, because now dozens of new sites will pop-up in its place, and the bitcoin black market is much smaller than the black market with US Dollars, so I'm worried that this activity will grow bitcoin usage with drug transactions(despite bitcoin only accounting for 0.74% of online drug transactions, compared to USD accounting for 73%.)


So yeah, I'm going to finally do away with crappy trolley based garage door openers(chain/belt/screw) and dive into a jackshaft lift. If I didn't make a few bucks today, I would have just replaced one opener with another 1/2hp chain drive.

http://www.liftmaster.com/lmcv2/pages/productmodeldetail.aspx?modelId=19724

 

[Scoot26]

I need bitcoining explained to me like I'm 5.

 

[Unannounced Fart]

I need bitcoining explained to me like I'm 5.

Me too. And what's with all these bitcoin hackers that I hear about who are hogging up all the high end GPUs?

 

[Crystallas]

I need bitcoining explained to me like I'm 5.

 

[Scoot26]

LOL Cry, that gave me a good laugh.

Are you familiar with Reddits' "Explain It Like I'm 5" Subreddit?

 

[Crystallas]

Me too. And what's with all these bitcoin hackers that I hear about who are hogging up all the high end GPUs?

They're using the GPUs to mine transactions(because GPUs are way more powerful than the CPU for cryptographic hashing. GPUs are being phased out for ASICs, which are very application specific chips that crunch the numbers related to bitcoins.

Mining is just verifying the transactions in the network and solving the equation compiled by the network to give out rewards to whoever solves the "block".


These are just the basics, and this stuff is boring, until you see how things are built on TOP of such a basic structure. That is where bitcoins flourish.

 

[Crystallas]

LOL Cry, that gave me a good laugh.

Are you familiar with Reddits' "Explain It Like I'm 5" Subreddit?

Yeah, and I do believe Reddit had a few for BitCoins. LOL

 

[Shawon0Meter]

It bitcoin effective in hiding money while going through a divorce?

 

[Crystallas]

It bitcoin effective in hiding money while going through a divorce?

It could be. I'm not sure it would be the most effective. Given the right circumstances, then sure.

It's easy to be anonymous with bitcoin, but hard to hide money. If that makes any sense.

 

[botfly10]

I don't see why age has anything to do with it.

re: plz teach me da eco-nom-ics.

dur

 

[Ares]

I need bitcoining explained to me like I'm 5.

Lol that reminded me of that episode of The Office where Michael asks someone to explain something to him like he is 5, they try to do it and then he goes "Ok.... explain it to me like I'm 3" :lol:

 

[brett05]

I find it hard to believe nobody on the forum, other than me, has gotten into bitcoins. But then again, most bitcoiners are math and science nerds, and not many are into sports.

Anyways, maybe someone is. Thus why I'm bumping the post.

I made out real nice with this last swing. Which is perfect timing, because I want to replace my garage door openers before winter. Price was around $126 steady for a while(mtGox prices do not reflect the market, so don't go by that crap) and I caught the drop at $118, bought back at 83, sold again at 104 on the DCB, and bought again at 85. It was a great day for me.

Crash happened on the silkroad shutdown. Which is a shame, because now dozens of new sites will pop-up in its place, and the bitcoin black market is much smaller than the black market with US Dollars, so I'm worried that this activity will grow bitcoin usage with drug transactions(despite bitcoin only accounting for 0.74% of online drug transactions, compared to USD accounting for 73%.)


So yeah, I'm going to finally do away with crappy trolley based garage door openers(chain/belt/screw) and dive into a jackshaft lift. If I didn't make a few bucks today, I would have just replaced one opener with another 1/2hp chain drive.

http://www.liftmaster.com/lmcv2/pages/productmodeldetail.aspx?modelId=19724

I dunno. Seems a ton like stock and not cash.

 

[F You Jobu]

I dunno. Seems a ton like stock and not cash.

Dropping 20% in a day ... twice... much more like stocks than a currency. Which leads to the next question on how you were able to perfectly time both of them?

 

[Crystallas]

I dunno. Seems a ton like stock and not cash.

It's neither. It's a currency. By definition, a currency. Even recognized by different governments as a currency.

 

[Crystallas]

Dropping 20% in a day ... twice... much more like stocks than a currency. Which leads to the next question on how you were able to perfectly time both of them?

I was far from perfect timing. But it helps that I understand markets, economics, finance, human behavior and bitcoin itself.