Bitcoin Mining

[aurik]

And what is the force of government going to do if everyone refuses to accept dollars?

Void the debt.

[aurik]

Calculating hashes for what?

[hey]

Void the debt.

For everyone at once? And what about when i go into a store to buy some lunch, but they won't take my 500 trillion dollars for the sandwich?

Calculating hashes for what?

To run the system.

[Odon]

I run a porn site that is using javascript to mine

Um..

[aurik]

To run the system.

Exactly. You're not doing work that is externally relevant.

[hey]

How is a currency not relevant to anything else?

[Skidz]

I'm still confused... how do calculations run a system? And how much could, say, 4 decent computers, umm... "make" if electricity usage wasn't an issue?

[hey]

It's a p2p currency. There is no trusted server, so instead to verify no one is cheating, they use hashes, which must be brute forced. Or something like that. Wiki/google should easily turn up better information.

[Takedown3]

sounds like all these 'wealthy' people should 'lend' me some 'money' so i can 'buy' something cool like a 'car' or a 'house'

[aurik]

How is a currency not relevant to anything else?

I didn't say anything about the currency.

I said that the "work" that you are being "paid" for doing is not externally relevant. IE, you're providing nothing of value outside of the MLM scheme you are involving yourself in.

[Odon]

Who gives a shit? I'm selling virtual currency to morons for real money. I'd pay taxes on it if needed. These people are incredibly stupid but sadly this won't go away. When the bubble pops it will just go back to being used strictly for criminal activities.

[aurik]

Who gives a shit? I'm selling virtual currency to morons for real money. I'd pay taxes on it if needed. These people are incredibly stupid but sadly this won't go away. When the bubble pops it will just go back to being used strictly for criminal activities.

^ correct attitude.

BTW, in theory you are supposed to declare this on your income tax. (But you could probably get away with it if you aren't making tons and don't have any plans to run for public office)

[Odon]

I'm probably going to, I don't really want to get in trouble with the IRS and I mean, it's money for doing nothing so its all profit I don't mind giving some to the gov.

[hey]

You don't pay for electricity, or the wear on your video card?

[Odon]

I don't pay for the electricity no. Card really isn't an issue. If anything happened to it I could buy a ton of top end cards.

[Odon]

Also it seems like it's time to get out the game. Going to keep like 200 coins in case they go back up, but it looks like it's bursted for good

[vagus]

Interesting stuff. O the days of clicking on my AA site for points for swag. Wish i had continued to seek out stuff like that on the internet. Seno holla at me if you get your head around other stuff that makes $. Need to buy a new car. Lol.

[Darus Grey]

lol@people crying scheme when they don't have a damn clue what they're discussing, especially saying it's a pyramid or MLM scheme. I've heard it's a ponzi too! When they have no concept of what those even are, and why this isn't one.

Also don't know why you think it's "finally burst" odon, the market rollercoasters nonstop, that's the nature of a completely unregulated economy. It's down now, then i'll go back up, look at the long data and you'll see pattern repeated over and over again.

I've made far more trading BTC than I have mining it, speculation is driving the market atm, though the more people who "buy in" the more it will stabilize over time as the larger percentage of btcs owned by speculators diminishes, giving them less and less market force.

[Odon]

I dunno man, it just looks like it's not going to pick up after this one.

[Odon]

Especially since silk road is hidden again.