+ Reply to Thread
Page 3 of 101 FirstFirst 1 2 3 4 5 13 53 ... LastLast
Results 41 to 60 of 2007
  1. #41
    The Shitlord
    Join Date
    Feb 2008
    Posts
    10,799
    BG Level
    9
    FFXIV Character
    Kharo Hadakkus
    FFXIV Server
    Hyperion
    FFXI Server
    Sylph
    WoW Realm
    Rivendare

    i've heard they fluctuate quite a lot whenever you're not paying attention

  2. #42
    E. Body
    Join Date
    Jul 2005
    Posts
    2,207
    BG Level
    7
    FFXIV Character
    Deejay Zombie
    FFXIV Server
    Excalibur

    lol bane

  3. #43
    Champion of the House of Weave
    Sweaty Dick Punching Enthusiast

    Join Date
    Jun 2006
    Posts
    5,418
    BG Level
    8
    FFXI Server
    Sylph

    Saw this and thought you guys might be interested if you weren't already aware.

    http://www.newstatesman.com/future-p...atch-real-time

    "There's a £60m Bitcoin heist going down right now, and you can watch in real-time "

  4. #44
    The Fucking Voice of Actually

    Join Date
    Nov 2007
    Posts
    7,364
    BG Level
    8
    FFXIV Character
    Cantih Hacos
    FFXIV Server
    Gilgamesh
    FFXI Server
    Bahamut
    Blog Entries
    6

    Also
    http://www.reuters.com/article/2013/...9B407L20131205

    The price immediately dropped down to $900 from $1,200, but it's already back up to $1,000.
    Hope some of you managed to sell and buy in that order during the cycle.

  5. #45
    Old Odin
    Join Date
    Oct 2006
    Posts
    6,144
    BG Level
    8
    FFXI Server
    Asura

    how can this currency even work? its no where backed up in any country by any central bank with some amount of gold. wtf oO

  6. #46
    BG Content
    Join Date
    Jul 2007
    Posts
    17,717
    BG Level
    9
    FFXI Server
    Lakshmi
    Blog Entries
    1

    Quote Originally Posted by Damane View Post
    how can this currency even work? its no where backed up in any country by any central bank with some amount of gold. wtf oO
    http://en.wikipedia.org/wiki/Fiat_money

    tl;dr: It's all Monopoly money.

  7. #47
    The Fucking Voice of Actually

    Join Date
    Nov 2007
    Posts
    7,364
    BG Level
    8
    FFXIV Character
    Cantih Hacos
    FFXIV Server
    Gilgamesh
    FFXI Server
    Bahamut
    Blog Entries
    6

    Well, the dollar isn't backed by gold. Hasn't been for decades.
    What gives the dollar value is "the full faith and credit of the United States Government" based on it's history. Basically, trust and inertia. It has value because people believe it does, the argument then just becomes "how much value", rather than "is there any".
    The US can (and has), print up however much money it likes. There are side effects, and people argue about them, but that's how it is.

    The way Bitcoin works is thus.
    https://en.wikipedia.org/wiki/Bitcoin
    https://en.wikipedia.org/wiki/Bitcoin_protocol

    But basically. There is ultimately a finite amount of bitcoins (21 million), similar to "all the gold in the volume of planet earth". The bitcoins are essentially "buried", and require cryptographic computer work to acquire, "mining".
    The cryptography involved in Bitcoin process is reasonably secure enough that you can't lie (to the network) about how many you have, or forge them, or just say that someone has given them to you.
    Spoiler: show
    Though you can hack someones computer if they have bitcoins, and make their computer say they give them to you, and for all the network knows, it's valid. This is the equivalent of a mugging, or bank heist. The money is still valid money, just that the ownership has been compromised.
    This is in the absence of quantum computing/cryptography, I have no idea what the fuck exactly happens when that comes into play (besides someone starting a new, quantum secure, competitor to Bitcoin. I very much advise mining that shit if you can when it shows up.)

    In fact, much of the cryptographic work in getting bitcoins involves working on the blockchain. I don't have a convenient quote thing to call it, because it's two things at once. First, it's the planet your mining in, but it's also a complete ledger of all Bitcoin transactions ever made, including the awards for mining, and straight transactions between people on the network. It works because the networks computing power is essentially bent to verifying and processing transactions, pretty much the same as what a bank does. In fact, once the all the 21 million bitcoins are found, transaction fees (a tiny slice of the bitcoins being transferred, like a tax, but collected by miners instead of the government) are the reward for continued cryptographic work on the block chain, so as people just don't abandon mining, thus causing Bitcoin to become unsecure. (Actually, transaction fees are already in the protocol, but compared to mining rewards it's fucking tiny, so is largely ignored atm, but it matters later.)

    The blockchain is, essentially, the "backed up" part of the currency. Everyone knows what the chain is and it's contents, and it's always being compared to other copies for differences. The only way to "forge" it, is to basically, convince more than half of the network that your forgery is the valid one. But, the only real way to do that is get the copy on more than half the network at the same time. You would either need to personally (or in a group) more DOUBLE the computing power of the network at any given moment. Currently, only a government could possibly do that, and as more people join in on Bitcoin (like what the current news and speculation is causing), it becomes harder and harder.

    At that point, the only difference between the Bitcoin protocol, a bank, and a government, is who is in ultimate control of the currency.
    Who do you trust more? Politicians, bankers, or math (2+2=4)?

    ---

    The other factor is being able to use bitcoins, and well, that's slowly happening. There's the guy that bought an apartment a while back (and whoever sold it, has seen the bitcoins they now posses dramatically rise in value). Someone just bought a Tesla Model S car. There are some odd restaurants that will take bitcoin. Like a dollar, a bitcoin has value because someone thinks and accepts that it does.

  8. #48

    Looks like some shady shit went down today. Hearing that the commercial banks are behind the artificial volatility since bitcoin has been making headlines.

  9. #49
    The Shitlord
    Join Date
    Feb 2008
    Posts
    10,799
    BG Level
    9
    FFXIV Character
    Kharo Hadakkus
    FFXIV Server
    Hyperion
    FFXI Server
    Sylph
    WoW Realm
    Rivendare

    unregulated industry stomping on innovation!? shocking.

  10. #50
    Banned.

    Join Date
    Aug 2007
    Posts
    2,572
    BG Level
    7

    Quote Originally Posted by BaneTheBrawler View Post
    unregulated industry stomping on innovation!? shocking.
    It's doubtful that they're looking to stomp out bitcoin. They're probably trying to manipulate it for personal gain in the same way they manipulated LIBOR for personal gain. Greedy fucks gonna greed.

  11. #51
    Ridill
    Join Date
    Aug 2005
    Posts
    22,182
    BG Level
    10

    Doesn't it really just take one group putting down a bil or so to utterly and completely take over mining and while taking most of them for themselves, also be driving up the price at an absolutely insane rate?

  12. #52
    listen!
    Join Date
    Apr 2011
    Posts
    7,236
    BG Level
    8
    FFXI Server
    Sylph

    Quote Originally Posted by Plow View Post
    Doesn't it really just take one group putting down a bil or so to utterly and completely take over mining and while taking most of them for themselves, also be driving up the price at an absolutely insane rate?
    It would cost something like $30B in hardware (just for the mining hardware, not including power supplies, and computers to connect them to), plus like $2m+ per year in electricity, not to mention maintenance costs, and hiring a team to run everything, just to match the current network output. So no, not really.

    You could spend $100b and fork the blockchain, but you'd never be able to spend enough bitcoins fast enough for that to be even remotely profitable.


    edit: how do i math?

  13. #53
    Ridill
    Join Date
    Aug 2005
    Posts
    22,182
    BG Level
    10

    Quote Originally Posted by hey View Post
    It would cost something like $30B in hardware (just for the mining hardware, not including power supplies, and computers to connect them to), plus like $2m+ per year in electricity, not to mention maintenance costs, and hiring a team to run everything, just to match the current network output. So no, not really.

    You could spend $100b and fork the blockchain, but you'd never be able to spend enough bitcoins fast enough for that to be even remotely profitable.
    Is this site accurate? http://bitcoin.sipa.be/

    because according to that the whole network is around 5-6 thousand th/s

    5-6 thousand th/s is 10,000 of these: https://products.butterflylabs.com/h...ning-card.html


    which is 50 mil >.>

    am I misreading something or dropping some zeros in my math somewhere?

  14. #54
    listen!
    Join Date
    Apr 2011
    Posts
    7,236
    BG Level
    8
    FFXI Server
    Sylph

    Uh, whoops, i added a few extra zeros. So yeah. I suppose that is plausible.

  15. #55
    The Fucking Voice of Actually

    Join Date
    Nov 2007
    Posts
    7,364
    BG Level
    8
    FFXIV Character
    Cantih Hacos
    FFXIV Server
    Gilgamesh
    FFXI Server
    Bahamut
    Blog Entries
    6

    Quote Originally Posted by Damane View Post
    how can this currency even work? its no where backed up in any country by any central bank with some amount of gold. wtf oO
    And here's a better, slightly more technical explanation.
    http://www.michaelnielsen.org/ddi/ho...ctually-works/

  16. #56
    Death by snoo snoo
    Join Date
    Sep 2006
    Posts
    21,974
    BG Level
    10
    FFXIV Character
    Syntax Error
    FFXIV Server
    Cactuar

    Bitcoin value dropped 50%, top post on /r/bitcoin is suicide prevention services

  17. #57
    Tekki's Bitch
    Sweaty Dick Punching Enthusiast

    Join Date
    Mar 2006
    Posts
    6,255
    BG Level
    8

    50% discount on coins is all im seein, full bull mode.

  18. #58

  19. #59
    Ridill
    Join Date
    Aug 2005
    Posts
    22,182
    BG Level
    10

    Quote Originally Posted by LinktheDeme View Post
    I've actually heard anti-drug-legalization activists argue that the loss in profits from sales of confiscated goods would outweigh the tax gains lol.

  20. #60
    Old Merits
    Join Date
    Nov 2007
    Posts
    1,001
    BG Level
    6
    FFXI Server
    Asura

    http://www.wired.com/wiredenterprise...-gox-implodes/

    Is this affecting the exchange rate already?

Quick Reply Quick Reply

  • Decrease Size
    Increase Size
  • Remove Text Formatting
  • Insert Link Insert Image Insert Video
  • Wrap [QUOTE] tags around selected text
  • Insert NSFW Tag
  • Insert Spoiler Tag

Similar Threads

  1. Let's talk about medication
    By Xajii in forum General Discussion
    Replies: 24
    Last Post: 2009-06-09, 18:41
  2. So let's talk about Susan Boyle
    By Yuri-G in forum General Discussion
    Replies: 124
    Last Post: 2009-06-02, 10:23
  3. Let's talk about Queefs
    By Ohemgee in forum General Discussion
    Replies: 127
    Last Post: 2009-06-01, 11:26
  4. Let's talk about religion
    By FireCrystal in forum General Discussion
    Replies: 104
    Last Post: 2006-09-03, 00:46