Money: Computers at banks adding numbers onto numbers without any real value. Some numbers get to be lucky and get printed on a piece of paper.
Bitcoin: Computers over the world calculating hashes without real value.
[QUOTE=nikomo;30399692]If nobody takes it, how come I can sell BTC on MtGox, transfer that to my bank account and buy items with that money
Even if it has no real value, it doesn't matter if there's people dumb enough to give you 20 bucks a BTC, which I can then convert to Euros.[/quote]
Your way of making money hinges on people buying your money from you -- as you put it, those "dumb enough to give you 20 bucks" for one. But those people are disappearing very quickly since they're realizing it's a popping bubble that's gonna bottom out. Why buy bitcoin if the only way to make money off of bitcoin is to sell bitcoin to other people in exchange for real money? Someone's gonna get left with the bitcoin and nobody's going to want to buy it.
[quote]And compared to the USD, BTC's doing a hell of a better job right now, considering USD is going through hyperinflation because the Fed just keeps printing money with no end in sight.[/QUOTE]
That fiat currency is bad! Let's use this one!
The US is not in hyperinflation
edit: [url=http://www.google.com/products/catalog?hl=en&q=radeon+5970+buy&bav=on.2,or.r_gc.r_pw.&biw=1600&bih=717&um=1&ie=UTF-8&tbm=shop&cid=5438854216561907006&sa=X&ei=uxL0TauuN9G2twf7hJmDBw&ved=0CFMQ8wIwAA]People selling 5970s are making way more money off of this[/url]
Doesn't matter if it collapses for now, I'll still have my BTC, waiting for the next wave of suckers.
Also the 5970 is a bad choice.
If you're not serious about mining, I'd go with a 5770 or 5830 and if I was serious about it, 6970.
[editline]12th June 2011[/editline]
Not to forget you can grab 5770's for a reasonable price nowadays since some people are upgrading away from them so you can buy them used.
Throw that into an old machine, boom cheap (but weak) miner.
Want to give this a shot, but GUIMiner's giving me this no opencl devices available, I have a 9800gtx.
[QUOTE=caesium;30400098]Want to give this a shot, but GUIMiner's giving me this no opencl devices available, I have a 9800gtx.[/QUOTE]
Try using poclbm or poclbm-mod
[QUOTE=Wolfyhound;30399528][img]http://s.stylee32.net/GUIMiner_-_v2011-06-09-2011-06-12_02.11.37.png[/img]
"no" being my nvidia gpu, cpu... being my cpu (Intel core 2 quad q8200 @ 2.33ghz)[/QUOTE]
read
the
op
the GPU miner isn't getting enough CPU time.
[QUOTE=Shadaez;30399118]L2 stockmarket[/QUOTE]
uhhh, you serious? currency exchanges aren't similar to the stock / securities market.
L2 not be an idiot. it's clearly a downwards trend. and it'll probably remain that way until it gets to its actual value.
[QUOTE=DogGunn;30400385]uhhh, you serious? currency exchanges aren't similar to the stock / securities market.
L2 not be an idiot. it's clearly a downwards trend. and it'll probably remain that way until it gets to its actual value.[/QUOTE]
The value of BTC was at 14 on the 8th of june, it shot up soon afterwards because
1. difficulty increases - this naturally boosts the price
2. at the same time it's becoming widespread, lots of buyers in a short period trying to get some quick cash. The price goes above what it should really be worth
Soon after the price hits $30 it starts dropping because
1. those investors trying to make a quick buck sell
2. these things tend to happen at certain prices - 30 was a new high point
3. it was very over valued
4. people investing in some very risky currency probably freak out because it went down a little, selling, causing it to go down more.
If I had to guess, I'd say, with the current difficulty bitcoins should be worth roughly $20.
I don't give a shit if it takes til 2012 for the prices to rise again, I'm going to hold BTC until they're worth at least $15 again.
And when you don't act like an idiot and show a very short term image of the currency exchange, it isn't so scary.
[img]http://puu.sh/2ypN[/img]
(note this is also pretty short term, but it shows the currency just going back to what it was worth on the 8th)
It looks like it might fall a bit more before going up though
(hint: that's the time to buy)
[QUOTE=Shadaez;30400483]And when you don't act like an idiot and show a very short term image of the currency exchange, it isn't so scary.
[img]http://puu.sh/2ypN[/img]
(note this is also pretty short term, but it shows the currency just going back to what it was worth on the 8th)[/QUOTE]
problem is, it still doesn't appear to be slowing down at its current decreasing rate. bitcoins are overvalued a US$14 p/BTC - and so it'll fall below that.
[editline]12th June 2011[/editline]
[QUOTE=acid;30400580]It looks like it might fall a bit more before going up though
(hint: that's the time to buy)[/QUOTE]
you're actually advocating the purchase of bitcoins?
no investor over the age of 5 would be stupid enough to purchase an entity which is so incredibly volatile. anything that goes down by 50% in a 24 hour period is too volatile to be taken seriously.
doggunn when will you realize that anyone in this thread who actually has bitcoins in their wallet [b]is not giving a flying shit what you're saying so stop it[/b]
[QUOTE=DogGunn;30400611]problem is, it still doesn't appear to be slowing down at its current decreasing rate. bitcoins are overvalued a US$14 p/BTC - and so it'll fall below that.
[editline]12th June 2011[/editline]
you're actually advocating the purchase of bitcoins?
no investor over the age of 5 would be stupid enough to purchase an entity which is so incredibly volatile. anything that goes down by 50% in a 24 hour period is too volatile to be taken seriously.[/QUOTE]
If it hit 10 again I'd buy $100 worth, I highly doubt it will hit 10. It'll be back to 18 at least by Monday (PST).
[QUOTE=FFStudios;30400661]doggunn when will you realize that anyone in this thread who actually has bitcoins in their wallet [b]is not giving a flying shit what you're saying so stop it[/b][/QUOTE]
we're discussing the apparent problems underpinning what could be considered a new type of currency. when you would realise that you can either ignore it or participate?
you're also getting amazingly defensive for something that had nothing to be defensive about.
There are problems with it, I just don't like when people ignorantly bash it.
[QUOTE=DogGunn;30400858]we're discussing the apparent problems underpinning what could be considered a new type of currency. when you would realise that you can either ignore it or participate?
you're also getting amazingly defensive for something that had nothing to be defensive about.[/QUOTE]
i just don't feel like scrolling past your shit posts after one person says something remotely complimental to bitcoins
[editline]11th June 2011[/editline]
also the joke about participating, lmao, i've been posting in this thread since before you have, i don't get it
[QUOTE=FFStudios;30401283]i just don't feel like scrolling past your shit posts after one person says something remotely complimental to bitcoins[/QUOTE]
what? "remotely complimental"?
[QUOTE=FFStudios;30401283]also the joke about participating, lmao, i've been posting in this thread since before you have, i don't get it[/QUOTE]
wow. i said either ignore it or participate. you're doing neither. you're in complain mode. do you want to side track anymore?
[QUOTE=DogGunn;30400611]you're actually advocating the purchase of bitcoins?
no investor over the age of 5 would be stupid enough to purchase an entity which is so incredibly volatile. anything that goes down by 50% in a 24 hour period is too volatile to be taken seriously.[/QUOTE]
volatile markets swing both ways
[editline]12th June 2011[/editline]
i'm not suggesting that they're a good investment though
[QUOTE=acid;30401463]volatile markets swing both ways[/QUOTE]
which is the problem.
regardless, there are other problems other than just volatility.
[QUOTE=DogGunn;30401488]which is the problem.
regardless, there are other problems other than just volatility.[/QUOTE]
Like them [url=http://forum.bitcoin.org/index.php?topic=15062.msg204209#msg204209]literally blaming freemasons for the collapse of bitcoin[/url]
The whole forum is extremely entertaining
edit: [i]especially the politics board[/i]
This has been done before and failed horribly.
Gonna mine until I have atleast 1 Bitcoin, and then hope that someday it'll be worth something again...
I'm thinking about starting a Facepunch pool, what do you guys think?
[QUOTE=somethingpunk;30403838]I'm thinking about starting a Facepunch pool, what do you guys think?[/QUOTE]
oh ok dood with 1 post, lets trust you with all our bitcoins!
Being in a tiny pool is awful.
I'm in one just around 40 GH/s and the payout rate still gets annoying.
I'd recommend you guys to not invest dollars into this, though mining is probably fine.
[QUOTE=thf;30404090]I'd recommend you guys to not invest dollars into this, though mining is probably fine.[/QUOTE]
Anyone dropping real money into this at this point is hanging onto a shred of hope gained from clever deception by those smart enough to realize it's sinking.
Mining is fun though.
FYI prices will drop until Monday, banks are closed, no one can buy unless they have money in the system already.
[QUOTE=CommanderPT;30397284]So. You you leave your pc on just to generate currency? Does the process of mining actually do something useful with the processing power or something?[/QUOTE]
No, nothing at all.
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