Bitcoin virtual currency hits (ALL-TIME) record high after exchange deal - Polidicks

[QUOTE=Brt5470;39756067]CPU's are designed to process many kinds of information. They can run almost anything. GPU's are designed for graphics processing, more specialized so they are faster. An ASIC is a completely specialized chip designed completely for one task. An ASIC for bitcoin mining can be made incredibly efficient and fast, rather than a chip that is designed to do many other things.[/QUOTE] So, there's pretty much no catch? Can you just buy one and get an extremely better bang for your buck than you would from getting a crazy tri-GPU gaming PC setup?

[QUOTE=latin_geek;39757250]So, there's pretty much no catch? Can you just buy one and get an extremely better bang for your buck than you would from getting a crazy tri-GPU gaming PC setup?[/QUOTE] The catch is that with everybody having those machines the difficulty will rise even quicker than it was rising before. And since the machine is made for mining you can't use it for anything else.

how the hell do you get the mining started I am starting from like scratch

[QUOTE=latin_geek;39757250]So, there's pretty much no catch? Can you just buy one and get an extremely better bang for your buck than you would from getting a crazy tri-GPU gaming PC setup?[/QUOTE] It's like 10x more efficient. There is a $150 dollar model from a company that uses 5watts and at the time of manufacture would pay for itself in a week or so. The catch is that if something is really good everyone goes for it, which causes the networks algorithm to get more difficult, thus lowering gains. What this does do is make bitcoin mining more legitamite, with a company behind it.

I might buy a few bitcoins; I'm not anticipating them exploding in value but it'd just be nice to have them. With the rate the BTConomy is growing there might be some things in the future you can only buy with them. (i mean other than silkroad ofc)

[QUOTE=theevilldeadII;39755817]by the way is there a way to set you'r pc so it will take up less Electricity[/QUOTE] Yeah, don't make it do things that involve a lot of number crunching, like mining bitcoins.

brb buying ASICs

Yea just did some research and a 30GH/s would pay for itself in 6 days and would make more money than my job. At the current difficulty atleast.

[QUOTE=B!N4RY;39761646]brb buying ASICs[/QUOTE] Get some for me babe [editline]1st March 2013[/editline] [QUOTE=joe588;39754695]mtgox.com [url]https://www.google.co.uk/#hl=en&sugexp=les%3B&gs_rn=5&gs_ri=psy-ab&tok=bv61v8IJ7nVV-_1oNcxJJQ&cp=5&gs_id=i&xhr=t&q=buy+bitcoins&es_nrs=true&pf=p&safe=off&output=search&sclient=psy-ab&oq=buy+b&gs_l=&pbx=1&bav=on.2,or.r_gc.r_pw.r_qf.&bvm=bv.43148975,d.d2k&fp=aae20462d959a6ad&biw=1280&bih=880[/url] [editline]1st March 2013[/editline] p dumb investment btw, think of it more as gambling.[/QUOTE] It's not [I]inherently[/I] gambling but the prospect of idiot speculation which drives the market (most of the people seeing OMG $30 a bitcoin and jumping on and off and so on) is so alien to any sort of prediction that it might as well be It would totally have been a good idea to invest in bitcoins in 2009 but hindsight is 20/20

[QUOTE=scout1;39761934]Get some for me babe [editline]1st March 2013[/editline] It's not [I]inherently[/I] gambling but the prospect of idiot speculation which drives the market (most of the people seeing OMG $30 a bitcoin and jumping on and off and so on) is so alien to any sort of prediction that it might as well be It would totally have been a good idea to invest in bitcoins in 2009 but hindsight is 20/20[/QUOTE] If you read the OP and some of my analytic posts, you'd see that there's more to valuation than speculation. Give me an analysis of why bitcoin could/should crash and maybe you'll have a point to make. And yes, we get a 20/20 view of you calling out bitcoins for being too risky as the people who took the time to understand what was going on and invest are bathing in their earnings.

I live in a dorm, so I don't pay for electricity. I wonder if I should invest in an ASIC...

[QUOTE=mblunk;39762008]If you read the OP and some of my analytic posts, you'd see that there's more to valuation than speculation. Give me an analysis of why bitcoin could/should crash and maybe you'll have a point to make. And yes, we get a 20/20 view of you calling out bitcoins for being too risky as the people who took the time to understand what was going on and invest are bathing in their earnings.[/QUOTE] Uh I called them that when they spiked at $25 [B]GUESS WHAT HAPPENED[/B] You get one hint: It starts with "It" and ends with "crashed."

[QUOTE=scout1;39762046]Uh I called them that when they spiked at $25 [B]GUESS WHAT HAPPENED[/B] You get one hint: It starts with "It" and ends with "crashed."[/QUOTE] Thanks for giving me 2 year old news, maybe you still haven't read the OP yet but in case you didn't notice, things have changed quite a bit since then. MtGox fixed the vulnerability that triggered the first crash. Bitcoin WAS way overvalued at the time, according to DJohnson's findings. You're basically agreeing with me on the idea that it would crash back then. This time it's not. The current exchange rate is in proportion with the transaction rate. Bitcoin is being accepted at more places than ever before. Global interest is increasing and entrepreneurs are taking notice. That was analysis. Your post was a description. One has predictive value, one doesn't.

[QUOTE=mblunk;39762094]Thanks for giving me 2 year old news, maybe you still haven't read the OP yet but in case you didn't notice, things have changed quite a bit since then. [/QUOTE] So why are you calling me out for a past prediction made in the past in different circumstances? [QUOTE=mblunk;39762094]Bitcoin WAS way overvalued at the time, according to DJohnson's findings.[/QUOTE] No shit that's exactly what I said [QUOTE=mblunk;39762094]This time it's not.[/QUOTE] *Crickets* Who said this? Not me, but you. [QUOTE=mblunk;39762094]The current exchange rate is in proportion with the transaction rate. Bitcoin is being accepted at more places than ever before. Global interest is increasing and entrepreneurs are taking notice. [/QUOTE] I remember these same things being said oh back then. But hey. That's a past prediction. Surely history does not repeat itself. [QUOTE=mblunk;39762094] That was analysis. Your post was a description. One has predictive value, one doesn't.[/QUOTE] Well apparently you know my analyses well so we can forgo them! Of course yours has no actual value, given that you're advocating the bitcoin train during a huge spike, but feel free to throw your money away, you're what keeps the market rolling

[QUOTE=1STrandomman;39762019]I live in a dorm, so I don't pay for electricity. I wonder if I should invest in an ASIC...[/QUOTE] ASICs don't use much electricity, to be honest. And they're affordable and worth it for the amount of Gh/s they give. $149 for 4.5Gh/s. Compared to ~$1000 to equal 4.5Gh/s from GPUs? [editline]1st March 2013[/editline] When they get released, bitcoins might drop in price a lot, but you'll be able to get a ton for when they rise when the difficulty increases.

[QUOTE=scout1;39762155]Who said this? Not me, but you.[/quote] No, the redditor did. And I agreed with him. He made an argument and provided evidence. [QUOTE=scout1;39762155]I remember these same things being said oh back then. But hey. That's a past prediction. Surely history does not repeat itself.[/quote] No, the rates were not in proportion last time, in fact they were wildly out of sync. Now they're not. [QUOTE=scout1;39762155]Well apparently you know my analyses well so we can forgo them! Of course yours has no actual value, given that you're advocating the bitcoin train during a huge spike, but feel free to throw your money away, you're what keeps the market rolling[/QUOTE] Yes, very good, putting a currency to good use does indeed make it valuable (and more stable.) Maybe you do still have a chance of understanding.

[QUOTE=MaxOfS2D;39747771]The bitcoin bubble is inflating and is going to pop again soon [IMG]http://buttcoin.org/wp-content/uploads/2011/06/buttcoin-infograph-290x290.png[/IMG][/QUOTE] hahahahahhah BUTTCOINS amirite SRSters?? XD

[QUOTE=mblunk;39762199]No, the redditor did. And I agreed with him. He made an argument and provided evidence. [/QUOTE] You agreed with him, that was the point. You're still going on about me for something I never even said. [QUOTE=mblunk;39762199]No, the rates were not in proportion last time, in fact they were wildly out of sync. Now they're not.[/QUOTE] Which is why there is no such thing as "economics" [QUOTE=mblunk;39762199] Yes, very good, putting a currency to good use does indeed make it valuable (and more stable.) Maybe you do still have a chance of understanding.[/QUOTE] :downs: I daresay I understand bitcoin more than you ever will by scraping off someone else's knowledge. Don't you accuse me of not understanding.

Jesus christ so much arguing about a currency.

[QUOTE=scout1;39762256]Which is why there is no such thing as "economics"[/quote] This is what I'm talking about when I said you post things that can't even be debated. [quote]I daresay I understand bitcoin more than you ever will by scraping off someone else's knowledge. Don't you accuse me of not understanding.[/QUOTE] So your understanding of bitcoin comes completely from original research? Or from no research at all and then claiming you understand? I don't even know how to reply to this. [editline]1st March 2013[/editline] [QUOTE=Olas;39762266]Jesus christ so much arguing about a currency.[/QUOTE] Yeah I think I'm done for now until someone has a legitimate question

[QUOTE=mblunk;39762314] So your understanding of bitcoin comes completely from original research? Or from no research at all and then claiming you understand? I don't even know how to reply to this. [/QUOTE] Why yes, having watched bitcoin for a few years and spent more time than you examining every end of it does make me more knowledgeable than you. But of course you've made the assertion that I don't understand. Tell me all about how I don't understand.

[QUOTE=scout1;39762326]Why yes, having watched bitcoin for a few years and spent more time than you examining every end of it does make me more knowledgeable than you. But of course you've made the assertion that I don't understand. Tell me all about how I don't understand.[/QUOTE] Circle time! [quote=scout1]It's not [I]inherently[/I] gambling but the prospect of idiot speculation which drives the market (most of the people seeing OMG $30 a bitcoin and jumping on and off and so on) is so alien to any sort of prediction that it might as well be[/quote] [QUOTE=mblunk;39762008]If you read the OP and some of my analytic posts, you'd see that there's more to valuation than speculation.[/QUOTE]

[QUOTE=mblunk;39762383]Circle time![/QUOTE] oh so now I'm incapable of understanding because you've made baseless predictions [B]CIRCLE TIME[/B] [QUOTE=mblunk;39762008] And yes, we get a 20/20 view of you calling out bitcoins for being too risky as the people who took the time to understand what was going on and invest are bathing in their earnings.[/QUOTE] [QUOTE=mblunk;39762094]Thanks for giving me 2 year old news, maybe you still haven't read the OP yet but in case you didn't notice, things have changed quite a bit since then. MtGox fixed the vulnerability that triggered the first crash. Bitcoin WAS way overvalued at the time[/QUOTE] I told you exactly that it would crash, and you didn't believe me. We've established that it crashed. Your predictions have yet to come true. Come back if they do and we'd be [B]equal[/B] at best. Until then, you have [I]no understanding[/I] of how bitcoins work. That's the bar you've set, and that's the bar I'll hold you to. Have fun.

[QUOTE=scout1;39762444]oh so now I'm incapable of understanding because you've made baseless predictions [B]CIRCLE TIME[/B] I told you exactly that it would crash, and you didn't believe me. We've established that it crashed. Your predictions have yet to come true. Come back if they do and we'd be [B]equal[/B] at best. Until then, you have [I]no understanding[/I] of how bitcoins work. That's the bar you've set, and that's the bar I'll hold you to. Have fun.[/QUOTE] It blows my mind that you can possibly say this when all you've managed to come up with is "bitcoin is for gambling idiots." I've provided multiple reasons for why the value continues to increase, and guess what, it still is. You have yet to provide ONE reason why bitcoin should go down. Please address this point.

[QUOTE=mblunk;39762482]It blows my mind that you can possibly say this when all you've managed to come up with is "bitcoin is for gambling idiots." I've provided multiple reasons for why the value continues to increase, and guess what, it still is. To this very minute. You have yet to provide ONE reason why bitcoin should go down. Please address this point.[/QUOTE] I don't really need to. I can wait a day, a week. I'll come back and post the graph. Bitcoin falls from its spike. Jesus christ, boy, that's basic economics. It's speculation that drives the price at this moment. Besides that I've been proven right before, and you say I don't understand. Could you tell me what credentials you've brought to this table? Oh right haha - You read someone else's posts and agreed. [editline]1st March 2013[/editline] Hell I'll put it to you right now: Make a toxx clause. Max is lurking this thread. You seem absolutely sure that I'm an ignoramus and that Bitcoin [B]will continue to rise.[/B] Duration 1 week. It falls, you get permabanned. Put your money where your mouth is, eh?

[QUOTE=scout1;39762516]Max is lurking this thread. You seem absolutely sure that I'm an ignoramus and that Bitcoin [B]will continue to rise.[/B] Duration 1 week. It falls, you get permabanned.[/QUOTE] Don't talk about that kind of stuff on my behalf please

[QUOTE=scout1;39762516]I don't really need to. I can wait a day, a week. I'll come back and post the graph. Bitcoin falls from its spike. Jesus christ, boy, that's basic economics. It's speculation that drives the price at this moment. Besides that I've been proven right before, and you say I don't understand. Could you tell me what credentials you've brought to this table? Oh right haha - You read someone else's posts and agreed. [editline]1st March 2013[/editline] Hell I'll put it to you right now: Make a toxx clause. Max is lurking this thread. You seem absolutely sure that I'm an ignoramus and that Bitcoin [B]will continue to rise.[/B] Duration 1 week. It falls, you get permabanned. Put your money where your mouth is, eh?[/QUOTE] And if it's higher by next week, you get permabanned? If so, then you have a deal. MtGox last trade was at $34.41342. [b]Edit:[/b] 6 days later and we're up to $43. Shame he didn't take the bet!

YESS gonna buy a new gaming pc wit all these dollas

Just off topic curiosity on my part but I gotta ask. What is worth investing in besides bitcoins for a smallish scale profit. I've never really considered investing until now. I don't really want to devote a crazy amount of cash or anything, I just want to try out investing and hopefully make a nice little profit. By smallish I mean like a profit of say 20 to 50 bucks over a course of less than a year.

I wish I still had all the bitcoins I sold to pay for Christmas back in November.