I have figured BITCOINS all out

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  • MrMaxwell
    Too lazy to set a custom title
    • Jul 2005
    • 10057
    #1

    I have figured BITCOINS all out


    This shit
    Is bananas
    B, A-N-A-N-A-S
    This shit
    Is bananas
    B, A-N-A-N-A-S
    Again, this shit
    Is bananas
    B, A-N-A-N-A-S
    This shit
    Is bananas
    B, A-N-A-N-A-S




    But seriously, look it at this!!


    That weekly chart is insane.
    What in the WORLD is going on here? They even have realtime LII http://bitcoin.clarkmoody.com/

    This is getting pretty crazy
    I don't see how it could possibly sustain that rate of growth

    With $96/coin and about 10,000,000 in existence thus far- that means the whole currency has an intrinsic value of nearly $100,000,000 ... or does it, since so many people "mined" theirs fairly easily before it became so popular

    I am so confused

    This can't go on forever. I don't know what in the world is going on here, but it's the most interesting thing I have seen in a long time. I know the governments will never allow this to have any success (bet on that- they won't) but it sure has been an interesting effort.
    Tags: None
    • MrMaxwell
      Too lazy to set a custom title
      • Jul 2005
      • 10057
      #2
      Also, is it possible that nearly SIXTEEN MILLION in dollar volume has happened in one day, so far? And several times that, yesterday?

      Still, a mega cap stock it ain't, but christ this is some crazy shit to watch

        Comment

        • Konda
          ...
          • Apr 2003
          • 2280
          #3
          Just sold nearly all my BC at $92
          might go up more, but I'm out for now. More than doubled my money already.

            Comment

            • MikeRoth
              Confirmed User
              • Jan 2011
              • 361
              #4
              Bitcoin goes out to the 8th decimal. If confidence rises and it gets more and more popular as a world currency. It might not be unlikely to see something like $1,000 per coin. People don't realize there will be a limited number of coins at 21 million. From there the price of bitcoin can only go higher and higher as demand rises. It's impossible to ever have more than 21 million coins in circulation in the future. So it's not like current currencies where the gov can just print off more money as they see fit.

              There are problems it faces now which keeps confidence low. For example the 50% rule of a mining pool. If any single pool controls over 50% of the hashing power it could be used maliciously to throw a wrench in the system.

              Also because bitcoin is an anonymous currency I'm not too sure it would really take off as a legit currency between countries. It's primary use is drugs, money laundering, and any other kind of illegal activity you can do with an anonymous money transfer.
              ICQ: 64995031

                Comment

                • L-Pink
                  working on my tan
                  • Mar 2005
                  • 39151
                  #5
                  Originally posted by Konda
                  Just sold nearly all my BC at $92
                  might go up more, but I'm out for now. More than doubled my money already.
                  Congratulations. You have actually made money, smart move.

                  .

                    Comment

                    • MrMaxwell
                      Too lazy to set a custom title
                      • Jul 2005
                      • 10057
                      #6
                      Originally posted by MikeRoth
                      Bitcoin goes out to the 8th decimal. If confidence rises and it gets more and more popular as a world currency. It might not be unlikely to see something like $1,000 per coin. People don't realize there will be a limited number of coins at 21 million. From there the price of bitcoin can only go higher and higher as demand rises. It's impossible to ever have more than 21 million coins in circulation in the future. So it's not like current currencies where the gov can just print off more money as they see fit.

                      There are problems it faces now which keeps confidence low. For example the 50% rule of a mining pool. If any single pool controls over 50% of the hashing power it could be used maliciously to throw a wrench in the system.

                      Also because bitcoin is an anonymous currency I'm not too sure it would really take off as a legit currency between countries. It's primary use is drugs, money laundering, and any other kind of illegal activity you can do with an anonymous money transfer.


                      As I understand it, it's so divisible that even if there was massive deflation, it'd probably still be usable.. right? Like it said if some idiot loses his coins, they're gone forever, but that should be okay

                      I'm not sure what it would take to have over 50% ... I've seen supercomputers comprised of 100s of regular cpus ... but not of gpus or asics .. I kind of doubt that it'd be profitable to pay whatever the cost would be in order to get over 50% though

                      Some idiot using a worm to mass install mining software everywhere is a risk I guess but cpus are pretty much useless these days, and most computers don't have a very good gpu

                      Am I getting this?

                        Comment

                        • mayabong
                          Confirmed User
                          • Jan 2010
                          • 1952
                          #7
                          Originally posted by MrMaxwell
                          As I understand it, it's so divisible that even if there was massive deflation, it'd probably still be usable.. right? Like it said if some idiot loses his coins, they're gone forever, but that should be okay

                          I'm not sure what it would take to have over 50% ... I've seen supercomputers comprised of 100s of regular cpus ... but not of gpus or asics .. I kind of doubt that it'd be profitable to pay whatever the cost would be in order to get over 50% though

                          Some idiot using a worm to mass install mining software everywhere is a risk I guess but cpus are pretty much useless these days, and most computers don't have a very good gpu

                          Am I getting this?
                          If some worm got into some gamers GPU to mine bitcoins, it would be pretty obvious.
                          Bitcoin Gambling Sites

                            Comment

                            • woj
                              <&(©¿©)&>
                              • Jul 2002
                              • 47880
                              #8
                              Originally posted by mayabong
                              If some worm got into some gamers GPU to mine bitcoins, it would be pretty obvious.
                              It wouldn't be obvious at all... the worm would likely have "idle" priority, so it would be pretty much transparent to the user... the only obvious sign would be that the computer would be damn hot and loud (from all the fans spinning in overdrive)...
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                                • seeandsee
                                  Check SIG!
                                  • Mar 2006
                                  • 50945
                                  #9
                                  Down on 87 hmmm where will it stop this time?
                                  BUY MY SIG - 50$/Year

                                  Contact here

                                    Comment

                                    • mayabong
                                      Confirmed User
                                      • Jan 2010
                                      • 1952
                                      #10
                                      Originally posted by woj
                                      It wouldn't be obvious at all... the worm would likely have "idle" priority, so it would be pretty much transparent to the user... the only obvious sign would be that the computer would be damn hot and loud (from all the fans spinning in overdrive)...
                                      How much more obvious can you get?
                                      Bitcoin Gambling Sites

                                        Comment

                                        • woj
                                          <&(©¿©)&>
                                          • Jul 2002
                                          • 47880
                                          #11
                                          Originally posted by mayabong
                                          How much more obvious can you get?
                                          my guess is most people would think: "shit, the fan in the computer is busted, but it seems to work fine so I'll leave it"...

                                          "some worm is mining bitcoins with my GPU" probably wouldn't even cross their mind...


                                          and it's not like the worm would have to mine at 100% capacity, at 10% it would be virtually undetectable... take 1 million infected computers @ 10% output from each = 100k equivalent drones mining, I'm sure that would make a decent $$$ with virtually zero chance of ever getting caught....
                                          Last edited by woj; 03-29-2013, 02:42 PM.
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                                            • dyna mo
                                              just a fucking jerk
                                              • Dec 2008
                                              • 68184
                                              #12
                                              does this quote make sense in regards to a bitcoin mining outfit takingover millions of boxes and cornering the mining??

                                              And it wouldn?t make sense for any one entity, for instance, to attempt to monopolize mining, except to destroy it. After all, this part of the system is somewhat transparent, and bitcoin?s value will be retained in the degree that it is decentralized. If one entity controlled the world?s bitcoin output, it wouldn?t be worth very much, so trying to take over bitcoin doesn?t make financial sense.

                                                Comment

                                                • woj
                                                  <&(©¿©)&>
                                                  • Jul 2002
                                                  • 47880
                                                  #13
                                                  Originally posted by dyna mo
                                                  does this quote make sense in regards to a bitcoin mining outfit takingover millions of boxes and cornering the mining??
                                                  not really, a smart botnet owner would likely mine each machine independently (while having complete control/access to all these separate bitcoins "accounts") so to the outside world it would appear like a million separate people are mining these bitcoins... so no one would know or be able to detect in any way that some botnet group actually controls for example 75% of bitcoin mining...
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                                                    • mayabong
                                                      Confirmed User
                                                      • Jan 2010
                                                      • 1952
                                                      #14
                                                      Originally posted by dyna mo
                                                      does this quote make sense in regards to a bitcoin mining outfit takingover millions of boxes and cornering the mining??
                                                      From what I understand even if someone did the 51% attack it would be noticed instantly and they would be booted from the network. I dont know the nerd aspects of it but have seen the question posed countless times in the past years.

                                                      I believe Jon matonis talks about it at the end of this interview. Good interview by the way. On a Gold bug channel Put out today.

                                                      Bitcoin Gambling Sites

                                                        Comment

                                                        • dyna mo
                                                          just a fucking jerk
                                                          • Dec 2008
                                                          • 68184
                                                          #15
                                                          Originally posted by woj
                                                          not really, a smart botnet owner would likely mine each machine independently (while having complete control/access to all these separate bitcoins "accounts") so to the outside world it would appear like a million separate people are mining these bitcoins... so no one would know or be able to detect in any way that some botnet group actually controls for example 75% of bitcoin mining...
                                                          then they lose the combined computing power, severely limiting their odds of mining a block, i believe......

                                                          the edge comes in all th emachines working as together

                                                            Comment

                                                            • woj
                                                              <&(©¿©)&>
                                                              • Jul 2002
                                                              • 47880
                                                              #16
                                                              Originally posted by mayabong
                                                              From what I understand even if someone did the 51% attack it would be noticed instantly and they would be booted from the network. I dont know the nerd aspects of it but have seen the question posed countless times in the past years.
                                                              51% attack would show that the bitcoin system is flawed and that would be the end of it...so that will likely never happen... there is more $$ to be made from being patient and just quietly controlling high percentage of mining...
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                                                                • dyna mo
                                                                  just a fucking jerk
                                                                  • Dec 2008
                                                                  • 68184
                                                                  #17
                                                                  Originally posted by mayabong
                                                                  From what I understand even if someone did the 51% attack it would be noticed instantly and they would be booted from the network. I dont know the nerd aspects of it but have seen the question posed countless times in the past years.

                                                                  I believe Jon matonis talks about it at the end of this interview. Good interview by the way. On a Gold bug channel Put out today.

                                                                  i'm aout 5 min in on this, good stuff so far

                                                                    Comment

                                                                    • woj
                                                                      <&(©¿©)&>
                                                                      • Jul 2002
                                                                      • 47880
                                                                      #18
                                                                      Originally posted by dyna mo
                                                                      then they lose the combined computing power, severely limiting their odds of mining a block, i believe......

                                                                      the edge comes in all th emachines working as together
                                                                      no, I don't think the odds change... I'm slightly simplifying it but if odds of getting a block are 1 in a million every 10 mins, then if you have 1 million machines mining, one of them will get a 50BTC (or whatever) block every 10 mins...

                                                                      you don't have to mine "together", actually there isn't even such a thing as mining "together", when you join a group, you each mine separately, one of you "wins" a 50BTC block then that block gets shared among all the group participants...
                                                                      Last edited by woj; 03-29-2013, 03:10 PM.
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                                                                        • mayabong
                                                                          Confirmed User
                                                                          • Jan 2010
                                                                          • 1952
                                                                          #19
                                                                          Originally posted by woj
                                                                          no, I don't think the odds change... I'm slightly simplifying it but if odds of getting a block are 1 in a million every 10 mins, then if you have 1 million machines mining, one of them will get a 50BTC (or whatever) block every 10 mins...

                                                                          you don't have to mine "together", actually there isn't even such a thing as mining "together", when you join a group, you each mine separately, one of you "wins" a 50BTC block then that block gets shared among all the group participants...
                                                                          I don't believe there are any very big bot nets out there. If so they do not have anywhere near a majority of the hashing power. I could have a 60 gh/s machine running and probalby woulnd't hit a block for a long time.
                                                                          Bitcoin Gambling Sites

                                                                            Comment

                                                                            • dyna mo
                                                                              just a fucking jerk
                                                                              • Dec 2008
                                                                              • 68184
                                                                              #20
                                                                              is that how it works? i thought the pools worked together as 1, granted i decided to not get into mining, so i haven't tried to learn too much more about that part after.

                                                                                Comment

                                                                                • dyna mo
                                                                                  just a fucking jerk
                                                                                  • Dec 2008
                                                                                  • 68184
                                                                                  #21
                                                                                  woj, if you get a chance, take a gander here

                                                                                  https://en.bitcoin.it/wiki/Pooled_mining.

                                                                                  as i read it, the rigs work together to mine 1 block?

                                                                                    Comment

                                                                                    • woj
                                                                                      <&(©¿©)&>
                                                                                      • Jul 2002
                                                                                      • 47880
                                                                                      #22
                                                                                      Originally posted by dyna mo
                                                                                      is that how it works? i thought the pools worked together as 1, granted i decided to not get into mining, so i haven't tried to learn too much more about that part after.
                                                                                      in a sense you do work together as one, you are on the same team and any bitcoins mined get shared... but for all you know it could be your machine that mined the new block...

                                                                                      it's kinda like 10 guys getting together to buy lottery tickets, you agree that you all will split any winnings, you could be the one that hits the jackpot, but since you agreed to be part of the group you get 10% of any profits...

                                                                                      at least that's how I understand it...
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                                                                                        • mayabong
                                                                                          Confirmed User
                                                                                          • Jan 2010
                                                                                          • 1952
                                                                                          #23
                                                                                          Originally posted by dyna mo
                                                                                          woj, if you get a chance, take a gander here

                                                                                          https://en.bitcoin.it/wiki/Pooled_mining.

                                                                                          as i read it, the rigs work together to mine 1 block?
                                                                                          The pools work together to mine, when a block is hit it gets divided up proportionally. The more power you gave to the block the more you get.
                                                                                          Bitcoin Gambling Sites

                                                                                            Comment

                                                                                            • dyna mo
                                                                                              just a fucking jerk
                                                                                              • Dec 2008
                                                                                              • 68184
                                                                                              #24
                                                                                              finished that podcast, very informative.

                                                                                                Comment

                                                                                                • dyna mo
                                                                                                  just a fucking jerk
                                                                                                  • Dec 2008
                                                                                                  • 68184
                                                                                                  #25
                                                                                                  i'm with you guys, y'all definitely understand that sort of thing better than i do!

                                                                                                    Comment

                                                                                                    • pornmasta
                                                                                                      Too lazy to set a custom title
                                                                                                      • Jun 2006
                                                                                                      • 19819
                                                                                                      #26

                                                                                                        Comment

                                                                                                        • MainstreamGuy
                                                                                                          So Fucking Banned
                                                                                                          • Oct 2011
                                                                                                          • 477
                                                                                                          #27
                                                                                                          Most worthless Bubble I have seen.

                                                                                                          Can't believe people jumping and buying that.

                                                                                                          I will really laugh when they crash their heads against the wall. Very funny.

                                                                                                            Comment

                                                                                                            • NiXXiN
                                                                                                              Confirmed User
                                                                                                              • Apr 2012
                                                                                                              • 470
                                                                                                              #28
                                                                                                              Originally posted by pornmasta
                                                                                                              lol pornmasta, when/if bitcoin crashes your gonna be all over everyone saying "i told you so" i bet you cant wait for that moment.

                                                                                                              already thought of my response "i sold high and now im rich" but really i lost everything and crying myself to sleep.
                                                                                                              _______________________________________________
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                                                                                                                • Vapid - BANNED FOR LIFE
                                                                                                                  Barterer
                                                                                                                  • Aug 2004
                                                                                                                  • 4864
                                                                                                                  #29
                                                                                                                  You'll retards

                                                                                                                    Comment

                                                                                                                    • Internet Guy
                                                                                                                      Confirmed User
                                                                                                                      • May 2006
                                                                                                                      • 402
                                                                                                                      #30
                                                                                                                      Originally posted by NiXXiN
                                                                                                                      already thought of my response "i sold high and now im rich" but really i lost everything and crying myself to sleep.
                                                                                                                      You'll be right mate, just pull up photoshop and make yourself some more "coins"

                                                                                                                        Comment

                                                                                                                        • Joshua G
                                                                                                                          dumb libs love censorship
                                                                                                                          • Jul 2008
                                                                                                                          • 8198
                                                                                                                          #31
                                                                                                                          i'm just finally starting to click on these bitcoin threads.

                                                                                                                          how does one actually convert their cash into bitcoins in their wallets? this doesnt seem to be discussed very much.

                                                                                                                            Comment

                                                                                                                            • Supz
                                                                                                                              Arthur Flegenheimer
                                                                                                                              • Jul 2006
                                                                                                                              • 11057
                                                                                                                              #32
                                                                                                                              Did you hear the joke about the bitcoin?

                                                                                                                              A bitcoins walks into a bitcoin, one bitcoins says to the other bitcoins. Bitcoin!!!!


                                                                                                                              ahahahahahha

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