DeaconTheVillain Posted March 16, 2013 Share Posted March 16, 2013 And explain it like you are speaking to a child I am intrigued by these, but looking over this http://en.wikipedia.org/wiki/Bitcoin I don't exactly understand this. In fact, im even more confused I have heard people say things like they are bitcoin mining using several home PC's. Are these people making money? What is this and how easily is this turned into currency Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 16, 2013 Share Posted March 16, 2013 Yes, those people are making money. You need to design extremely advanced algorithms to mine them effectively. BitCoin is a for-real digital currency, and very likely something that is going to be more and more popular in the future. Not the near future, as there are significant problems with the theory and its regulation. Right now it isn't real easy to turn it into "regular" money, but places that accept BitCoin are becoming more popular. ---------- Post added March-16th-2013 at 12:40 AM ---------- Here is sort of the BitCoin primer: http://www.wired.com/magazine/2011/11/mf_bitcoin/ Its from late 2011, kind of a lot has happened since then. Link to comment Share on other sites More sharing options...
DeaconTheVillain Posted March 16, 2013 Author Share Posted March 16, 2013 Thanks PB...I am, um, going to disscuss more with those people who were mentioning mining them... The whole reason I ask about this was that a gambling site I know of is having trouble finding a processor to get money to customers and one of the ideas was to sell of funds in bitcoins...so which most responded "wtf are bitcoins" ---------- Post added March-16th-2013 at 01:43 AM ---------- Found a video that explains pretty well. I want in. Seems like there are many advantages...the biggest being the government can't destroy confidence. Seems that people are making decent money doing...well nothing. I like that Link to comment Share on other sites More sharing options...
Kosher Ham Posted March 16, 2013 Share Posted March 16, 2013 I don't get it... http://www.youtube.com/watch?NR=1&v=0UKC7iaBKvs&feature=endscreen Link to comment Share on other sites More sharing options...
zoony Posted March 16, 2013 Share Posted March 16, 2013 I'm pretty certain this is a sign of the apocalypse Link to comment Share on other sites More sharing options...
GoSkins561 Posted March 16, 2013 Share Posted March 16, 2013 LOL, this could easily turn into another conspiracy thread, 3 in one week. ---------- Post added March-16th-2013 at 09:50 AM ---------- Bitcoins = tickets at Chuck E Cheese Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 16, 2013 Share Posted March 16, 2013 I want in. Seems like there are many advantages...the biggest being the government can't destroy confidence. Seems that people are making decent money doing...well nothing. I like that Other things can destroy confidence. Like the fact that nobody really understands Bitcoin. There was a Bitcoin "Flash Crash" just last week. http://www.businessinsider.com/crash-belies-confidence-in-bitcoin-2013-3 ---------- Post added March-16th-2013 at 11:02 AM ---------- Kosher Hams Video I don't think that guy understands how Bitcoin works. I'm not a Bitcoin defender, but I don't see how it can operate as a Ponzi scheme where there is nobody "buying" Bitcoins from a centralized source. They are just "released" for free at regular intervals. Link to comment Share on other sites More sharing options...
DeaconTheVillain Posted March 16, 2013 Author Share Posted March 16, 2013 Other things can destroy confidence. Like the fact that nobody really understands Bitcoin. There was a Bitcoin "Flash Crash" just last week. http://www.businessinsider.com/crash-belies-confidence-in-bitcoin-2013-3[color="Gold" I asked by brother about bitcoin, he is a computer and tech wiz, and had this to say The bit coin market is really unstable and it costs more in power that you would make mining any. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 16, 2013 Share Posted March 16, 2013 I asked by brother about bitcoin, he is a computer and tech wiz, and had this to say Yep, there is like a Bitcoin mining arms race. The people that do it have very powerful computers that can run the algorithms (which i dont understand) faster and faster and they run 24/7. You need a high level math degree to even get into it. Link to comment Share on other sites More sharing options...
DeaconTheVillain Posted March 16, 2013 Author Share Posted March 16, 2013 Looks like my dream of making fast money easy for doing absolutely nothing will not happen anytime soon. And it looks there there is no way I would ever be able to understand how to mine them. I don't really even understand what I am talking about right now Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 16, 2013 Share Posted March 16, 2013 Looks like my dream of making fast money easy for doing absolutely nothing will not happen anytime soon. And it looks there there is no way I would ever be able to understand how to mine them. I don't really even understand what I am talking about right now Sorry to have crushed your dreams. Your fragile, easily-crushable dreams. Link to comment Share on other sites More sharing options...
Corcaigh Posted March 16, 2013 Share Posted March 16, 2013 Looks like my dream of making fast money easy for doing absolutely nothing will not happen anytime soon. And it looks there there is no way I would ever be able to understand how to mine them. I don't really even understand what I am talking about right now You can still make money using the old Internet business method. Create a guide and sell it to the uneducated. The guide will not be how to make money by bitcoin mining, but by telling others how to create a profitable Internet business selling a bitcoin guide to the uneducated. Link to comment Share on other sites More sharing options...
Jumbo Posted March 16, 2013 Share Posted March 16, 2013 You can still make money using the old Internet business method. Create a guide and sell it to the uneducated. The guide will not be how to make money by bitcoin mining, but by telling others how to create a profitable Internet business selling a bitcoin guide to the uneducated. Genius! I was just going to tell him if he wants to make big money for doing nothing (of value), become a member of congress. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 16, 2013 Share Posted March 16, 2013 Genius!I was just going to tell him if he wants to make big money for doing nothing (of value), become a member of congress. Or a Kardashian. Link to comment Share on other sites More sharing options...
Botched Posted March 16, 2013 Share Posted March 16, 2013 I didn't know what a bitcoin was before opening this thread, and now, somehow, I don't know what they are even more. My brain hurts. Link to comment Share on other sites More sharing options...
GoSkins561 Posted March 17, 2013 Share Posted March 17, 2013 I didn't know what a bitcoin was before opening this thread, and now, somehow, I don't know what they are even more. My brain hurts. Ask someone who plays Warcraft??:dunce: Link to comment Share on other sites More sharing options...
Kosher Ham Posted March 17, 2013 Share Posted March 17, 2013 I am still trying to figure out what the whole "mining" process is about ? Link to comment Share on other sites More sharing options...
zoony Posted March 17, 2013 Share Posted March 17, 2013 I am still trying to figure out what the whole "mining" process is about ? Who decides a bit coin has value? Where does a bit coin come from? Why does it have to be mined? If it doesn't actually exist, why not just create more? Why am I asking these questions? Why do I give a ****? Why are nerds running the world? Link to comment Share on other sites More sharing options...
GoSkins561 Posted March 17, 2013 Share Posted March 17, 2013 Let me ask, where does the dollar come from? The dollar is kind of a bit coin....right? We all work so many hours, we get paid, we earn money.....the dollar isn't really $$ money anymore unless you visit an ATM or get paid Cash. Our money is ***pooof*** here you go, here is your income, we never actually hold on to money anymore. If a company needs a loan..and they get approved....***poof*** numbers show up in the bank account and they ***poof*** pay their bills. Link to comment Share on other sites More sharing options...
Redskins Diehard Posted March 17, 2013 Share Posted March 17, 2013 You can still make money using the old Internet business method. Create a guide and sell it to the uneducated. The guide will not be how to make money by bitcoin mining, but by telling others how to create a profitable Internet business selling a bitcoin guide to the uneducated. Call it "Bitcoin Guide Making for Dummies" Link to comment Share on other sites More sharing options...
Kosher Ham Posted March 17, 2013 Share Posted March 17, 2013 Who decides a bit coin has value? Where does a bit coin come from? Why does it have to be mined? If it doesn't actually exist, why not just create more? Why am I asking these questions? Why do I give a ****? Why are nerds running the world? Who decides that gold has value at this point ? Clearly water is the most abundant resource at this point. Wait...Coke and all the rest took advantage of that. Those guys when we were kids had it right with solar and wind...problem would be price point for any of it. The cost of sending a rocket to space to put out a satellite so we can watch seamless television was more important. Link to comment Share on other sites More sharing options...
Special K Posted March 17, 2013 Share Posted March 17, 2013 All I know about bitcoin came from an episode of "The Good Wife" last year. I don't get it, but I don't get most technology or finance things. Put those together and boom, automatically out of my scope of intelligence. Link to comment Share on other sites More sharing options...
DeaconTheVillain Posted March 17, 2013 Author Share Posted March 17, 2013 Genius!I was just going to tell him if he wants to make big money for doing nothing (of value), become a member of congress. Well, as a pro poker player, I rely on the stupid....I sometimes feel bad about it. Maybe im taking the idiots rent, maybe he feels bad about calling when I was betting the nuts the whole time. Maybe he needs the money I just took for his wife or kids... So, in a way, I kinda do make money for doing nothing already......I pay taxes off of winnings, but do I report it all...yes and no. That might makes sense to some, but mostly none of you. I have a deep grasp and understanding of statistics and probabilities, but if you ask me to explains computer code or algorithms. I'd tell you to go **** yourself. I was intrigued by this whole bitcoin thing (which I know started a few years ago) and just learned about. A currency which is unregulated by any government got my eyes wide open. However, I do understand that all markets are pretty much, well to be blunt "Fake" and was looking at this as maybe something that isn't... It got my eyes opened, yet my penis remand flaccid. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 17, 2013 Share Posted March 17, 2013 Who decides a bit coin has value? Where does a bit coin come from? Why does it have to be mined? If it doesn't actually exist, why not just create more? Why am I asking these questions? Why do I give a ****? Why are nerds running the world? The answer to all of those why's are in the link in post #2. Do try to keep up with the adults Zoon. :finger: ---------- Post added March-17th-2013 at 12:09 PM ---------- That might makes sense to some, but mostly none of you. I have a deep grasp and understanding of statistics and probabilities, but if you ask me to explains computer code or algorithms. I'd tell you to go **** yourself. It got my eyes opened, yet my penis remand flaccid. Also, I love Deacon the Villain posts. You should write for Deadspin or Gawker or something. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted March 17, 2013 Share Posted March 17, 2013 A funny story about Bitcoins, markets, and the fakeness of it all. The first ever "legitimate" Bitcoin transaction involved ordering a pizza. It was the most complicated pizza order ever since no business at the time accepted Bitcoins. One guy that HAD a 10,000 Bitcoins had to send them to a 3rd party, IN ENGLAND, who then ordered the pizza for him from Papa Johns and paid using his credit card. Those 10,000 Bitcoins are worth about $55,000 right now. At one point they were worth almost $300,000. Things are worth what people will buy and sell them for. Link to comment Share on other sites More sharing options...
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