Bitcoins - digital currency

Twentyonenil · 04-01-2011, 10:44 PM

http://www.bitcoin.org/

Quote:

Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:

Bitcoins can be sent easily through the Internet, without having to trust middlemen.
Transactions are designed to be computationally prohibitive to reverse.
Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.

Quote:

Total size 5,811,700 BTC
or 4,585,431 USD
or 3,545,137 EUR
or 133,094,323 RUB
or 3,849 ounces of gold

Any value to this idea or will it never work?

bjornb · 04-01-2011, 11:13 PM

They are trading at a ridiculous 70 cents USD which is hilarious for a currency that no one uses.

dwiele · 04-01-2011, 11:15 PM

you can convert bitcoin to paypal usd for a small fee, ofc

you can also purchase pizza

nuclear500 · 04-02-2011, 01:19 AM

http://www.youtube.com/watch?v=XQPSw...ilpage#t=2513s

Interesting. Good stuff but his talking about gold backed currencies and why we abandoned it reek of ignorance (not enough gold to print more money what - thats the argument of ignorants) on the subject but otherwise the rest is good stuff.

nuclear500 · 04-02-2011, 01:25 AM

There is nothing stated about limitations to bitcoin mining....which means supposedly I could utilize an extremely powerful, multi core server at work and bitcoin mine during off hours and quickly becoming the wealthiest bitcoin miner.

bjornb · 04-02-2011, 03:24 AM

There are people doing this to the max. One guy apparently using diesel generators to power his farm because it's cheaper than his electricity rates.

http://www.bitcoinminer.com/post/236...ctricity-rates

edit

http://blog.zorinaq.com/?e=49

Party · 04-02-2011, 03:45 AM

i wonder if these people all share the same mental illness, or if it's more of a general hodgepodge of stupid

maxtower · 04-04-2011, 09:56 AM

http://www.econtalk.org/archives/201...en_on_bit.html

interview with bitcoin guy, just popped up

Grasshopp3r · 04-04-2011, 02:12 PM

bitcoins trading at $0.80 in USD or $0.75 Paypal
http://bitcoincharts.com/markets/
It is a thin market. There are restrictions on the rate of growth of Bitcoins, as compared to US dollars, which can be created out of thin air.

efficacy · 04-05-2011, 09:55 AM

I don't get it... what is all this computational power used for?

Gullanian · 04-05-2011, 10:03 AM

I'm baffled by this can someone explain how it works better than those articles? Wtf is going on, whos buying the coins? Whos selling them? What the ****?

Gullanian · 04-05-2011, 10:07 AM

Wikipedia explains it better imo

http://en.wikipedia.org/wiki/Bitcoin

Gullanian · 04-05-2011, 10:23 AM

I'm still utterly baffled by what people are mining with that computing power? Hashes?

TomCollins · 04-05-2011, 11:50 AM

Quote:

Originally Posted by Gullanian

I'm still utterly baffled by what people are mining with that computing power? Hashes?

It seems more useful as a proof of concept more than actually something useful. Decentralized encrypted secure money is pretty cool IMO.

MyNameIsAwesome · 04-05-2011, 12:37 PM

I think it's tied to the amount of power used to "mine" the money. Instead of being backed by gold or something physical, it's backed by energy used.