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    As previously posted, bitcoins are accepted by a small number of companies for services and products.

    Bitcoins are a currency/commodity and can be easily sent to another person using the official client's built in payment system.
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    I'm sure it could be arranged! Wouldn't it be super though, if we could get Wizzup to use bitcoin, then we could donate very easily!
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    Quote Originally Posted by Smartzkid View Post
    I'm sure it could be arranged! Wouldn't it be super though, if we could get Wizzup to use bitcoin, then we could donate very easily!
    It would be wonderful!
    but it depends if bandwidth can be payed for in bitcoins?

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    Bitcoins can go < - > USD/EUR through a few trading sites
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    Quote Originally Posted by Smartzkid View Post
    Bitcoins can go < - > USD/EUR through a few trading sites
    that. is. awesome

    Wizzup, please?

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    OMG

    I can buy porn with Bitcoin!

    Adult

    [show/hide]
    Bitcoin XXX, amateur sex video downloads
    Talk Sugar, phone sex, live chat, live cam shows
    Pretty Justine, photos for adults
    Bitcoin Sex Toys
    chainedgirls.com
    I'm so jumping on this bandwagon.

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    Quote Originally Posted by Jason2gs View Post
    OMG

    I can buy porn with Bitcoin!
    I'm so jumping on this bandwagon.
    Made me lol =)

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    reading through this again I still don't understand the appeal....is it just breaking your money down into like...hundreths of a cent? And I find it really easy to just donate with paypal, and I'm sure the recipient appreciates actual currency, which can be used to buy other things than bondage porn (which I'm sure wizzup? loves, it just doesn't help the site).

    so...is this just like funny money or what? still so confused
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    The appeal is that no government controls it and transactions are completely anonymous.
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    it just seems like some yahoo in canada controls it! who divvies out the coins?! just seems like kids collecting rocks to trade more rocks for, or bondage porn, but you need lots of rocks for that.
    I'll just stop posting, I'm obviously not the target audience I guess...
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    The coins are given out at a constant rate to people who compute proofs of work on their computers.

    They cannot, however, be taken away without access to the owner's private key, which is (hopefully) securely stored on their computer.

    While it is not a traditional 'brick and mortar' currency, the proof of work that represents each coin represents value. Same as a dollar bill - it doesn't have value in and of itself, it is people's confidence that gives it value. With bitcoins, this confidence is in the proof of work of each coin and the security of the system as a whole.
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    It still seems kind of silly, but I can understand the appeal of it.

    Though, with a value of about a half a penny, it's evidently a very time-consuming process to make even a minuscule amount of the titular currency.

    Also, if what I read is correct, it was amazingly easy to acquire BTC when the system first started. After time, it gets harder and harder. Logic tells me that those who started out at the very beginning would hold a sort of monopoly on it. (Or, in other words, implies that there's some inevitable higher/lower class in it.)

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    To some extent, yes. However, it isn't as bad as it might seem. All along, people have been spending their bitcoins and spreading their wealth. For example, at one point someone bought two pizzas for 10,000 bitcoins. The person who sold those pizzas has probably bought a couple of things, and so on. While some of the early adopters certainly hold more bitcoins than others, the wealth should have evened out 'enough' by the time bitcoins reach the next stages of adoption.

    It's also worth noting that bitcoins are worth roughly 1/3 of a dollar if you go by current exchange rates. If you look more carefully though, you will find that recent bitcoin -> gold auctions value one bitcoin at closer to 75 cents.

    E: Yes, you are correct. Unless a person is getting their electricity for free (or using their PC to generate heat), creating bitcoins does not generate much profit. However, there are rumors of a FPGA based bitcoin miner that could be profitable.
    Last edited by Smartzkid; 01-19-2011 at 07:35 AM.
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    Look into a title called "a lodging of a wayfaring men," explains it quite well and it's a nice read.

    To people that are saying "but it's not cash, it's digital," your current bank balance is digital, heck... there's only 7% of currency that's actually in circulation (printed), rest is digital. And to think of it, that means that 93% is... debt?

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    Quote Originally Posted by Feroc1ty View Post
    Look into a title called "a lodging of a wayfaring men," explains it quite well and it's a nice read.

    To people that are saying "but it's not cash, it's digital," your current bank balance is digital, heck... there's only 7% of currency that's actually in circulation (printed), rest is digital. And to think of it, that means that 93% is... debt?
    It's all debt.

    The argument against it isn't that it's 'digital.' It's that it's ostensibly worthless.

    Ironically, despite the worthlessness of it, it's subject to inevitable, progressive inflation. Due to the nature of it being more difficult to acquire over time. (In less than a year, it's gone up in value roughly 100x. Can't wait to see where it'll be by 2012.)

    Edit: Smartz, what happened in July?

    http://www.google.com/trends?q=bitco...ate=ytd&sort=0

    https://www.bitcoinmarket.com/ (Max, look back at July.)
    Last edited by Jason2gs; 01-20-2011 at 04:34 PM.

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    So, basically, coins are generated at a certain rate amongst the people who contribute with CPU power. (Very slow rate so you won't get rich or anything?). But what if I set a botnetwork up, in which all the computers will contribute CPU for my "Wallet"? I could get rich (in terms of Bitcoins), fast?

    What about bitcoins disappearing? (People whose harddisk crashed, formatted, etc..)

    EDIT: Read all the technical details, very cool project! (@My own questions: the more CPU is contributed, the slower cash will be generated. And there are online "wallet" managers (yes this defeats the purpose of the system kinda, but it's definitely useful).
    Last edited by mastaraymond; 01-20-2011 at 11:42 PM.
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    Quote Originally Posted by Jason2gs View Post
    Smartz, what happened in July?
    Slashdotted.

    Quote Originally Posted by mastaraymond View Post
    Wwhat if I set a botnetwork up, in which all the computers will contribute CPU for my "Wallet"? I could get rich (in terms of Bitcoins), fast?
    Yep. Though you can't make much just contributing CPU cycles anymore. Nowadays, it's GPUs that matter. (ATI 5xxx GPUs, specifically)

    What about bitcoins disappearing? (People whose harddisk crashed, formatted, etc..)
    It's happened. I've read some weird theories on the implications of this, but my opinion is that the quantity lost is so few that it won't matter in the end.
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    Quote Originally Posted by Smartzkid View Post
    Slashdotted.



    Yep. Though you can't make much just contributing CPU cycles anymore. Nowadays, it's GPUs that matter. (ATI 5xxx GPUs, specifically)



    It's happened. I've read some weird theories on the implications of this, but my opinion is that the quantity lost is so few that it won't matter in the end.
    Wouldn't matter really, if you just have enough CPUs contributing to some pooled mining service, you might get some coins out of it. Although it seems that "generating" money is kinda out of the question now-a-days.

    Banks would estimate the amount of money lost and compensate that with fresh prints, shouldn't BitCoins do something alike?
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    A quick search of the forums turned up a couple threads. Apparently their term for this phenomenon is natural deflation.

    http://www.bitcoin.org/smf/index.php?topic=111.0
    http://www.bitcoin.org/smf/index.php?topic=245.0
    http://www.bitcoin.org/smf/index.php?topic=198.0

    E: Check out the hashes/sec of the entire network
    Last edited by Smartzkid; 01-22-2011 at 08:41 AM.
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    Quote Originally Posted by Smartzkid View Post
    A quick search of the forums turned up a couple threads. Apparently their term for this phenomenon is natural deflation.

    http://www.bitcoin.org/smf/index.php?topic=111.0
    http://www.bitcoin.org/smf/index.php?topic=245.0
    http://www.bitcoin.org/smf/index.php?topic=198.0

    E: Check out the hashes/sec of the entire network
    Quite a waste of CPU if you look at it, could be used for far more useful purposes
    Verrekte Koekwous

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    The hash generation is a necessary evil to create the block chain. This is what keeps Bitcoin secure - the cryptological proofs of work. One doesn't need to run a bitcoin miner to use it as a currency.
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    Quote Originally Posted by Smartzkid View Post

    Great! So, ill invest my electricity (money) in bitcoins and then i cant pay my rent because my landlord says "what the fuck is a bitcoin?" I can't buy anything with them because they are not a legal tender, which i could force someone to take using the law, but hey maybe i can try and buy more graphics cards on newegg and newegg will say "what the fuck is a bitcoin?" If i took my bitcoins to any real currency exchange they wouldn't give me shit.

    but at least the video says
    "[look] you [can buy all this shit but we're not going to tell you where]"
    "several currency exchanges exist where you can trade your bitcoins for dollars" Its the other way around; the sites feed off the hype, sell bitcoins, and then the people are stuck with them.
    "Bitcoins are a great way for small businesses and freelancers to get noticed" wtf?

    I can't wait until i go to Defcon and see a presentation on how to exploit bitcoins.
    Last edited by blackfire553; 06-15-2011 at 03:52 AM.
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    Quote Originally Posted by blackfire553 View Post
    Great! So, ill invest my electricity (money) in bitcoins and then i cant pay my rent because my landlord says "what the fuck is a bitcoin?" I can't buy anything with them because they are not a legal tender, which i could force someone to take using the law, but hey maybe i can try and buy more graphics cards on newegg and newegg will say "what the fuck is a bitcoin?" If i took my bitcoins to any real currency exchange they wouldn't give me shit.

    but at least the video says
    "[look] you [can buy all this shit but we're not going to tell you where]"
    "several currency exchanges exist where you can trade your bitcoins for dollars" Its the other way around; the sites feed off the hype, sell bitcoins, and then the people are stuck with them.
    "Bitcoins are a great way for small businesses and freelancers to get noticed" wtf?

    I can't wait until i go to Defcon and see a presentation on how to exploit bitcoins.
    Please do some research before bashing bitcoins...

    Bitcoins recently took a massive spike in popularity because of the recent media coverage, Gawker's article, concerning the black market they are being used for. Now that they have been established as a currency that is acceptable to use people are now accepting them for products.

    If you would've done a minimal amount of research, before bashing them, you would have found out by now that mtgox.com, tradehill.com, bitmarket.eu are exchange markets for the currency. They use Dwolla, wire transfers, and other ways to transfer money to the website so bitcoins can be bought/sold.

    Currently the price at the time of posting is $19.50 per 1 bitcoin. With the supposed increase in difficulty mining them the price will more than likely jump tomorrow.

    The way people mine bitcoins is the same way people attempt to crack passwords. using CPUs (Now pointless) and using Graphics cards(GPUs). The way this happens is when a person/pool mines a specific block they receive a reward. Currently the reward is 50 bitcoins and will decrease to 25 bitcoins in 2012 or when 210,000 blocks have been mined.

    Now solo mining is becoming a bit obsolete unless you have the GPUs to generate ~3-4 GHashs/s which takes quite a few GPUs, but the reward can be 50 bitcoins to yourself meaning you make $975@$19.50 per BTC. Most people now are doing pool mining which is the recommended way to mine bitcoins. A pool of miners mining blocks is a lot more efficient than solo mining as you can average more return(rewards(BTC)) than solo mining, in layman's terms, that means you get more bang for your buck.

    The reason right now for the volatile price change is that people are still getting accustomed to where bitcoins are going to go and also you have the get rich quick kids that just want profit. After this settles down then the real market will blossom and the price will stay steady with price spikes every now and then when the difficulty rises and price declines when people get worried.

    To put it in other words look at gold prices. couple decades ago prices where on the decline and people sold all the gold they owned. Now the price is sky high because it's one of the usable currencies that will be used when/if the dollar collapses.

    More info about bitcoins:
    https://en.bitcoin.it/wiki/Trade - Useful ways to use bitcoins and what markets are open/accepting bitcoins as a currency.
    https://forum.bitcoin.org/ - The official forums.
    http://www.reddit.com/r/bitcoin - Reddit's bitcoin subreddit.
    https://mtgox.com - Biggest market exchange for bitcoins.
    https://bitmarket.eu - European trading market for bitcoins. (Registration is currently closed, possibly due to backlog of money transfer requests)
    https://en.bitcoin.it/wiki/Main_Page - The main Bitcoin wiki page.
    https://en.bitcoin.it/wiki/Category:Mining - How mining bitcoins works.

    If you have any other questions feel free to send me a PM. I'm no superstar DJ on the subject of Bitcoins as I've only been researching them since Friday when the "Black Friday of Bitcoins" happened.
    Last edited by Geo; 06-16-2011 at 01:37 AM. Reason: Grammar/Spelling
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