Bitcoin mining made easy - Page 14

Bitcoin mining made easy

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tzaeru
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Joined: 28 Oct 2007, 02:23

Re: Bitcoin mining made easy

Post by tzaeru »

Ugh.. A currency that is gained at higher rate by those who can afford - and are willing to afford - specialized hardware for it is the antithesis of a fair currency.. :roll:
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FireStorm_
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Re: Bitcoin mining made easy

Post by FireStorm_ »

Ah now i think i get it.
So it's like using computer chips as bargaining chips? :-)
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi »

The senate hearing was essentially a green light for Bitcoin, with surprisingly intelligent discussion taking place. This is also reflected in the price, which has rocketed to new orbits.

Another very strong driving force is China, where the price has already climbed to the equivalent of 850 USD/BTC.

Now might be the last chance to buy cheap Bitcoin. Once the news gets out, there will be mania. Jazcash hit spot on before the latest round of price increases :)

edit: Bitcoin is the #1 search term on google: http://i.imgur.com/BvLcdWR.png

edit2: Bitcoin Just Passed Western Union in Transaction Volume: http://i.imgur.com/asMMvxK.jpg
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tzaeru
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Re: Bitcoin mining made easy

Post by tzaeru »

Do you seriously not see a contradiction in claiming a currency as being unusually fair and equal and simultaneously advocating buying it for cheap so you get to be rich when its price increases? :P

That, my friend, is value out of thin air which is one of the things that screws up economies and creates inequality and economical bubbles by failing to provide compensation based on work and resources, instead giving it based on luck, timing, risk and starting capital.
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi »

No. It is investing money into making the currency viable. If you get gains it only shows the market thought you did something right. There is no other way to give someting value than by investing in it, and no-one will invest if there is no free markets that can be traded for profit.

Once the cruising altitude is reached and the market cap is up there with other competitors it has, then there is no risk in investing in it/using it since the valuation has been discovered. Currently it is a high risk gamble.
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KDR_11k
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Re: Bitcoin mining made easy

Post by KDR_11k »

Fluctuating prices seem terrible for a currency. You couldn't employ someone with a salary paid in bitcoins because that salary would change radically all the time, you couldn't price something in bitcoins because that means the price of the item changes when you don't want it to, etc.

Also an asymptotically growing money supply is shit for mapping an exponentially growing economy like the planet Earth has.
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yuritch
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Re: Bitcoin mining made easy

Post by yuritch »

It may work if the prices are set in some 'real' currency and bitcoin is only used for anonymous transaction. Like so: you see something you want and it costs N$. You buy whatever amount of bitcoins that equates N$ this very moment and immediately make the transaction. The seller then immediately converts them into other currency. Since the time bitcoins spent in existance before being converted from/to another currency is very short, they value hopefully didn't change that much to influence the above transaction.

So if they are only used for transactions, not for storage, then it might somehow work.
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zwzsg
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Re: Bitcoin mining made easy

Post by zwzsg »

KDR_11k wrote:Also an asymptotically growing money supply is shit for mapping an exponentially growing economy like the planet Earth has.
Is it tongue in cheek or?

Because while the world economy keeps on growing, the planet earth resources are limited (and we're well on our way to exhaust it soonish).
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tzaeru
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Re: Bitcoin mining made easy

Post by tzaeru »

I'm not sure why anonymousity would be a good idea. IMHO there should be more transparency in the use of currency, not less.
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Google_Frog
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Re: Bitcoin mining made easy

Post by Google_Frog »

zwzsg wrote:
KDR_11k wrote:Also an asymptotically growing money supply is shit for mapping an exponentially growing economy like the planet Earth has.
Is it tongue in cheek or?

Because while the world economy keeps on growing, the planet earth resources are limited (and we're well on our way to exhaust it soonish).
Just sell less for more! If you can't afford a real hat just get one in your favorite online computer game. Barely any resource cost at all.
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BaNa
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Re: Bitcoin mining made easy

Post by BaNa »

The problem with the speculative nature behind the current bitcoin boom is that, when all is said and done, it is just a virtual commodity that is increasing in value at the moment, yes, but there will come a point (and I wager soon), when people will want to monetize on their winnings. And if confidence wavers for a moment in bitcoin, its worth will plummet because it has neither inherent worth nor a central bank behind it that can protect it.

Some dudes got incredibly lucky on the boom part tho, so congrats on that (but dont assume it will keep increasing in value forever, look at the many other boom-bust things we have had, even in things like real estate where you are talking about something tangible )!
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Beherith
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Re: Bitcoin mining made easy

Post by Beherith »

Yeah, as of now, its looking pretty much like a ponzi scheme.
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BaNa
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Re: Bitcoin mining made easy

Post by BaNa »

Beherith wrote:Yeah, as of now, its looking pretty much like a ponzi scheme.
Wouldn't call it a ponzi scheme, it's just a speculative bubble.
edit: difference is, there is a perpetrator in a ponzi scheme who knowingly swindles people out of money.
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Beherith
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Re: Bitcoin mining made easy

Post by Beherith »

Maybe the perp here is the guy who wrote bitcoin, and probably mined the first million or so coins? His identity remains a mystery.
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KDR_11k
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Re: Bitcoin mining made easy

Post by KDR_11k »

zwzsg wrote:
KDR_11k wrote:Also an asymptotically growing money supply is shit for mapping an exponentially growing economy like the planet Earth has.
Is it tongue in cheek or?

Because while the world economy keeps on growing, the planet earth resources are limited (and we're well on our way to exhaust it soonish).
The economy grows at a few percent per year, that's exponential. Not on a level that normal people will care about but on a level where a fixed money supply will fuck things up. Besides, a lot of the economy isn't very resource intensive.
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BaNa
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Re: Bitcoin mining made easy

Post by BaNa »

Here is a nice article with some of the points that I have made.
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi »

Beherith wrote:Maybe the perp here is the guy who wrote bitcoin, and probably mined the first million or so coins? His identity remains a mystery.
Bitcoin has been open and public from the beginning. The shares are distributed 100% fairly, to anyone who partakes. This is free markets at its purest.

The fact that you in the beginning were ignorant to the biggest revolution of mankind just means you were not investing at the best time and missed out on the cheapest stocks. Don't worry, the party is only starting.

If the people decide the Bitcoin start was unfair due to missing out etc. and want a fresh start on the same line, then the people will fork Bitcoin to peoplecoin, start a new blockchain, and go with it. There already are several competing altcoins, but none of them have gained traction.

So the people seem to think the free markets principle is fair.
Last edited by varikonniemi on 22 Nov 2013, 12:46, edited 4 times in total.
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Anarchid
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Re: Bitcoin mining made easy

Post by Anarchid »

the biggest revolution of mankind
Woah, and just a few posts ago you were saying that bitcoin wasn't the holy bejesus.
So the people seem to think the...
...bandwagon of the primary bubble is most profitable at this moment.
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varikonniemi
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Re: Bitcoin mining made easy

Post by varikonniemi »

2 million Bitcoins was recently dumped on the market (there currently only exists 12 million Bitcoins), this plummeted the price from 730 to 450. It recovered to 730 today. We are heading for the moon, it seems.

This is the reason for my shift in tone.
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KingRaptor
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Re: Bitcoin mining made easy

Post by KingRaptor »

varikonniemi wrote:2 million Bitcoins was recently dumped on the market (there currently only exists 12 million Bitcoins), this plummeted the price from 730 to 450. It recovered to 730 today. We are heading for the moon, it seems.

This is the reason for my shift in tone.
Haha oh wow. Back in my day, to qualify as a revolution at all, let alone the "biggest" in human history, you had to invent agriculture, or completely restructure the manufacturing of goods, or overturn monarchies as a concept. Now being able to market tulips at massively inflated prices that don't correspond in the least bit to their social utility is enough to put you on top.
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