Bitcoin mining made easy

[varikonniemi]

Sure, they are edible, but c'moon. So is wood. And it has also been eaten in famines. But i would not try it either.

Thanks for the offer though :)

[zwzsg]

Do you have sources supporting your claim that wood is edible? I don't doubt that some species of tree have bits that are edible, and while most animals that eat trees prefer the leaves, I know some can digest wood, but, if I take let's say the trunk of a plane tree, or shelves made of pine or oak, I can't believe they'd provide calories if eaten by a human.

[varikonniemi]

No, i just know that during famine bread has been cut with bark. It has some nutritional value.

[varikonniemi]

This might be huge: US banks warn Fed interest cut could force them to charge depositors.

Soon we are arriving at a point in history where banking is so mismanaged, that you do not get interest for having your money in the bank, but you pay for it.

But what else could you do? If the interest rates went up back to free market levels, the US would default on their loans immediately. So better keep on printing that money, destroying the economy even more.

[smoth]

But what else could you do? If the interest rates went up back to free market levels, the US would default on their loans immediately. So better keep on printing that money, destroying the economy even more.

I just realized much of your counter "argument" revolves around US currency. As far as money in a bank as a way to accrue interest, that is only something idiots do. The US defaulting on their loans, not going to happen. You think that the only monetary control is print more money and yet I wondered why the tulip mania thing went over your head.

[varikonniemi]

Bitcoin is nothing like tulips. Tulips can be grown by anyone, and this can cause inflation and cause the price to drop as the supply dramatically increase. You can't do that with Bitcoin.

[zwzsg]

Taking this into account, quite probably from the time the speculation started until its collapse, the number of rare bulbs that changed hands so feverishly never increased beyond the original number.

[klapmongool]

This is also a nice quote to remember give the post above..

Bitcoin has been open and public from the beginning. The shares are distributed 100% fairly, to anyone who partakes.

[Cheesecan]

According to blockchain.info, the entire bitcoin mining network cost $12,477,742 worth of electricity in the last 24 hours.

[varikonniemi]

That is calculated using average GPU mining consumption. It has been orders of magnitude off ever since asics took over.

[varikonniemi]

Bitcoin virtual currency breaks $1,000 mark
http://www.bbc.co.uk/news/technology-25120731

A millibitcoin reached dollar parity!

[Cheesecan]

That is calculated using average GPU mining consumption. It has been orders of magnitude off ever since asics took over.

Ah true, nice catch. They estimate for 650 W/GH/s but KncMiner's most expensive rig has 1 W/GH/s. And they have 20nm rigs on the way, those should increase efficiency further.

[FLOZi]

http://www.theguardian.com/technology/2 ... dfill-site

[klapmongool]

A digital 'wallet' containing 7,500 Bitcoins that James Howells generated on his laptop is buried under four feet of rubbish
...
Howells ran a program on his laptop for a week to generate his stash.

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.

Yeah right. People like him weren't 'high risk' investing in bitcoins. They were playing around with a new toy. It is like saying that people who clicked this button the most deserve to get filthy rich once this takes off as the next currency.

[Cheesecan]

That's why I rarely throw away stuff..never know when I might need/want it again (not a hoarder though).

[varikonniemi]

The most common misconception about Bitcoin is this talk about a bubble; mainly, this tulipmania Bitcoin analogy that the naïve and ignorant use without knowing anything at all about Bitcoin. How do you equate Bitcoin to a tulip? Have these people done their research? Beside from looking pretty a tulip has no functionality at all. Bitcoin has a function that the whole worlds yearns for and needs in order to advance past wars , atrocities caused by the corruption of government in many third world countries, and the loss of control over your own money. What can a tulip do? It certainly cannot send value over the internet in a matter of seconds with little or no fees at all. And the best part is you can do this without trusting any third party.

http://bapka.com/grandma-bitcoin/

[knorke]

How do you equate Bitcoin to a tulip? [...] Beside from looking pretty a tulip has no functionality at all.

It never was about what function a tulip has.
The "function" of tulips was that tulips were in high demand and thus expensive. There was a hype for tulips with ever increasing prices and so people bought them to sell them later.
There was also the chance that your random tulip bulb turns out to have a special color (or whatever) and then it would not be valuable but super valuable and you could sell it for even high price.
Sounds familiar?
It is not about the function.

If it was about function, why is there big hooray over things like "Bitcoin virtual currency breaks $1,000 mark"?
The hooray should be about things like how bitcoins actually are used as currency: How many deals are paid in bitcoins, how many shops accept bitcoins etc. But no such messages.
At the moment the function of bitcoin as way to transfer money or as currency is purely fictional since nobody uses BTC for that.

Gold prices have come down 30% this year. This makes Bitcoin seem almost stable.

How much percent did bitcoin value change this year?

[varikonniemi]

Because the only thing missing from Bitcoin for it to become a serious competitor to credit cards is a big enough market cap. Currently it would be impossible to buy a luxury mansion using Bitcoin since there only exists 12 Billion worth of Bitcoins.

By investing (&not cashing out) that market cap is slowly being risen, thus improving the currency aspect, making it more capable.

[FireStorm_]

Behold! A message from the future:

...During that period the whole world was waiting for the new revolution in transportation. During the nuclear winter, caused by the late 21st century bit-coin-wars, the world had been covered in snow, and it was hard to get together and work together.

It seemed only a new way of thinking could save humanity from slow extinction... While some people held to the old ways of fooling each other with purposely complicated transaction systems, a young but determined inventor saw a way to successfully combine a para-motor with ski's in a way that no-one had though possible.

Today many see the para-skis as synonym with salvation and at the same time entrepreneurial-spirit. We can only be thankful the inventor never distracted himself or others, but stayed true to realising systems that would be regarded as beneficial for all...

I'm not saying you're wrong, but how can you be so sure of everything?

...

I also feel this has reached a point where you might darn well know you'll have to cash in, or jump out, or whatever, at a time closest to when the bubble pops. And meanwhile it would be in your interest to convince others the bubble would never pop. I'm not sure, but it is starting to seem like that...

[Cheesecan]

The most common misconception about Bitcoin is this talk about a bubble; mainly, this tulipmania Bitcoin analogy that the naïve and ignorant use without knowing anything at all about Bitcoin. How do you equate Bitcoin to a tulip? Have these people done their research? Beside from looking pretty a tulip has no functionality at all. Bitcoin has a function that the whole worlds yearns for and needs in order to advance past wars , atrocities caused by the corruption of government in many third world countries, and the loss of control over your own money. What can a tulip do? It certainly cannot send value over the internet in a matter of seconds with little or no fees at all. And the best part is you can do this without trusting any third party.

http://bapka.com/grandma-bitcoin/

Now you say I am naive and ignorant? Let me tell you what I think about you then.

First of, I think you are well read on the subject of bitcoin. That is good and you are a source of interesting news. I enjoy reading about people who take these huge risks to invest in different ways; hardware, currency speculation, businesses cropping up etc. To me it's fine as long as you don't break the golden rule, don't invest more than you are willing to lose.

But with bubbles comes less risk-averse people. People who are willing to up their mortgage in order to speculate more, that sort of thing. Looking at these astronomical exchange rates, very expensive mining equipment and general hype atmosphere makes me and a lot of others both curious and at the same time skeptical.

Now back to you. Your posts betray a certain kind of bias that comes with emotional and/or financial over-investment. You attribute many positives to bitcoin, but very few negatives. The quote above shows some form of reality disconnect, that I would find disturbing on many levels if heard in person. But then people say a lot of extravagant things on the intertubes.

In my experience when somebody says a single thing will solve mankind's problems, that is either side of the same coin(no pun intended); religion or cult.

I don't think you can highlight the value of bitcoin by only saying good things about it, a healthy financial market should have critique and reason behind valuation. Wild speculation and gold rushes is a trademark of bubble markets.

If you and other bitcoin proponents feel the rest of us don't understand you, then be glad and enjoy the rewards to yourself. If it's not a zero-sum game and bubble then your success shouldn't be hinging on further influx.

I've seen lots of fads hailed to the skies and then tumble, after a few times you become more jaded. Have not been persuaded this is any different for the time being.