Bitcoin mining made easy

[dimm]

No bubble, no mafia. Cryptostamps legit.

[cheapsheep]

Have all the not retarded people stopped caring about "bitcoins"? "colored coins cool!" The 90's are back!

[varikonniemi]

You keep on hating, while the rest of the world currently is trying to process the news that google is going to start accept BTC soon

[cheapsheep]

vari, I admire your patience... though you may find it more enjoyable to actually play the game of the deniers (unless it is about clear cut technical topics).

So google will now accept drugporn magic internet money? It just shows how evil google is. They are part of the conspiracy to rip off gullible people with this pyra... err... triangle scheme!

But it is hard to play this game... this one is funny:
http://www.cnbc.com/id/101357809
I like how the article drifts from Bitcoin to debt ceiling:

On the issue of the nation's borrowing authority, Lew told CNBC that Congress needs to raise the debt ceiling as soon as possible and not wait until the last minute.

The U.S. economy is doing pretty well, and lawmakers should avoid another self-inflicted wound to growth, he said.

In a letter to congressional leaders, Lew warned the government would likely run out of borrowing authority by late next month, if lawmakers do not act swiftly to raise the federal debt ceiling.

They are right... they should not stop printing/borrowing money when the "economy is doing pretty well". They should wait until... err... until... later. Also, this doesn't require energy to mine, its much more efficient, so why not?

You know, this is JPMorgan, The moral authority:
http://www.huffingtonpost.com/2013/09/1 ... 56120.html

But its not their fault. Just mistakes and a few bad apples in the system.

Quantitative easing ftw!



Anti-bitcoiners should at least recognize the value of bitcoin as a scapegoat. Until now, everything was fine. But magic internet money is putting the system at risk...

[smoth]

What bee got in your damn bonnet

[cheapsheep]

Sorry. I lost reason.

Here is what you want:

While we’re keen to actively engage with Wallet users to help inform and shape the product, there’s no change to our position: we have no current plans regarding Bitcoin.

Rest assured. You can count on your credit cards, which are a good payment solution, since no evil pirate would Target credit cards.

[smoth]

No idea what crawled into you but honestly you are raging at who? Dimm? That guy posts retarded junk all the time. Get back on your meds or whatever it takes to bring back the rational an interesting poster you used to be

[cheapsheep]

No idea what crawled into you but honestly you are raging at who? Dimm? That guy posts retarded junk all the time. Get back on your meds or whatever it takes to bring back the rational an interesting poster you used to be

I'm not raging at all... just having fun :)
And the 2 articles I linked in my (seemingly) incoherent rambling are interesting imo...

I don't even know who dimm is. Good for him that he is happy with the current system. He knows it, the banking system is perfectly stable and nobody is having an unfair advantage, unlike the pyramid scheme that are cryptocurrencies which benefits early adopters and nobody else. You should trust banks, you should trust companies with your credit card details, trust your credit card issuer, trust states to do the best for you.

Any faith based system deserve to be tested/criticized. People understand that bitcoin is faith based, faith that someone will accept your bitcoins and that its valuation will be somewhat stable. Yet, some fail to understand that what it could replace/complement is also faith-based... except that it requires faith on so many levels their brain shuts down.

Its a bit like the old saying (now kinda dented): "nobody ever got fired for buying ibm/cisco/microsoft". Nobody ever got "fired" for refusing to embrace bitcoins, so that's an easy position for those who prefer to be in the majority. Failing with the majority carries no stigma.

[PicassoCT]

Most adults who claim to have evaluated all options equally, actually never do that- because that would need doubt. Real doubt. The ugly one, that destroys preconceptions, believes, the very foundation you used to live on. This sort of doubt made philosophy and math, the dangers they are.
Its like someone who claims to like lightnings, and yet spends every thunderstorm in a farraday cage.

All the while, he should wire the lightning rod to every cable in the house, cause in that moment of agony, that devastating fire that kills millions - sometimes enlightment is to be found, and if you have hands that can hold glowing embers of self-konwledge, you can carry something away from that experience.

But it might aswell kill you. So its easy to mock belivers, but nature told them that its very highly likely that tomrrow will be like today, if they dont act against all those instincts keeping it that way. By not believing you, they make there money real.

:)

[KDR_11k]

The exponential adoption rates of technologies. The adoption of Bitcoin has displayed the most steep S curve of any technology, ever.

Unfortunately it doesn't have an exponentially growing money supply to support that demand so you get massive deflation.

[dimm]

Things i wont need bitcoin to buy Really I mean marijuana. This is the article that told me.

Wait what do the banks do that is evil? That gets solved by bitcoin rather than not holding on to currency i mean? Do you know of any auto forum summarizing apps?

[cheapsheep]

The exponential adoption rates of technologies. The adoption of Bitcoin has displayed the most steep S curve of any technology, ever.

Unfortunately it doesn't have an exponentially growing money supply to support that demand so you get massive deflation.

I'm not sure I understand what you say (and I disagree that the "S-curve theory" is being used correctly)... but exponentially growing money supply is not a far fetched dream, it is reality:


http://moneymorning.com/2013/07/09/thes ... on-so-far/
It is not an endorsement for the site... have a look here for a different point of view:
http://www.forbes.com/sites/bobmcteer/2 ... ve-easing/

If this is not at least as magic as magic internet money, I don't understand. If this chart doesn't trigger at least as much fear/disgust as bitcoin charts... I don't understand either.

Bitcoin chart moves because individuals decide to move in, and affects only those who decide to move in. The fed money supply affects everyone, is decided behind closed doors... and who gets the benefits? Hint:

Maybe when banks get a steeper yield curve, they will find better uses for their excess reserves and earn more than a quarter percent on them.

Good to know that QE will benefit someone in the end... who wouldn't defend such a system?

I am not an economist... so any doubt about current system is not justified, right? In the same vein, I'm not an astrologist, so who am I to "doubt" about astrology? I'm an impostor.


Where would you put economists and bankers?

[cheapsheep]

Things i wont need bitcoin to buy Really I mean marijuana. This is the article that told me.

Are you somehow implying that before bitcoin, it wasn't possible to buy illegal things? I don't know in which reality you live in, but in mine, impossible and illegal are very different concepts.

Wait what do the banks do that is evil?

https://en.wikipedia.org/wiki/Libor_scandal
I'm lazy so I'll not dig more than that... but that's already enough in a sense: "This dwarfs by orders of magnitude any financial scam in the history of markets."

That gets solved by bitcoin rather than not holding on to currency i mean?

I'm not sure I understand correctly the meaning of the question.

[Cheesecan]

Seems like bitcoin proponents here tend to also be disbelievers, to put it lightly, in the financial system.
Newsflash: You're proponents of a currency that makes the Argentine peso look like a stable currency.

See you in the dumps when your darling money turns worthless overnight.

But then I think many of you are so young (and therefore naive), that you still haven't made much money so you will only be squandering a small part of your life earnings, thankfully.

[varikonniemi]

When your annual inflation rate is over 10% i think Bitcoin starts to sound quite appealing. If it is 79% I don't think there really is even a question anymore :)
https://en.wikipedia.org/wiki/List_of_c ... ation_rate
That list is a little out of date, Argentina for instance currently has 40% inflation. Syria has probably passed the 50% mark taking into account how governments fund war.

Don't put your life savings into Bitcoin just yet, only a part of your gambling/speculation money. It cannot be classed as stable yet, but the last month has shown a promising trend.

Normally you would want to use it with a small wallet balance that can be used to purchase random things. That way you have next to no currency risk but can still enjoy the benefits of Bitcoin. There are even services that automate this for you, billing your bank account as you use your coins so that a steady BTC balance is kept.

edit: Will the dominoes start falling soon? Your friendly drug money laundering HSBC started imposing restrictions on large cash withdrawals: http://www.bbc.co.uk/news/business-25861717

[cheapsheep]

Seems like bitcoin proponents here tend to also be disbelievers, to put it lightly, in the financial system.
Newsflash: You're proponents of a currency that makes the Argentine peso look like a stable currency.

^^ the part where cheesecan shows that having doubts about the current system is not justified, because of the peso (a confusing reply to a confused statement...). Of course, current system is ok... except when it fails (karl popper is calling).

See you in the dumps when your darling money turns worthless overnight.

^^ the part where cheesecan shows his best arguments in support of the current system (QE, libor scandal) and how it doesn't currently benefit a limited number of actors, unlike bitcoin and its early adopters

But then I think many of you are so young (and therefore naive), that you still haven't made much money so you will only be squandering a small part of your life earnings, thankfully.

^^ the part where cheesecan shows his maturity and demonstrates why bitcoin proponents do not merit an honest debate about shortcomings of current system.
Enjoy your life earnings: http://www.thelocal.se/20090322/18380

Cheesecan, thank you. I don't know where this discussion would be without you. I'm eager to see your next contribution. Maybe you should try to compare dick lengths. That is, unless you think people you are debating with are too young to have this kind of discussion, unlike you...

[smoth]

when you have something, which most of it's proponents frequently hail as better than it's predecessor because it's predecessor has problems... people are not going to adopt on that point. No one is going to jump on a bandwagon because it is NOT something. This happened with John Kerry VS G W Bush. Bush got elected a second term easily. Instead of selling his own views, most of his statements were pretty much "what is that guy doing, yeah I am not doing that"

if you are trying to argue for bitcoin speak to it's convience. Marketing 101, you don't take on the competition you just come from an angle they didn't.

case in point. All those tiny thumbdrives they have been trying to sell. I have see all sorts of things, putting them in cute cases, turtles, owls. I have seen them do stuff like popular cartoon characters, speedy gonzales etc. So far the best one I have seen(it is tax season in the USA) are the ones that have "BACKUP YOUR TAX FILES!" OMG brilliant, here is a fairly good way to store all those tax files in a small storage, why did no one think of this before! BAM! created a need for something they have in bulk.

Bitcoin is not going to become popular because it is NOT FIAT, it is not going to become popular because it does not. It is going to become popular if it can show IT DOES something. Right now, most people don't see it.

[Cheesecan]

But then I think many of you are so young (and therefore naive), that you still haven't made much money so you will only be squandering a small part of your life earnings, thankfully.

^^ the part where cheesecan shows his maturity and demonstrates why bitcoin proponents do not merit an honest debate about shortcomings of current system.
Enjoy your life earnings: http://www.thelocal.se/20090322/18380

Cheesecan, thank you. I don't know where this discussion would be without you. I'm eager to see your next contribution. Maybe you should try to compare dick lengths. That is, unless you think people you are debating with are too young to have this kind of discussion, unlike you...

Maybe my post was presumptuous but that is the impression I get, that bitcoin is a youth movement. Apart from the one link a few pages back where a 20-year old correctly drew the conclusion that bitcoin is a junk currency.

I find it quite strange that you link to a 5 year old article in thelocal... they often have an interesting perspective on Sweden, but a lot of time you can tell that the journalists there are less knowledgeable about Swedish society. But it seems like you just googled 'sweden + savings' and picked the first negative article you could find. I doubt you had that bookmarked for 5 years.

Anyway since that time they introduced 'normanbelopp' in order to make bank fees more transparent to ordinary people. There's been a lot of focus on passive index funds etc in the media once people found out they were being taken advantage of.

But really there's nobody forcing you to put all your life savings in ppm, in fact you can get only €1200 tax free put into it yearly - so most people don't bother (people in my generation will be dead from overwork before we get to retire anyway). The rest is what employers put in through social fees (on top of our salaries we have social, insurance etc that the employer pays and often amounts to a good 25-33% of our actual salaries).

Anyway, that only shows banks making money off overpriced funds. What does this say in support of your statements about the financial system in whole? To me it seems perfectly reasonable to charge 10% annual fee for a fund. If someone is willing to pay that much for your yield then that's fine. To me your article only shows that the Swedish pension system is messed up, like a lot of other things. Who to fault? Politicians not bank men. Bank men didn't promise they would run our country well.

On the good side, we have low interest rates so people can now leverage their savings/income to buy expensive properties in central locations. Housing prices appreciate thanks to extreme shortage so it has historically been a good deal. Pour some life savings into mortgage and at least have a home and some form of basic social security after age 67+.

But I guess you would rather not have diversified savings, and instead propose that everyone just buy and hold bitcoins. Real banks are not involved, so obviously everything must be perfect then.

Out of curiosity, how would you feel if you found out the guy who invented bitcoin also owns stakes in one of the biggest ASIC mining companies? Would you feel betrayed? How would you feel if you found out some select people were capitalizing big-time on the bitcoin craze? This is just what banks are doing. If you are against that, you should also be against bitcoin.

[cheapsheep]

My point is that nothing is black or white. It is ok to criticize bitcoin, but please apply the same level of criticism to what it is an alternative to... or the debate is uninteresting. I hope to learn stuff here... probably not about bitcoin, but on related/competing topics.

It is easy to understand how bitcoin works (I'm not saying it is easy to see where it is going). The technical part require some effort, but the market aspect of it is easy. It is a free/unregulated market... with everything that comes with it (for example quote stuffing). Understanding how the banking system work is harder, even if less mathematics/crypto is involved, because of the opacity. Bitcoin pushed me to try to understand more about the financial system... and the more I look, the uglier it appears.

Smoth's advices regarding how to market bitcoin are wise. But I don't feel like pushing bitcoin... there are risks involved and I don't want to feel responsible if someone lose money. I feel better ensuring that people understand that what they currently use also has risks and that there are vampires in the system, and they are making way more money than the whole bitcoin system is worth. Those are not affecting only those who decide to join, they are affecting your municipality budget, your pension savings, everything. They don't go to jail when things turn ugly, they get bailed out with taxpayer money. Usually the worst they have to fear is being fired... to have free time to enjoy their bonuses.

And yes, I admit, I just googled something quickly to show that in the current system, some people are actually scamming the majority. I know the article is outdated, but I don't think it is relevant as the focus was not on AF7 or Sweden... that was good enough for me as a reply to your lifesavings argument and to ensure that you'd consider this point of view.

The libor scandal and the "special order type" scandal (still not fully investigated) are huge. Those are not small early adopters talking about some technology in internet forums. They are powerful entities with powerful lobbying branches well connected in every political system. When you study how things are working, bitcoin becomes an interesting proposition (not without risks).

All in all, I feel better spreading doubt about the banking system than certainty about Bitcoin. I think it is wiser... but it is frustrating when some are trying to spread (negative) certainty about bitcoin and just disregard the rest of the picture.

(Note that the "special order type" problem is potentially also present on some bitcoin exchanges... scammers are everywhere)

Out of curiosity, how would you feel if you found out the guy who invented bitcoin also owns stakes in one of the biggest ASIC mining companies? Would you feel betrayed? How would you feel if you found out some select people were capitalizing big-time on the bitcoin craze? This is just what banks are doing. If you are against that, you should also be against bitcoin.

I think he would be smart and I'd not feel betrayed. I don't own ASIC hardware, because of doubts about delivery dates and ROI potential. Not because of any other factor. Of course people are "capitalizing big time" on bitcoin.

Doubts are always justified. When you take some medication because tests have shown that it helps your condition... of course you are aware that someone is making money. Once you have made sure that the test has been made properly (hard to do due to opacity, again...) will you refuse to take this medication just because someone is making money off your condition? If you want to benefit from it, you have to accept that you are not the only one benefiting from it.

[cheapsheep]

Before anyone posts a one-sided message:

http://www.businessinsider.com/report-c ... ted-2014-1

http://www.cbsnews.com/news/drug-cartel ... o-arrests/