Bitcoin mining made easy

[CarRepairer]

Forget bitcoins, there's a new currency now. Invest in Jazcash!

[smoth]

I would buy a few Jazcash units

[varikonniemi]

Congratulations on your investment and subsequent cashing out, Jaz. You are already ahead of most professional investors in terms of ROI.

Now sit and watch http://www.bitcoinity.org/markets and buy some more at the bottom of the next correction

We are currently spiking at an all time high of 450 USD / BTC, so a correction cannot be far away. Then again, this is Bitcoin.

[very_bad_soldier]

I got a strange feeling that reminds me of scientology when I read this thread. People praising the salvation.
I guess you wont see me buying hash codes for my hard-earned money.

[tzaeru]

I think it tells something of the viability of a currency that you can buy it once and suddenly have quadrupled your wealth after a few months, without actually spending any resources or work hours to anything.

Pretty much same happens with loans and often, investing.

IMHO humans ought to have buying power based on the availability of resources (food, for example, we've more than people to eat it..) and for luxury items and services, on how much they have spent their time to the benefit of others, not how much they've decided to waste electricity or lucked out in buying something purely virtual at the right time. This, is exactly what screws up economy and economical equality.

[varikonniemi]

http://www.youtube.com/watch?v=JUs7iG1mNjI

[klapmongool]

There is a problem with other currencies but bitcoin just introduces new problems.

Maybe a bitcoin follower can explain how bitcoin exactly solves the problem of people, that are thanks to the banking system bitcoin rejects got filthty rich, buy themselves into bitcoin?


Oh, and nvm trying to explain why it would be a good idea to have hardware waste energy for eternity on calculating transactions.

[varikonniemi]

#1 no-one has got filthy rich with Bitcoin. The whole Bitcoin market cap is pocket change for those who got filthy rich for instance by printing dollars. You should get a sense of scale. Try to learn how much different a billion is from a trillion in real world impact.

#2 have you got any idea how much energy (money) is wasted on running the traditional banking and monetary transmission systems? Bitcoin hashing is again several orders of magnitude more efficient, still providing a superior product.

The hashing is not done for fun. It is a brilliant method of securing the network. For the last decade it was the final piece missing in the quest to create a decentralized currency.

[very_bad_soldier]

http://www.youtube.com/watch?v=JUs7iG1mNjI

Second Life is a preview of the Internet of the future:
http://money.cnn.com/2006/11/09/technol ... e.fortune/

Why tech leaders think Second Life could be a gold mine:
http://money.cnn.com/2007/01/22/magazin ... e.fortune/

[tzaeru]

BitCoin mining for new BitCoin wont run infinitely anyway. The amount of BitCoins is hard capped to 21 million.

#1 no-one has got filthy rich with Bitcoin. The whole Bitcoin market cap is pocket change for those who got filthy rich for instance by printing dollars. You should get a sense of scale. Try to learn how much different a billion is from a trillion in real world impact.

Obviously no one has yet, since it's not yet a viable enough currency. But what if everyone used BitCoin? What, exactly, would stop people from borrowing BitCoins with interest and thus accumulating tons of it - especially when the total amount is capped? What would stop people, who hold monopolies or close-to monopolies, from selling their products at artificially high prices, as they do now?

With current major currencies, one large problem is that the total amount of those currencies is actually way more than what could be bought with them with current market prices. i.e. there's more dollars in world than is required to buy every car. Obviously, that can't be done, or it'd crash the market. But the existance of that fact means that the actual value of the money gets linked to the willingness of people to use it - this is one of the reasons why bubbles are formed.

Some banks, in fact, try to counter this with inflation and recommended interest rates. While this is a very small security, BitCoin doesn't have even that much.

There's absolutely no guarantee with BitCoins that exactly same problems do not arise anew that already exist with other currencies.

Better yet, the whole protocol is breached if enough of the mining network is controlled by a single group - they could stop transactions and so forth. And the amount required for that is less than 50%.

#2 have you got any idea how much energy (money) is wasted on running the traditional banking and monetary transmission systems? Bitcoin hashing is again several orders of magnitude more efficient, still providing a superior product.

If most of BitCoin was controlled by a small party of people, exactly same systems could be made anew, since they'd become the price setters for goods just as they are that now.

And seriously, being decentralized is not a magic way to suddenly make economics more equal and less compromisable. There's simply no reason why it would be.

[dimm]

http://www.youtube.com/watch?v=JUs7iG1mNjI

Second Life is a preview of the Internet of the future:
http://money.cnn.com/2006/11/09/technol ... e.fortune/

Why tech leaders think Second Life could be a gold mine:
http://money.cnn.com/2007/01/22/magazin ... e.fortune/

If its so important why do the graphics suck so much?

[klapmongool]

#1 no-one has got filthy rich with Bitcoin. The whole Bitcoin market cap is pocket change for those who got filthy rich for instance by printing dollars. You should get a sense of scale. Try to learn how much different a billion is from a trillion in real world impact.

#2 have you got any idea how much energy (money) is wasted on running the traditional banking and monetary transmission systems? Bitcoin hashing is again several orders of magnitude more efficient, still providing a superior product.

The hashing is not done for fun. It is a brilliant method of securing the network. For the last decade it was the final piece missing in the quest to create a decentralized currency.

You missed the point. People got rich in the banking system. They can easily buy themselves into the bitcoin system. After that the deflation will only make them wealthier. They are probably in already, owning like a quarter of the total amount already. Owning a quarter of all future value? Nice job. Lets up it to 50% of the future worlds total value just for fun. Way to go bitcoin!

It's a good thing bitcoin will never take over as the next thing for currencies.

Next to that the nonsense of having machines for that purpose fades away. But hey, the traditional banking system covers way more transactions and value then the bitcoin system. How many bitcoin miners and energy would be needed to run the total world economy?

And even if bitcoin would be more efficient at that; the world would be dedicating itself to that method for eternity when choosing bitcoin. Methods to deal with transactions can be changed independent of the currency and the banking system.

[PicassoCT]

I got a strange feeling that reminds me of scientology when I read this thread. People praising the salvation.
I guess you wont see me buying hash codes for my hard-earned money.

But what if you just bought hash codes, when you hard earned your money?

[tzaeru]

Satoshi Nakamoto, who (whether that's a single person or several..) created BitCoin, wrote of it "a system for electronic transactions without relying on trust", which is kind of ironic, since BitCoin protocol becomes breached and transactions can be fully controlled if any single group owns around 25% of the network. So BitCoin actually runs on the trust of people not joining together to control all of it.

I think BitCoin is an interesting experiment in virtual currencies. It has already given new thoughts to researchers and laymen alike, but it's not suitable for real world applications. It's too prone to the same problems that modern currencies have and to a set of new problems.

[varikonniemi]

Bitcoin is not Jesus so it cannot fix all the problems we have. But it is the closest thing we have to a functioning and fair currency system. Gold is the ultimate money, but it is not fit for the internet age. Bitcoin is the technology that propels it to the internet age.

I agree that one of the most important aspects of Bitcoin is that it has revolutionized our understanding of what is possible. The first time ever do we see a path to a future many thought was not possible. We thought a middle man (bank) was required to provide a currency service. But all it turned out to be was just a limit of our imagination. We had the technology for years, but the implementation had not been dreamed up yet.

klapmongool:
It seems that you advocate against the free markets taking the role of price discovery, and instead you seem to want central planning communist style? What other method is there to find the true value of something, than letting everyone trade it at the free markets, from the beginning??? Every IPO ever happens by definition after the juiciest bits have been bought by the insiders = manipulated markets. Bitcoin has been public from the get go.

[tzaeru]

But it is the closest thing we have to a functioning and fair currency system.

I think the abandonement of traditional currencies in favor of "trust vouches" in Anarchist Spain created the most fair "currency system" in recent times. Obviously we don't have that anymore, though.

I agree that one of the most important aspects of Bitcoin is that it has revolutionized our understanding of what is possible.

Well, the idea of virtual currency that incorporates cryptography isn't brand new. Regardless, I'd agree BitCoin has added some bits and pieces to the overall understanding of how a purely virtual currency might work, even if I don't think that BitCoin itself was the good-enough solution.

It seems that you advocate against the free markets taking the role of price discovery, and instead you seem to want central planning communist style? What other method is there to find the true value of something, than letting everyone trade it at the free markets, from the beginning??? Every IPO ever happens by definition after the juiciest bits have been bought by the insiders = manipulated markets. Bitcoin has been public from the get go.

IMHO a fully free market isn't a good thing and that is something BitCoin makes much easier to realize. It might be tempting to think that prices would even out to be fair and affordable through demand and supply, but this isn't really the case since there are a lot of people who will use whatever means they can, to artificially inflate the prices. Fully free markets are the breeding grounds of monopolies, worker abuse and customer rip-off.

Now the common counter-argument is that there would be competition that offered a more reasonable price for the goods or service. However, the marketing resources alone of existing monopolies are so massive that it's close-to impossible to get in and the existing infastructures are hard to use if those large corporations oppose the use of them.

[klapmongool]

klapmongool:
It seems that you advocate against the free markets taking the role of price discovery, and instead you seem to want central planning communist style? What other method is there to find the true value of something, than letting everyone trade it at the free markets, from the beginning??? Every IPO ever happens by definition after the juiciest bits have been bought by the insiders = manipulated markets. Bitcoin has been public from the get go.

I'm not advocating anything. I'm shooting holes in the bitcoin philosophy you are advocating.

[varikonniemi]

Some interesting developments from the US.

The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency.

http://www.bloomberg.com/news/2013-11-1 ... efits.html

And the version 0.9 client with the new payment protocol is soon to be released: http://bitcoinexaminer.org/gavin-andres ... o-be-done/

Exciting times!

edit: ASRock has released a motherboard specifically designed for Bitcoin miners. Too bad the time of GPU mining in Bitcoin has been long gone. Perhaps they should rebrand it to Litecoin?
http://www.asrock.com/news/index.asp?cat=News&ID=1765

[Jazcash]

Just bought 0.8 bitcoins more. I have just over 1 now!

Regret not buying them a week ago when they were like 100-200 euros cheaper...

[CarRepairer]

I bought $4000 worth of Jazcash last week. It's now valued at 35 cents.