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Felix Decat
Posted - 2011.09.02 06:11:00 - [31]
 

Originally by: M5 Tuttle


Originally by: Felix Decat


My claim is that any currency that is founded on the idea of randomly "poofing" money into existence on a completely anonymous basis is not the best idea for a monetary system.


The fact that this is how you think it works is enough for me to disregard everything else you are saying.


Okay... let me try again...

BTC's are created by computers working to solve a mathematical equation and..... well thats it.

1.Turn On Computer
2.Launch Bitcoin software
3.Wait
4.?????
5.Profit!!!!

M5 Tuttle
Posted - 2011.09.02 06:36:00 - [32]
 

Originally by: Felix Decat
Originally by: M5 Tuttle


Originally by: Felix Decat


My claim is that any currency that is founded on the idea of randomly "poofing" money into existence on a completely anonymous basis is not the best idea for a monetary system.


The fact that this is how you think it works is enough for me to disregard everything else you are saying.


Okay... let me try again...

BTC's are created by computers working to solve a mathematical equation and..... well thats it.

1.Turn On Computer
2.Launch Bitcoin software
3.Wait
4.?????
5.Profit!!!!


The step that you are skipping, step 4, is the most important step. If someone asked you how a car works, you would tell them "you put your key in it and then ????? and then it moves!"

Mark Hampton
Posted - 2011.09.02 07:10:00 - [33]
 

Apparently someone missed the part where dollars are created by a press printing them. And you think this is different from a computer somehow? All 'money' is created out of nothing.

If you think dollars are different from bit coins - at least as far as creation goes - try to go to the US Govt and redeem your paper for something physical. Good luck with that.

RaTTuS
BIG
Gentlemen's Agreement
Posted - 2011.09.02 08:28:00 - [34]
 

Originally by: Felix Decat

1.Turn On Computer
2.Launch Bitcoin software
3.Wait
4.?????
5.Profit!!!!

it costs you money to run the software, in both electricity and broken hardware

Nomad Vherokic
Minmatar
Posted - 2011.09.02 08:40:00 - [35]
 

Originally by: Terminal Insanity
Here, i'll sell you a bunch of 1's and 0's that your computer can bust its ass on for hours on end, if you agree to pretend it has value. BTW no you cant have my real name.

Doesn't sound like a scam to me.


Says the guy with a monocle...

TamiyaCowboy
Caldari
KRAKEN FLEET
Posted - 2011.09.02 09:19:00 - [36]
 

Edited by: TamiyaCowboy on 02/09/2011 09:27:27
OP says mine bitcoins with your GPU. he does not tell you how long it takes to gain just one coin.

it all comes down to how many gpu's you run, they need to be overclocked and also require extra cooling. and some card modding

Nvidia 9600GT gives you a 16Mhash, this single gpu would take around 2 days to earn one bit coin.

go check youtube and see what miners are running. quad gpu's or large server banks, and always using ATI cards as these have been proven to give more Mhash

oh a intel quad core Q6600 will take 7 days to mine one coin. thats running 24/7 at 100% load

Lindsay Logan
Posted - 2011.09.02 10:34:00 - [37]
 

Originally by: TamiyaCowboy
Edited by: TamiyaCowboy on 02/09/2011 09:27:27
OP says mine bitcoins with your GPU. he does not tell you how long it takes to gain just one coin.

it all comes down to how many gpu's you run, they need to be overclocked and also require extra cooling. and some card modding

Nvidia 9600GT gives you a 16Mhash, this single gpu would take around 2 days to earn one bit coin.

go check youtube and see what miners are running. quad gpu's or large server banks, and always using ATI cards as these have been proven to give more Mhash

oh a intel quad core Q6600 will take 7 days to mine one coin. thats running 24/7 at 100% load


So I guess the ones that started bit coin was just "lucky" they could mine thousands of bitcoins early on, and then now be rich in internett currency when more and more gullible folks look into it?

Bit coin is a waste. Better to work for something of real value then internet bytes.

Or better yet, make your own bitcoin mk II and laugh at the first bitcoin. It gonna happen sooner or later.

AlleyKat
Gallente
The Unwanted.
Posted - 2011.09.02 16:35:00 - [38]
 

Originally by: supersexysucker

Go to dunkin doughnuts… pay with a $100 bill… they won’t take it… does that mean it is not legal tender? Try a 50… how many places do not even accept that… again must not be legal tender right?



Ah! but you are forgetting the grey area that I avoided and you stumbled over: invitation to offer.

If you went to a resturant, ordered food, ate it, then offered a $100 bill they cannot refuse payment. At that specific moment you owe them money, which has been agreed by reading the menu that has prices on it. During the first few mouthfuls, a waiter/waitress will enquire whether the meal 'is to your satisfaction', in other words, whether it has been accepted by you. If you reply 'yes' then you have accepted you will pay for the food and you are at the point of no return.

If you walk into Dunkin' Doughnuts, you need to pay prior to receiving the goods, you do not at that point actually owe them money and they do not owe you food - because they are inviting you to make an offer based on the advertised price.

If you make a lower offer, or make them an offer of payment in another form (like gold nuggets) they can refuse.

It's called different things in different countries, and I only used examples of payment of debt (money you owe) and that is the definition of 'legal tender'.

AK

supersexysucker
Posted - 2011.09.02 17:37:00 - [39]
 

Originally by: Felix Decat
Edited by: Felix Decat on 02/09/2011 04:32:09
Originally by: supersexysucker

STUFF


Dumb Stuff

lol aw you butt hurt… so a merchant can refuse BTC… does not make it not real… as they can refuse USD.
BTC’s are like euros… good some places not others…
The paper money is backed by nothing. A promise aint worth ****…
BTC if you knew anything has a cap on the number, I think its 20,000,000 BTC and NO more can be made. Not to mention we are at the point now that crunching for BTC’s covers the power bill… see as more people do it… the returns lessen to zero. So this again shows you have NO idea how BTC’s work. A year ago 1 GPU could make you $500 a month.

Comparing gold to your daughters worthless painting… rofl… ya last time I checked… gold was hard to get… looked nice… was wanted by many people… and was useful. So… taking all that into account, + the fact we as people have ALWAYS wanted gold… gives it value…

Trust, control, supply.
Trust BTC’s like anything else will be worth money… (not like other counties right now are having riots over the economy being gone) control… not sure what ya mean on that… who cares BTC’s are limited… transactions are limited… and supply… as I said… is limited… you can’t just print off 40,000,000 of unbacked BTC, like you can USD. BTC has a hard cap on the number of BTC’s around.

Lol and as far as who the hell goes where to get what… idc if it is crap doughnuts, a restaurant… tons of locations do not accept USD.
You have no idea how anything works rofl… any offer of anything… I do not care… saying a BTC is crap cause it aint accepted… well let’s just go over all the reason it aint just like a USD is no good in a store.

Ephemeron
Caldari Provisions
Posted - 2011.09.02 18:33:00 - [40]
 

Whether BitCoin is safe and valuable is irrelevant. Game money for real money exchange is a bad thing for the game.
It may be "good for business," but it is always, always bad for enjoyment of competitive gaming.

It is important to maintain clear lines of separation between reality and a game.

Cipher Jones
Minmatar
Posted - 2011.09.02 18:38:00 - [41]
 

So its like 'folding' and 'seti'. Is it just GPU or CPU and GPU?

Khalia Nestune
Mad Stacks
Posted - 2011.09.02 22:31:00 - [42]
 

You want to use ATI GPUs. A 5770 will give 200 Mhash/s. This is enough for me to get 2+ BTC per month.


Originally by: TamiyaCowboy
Edited by: TamiyaCowboy on 02/09/2011 09:27:27
OP says mine bitcoins with your GPU. he does not tell you how long it takes to gain just one coin.

it all comes down to how many gpu's you run, they need to be overclocked and also require extra cooling. and some card modding

Nvidia 9600GT gives you a 16Mhash, this single gpu would take around 2 days to earn one bit coin.

go check youtube and see what miners are running. quad gpu's or large server banks, and always using ATI cards as these have been proven to give more Mhash

oh a intel quad core Q6600 will take 7 days to mine one coin. thats running 24/7 at 100% load

Felix Decat
Posted - 2011.09.04 01:27:00 - [43]
 

Originally by: supersexysucker
Originally by: Felix Decat
Edited by: Felix Decat on 02/09/2011 04:32:09
Originally by: supersexysucker

STUFF


Dumb Stuff

lol aw you butt hurt… so a merchant can refuse BTC… does not make it not real… as they can refuse USD.
BTC’s are like euros… good some places not others…
The paper money is backed by nothing. A promise aint worth ****…
BTC if you knew anything has a cap on the number, I think its 20,000,000 BTC and NO more can be made. Not to mention we are at the point now that crunching for BTC’s covers the power bill… see as more people do it… the returns lessen to zero. So this again shows you have NO idea how BTC’s work. A year ago 1 GPU could make you $500 a month.

Comparing gold to your daughters worthless painting… rofl… ya last time I checked… gold was hard to get… looked nice… was wanted by many people… and was useful. So… taking all that into account, + the fact we as people have ALWAYS wanted gold… gives it value…

Trust, control, supply.
Trust BTC’s like anything else will be worth money… (not like other counties right now are having riots over the economy being gone) control… not sure what ya mean on that… who cares BTC’s are limited… transactions are limited… and supply… as I said… is limited… you can’t just print off 40,000,000 of unbacked BTC, like you can USD. BTC has a hard cap on the number of BTC’s around.

Lol and as far as who the hell goes where to get what… idc if it is crap doughnuts, a restaurant… tons of locations do not accept USD.
You have no idea how anything works rofl… any offer of anything… I do not care… saying a BTC is crap cause it aint accepted… well let’s just go over all the reason it aint just like a USD is no good in a store.



lol, are you in high school?

So, you can just print off $40,000,000 in US dollars? Well please, hook me up...

YOU, cant just print money. But YOU can conjure BTC's out of thin air.
And contrary to what idiots believe, the treasury cant just print it off either. In short, they can print money against treasury bonds that are then sold to investors and have to be paid back with interest. Or, a central bank can buy assets and print money against the value of the acquired assets... notice that neither of these involve simply "printing money out of thin air". BTC's however just poof into existence based on a random mathematical process.

Gold.... no, my daughters paintings hold no appeal to anyone despite their rarity. But that does not hold true for other rare works of art. Point is rarity alone does not make something valuable. Something has to be hard to acquire and in demand before it takes on monetary value. And thankfully cash does not have a demand problem, its the most sought after currency in the world and also unlike BTC's, you can (contrary to your idiotic assumptions) you can spend it just about anywhere.

Think for a second about every business, website, and retail store front in the United States, the USD is accepted at pretty much 100% of them.... every one.
Pure Gold may be accepted at around 2% of them.
And BTC's.... no idea... let be generous for arguments sake and say 0.03% of them.

Also, you obviously cant read because if you could, you may have noticed I mentioned the BTC generation process and its built in law of dimishing returns in at least 2 posts, including the one you quoted.. Rolling Eyes


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