If you're looking for some free BTC (dead srs)

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Ok my interest is piqued.

Not just because of this, but because I've been hearing quite a lot about bitcoin and such.  Mostly news about people not wiping their harddrive before throwing them away and losing like.. a 100million worth in bitcoins.  Strange stuff... storing money on your own computer?  Is this basically what bitcoins are?
 
Much like national currencies, bitcoins are not found in physical form. I'm sure it's not stored on your computer but rather on various accounts online.
K-64 said:
BigArse said:
In fact, many top investors advise purchasing/mining/rolling for Bitcoins due to their rapid increase in value. The BTC is a currency that cannot be regulated by any person or government, thus explaining its high demand.

So... it's increasing in value even though they're "printing" more bitcoins through that mining or whatever the **** you call it? Germany called, they want to know what they did wrong 100 years ago.
:lol:
 
It's basically cryptography. Each coin is related to every coin before it based on a complicated algorithm.that gets progressively harder to solve the more coins that are added on to it, and that is only solvable via brute force by computers. So there's diminishing returns for mining and therefore the supply can only expand so fast and so far. At least, that's my understanding of it.
 
I don't want to pretend I understood half of it, but is it something like sharing computing power on the net?
And if it doesn't have any RL base (gold), and it is made out of nothing (well, bits), why can't I simply give myself quantichillion bitcoins?
 
Depends - do you have dedicated access to the world's most powerful supercomputer for the next few thousand years? That's what you need to put your plan into action.
 
Mage246 said:
Depends - do you have dedicated access to the world's most powerful supercomputer for the next few thousand years? That's what you need to put your plan into action.
It would take too long with an abacus then.

Trevty said:
Basically, they're made out of mathematical equations in a way that would make them virtually impossible to counterfeit.  Try the FAQ for answers.
So it's a matrix thing made out of floating green characters? I'm starting to like it. Thanks for the FAQ.
 
Bromden said:
Where do the mined bitcoins come from?
Are you referring to in general or this site in particular? If in general, see the video below. If for the site, well, they are either mined by the site managers (unlikely) or purchased from miners using the money from the site's advertisements (more referrals = more visitors = more money).

MickDick said:
Ok my interest is piqued.

Not just because of this, but because I've been hearing quite a lot about bitcoin and such.  Mostly news about people not wiping their harddrive before throwing them away and losing like.. a 100million worth in bitcoins.  Strange stuff... storing money on your own computer?  Is this basically what bitcoins are?
Bitcoins are not "stored" on a harddrive, they're stored through a private key (a wallet) on multiple servers around the internet and are exchanged through peer-to-peer, third-party sites via Bitcoin addresses. You can mine them yourself through the power of your graphics card, but that doesn't necessarily bring harm to you or your computer, nor does it force you to wipe your PC.

Bromden said:
I don't want to pretend I understood half of it, but is it something like sharing computing power on the net?
And if it doesn't have any RL base (gold), and it is made out of nothing (well, bits), why can't I simply give myself quantichillion bitcoins?
 
It's worth pointing out that there are elements of a pump-and-dump in Bitcoins right now. Every current holder has an incentive to drive up demand of Bitcoins by recruiting new people, since increased demand will increase the value of the Bitcoins that these people already have.
 
Doing all the maths. Computers can do a quadrillion squillion calculations per second but the bitcoin equation still takes forever. I think its up to a day or something by now. Anyway it's a waste of electricity amd resources. Go pan for real gold, you'll make more money and get more exercise  :razz:
 
A lot of experts believe bitcoins are in a bubble and that bubble is due to burst.
 
Trevty said:
BigArse said:
The Bitcoin (BTC) is an internationally recognized currency
Internationally recognized in that people from more than one country realize it exists. 

There's no such thing as internationally recognized or unrecognized currencies.

Trevty said:
Bitcoin is a terrible idea, economically, and will end up going nowhere.

Why?

K-64 said:
BigArse said:
In fact, many top investors advise purchasing/mining/rolling for Bitcoins due to their rapid increase in value. The BTC is a currency that cannot be regulated by any person or government, thus explaining its high demand.

So... it's increasing in value even though they're "printing" more bitcoins through that mining or whatever the **** you call it? Germany called, they want to know what they did wrong 100 years ago.

Doesn't make any sense whatsoever.

Bitcoin has a predetermined total supply of actual bitcoins. After that you can only expand the total supply by fractional reserve banking which you can do with any currency. The miners only compete among themselves for the bitcoins that are "scheduled" for introduction into circulation anyway.

Every currency expands is supply continuously.  Increase in supply doesn't necessarily mean decrease in value. The demand for Bitcoins is currently a bajilion times higher than what the algorithmic supply can provide which why there is now the huge rally and Bitcoin is actually routinely accused of having too slow and rigid expansion of supply whcih will sooner or later resulting in a deflationary hoarding trap.
 
Mage246 said:
That's investment as well.
Fair enough, however, treating it as an investment doesn't make it not a currency. You're only buying them due to their imminent net increase in value to be used later (or in most of your cases to exchange for another currency).
 
The announcement by the US that they might regulate bit coins plunged the market. It recovered, but it shows how volatile that market is.
 
Trevty said:
It's decentralized 

That's not a bad thing.

Trevty said:
deflationary
I'm not superexcited about the supply mechanism either, but humans have been using deflationary currencies for like 95 percent of their existence. The notion that in order to prosper a country must be able to expand the money supply indiscriminately is a great neo-keynesian propaganda stunt that was somehow accepted as common wisdom. The reduction of economy to and apotheosis of inflation is incredibly ridiculous (not saying that's your case, just venting it while on the subject) Because the theory is working out so great on the other side of the spectrum of monetary troubles, right?
Trevty said:
with a tendency to shift value very quickly and without warning

That's because it's new and the cool thing now. Just because there was a dotcom bubble doesn't mean any/all e-business is a total bs. Again, see how little effect FED's actions have on the USD exchange rates (little compared to the thousands of percents or howmuchever rally on BTC)
 
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