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+--- Thread: Anyone use Crypto Currencies? (/showthread.php?tid=5192)
Anyone use Crypto Currencies? - Purplecomputer - 12-21-2013
I know this is not a tech forum but with the rise of bitcoins do you guys use them?
I personally mine Bitcoins,Litecoins and just for fun even dogecoins.
RE: Anyone use Crypto Currencies? - JB3 - 12-21-2013
Definition please, what is a cryptocurrency?
RE: Anyone use Crypto Currencies? - larsalan - 12-21-2013
Some, kind of money that you can't hold. Can't really transfer into any other form of money. Can hardly use to procure any goods or services.
But, it's all the rage.
RE: Anyone use Crypto Currencies? - Purplecomputer - 12-21-2013
(12-21-2013, 09:03 AM)larsalan Some, kind of money that you can't hold. Can't really transfer into any other form of money. Can hardly use to procure any goods or services.
But, it's all the rage.
Not true, you can trasnfer bitcoins and litecoins to actuall currency through an exchange. You pretty much sell them for real money.
Lots of websites and services accept them, recently Virgin Airlines started to accept bitcoins.
Its a P2P money system with no middle man, no government or bank to go through. Its also anonymous (which can be a good or very bad thing depending on how you look at it)
The only downside is that its current value really depends on what people want to pay for it.
And anyone can accept bitcoins with the wallet software on your PC or mobile phone.
RE: Anyone use Crypto Currencies? - larsalan - 12-21-2013
omfg. virgin airlines accepts bitcoins for their future space flights.
Show me where you can sell your bitcoins for USD.
RE: Anyone use Crypto Currencies? - Druk - 12-21-2013
http://www.bbc.co.uk/news/uk-wales-south-east-wales-25134289
RE: Anyone use Crypto Currencies? - Purplecomputer - 12-21-2013
(12-21-2013, 10:12 AM)larsalan omfg. virgin airlines accepts bitcoins for their future space flights.
Show me where you can sell your bitcoins for USD.
Woah, sorry. I guess I didn't read the whole article.
I don't want into get into a heated debate. I just wanted to see who uses them.
Anyway.
Mt.gox
https://www.bitstamp.net
https://en.bitcoin.it/wiki/Trade
RE: Anyone use Crypto Currencies? - tjts1 - 12-21-2013
(12-21-2013, 10:12 AM)larsalan omfg. virgin airlines accepts bitcoins for their future space flights.https://coinbase.com/
Show me where you can sell your bitcoins for USD.
https://campbx.com/
https://localbitcoins.com/
Overstock.com is the latest retailer to announce they will start accepting bitcoin next year.
http://www.latimes.com/business/hiltzik/la-fi-mh-overstockcom-20131220,0,6736525.story
(12-21-2013, 12:00 AM)Purplecomputer I know this is not a tech forum but with the rise of bitcoins do you guys use them?While I've spent, accepted and mined bitcoins, I'm still having trouble understanding the benefits of using any of the other currencies. As far as I know Bitcoin is the only one to have gained wide acceptance, maybe litecoin is second. Not trying to knock the other currencies, I know some of them have some interesting innovations but as a user I don't quite see the point.
I personally mine Bitcoins,Litecoins and just for fun even dogecoins.
RE: Anyone use Crypto Currencies? - Purplecomputer - 12-21-2013
(12-21-2013, 01:27 PM)tjts1(12-21-2013, 10:12 AM)larsalan omfg. virgin airlines accepts bitcoins for their future space flights.https://coinbase.com/
Show me where you can sell your bitcoins for USD.
https://campbx.com/
https://localbitcoins.com/
Overstock.com is the latest retailer to announce they will start accepting bitcoin next year.
http://www.latimes.com/business/hiltzik/la-fi-mh-overstockcom-20131220,0,6736525.story
(12-21-2013, 12:00 AM)Purplecomputer I know this is not a tech forum but with the rise of bitcoins do you guys use them?While I've spent, accepted and mined bitcoins, I'm still having trouble understanding the benefits of using any of the other currencies. As far as I know Bitcoin is the only one to have gained wide acceptance, maybe litecoin is second. Not trying to knock the other currencies, I know some of them have some interesting innovations but as a user I don't quite see the point.
I personally mine Bitcoins,Litecoins and just for fun even dogecoins.
I agree with you. Im messing around with other currencies for fun. But bitcoin difficulty has gone way up for me to mine at a profitable rate.
RE: Anyone use Crypto Currencies? - MFSuper90 - 12-21-2013
Learn something new everyday...
I think I'll just stick to the good ol depreciating USD
RE: Anyone use Crypto Currencies? - JB3 - 12-23-2013
this sounds like whatever virtual money it is people use on that warcraft game.
RE: Anyone use Crypto Currencies? - Simpler=Better - 12-23-2013
I can't wait until it falls apart-if it's not regulated, who says someone essentially can't write an IOU for ## dogecoins, then flip that into XYZ then USD.
In other news-Pruple / Larsalan reccomend a 4G tablet for the outlaws that isn't apple, I'm thinking Samsung Galaxy Tab
RE: Anyone use Crypto Currencies? - larsalan - 12-23-2013
There is wild speculation as to how it will all turn out. And the currency is more useful in some geographic locations than others and for some goods and services.
But this currency can't be used for most goods and services and its value fluctuates wildly.
I would say it is more useful and stable in general than some african currencies and less useful than most currencies.
Some people have probably gained a lot from it. Those idiot rich twins that paid USD for a bunch of this stuff will likely loose their shirts.
From what I understand there is a finite amount of coins available to be distributed. The details of that are a bit in depth. And the earning/distribution of new coins should take more and more work as time goes on. But, I suspect, people will still run mining operations until every last coin has been mined.
For those who don't know. The way to get a coin is by doing math. I guess solving sha256 encryption. Does that sound right? All you bitcoin buffs.
I think the trick of how most real world currencies continue to work is that the volume of the currency is always increasing. If there is a finite amount of a currency that can exist, that model doesn't exist.
As for the tablet I do recommend apple. i-pad mini is pretty neat, I dunno do they come in 4g models, prolly do. I like netbooks because I don't care about touch screen and I want a keyboard. I love apple shit, it is still having BASH and the ui is so much better than linux(s) or MS.
RE: Anyone use Crypto Currencies? - Purplecomputer - 12-23-2013
(12-23-2013, 06:58 PM)larsalan There is wild speculation as to how it will all turn out. And the currency is more useful in some geographic locations than others and for some goods and services.
But this currency can't be used for most goods and services and its value fluctuates wildly.
I would say it is more useful and stable in general than some african currencies and less useful than most currencies.
Some people have probably gained a lot from it. Those idiot rich twins that paid USD for a bunch of this stuff will likely loose their shirts.
From what I understand there is a finite amount of coins available to be distributed. The details of that are a bit in depth. And the earning/distribution of new coins should take more and more work as time goes on. But, I suspect, people will still run mining operations until every last coin has been mined.
For those who don't know. The way to get a coin is by doing math. I guess solving sha256 encryption. Does that sound right? All you bitcoin buffs.
I think the trick of how most real world currencies continue to work is that the volume of the currency is always increasing. If there is a finite amount of a currency that can exist, that model doesn't exist.
As for the tablet I do recommend apple. i-pad mini is pretty neat, I dunno do they come in 4g models, prolly do. I like netbooks because I don't care about touch screen and I want a keyboard. I love apple shit, it is still having BASH and the ui is so much better than linux(s) or MS.
I agree with you here. I mined some and yes it is by doing math but by using hardware (cpu/gpu or ASIC chips) Bitcoin uses s
So far I believe the limit for bitcoins is 21 billion or something along those lines but the currency has been fluctuating in price going from $70 usd value to almost $1000 in just about a month.
Anyway, seems to be more widely accepted in European countries rather then the US.
as far as a tablet, I am biased to the Nexus line simply because its just vanilla android. the Nexus 7 2013 model is nice however if you want a more streamlined approach i-Pad seems to be it, many accessories, tons of apps and its a little easier to use. They should had a GSM version depending on your provider.
RE: Anyone use Crypto Currencies? - larsalan - 12-23-2013
So, of the supposed 21billys of bitcoins possible how many do you think have been solved?
If we started with 0% solved in 2005 or whatever how far are we toward 100% done with sha256?
That would be the awesome place to get in again, at the beginning of the new algorithm. Of course all the big boy mining operations will snap up all the easy coins there. Seems to be too late to have got into the market for any common joe.
After that will we just switch to breaking another encryption algorithm? I vote for RSA
It seems really weird. They, whoever 'they' are, give out 'money' for spending electricity, bandwidth and time.
That system is exponentially more senseless than manufacturing goods and services for customers.
The only reason bitcoin has value is that is can be moved across borders and stored with low impact. It's an option for people who need a place to stash a lot of nefarious wealth.
It's like the new bahamas.
RE: Anyone use Crypto Currencies? - Tito - 12-24-2013
I wonder how you can mine bitcoins. Sounds very interesting
RE: Anyone use Crypto Currencies? - tjts1 - 12-24-2013
(12-23-2013, 06:58 PM)larsalan Those idiot rich twins that paid USD for a bunch of this stuff will likely loose their shirts.Those idiot rich twins got in at $9. If they're going to lose their shirts on that investment it better happen soon. I'm guessing they've already cashed out their original investment amount 5 times over and everything from here on out is gravy.
(12-23-2013, 08:42 PM)larsalan So, of the supposed 21billys of bitcoins possible how many do you think have been solved?Of 21 million possible bitcoins, about 12 million have been mined. The production rate halves every 4 years.
https://blockchain.info/charts/total-bitcoins?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=
(12-23-2013, 08:42 PM)larsalan That would be the awesome place to get in again, at the beginning of the new algorithm. Of course all the big boy mining operations will snap up all the easy coins there. Seems to be too late to have got into the market for any common joe.All bitcoin mining has moved into ASIC equipment and its really only useful for bitcoin mining, nothing else. There are plenty of other crypto currencies to get into if you are so inclined.
https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies
I think they're a waste of time. They don't really offer anything bitcoin can't do.
RE: Anyone use Crypto Currencies? - larsalan - 12-24-2013
Now, it has gotten to the point that most people don't go mining alone. Because there is too much risk of not getting any coins at all. Instead people are joining into groups to work/mine together. From what I understand, that leads to a more or less predictable rate of success.
So together the group uses computers either CPUs or GPUs to do math with application against this encryption algorithm. And 99.999% or you mining results in only wasted electricity and bandwidth. While the other .001% of your work leads to a correct solution to the algorithm and the untold wealth that is bitcoin.
RE: Anyone use Crypto Currencies? - JB3 - 12-24-2013
I speak english, and I'm from the same country as most of you, and this thread might as well be latin at this point.
I don't understand how solving an algorithm equals spending money. Who is doing the rewarding? Who is the one writing the original algorithm to be solved?
RE: Anyone use Crypto Currencies? - Purplecomputer - 12-24-2013
(12-24-2013, 03:09 PM)larsalan Now, it has gotten to the point that most people don't go mining alone. Because there is too much risk of not getting any coins at all. Instead people are joining into groups to work/mine together. From what I understand, that leads to a more or less predictable rate of success.
So together the group uses computers either CPUs or GPUs to do math with application against this encryption algorithm. And 99.999% or you mining results in only wasted electricity and bandwidth. While the other .001% of your work leads to a correct solution to the algorithm and the untold wealth that is bitcoin.
Most people mine with ASIC chips like block erupters, their sole purpose is to mine bitcoins and nothing else. Most people now a days mine in pools. Most pools have a PPLNS where every user gets a cut of the share depending on how much computing power they put in.
Right now the difficulty is so high that for most users mining is a waste of time, as it was for me. I am getting about .00000300 bitcoins every 24 hours with a 330mh/s ASIC chip. It was really just to experiment and get a better understanding of the currency.
When bitcoins first came out their difficulty was so low that you could mine many bitcoins and if you kept them till now it paid off.
(12-24-2013, 04:12 PM)JB3 I speak english, and I'm from the same country as most of you, and this thread might as well be latin at this point.
I don't understand how solving an algorithm equals spending money. Who is doing the rewarding? Who is the one writing the original algorithm to be solved?
This was taken from bitcoin.com
Quote:Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining". To learn more about Bitcoin
RE: Anyone use Crypto Currencies? - larsalan - 12-24-2013
(12-24-2013, 04:44 PM)Purplecomputer(12-24-2013, 04:12 PM)JB3 I speak english, and I'm from the same country as most of you, and this thread might as well be latin at this point.
I don't understand how solving an algorithm equals spending money. Who is doing the rewarding? Who is the one writing the original algorithm to be solved?
This was taken from bitcoin.com
Quote:Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining". To learn more about Bitcoin
This is a weird deal with bitcoin currency as compared to say USD. Where USD can be used for essentially any service or product and the flow of USD can be somewhat controlled by say the central bank system or by other real world economic shifts in assets to or from USD.
But bitcoin has this finite amount in circulation and that amount is growing at a somewhat known rate.
I dunno, you can try to draw similarities or differences between traditional currencies and this one all you want I guess.
Bitcoin's history is full of stories wild personal success or failure based on no real hard work or product to society.
Bitcoin market is more like gambling/investing than a stable long term fiat solution.
RE: Anyone use Crypto Currencies? - tjts1 - 12-24-2013
I agree. Bitcoin has a long way to go until it becomes a widely accepted stable currency and it might still fail completely. But there are 100 other cryptocurrencies out there ready to take its place given the opportunity. This idea is not going away any time soon. Imagine a world where no single government controls the the commonly used currency. They can't print it, they can't take away from you and you are not dependent on banks. I doubt this is even possible but cryptocurrency in one form or another will continue to exist at least in parallel to the established financial system for a long time to come. Its far too useful to too many people (both good and bad) to dissapear completely. Western Union has already been forced to reduce its charges on remittances by migrant workers due to fear that cryptocurrency might take its place.
RE: Anyone use Crypto Currencies? - MFSuper90 - 12-25-2013
I live close to some coal mines, strip mines and rock quarries, but I don't understand how you
"Mine" a bitcoin, or even what a bitcoin really is?
RE: Anyone use Crypto Currencies? - larsalan - 12-25-2013
The coin is the unit of currency you're rewarded for 'mining'. When you or your group successfully finds 1 solution of the ~21million possible unique answers to the math problem.
Or you could buy the bitcoin(s) with other types of currency. The coins are not physically represented anywhere. Every coin that has been discovered and is in circulation is stored in your wallet or someone else's wallet. The contents of all the wallets are stored as some other cryptic set of numbers.
Very very confusing.
RE: Anyone use Crypto Currencies? - JB3 - 12-26-2013
I seriously doubt such a form of currency will become mainstream. Its origin makes no sense to me, it doesn't really appear to exist, it requires complex math to find, ect ect, and what does a bitcoin equal in forms of USD? I still don't understand the variable value. Whats one bitcoin worth? a spread from 1 dollar to 50?
It may have some value to those who want to undertake the time and effort to find it and understand what it actually is, but for the majority of us, I doubt it
Hell freaking no. Ill keep my money folding or jangling as long as possible.
I can see the future now, walk into a diner, sit down for breakfast, waitress presents you with a math exam on the back of the menu to mine your bitcoin to pay for your coffee.
RE: Anyone use Crypto Currencies? - larsalan - 12-26-2013
lol, do the math problem to pay for a bill.
1 bitcoin = idk 600USD
It started at like $4 or $5 in 2004 and there was a bunch of varying as it went to 50usd and 100usd then 800usd then 200usd. It varies wildly with no particular reason.
There are historical marks of when it has gone up in leaps. I think the 'silk road' drug trading website was a big boon for the currency. Drug dealers could advertise drugs for sale pretty well anonymously due to the cryptic nature of the payments. So there was, and probably still is, a great advantage there. As well as what I hear is a great market for people to transfer money out of china in particular without having to go through official channels.
I tried to find an infographic quick history lesson of what bitcoin's path has been over the years but I can't seem to find it.
This is a way different form of money than dollars, gold, stocks or bond.
And there are its advantages. Not the advantages of being able to touch the money or use it ubiquitously like a dollar.
Here is a place you can roughly check the current exchange rate.
http://bitcoincharts.com/markets/mtgoxUSD.html
RE: Anyone use Crypto Currencies? - MFSuper90 - 12-26-2013
So how does someone that isn't a mathematician "mine" bitcoins? If I understand it correctly you do mathematic problems and when you solve them you are awarded bitcoins?
RE: Anyone use Crypto Currencies? - larsalan - 12-26-2013
Too late buddy. That ship has sailed 7-8 yrs ago. Get used to this also....
bitcoin is a hell of a lot of hype
But yea you got it right. Your programs and hardware do the work super fast a lot of times and eventually find a correct solution and earn a coin. Now there are whole buildings dedicated to doing only this math.
for example
http://bitshare.cm/post/68089658188/an-inside-look-at-an-asic-bitcoin-mining-operation-in#
RE: Anyone use Crypto Currencies? - tjts1 - 12-27-2013
(12-26-2013, 11:50 PM)larsalan Too late buddy. That ship has sailed 7-8 yrs ago. Get used to this also....7-8 years ago? Bitcoin didnt even exist before 2009. At that point bitcoin started out being valued at fractions of a penny. Theres nothing stopping you from mining bitcoin today. Even the equipment in that article will be reduced to something that costs $100 and plugs into your laptop's usb port. Mining is a nevervending arms race, thats the whole point o mining. Keep it decentralized and constant.
bitcoin is a hell of a lot of hype
RE: Anyone use Crypto Currencies? - willbhere4u - 12-27-2013
92 bit coins will buy you a new Tesla and 250 will buy you a new Lamborghini
http://www.businessinsider.com/tesla-purchased-with-bitcoin-2013-12
RE: Anyone use Crypto Currencies? - Purplecomputer - 12-27-2013
(12-27-2013, 10:15 AM)tjts1(12-26-2013, 11:50 PM)larsalan Too late buddy. That ship has sailed 7-8 yrs ago. Get used to this also....7-8 years ago? Bitcoin didnt even exist before 2009. At that point bitcoin started out being valued at fractions of a penny. Theres nothing stopping you from mining bitcoin today. Even the equipment in that article will be reduced to something that costs $100 and plugs into your laptop's usb port. Mining is a nevervending arms race, thats the whole point o mining. Keep it decentralized and constant.
bitcoin is a hell of a lot of hype
It was a concept back then but it didn't come out till '09. Anyway You can mine but the like I stated before the difficulty is too difficult to be profitable unless you have some of the more expensive ASIC miners/ otherwise you will just be spending more on electricity bills then what you are earning.