81–90 of 162 posts
Can someone give a concrete example of themselves using Bitcoins for something other than speculative trade ?
You can buy magic cards at abugames.com and electronics at newegg.com (through a proxy) using bitcoin.
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http://gawker.com/5805928/the-underground-website-where-you-...
How real is that? Like, I know the site exists, but how many people here know people who have successfully conducted commerce on it? How are they keeping themselves from being exposed?
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That's a great question as to why anyone would use a currency whose valuation had dropped to 10% of what it was. http://www.kitco.com/charts/popup/au3650nyb.html
I'm failing to see the relevance of the price of gold to the bitcoin discussion.
As a sidenote, that's a terrible graph(as are most graphs of this nature). There's a wonderful technology called a logarithmic plot for that sort of thing.
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How real is that? Like, I know the site exists, but how many people here know people who have successfully conducted commerce on it? How are they keeping themselves from being exposed?
As the article states, the site is only accessible through the TOR network, which is completely anonymized. All transactions are completed through Bitcoins, which is also pretty anonymous. When shipping the drugs, users are urged to get creative, such a vacuum sealing to avoid smell detection.
Every bitcoin opposer repeats, that the money will artificially start going up and that is why it will crash. Right now, it is going down, for a long time. So that is not why it will fail. It will fail because noone actually needs it. It has no real value over other means of electronically exchanging money - paypal, for example, is much faster, easier to use and, dwhile it is not free, thanks to the wild exchange rat…
It bought me an iPad 2 when I cashed out my 3 weeks worth of mining at the height of the bubble.
this reminds me about the quora post about bitcoin. In a world of where there is no regulation in currency, you dont have a FED, this money will crash. We dont have liquidity in this currency, as so, nobody can 'inject' money in the market.
Gold also has no fed to 'inject' money. It does have miners though. It has not crashed and appears to be more stable that fiat currencies, not less. (not a bit coin or gold standard fan here, just confused.)
If you look at this, you can see that gold is more volatile and spiky.
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If it ever was, I would love to see that article.
http://falkvinge.net/2011/05/29/why-im-putting-all-my-saving... "the currency has increased in value one-thousandfold against the US dollar in fourteen months. Yes. Read that again: one-thousandfold, fourteen months. There is currently no indication it would stop or has saturated; quite the opposite."
Bitcoin is essentially a giant pyramid scam. The early adopters have cashed out long ago. As mining gets more and more difficult, less people will cling to the liquid currency. Why trade with a deprecating currency, anonymous or not? The fact that the exchange rate is below the cost of mining should be alarming for many reasons. I'd assume the creator/first adopters do not care, either way.
It's free market, everyone is free to buy and sell as they wish. It's not a scam since there is the same information to everyone. I'm pretty sure that the early adopters couldn't guess this year's rise in value, and couldn't guess the price drop either. While I believe in bitcoin or cryptocurrencies in the longterm, I'm still pretty sure that bitcoin value will stay very volatile in the coming years. The stability wi…
does this really make something not a scam? As far as i've seen, most people do have access to the information needed to prove something a scam. It doesns't mean they will both find it, and believe it.
Bitcoin is essentially a giant pyramid scam. The early adopters have cashed out long ago. As mining gets more and more difficult, less people will cling to the liquid currency. Why trade with a deprecating currency, anonymous or not? The fact that the exchange rate is below the cost of mining should be alarming for many reasons. I'd assume the creator/first adopters do not care, either way.
The current difficulty is 1468e3. It takes 2^32 * 1468e3 Bitcoin hashes to solve a block of 50 BTC. The majority of people mine with HD 5000 or 6000 series. If you pick efficient ones, you can count on 2 Mhash per Joule. The average worldwide domestic electricity price is $.10/kWh. So the average cost of production is:
2^32 * 1468e3 / 50 (BTC per block) / 2e6 (Mhash/Joule) / 3.6e6 (Joule/kWh) * .10 ($/kWh) = $1.8/BTC
