Bit Coins

[Wetundies]

Anyone ever heard of it? Apparently there is actually an exchange market for it. The Winkel brothers have been hoarding bit coins, each coin went up to $200 each at one point, it's trading at $90-100 right now.

[Duncan]

yea, read an article on gizmodo last week...



it raises a lot of questions i think people are anxious to have answered

[jeSteR]

If you didn't get on it back in 2010, forget about it.

[jeSteR]

Take a decent concept and leave it to the lazy geek capitalist to try and extort the crap out of it. Seriously, the energy that these rigs consume to mine coins is beyond offensive. This economy provides absolutely ZERO value to anything and consumes more and more valuable resources for the sake of greed.

http://gizmodo.com/5994446/digital-dril ... ne-bitcoin

[Duncan]

yea, read that article too... i hear ya on the ecological impact, but i'm wondering about the economical impact too...

[Wetundies]

The avalon machine is 11k on ebay. Sold out on their website.

[Wetundies]

So i tried it for fun, 0.0000314 coin in 1 day with a radeon 6700.

[[JT]]

lol how much is that?

[[JT]]

in dollars

[Wetundies]

So to make 1 btc it'll take 100 days on a regular machine with an entry level video card.

[nature boy]

who would buy these things? and for what purpose? just to say that you have them?

it's like playing wow for 16 hrs/day and get a really rare weapon and selling it for over a grand on ebay. oh wait.

[Wetundies]

apparently the drug trade uses them.

[nature boy]

but for them to use them, it would need to be converted into currency. and for it to be converted, someone must want them. i'm just wondering why someone would bother.

but i guess if it's for laundering money, it makes sense.

[supersuk]

I've been discussing this alot with my co-workers. They all think its the best thing since sliced bread. I on the otherhand think otherwise and have been crucified for it. Its been a heated discussion not unlike talking about religion between a combine running conservative and a granola eating aethiest.

I like the technology but I dont think Bitcoins in its current implementation is not going to pick up as the new world currency like everyone thinks it is. Mostly because established powers in control wont stand to gain with bitcoins and we all know that even in a democractic society, its these elites that control our money and policies. I think that there will be some form of standard crypto electronic currency thats monitored and controled by governments in the future, maybe USCOINS or CANADACOINS but not bitcoins.

There are other issues like volitility, hoarding, the infrastructure and etc.

To me, someone out there is laughing at all the suckers buying and mining this up. s/he is making a huge profit off this bubble and when they start selling, everything will soon collapse.

[jeSteR]