Bitcoin

[JackWebb]

What do you guys think about this?


Reason.tv
http://www.reason.tv/search/results/?cx ... .tv%2F#925

Steve Gibson explians Bitcoin (starts at 42.00)
http://www.youtube.com/watch?v=XQPSwA2Itbs

[DarkDragon]

I tried it. It is slow like hell, but here you can help me:
http://www.bradan.eu/bitcoin.html

The display doesn't work, yet.

[JackWebb]

LOL You got me!

Held my CPU at 94-96% With all those extra clock cycles, perhaps you're feeling a bit generous.. Feel free to send me your spare change @ 18TxtZAMmXuEvn7KcrsS6tYNLfhAM68Mop

Thanx!
Jack

[Nituvious]

Only brought my AMD processor up to 20% usage

[JackWebb]

Only brought my AMD processor up to 20% usage

I tried it on a different machine and got similar results, steady 49-50% usage. Might have something to do with the first machine being a laptop (Intel Celeron) or just old..

Happy 4th!

[Rook Zimbabwe]

I am still suspicious of bitcoin...

[JackWebb]

I am still suspicious of bitcoin...

Suspicious in what way? I've been using it without any problems. This bitcoin thing would be a great way to actually get paid on released software.

[Zach]

I am still suspicious of bitcoin...

Suspicious in what way? I've been using it without any problems. This bitcoin thing would be a great way to actually get paid on released software.

Until you try to pay for your....


Food
Clothing
Living Expenses (utilities, other household bills)
car?

I don't get the point of virtual currency.. I really don't. Much less one that has a finite number of currency in existence..

That being said, sure it would be neat to have a currency universally accepted online.. so if something is "5 bucks" in this currency, it is "5 bucks" no matter where you live an who you buy from.. But how do you translate that into real world monetary value? All you end up with is a racket where people initially snap up as much currency as they can.. perhaps paying a little money for it, and then when it becomes accepted/used turn around selling the currency for big profits, etc..

It ends with a real world, money-making racket no matter what the outcome is.. And its not regulated by any entity. Although some people maybe see that as a positive.. I dunno.

I just don't like the idea of having value represented by something that is not physically tangible.

[kenmo]

I don't get the point of virtual currency.. I really don't. Much less one that has a finite number of currency in existence..

(I'm no economics expert at all but) every currency, whether digital or metal or $100 pieces of paper that cost cents to print, only has value because a large enough group of people support it and believe it's worth their goods or services. And being finite is what gives anything value, whether currency or goods or collectibles or raw materials, anything!

But I am still suspicious of Bitcoin... with enough processing power working against it, it can be broken and manipulated... or even if it is uncrackable, I have heard of viruses/trojans/etc coming out which find and steal your 'wallet' file from your hard drive... plus I've heard that it can indeed be tracked (somewhat)... and that the value has already seen a few abrupt drops... although I haven't really read deep into the details of all these.

Edit: ALTHOUGH from a technical viewpoint, I am interested in the project to see how it grows and evolves. I just don't think it's going to become too popular.

[moogle]

(I'm no economics expert at all but) every currency, whether digital or metal or $100 pieces of paper that cost cents to print, only has value because a large enough group of people support it and believe it's worth their goods or services. And being finite is what gives anything value, whether currency or goods or collectibles or raw materials, anything!

But I am still suspicious of Bitcoin... with enough processing power working against it, it can be broken and manipulated... or even if it is uncrackable, I have heard of viruses/trojans/etc coming out which find and steal your 'wallet' file from your hard drive... plus I've heard that it can indeed be tracked (somewhat)... and that the value has already seen a few abrupt drops... although I haven't really read deep into the details of all these.

Edit: ALTHOUGH from a technical viewpoint, I am interested in the project to see how it grows and evolves. I just don't think it's going to become too popular.

The system is designed that if you have such major processing power to hack someone elses coin, it is more beneficial to you to generate your own. Sort of like if crime was so difficult or generated less income than working a standard job then there is an incentive not to go against the system so to speak.

I read into this when it started. It's only worth it if you've got a decent graphics card to process the coins as the cpu is too slow and uses more electricity than it generates.

[Blood]

Only brought my AMD processor up to 20% usage

I tried it on a different machine and got similar results, steady 49-50% usage. Might have something to do with the first machine being a laptop (Intel Celeron) or just old..

Happy 4th!

Mine with GPUs not CPUs:

https://en.bitcoin.it/wiki/Why_a_GPU_mi ... than_a_CPU

[kenmo]

The system is designed that if you have such major processing power to hack someone elses coin, it is more beneficial to you to generate your own. Sort of like if crime was so difficult or generated less income than working a standard job then there is an incentive not to go against the system so to speak.

I didn't know that part, sounds like a good idea. Maybe I will read some more about it.

[JackWebb]

I don't get the point of virtual currency.. I really don't. Much less one that has a finite number of currency in existence.. I just don't like the idea of having value represented by something that is not physically tangible.

It's as finite as "real" money or gold even. Money is divisible, bitcoin can be divisible to 8 decimal places which could potentially make it the most abundant currency on earth.

It's no more or less virtual than your credit/debit card. A Debit card is an electronic representation of physically tangible pieces of paper that are usually backed by nothing, that we call money.

What is happening in Greece, now Italy and soon all over the world, could never happen without the central banks (Think IMF). This is the main reason why I like this idea and why banks and governments hate it. No central authority (they can't controll it).. It's brilliant!

[JackWebb]

Only brought my AMD processor up to 20% usage

I tried it on a different machine and got similar results, steady 49-50% usage. Might have something to do with the first machine being a laptop (Intel Celeron) or just old..

Happy 4th!

Mine with GPUs not CPUs:

https://en.bitcoin.it/wiki/Why_a_GPU_mi ... than_a_CPU

Thanks Blood, I appreciate the help but this was just more or less and experiment on my part just to see how it all works. I don't really intend to do any actual mining. I may sell software, or offer computer services for Bitcoin. But that's about it for now.

Thanx Anyway,
Jack

[heartbone]

I find the following story somewhat hard to believe.

Where there's muck there's (virtual) brass: Newport man accidentally throws away hard drive needed to access £4m worth of 'Bitcoins'

I mean come on, no backup?

After all of that bit "mining"?