Author Topic: Bitcoin - the currency of the internet. (Read 27463 times)

Streetwalrus · « **Reply #45 on:** November 28, 2013, 02:03:46 pm »

Yeah it seems so. Now, actually making money out of it would be kinda hard.

Sorunome · « **Reply #46 on:** November 28, 2013, 02:40:13 pm »

Well, with that much fluctuation you can make bits of money in only a matter of hours

Streetwalrus · « **Reply #47 on:** November 28, 2013, 03:14:11 pm »

I was talking about mining.

Sorunome · « **Reply #48 on:** November 28, 2013, 03:15:43 pm »

Oh, yeah, with mining you hold the truth - unless you want to get yourself some bitcoin farm...

Streetwalrus · « **Reply #49 on:** November 28, 2013, 03:22:49 pm »

* Streetwalker buys a ton of ASICS for mining

Sorunome · « **Reply #50 on:** December 01, 2013, 05:10:21 pm »

Ok, what's up with the bitcoins today, they are like on a rollercoaster ride

DJ Omnimaga · « **Reply #51 on:** December 01, 2013, 05:46:50 pm »

I heard that Bitcointalk was down earlier and some people feared that Bitcoin was on the verge of vanishing off the face of the earth, so it was total panic among a few people.

Sorunome · « **Reply #52 on:** December 01, 2013, 05:47:43 pm »

Yeah, they went from 1200 down to 850, back up to 1010 and now they are at 980

DJ Omnimaga · « **Reply #53 on:** December 01, 2013, 05:48:42 pm »

It would really suck if the owners of Bitcoin decided to just pull the plug with everyone's money. We never know who's hiding behind those keyboards. >.<

Sorunome · « **Reply #54 on:** December 01, 2013, 05:50:38 pm »

Bitcoins are de-centralized, there is no owner

Juju · « **Reply #55 on:** December 01, 2013, 05:51:17 pm »

It's decentralized, so it's kinda hard to pull the plug on Bitcoin. The only way it could shut down is if every single user stopped using it.

DJ Omnimaga · « **Reply #56 on:** December 01, 2013, 05:52:42 pm »

Oh ok, I thought that somebody just ran that as some sort of company, so I feared that if at one point, enough people bought bitcoins to invest for potential profit later, that they could just decide to disappear with everyone's money before they get to resell their bitcoins.

Sorunome · « **Reply #57 on:** December 01, 2013, 05:53:41 pm »

Well, the decentrilization is actually one of the things that make the bitcoins so awesome IMO because there is no gouverment or anything behind it regulating it, its value is only based on what people think it is worth.

ElementCoder · « **Reply #58 on:** December 02, 2013, 04:04:54 am »

I'm still a little confused about the whole bitcoin stuff

How can it be regulated when anybody can edit the code and use it. What if a whole lot of people decided to use a modification that allows for more than the 21 million currently set as limit? Or am I completely misunderstanding it?

willrandship · « **Reply #59 on:** December 02, 2013, 04:12:05 am »

Element, you could do that but you would be using a different currency, not bitcoin. Bitcoin has an agreed-upon protocol, and the chain of transactions always trace back to valid origins of the money.

You can't fake more money without spoofing the ENTIRE chain of transactions. Plus, to do so would require the same approach as mining, as far as getting resources to work with, and would take FAR more computing power. It earns more money to mine than to cheat, and the difficulty vs payoff scale is aimed at keeping it that way.

I would say bitcoin is more useful as a long term investment than a short term investment, given its growth pattern. Short term behavior is volatile.

Really, though, there are better investments.

Author Topic: Bitcoin - the currency of the internet. (Read 27463 times)

Streetwalrus

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Sorunome

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Streetwalrus

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Sorunome

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Streetwalrus

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Sorunome

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DJ Omnimaga

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Sorunome

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DJ Omnimaga

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Sorunome

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Juju

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DJ Omnimaga

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Sorunome

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ElementCoder

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willrandship

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