Digital CryptoCurrency

[whyrms]

Originally Posted by BMW..

You can't "crack" the encryption. Once you crack it then it rewards you with a block of coins. If someone were to crack the same key it would not reward you. It would be already used up

Yes, you can, well not You, but someone else who's knowledgable enough, can. It is highly unlikely, but small exploits could be found and abused. Someone can generate a stack overflow and give themselves millions of bitcoins using a tweaked mining code. Example of someone coming close: https://bitcointalk.org/index.php?topic=822.0

of course it hasn't been done yet, because if it did, well, we wouldn't be here talking about bitcoin anymore would we?

[kmarei]

Originally Posted by MediaArtist

Why are you being dishonest? Mining isn't guaranteed. It's all a game of chance. My $5,000 actually buys me $5,000 worth of Google as a company. Your $5,000 buys you a glorified high powered PC that you could have probably built yourself for half the price for the CHANCE of possibly solving the BitCoin problems which MAY give you a coin, or you could get 75% of your potential mining yield, or maybe 50%, maybe less. Mining is still based on chance and percentages.

Also another thing you failed to bring up.

How much will that hardware be worth when BitCoin transactions drop another 70% like they have since November? What happens when transactions go below 10,000, or go to 5,000?

What is the likelihood of that vs the likelihood that Google will suddenly implode as a business?

I would rather carry $5,000 of a company that is literally approaching a monopoly in the information world than some over priced hardware that has a "chance" of mining a BitCoin which has rapidly depreciating value.

I'm not being dishonest, if I was, I would not have invested my own money in this
I actually understand the bitcoin concept, I am not sure you do
Mining profit can be calculated with great certainty.
It's dependant on current difficulty level, and your hashing power.
You can actually predict your return with a lot more certainty than stocks.
The numbers I stated wove was not a guess
Had you really invested in bitcoin hardware you would have made more money than google stock.
This is not forecasting, I'm going on actual pricing for the past 30 days

First of all the high powered PC you refer to is a custom built computing device designed to do one thing, but it does that thing exceptionally well.
It's not the same as a highly speced PC. And in that one task, would run circles around the highest spec server available on the market.
I know because I have tried running this software on a server, and it sucked.

When you start mining as part of a pool of miners
Basically a large amount of machines, you get small portions of finding bitcoins
So if 10 machines find a bitcoin, you would split it 10 ways etc
So the faster your machine, the larger portion you get.

Besides the hardware is not overpriced
How can you say it's overpriced, what are you comparing it too?
A PC?
An ipad?
It's nothing like either machine.

Lets make this fun
I just bought 2 hardware miners for $4131
If you want, buy google stock for that amount
And let's talk after about 2 months
And see how much the $4131 is worth?
If you are so sure your google stock is a better investment, then this should be an easy win for you
If I turn out to be right, then you see the light

Think of this exactly like gold mining
Could they tell with certainty that they would find gold?
Could they predict how much money they would make?
No
But for those that made it, they made it big

[kmarei]

Originally Posted by whyrms

Yes, you can, well not You, but someone else who's knowledgable enough, can. It is highly unlikely, but small exploits could be found and abused. Someone can generate a stack overflow and give themselves millions of bitcoins using a tweaked mining code. Example of someone coming close: https://bitcointalk.org/index.php?topic=822.0

of course it hasn't been done yet, because if it did, well, we wouldn't be here talking about bitcoin anymore would we?

The risk is to all electronic transactions
Whether stocks, bitcoins, or even using your credit card at target
There is an inherent risk in all of them

But even the link you posted, the exploit was patched in 5 hours
It's been a few days now for the target credit card hack
And no resolution in sight.

In other news, green candles everywhere for lite coins. Maybe they can hit 45 once more. Then I'll be a happy camper

[kmarei]

Originally Posted by BMW..

In other news, green candles everywhere for lite coins. Maybe they can hit 45 once more. Then I'll be a happy camper

You're talking to someone who's worth over 0.3 litecoins

Originally Posted by kmarei

You're talking to someone who's worth over 0.3 litecoins

Bitcoin for you lite coin for me. Either way our interests are directly proportional and so far it has been a good day. I would get in on lite coins now. Considering that mtgox will adopt it soon and coin base after that it'll shoot
Up

[Maestro]

if you can buy a woman with bitcoins then it much be the real thing

http://www.dailydot.com/business/bri...ting-bitcoins/

[Kiemyster]

Originally Posted by kmarei

You're talking to someone who's worth over 0.3 litecoins

These guys just dont get it. You are on point 100% with the mining. I am educating myself about it right now and cant wait to get my first set of systems up in running. There is nothing I love more than making technology work for me. Keep doing what your doing, and I look forward to seeing a post of your future fleet of M cars on this same post letting us know you made it

[MediaArtist]

Originally Posted by Kiemyster

These guys just dont get it. You are on point 100% with the mining. I am educating myself about it right now and cant wait to get my first set of systems up in running. There is nothing I love more than making technology work for me. Keep doing what your doing, and I look forward to seeing a post of your future fleet of M cars on this same post letting us know you made it

Yeah we don't get it. BitCoin hit $450 last night, (recovered a little bit to $503), but still down. One of the largest BitCoin exchanges in the world is insolvent and took $350,000,000 of BitCoin with it. It's founder has disappeared.
http://www.coindesk.com/mt-gox-loses...red-insolvent/

Hope none of our local "investors" got burned.

I still look forward to seeing your guys "fleet" of M-Cars, and letting us know how rich you guys made it.

[MediaArtist]

Of course, my Google call which I documented here months ago, so you know I just didn't make it up like some people may do when they "claim their gains":
http://www.e90post.com/forums/showpo...5&postcount=58

... is up $326 per share since I bought, and I'm up over $24,000 in a little less than 6 months. I didn't have to buy a $15,000 mining machine, I didn't have to spend time making sure it kept running, or wasting electricity, or worrying that all my BitCoin would be stolen, or lost in huge insolvent exchange. Nope, just sat here on my computer clicking my mouse a few times.

[miiipilot]

http://news.yahoo.com/bitcoin-exchan...1--sector.html

I say it's a ponzi/pyramid to MLM scheme.

Even actual currency is a legal criminal enterprise...add in this type of crypto-currency. I'm sure this guy is loving life in a non-extradition country.

"Mt. Gox was a founding member and one of the three elected industry representatives on the board of the Bitcoin Foundation." ---sounds legit.

Trust me, I want quick cash too, but to quote Gordon Gecko, "Wake up, will ya, pal? If you're not inside, you're outside, okay?

Be careful all

[Myrder]

Funny that all the previous bitcoin/digital currency supporters are now quiet...

[justinnum1]

Anyone who used mt.gox is a fucking moron. that site was originally designed to trade magic cards.

[grimlock]

Originally Posted by justinnum1

Anyone who used mt.gox is a fucking moron. that site was originally designed to trade magic cards.

[upstatedoc]

whoops...

glad i didn't cash in my 401 on this...

[MediaArtist]

Originally Posted by Myrder

Funny that all the previous bitcoin/digital currency supporters are now quiet...

The silence is telling!

These guys were in this thread claiming "I'm going to buy a brand new fleet of M-Cars" from BitCoin gains, and other lofty high expectations and suckering other people onto the bandwagon. Then when the call goes extremely bad, they are nowhere to be seen, basically disappear, and hide their faces from the thread.

Guys who think they're going to be filthy rich by speculating on CryptoCurrency.

[kmarei]

Originally Posted by Myrder

Funny that all the previous bitcoin/digital currency supporters are now quiet...

right now I have mined about 9 bitcoins
I am not down
the price is down now, but that doesn't mean I have lost
I wasn't in this for short term profit

keep in mind when the Chinese banned bitcoin
the price went down, and it recovered

when the Russians did the same
it went down and it recovered

the price right now on coinbase is $588
so it has recovered, again

mtgox was a rip off when I first started getting into bitcoin
I was buying bitcoins for $600 when they were selling them at $800
made no sense to me then, nor now

if you read up on mtgox, they are currently down
but the bitcoins that were stored there are safe
so its simply a matter of the site reorganizing and they will be back in business

not sure why you are so against crypto-currencies
maybe you are scared of what you don't understand?

[kmarei]

Originally Posted by MediaArtist

The silence is telling!

These guys were in this thread claiming "I'm going to buy a brand new fleet of M-Cars" from BitCoin gains, and other lofty high expectations and suckering other people onto the bandwagon. Then when the call goes extremely bad, they are nowhere to be seen, basically disappear, and hide their faces from the thread.

Guys who think they're going to be filthy rich by speculating on CryptoCurrency.

you do realize that the $350,000,000 in bitcoins that were hosted at mt gox were all cryptocurrencies right?
and that was 6% of the available bitcoins on the market
so you really think you know more about this than the people who generated all that income?

[MediaArtist]

Originally Posted by kmarei

you do realize that the $350,000,000 in bitcoins that were hosted at mt gox were all cryptocurrencies right?
and that was 6% of the available bitcoins on the market
so you really think you know more about this than the people who generated all that income?

What income? You mean the $350,000,000 of crypto currency that disappeared into thin air?

if you read up on mtgox, they are currently down
but the bitcoins that were stored there are safe
so its simply a matter of the site reorganizing and they will be back in business

Right, they'll be back in business any day now.

I'm glad you're sticking to your guns Kmarei, let me know when you get that new fleet of M-Cars.

[kmarei]

Originally Posted by MediaArtist

What income? You mean the $350,000,000 of crypto currency that disappeared into thin air?



Right, they'll be back in business any day now.

I'm glad you're sticking to your guns Kmarei, let me know when you get that new fleet of M-Cars.

again
if you read
it hasn't disappeared into thin air
when the site returns the bitcoins will still be there
they had issues with their transfer system, and some users were abusing that to profit
so they shut it down to figure out what the issue was
and they will be back

i'm not getting a fleet of M cars
anymore than you are with the money you made on google stock
but at least I am open minded enough to try new things

[MediaArtist]

Originally Posted by kmarei

again
if you read
it hasn't disappeared into thin air
when the site returns the bitcoins will still be there

Mt. Gox lost 744,408 Bitcoins, according to a document posted to the Internet that appeared to be an internal strategy paper. The exchange “can go bankrupt at any moment, and certainly deserves to as a company,” according to the paper, which was posted online by blogger Ryan Galt.

A person briefed on the situation at the company, who asked to remain anonymous because the document is internal, said he believed it is authentic. It lists no contact information and no one has publicly verified its legitimacy at Mt. Gox, which hasn’t answered an e-mail and voice message seeking comment today.

Seems awfully weird that one of the biggest exchanges in the world would suddenly shut down and be offline for days. I mean if it was just "maintenance" as you claim, then surely there is a more elegant way to do so?

Also, don't confuse me for someone who doesn't support cryptoCurrency, I'm actually a supporter, but I am not a supporter of speculative investments. There is a difference.

i'm not getting a fleet of M cars
anymore than you are with the money you made on google stock

Well no, but I'm certainly closer than 9 bitCoins.

[Myrder]

Originally Posted by kmarei

right now I have mined about 9 bitcoins
I am not down
the price is down now, but that doesn't mean I have lost
I wasn't in this for short term profit

keep in mind when the Chinese banned bitcoin
the price went down, and it recovered

when the Russians did the same
it went down and it recovered

the price right now on coinbase is $588
so it has recovered, again

mtgox was a rip off when I first started getting into bitcoin
I was buying bitcoins for $600 when they were selling them at $800
made no sense to me then, nor now

if you read up on mtgox, they are currently down
but the bitcoins that were stored there are safe
so its simply a matter of the site reorganizing and they will be back in business

not sure why you are so against crypto-currencies
maybe you are scared of what you don't understand?

I'm not anti crypto. Go back and read my posts. I just like more solid investments. Seeing as you said it would cost $5k to get a miner you appear to be just breaking even. As opposed to the example floating around of investing the 5k into Google at November prices $1035 you would be up a little over $1,000.

I welcome a digital currency one that can be used worldwide. I think if bitcoin is going to be that one, it has a lot of hurdles still.