bitcoin

[Jordan311]

So I just bought 1 bitcoin yesterday. I should have done it months ago, but oh well. It was $1,011 when I bought it and today it's valued at $1,099 at the time of this post.. Let's hope it keeps rising. All indications seem to show that it will.

What do you guys think about bitcoin?

Later

[fatlip]

it's the same thing as the stock market

[dj3stripes]

So I just bought 1 bitcoin yesterday. I should have done it years ago, but oh well.

Later

fixed.




yup, I know a few people who've put down payments on a house because of bitcoin. I've never gotten into it myself but am kicking myself for not having done so.

[Smoke]

kicking myself too... 5 years ago when I first learned about it

Started a bitcoin operation on my PC in March, have about a 10th of a bitcoin mined. Stopped. that was at like $68... now theyr'e 1k

Frankly Jordan, you're nuts for buying one for 1k.

[Jordan311]

Not really, though. At the rate it's going we're still bound to see some pretty big increases in the future.


Later

[Smoke]

Ok.
If you don't think dropping a grand on this virtual currency when it was only $68 8 months ago is a bad idea

then, hey man, it's your money! better virtual currency than Blow

[Jordan311]

hey I wish I would have jumped at it months ago. but that doesn't matter at this point. I keep seeing it go up, and every time I do I wish I had bought. So I was tired of always kicking myself so I'm getting in on it now. We haven't seen the highest price on bitcoin at this point. Not nearly. I hope anyway. Could be wrong. There's still profit to be made even at $1k buying in and really in terms of my bankroll that isn't very much and I can afford to lose it worst case scenario.


Later

[Smoke]

hey I wish I would have jumped at it months ago. but that doesn't matter at this point. I keep seeing it go up, and every time I do I wish I had bought. So I was tired of always kicking myself so I'm getting in on it now. We haven't seen the highest price on bitcoin at this point. Not nearly. I hope anyway. Could be wrong. There's still profit to be made even at $1k buying in and really in terms of my bankroll that isn't very much and I can afford to lose it worst case scenario.


Later

You should've spent that 1k on bitcoin mining machines if you really wanted to make money from it.

[Jordan311]

haha

[Smoke]

haha

a weeks worth of mining from my own PC while I was sleeping/working netted me about $160 with coins valued at $1k. You're the one who dropped real money on a virtual currency.

[dj3stripes]

did it set you back much after costs of running the pc?

[Smoke]

Initially, it was a wash.

with them valued at $1k, I definitely made money. I wish I would have continued doing it for the last 6 months kind of money. I really didn't see it reaching this high a price this quickly. I expect the bottom to completely fall out of it.

[logosteel]

This idiot is still trying to understand the mining part of it. Care to elaborate/dumb it down?

[Smoke]

put simply

You have your computer run a program that uses your CPU/Video card processing power. This processing power crunches numbers, think of the SETI@home program. The crunching of numbers has the opportunity to have a hidden code in it which is a "bitcoin". The chances of one person actually mining a bitcoin is pretty much not going to happen without some major computing power. So what you do is join a group, I think the group I was in was about 1k+ people. These 1k plus people all are mining and they share the bitcoins based on their mining % in comparison to the total mined by the group. So if 1k people are mining, but I have a super computer mining 24/7 and actually do 10% of the mining of the group. If a bitcoin is found I get 10% of it since I put more towards the mining.

The more coins found, the harder it is to find a coin, so increasing computer power must be used to find one.

[logosteel]

That helps, thanks smoke.

[$lmjimy311]

Smoke, what I don't get though, is who makes code? How is it made? how many codes are there? I get the shell of it, but I don't understand the core.

[Station]

GIMME THE CODES

[Smoke]

Smoke, what I don't get though, is who makes code? How is it made? how many codes are there? I get the shell of it, but I don't understand the core.

That is much more difficult to answer. But I'll try (I'm not an expert)

everyone who is mining bitcoins is doing so from the same code, the more bitcoins found and the more computing power to find bitcoins increases the difficulty of finding a bitcoin exponentially. a Bitcoin can only be found by brute forcing the code, which just means trying thousands of algorithms to crack it. There is no rhyme or reason, just trial and error. Which also means those with the most raw computing power are more likely to find a bitcoin (ie... a super computer over a home PC). And within the next year, likely means only those with bitcoin mining mchines are likely to find them. At a certain point the amount of energy used + pc parts + time will make it not worthwhile to mine them on a PC.

or watch this

http://notsketchy.me/what-the-fuck-is-bitcoin/" onclick="window.open(this.href);return false;

[dj3stripes]

Trending at about 715.5 USD per btc now.

[$lmjimy311]

this all makes my brain hurt