The Bitcoin Group #34 – Silk Road Bitcoin Sale, Expedia Accepts, Sean’s Outpost, BitGive, D.C.

Market demand will force exchanges to remove “Troll boxes”. They are
unpleasant and the general public will move to exchanges that don’t have
them. BTC-e is popular because of the lack of exchanges with
USD/EUR/CNY/GBP. Troll boxes won’t exist in two years.

Can someone explain to my how the Gov’t selling off Bitcoins drove the
price down?

What would happen if the richest 3% of elite pour all their money into
bitcoin?
Value of bitcoin in economic crisis?



1:45 “no transaction fees” – bitcoin has fees.

Raspberry Pi for Bitcoin mining. Wow! Thats insane. Moreover its on
industrial scale. With all the Servers and huge amount of electricity, the
person is still making millions.

A LOOK INSIDE AMERICA’S LARGEST BITCOIN MINING OPERATION

#RaspberryPi #RPi #Bitcoin #Digital #Currency #Mining 

you know youre a geek when you know that was a HAF 922 coolermaster.

So, basically he spent million dollars on a supercomputer, now it’s
rentabilized it isn’t worth shit.
… there should be a lesson here.
I said there should be a witty moral or something about bitcoins and all.

Yep, utter waste of electricity to do the job of a just a few computers (an
glorified ledger). It’s nothing like “mining”, it’s a lie, it’s a
distributed and syndicated gamling system. It’s a lottery, there are no
skills or useful “calculations”, they’re doing random numbers and nothing
more. The ledger part (the worthless part) is simply bolted on top to
obfuscate this fact, because for sure, everything that bitcoin does can be
done in a more efficient and centralised system or hybrid.

One day people are going to learn how bitcoin functions and they are going
to see the lie it is.

Now cue the comments, finger pointing at “greedy bankers” and shouting “QE,
QE”, because if only they can show how bad the current fiat system is, it
would somehow boost their own argument (very childish argument). The
current money system may not be working very well, it may not even survive
that long, but to suggest bitcoin is our saviour would simply be jumping
from the proverbial frying pan and into the fire.

People, please do the research, learn how it functions beyond the wallet,
and you will see the lie this is. If you see people replying, saying I
don’t know what I’m talking about, question them, dig deeper, see for
yourself.

Imagine what a working quantum computer would mine.

Scam coin. I cant believe all the people that believe in this shit. Useless
data that people can make hate home. It has no value. At least paper money
you can use to snort coke, wipe your ass, start a fire, make a hand held
fan to cool yourself on a hot day, make origami, bundle into a ball and
throw it at people who use bit coins and handkerchief. The best part of
cash is the government can’t track you use with if vs bitcoin.

Nice.. He MIGHT get 1 bitcoin a year with all that

Bit-coin is going to be around for a long time. What people need to
understand is that there are some philosophical economic problems with
Bit-coin. I also understand that the US dollar is a disaster. By no means
am I defending the US dollar.

The reason Bit-coin will always have problem is because:
1. It is produced by labor and power (spent computer cycles) that are
worthless, nonredeemable, and do not perpetuate the economy.

2. There are now over 100 cryptocurrencies and growing, so there is no
limit to how much cyptocurrency can be created, just like the US dollar.

3. Hackers are at some point will be a threat to the system.

Issue 1. In more detail.
Lets say I decided create my own real world currency based on the
Bit-coin model. So what I did is take pile of rocks, and told everyone that
I would issue them currency if they moved the rock back and forth between
two destinations.
I don’t believe my currency would have any value, even though it was
created by labor. It would not have value because moving the rocks serves
no purpose, and doesn’t create a valuable resource in our economy.

Backing your money with resources that have value in our economy makes
more sense. It could be anything, but I’m going to use gold and silver as
an example to make my point.

Like Bit-coin it takes a lot of labor to mine gold and silver. But the
difference from Bit-coin is that gold and silver are a valuable resource in
our world. Spent computer cycles are not.
Gold and silver can be used for many things, including money, for dental
and medical, jewelry, electronics ect… things we need, want, and use in
every day life. Things we purchase in our economy. Things that make our
life easier and better. The labor used to extract precious metals like gold
and silver creates a “Valuable” resource.
Bit-coin is essentially spent computer cycles, and the created spent
computer cycles have no other value in our economy because as humans we
have no use for spent computer cycles. If we need unspent computer cycles
we purchase a computer, which by the way has a lot of gold and silver in
it.
I hope this helps you all understand why cryptocurrencies will never be
stable in the long run. Bit-coin is no different than the US dollar that
became a fiat currency in 1971 under the Nixon administration.
Put your money in more tangible valuable resources. There are thousands
of valuable item in this world. Real estate, precious metals and stones,
ect…
What we need it a competing currency with the US dollar. A currency
backed by a valuable resource. I few states are now implementing a
competing currency with the US dollar as a fail safe for when the US dollar
collapses.

cool part is transactions can work down less than whatever one coin is
worth, since its digital you can pay down to the cent or more i think. so
even though one coin is worth 1k or less or around 500 right now?
you can still buy ordinary items or food wherever the coin is accepted. now
if you could take a dollar and divide it however many times you want, you
wouldnt need so many different types of coin value like dimes and nickels.