For God's sakes... why aren't we discussing Bitcoin?

Honestly, this should be revolutionary for a site like Sythe. Sure it is volatile at the moment, but with payouts diminishing rapidly, the currency can only experience deflation (in the long run).

Let's talk about Bitcoin. If you're knowledgeable, submit relevant information. If you have questions/no idea wtf it's about, post questions and we'll get you some answers.

Go!

edit: also fail@ "sakes" in thread title oh well >.<

 

http://sythe.org/showthread.php?t=1141212

I have a question. How much money can you make "farming" btit coins with an average computer

 

I am on a laptop, as such I dont even have a dedicated graphics card which means I have to rely on my processor for "mining." As such, my mining rates are terribly low, so I do not mine myself. General Kerr is a miner here, as are others; your question can best be answered by defining more clear specifications for an "average computer."

 

Honestly there was a Bubble like that in Russia in the 90's. A guy made his own "currency" which worked the same way.

 

My PC is pretty good, so I decided to give it a go. However, I couldn't get the miner working.. When I click start mining, nothing happens. :|

 

A bubble like this also happened in 1637 Holland - it lasted a few months and then popped and a lot of people lost everything.

 

@Rawr, same here, but idk, it might be mining it just doesnt have a very good means to display the progress? Are you using GUI miner?

edit:

To all the skeptics, calling this a 'bubble,' well... obviously! I don't think anyone doubts that Bitcoin is experiencing an influx of interest with a slower, constant rate of currenccy generation, thereby creating a so-called 'bubble.' But bubble might imply that this will "pop;" while the price is sure to fluctuate significantly in the long run, the fact of the matter is, payouts are going to decrease and complexity is going to increase. If you're in it for the long run, Bitcoin will be a good option.

It is, however, an excellent exchange currency for use in short-term purchases (i.e. rs gold and accounts!). It cannot be charged back, like paypal, and therefore it is a medium we Sythers should be promoting.

 

Yes, that's what I'm using. However, it says stopped in the bottom right.. Doesn't look promising.

 

We aren't talking about it because it's a useless e-currency that will fail. BitCoin reminds me of e-gold, which never has nor will take off.

BitCoin is completely useless, it's more of an investment than a currency. People can essentially "print" their own money by "mining". I realize there are "sophisticated algorithms" behind it to make sure it is mined at sustainable rate, but why?

The day when major online retailers start accepting BitCoin is the day that I'll deflate my head and admit I was wrong, but since that day will never be here, I can keep inflating my giant air head.

In short, it's an online currency made up by (a) random person/people in efforts to probably make themselves money.

 

I'm not sure if it will ever become a currency used by retailers or large corporations, but this currency is certainly unique and incomparable to previous online currencies. The fact that Bitcoins aren't issued by a centralized authority means, automatically, there is a finite supply and no enterprising entity that can 'mint' more and more currency and thus inflate the supply. It's new, obviously it isn't the most prevalent currency, but it's the thinking that you and other skeptics display that halts its ubiquity.

If you're denying it's usefulness in quick, <$100.00 transactions on the internet, you and I are of a distinctively different opinion. I appreciate your contributions to this thread, though.

 

Also, to those saying it will crash/die out... this currency cant really die out. As long as people are using the application and actively trading Bitcoins, it will long remain a productive currency.

There has been many mentions of speculation and investment; this is very predominant in today's Bitcoin economy for sure. As some have expressed to me before, it's a bit daunting to think some people could mine many Bitcoins a day back when it first started, and there's no doubt that "first-comers" benefitted enormously from the subsequent hikes in Bitcoin value. But you've gotta look beyond the speculation/flipping aspect and look at it more generally as an excellent medium to transact virtual goods without gross fees or government/corporation involvement.

 

I really want to get my miner working now :<

 

Does the bandwidth used go towards a meaningful purpose?

PS Hey it's ET

 

That's a big point of contention with Bitcoin. Technically, yes; your computer's processing power actually contributes to the processing of transactions and other elements of the system, but from the information I've seen, the majority of it is... 'unproductive.' It is not like the Stanford experiment (folding, I think?) where you're processing power contributes to cellular research.

PS awshit nukka i gotst the liver umad??

 

Hm alright. I'm worried that people will be able to mine an unfair amount of coins, but hopefully not. An online currency like this sure looks like a good idea though.

PS You got the liver, but I got the rib cage.

 

If you use Bitcoin I would request that you include the thing I put in my signature below; itll help us network buyers and sellers.

If you havent heard of Bitcoin, now is probably the best time its ever going to be to get involved.

also @phil lol u ginner.

 

So, I'm interested and have an okay computer that doesn't run games very well but if I did just mining it would probably be fine, so how do I start? That I personally don't know and it would probably help other people here who are interested.

 

you need a good graphics card because iirc mining relies on GPU