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Bitcoin?

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Tskware

Heisman
Jan 26, 2003
25,293
22,077
113
Does anybody actually accept this crapola for payment for goods and services? Seems like the biggest scam I ever heard of. Who or what stands behind it? The full faith and credit of Bitcoinland?

Does any legitimate US business accept it for payment? None that I ever heard of.
 
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DSmith21

Heisman
Mar 27, 2012
8,297
13,024
0
Titcoin > Bitcoin. The preferred currency to maintain anonymity and foil wives and girlfriends from checking credit card statements for purchases of adult products/services.



https://en.wikipedia.org/wiki/Titcoin
 
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dgtatu01

All-Conference
Sep 21, 2005
8,673
2,622
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A family at our church has a son who ran a ponzi scheme around bitcoin. He took investors money to set up a mining operation so they wouldn't have to run the servers themselves then gave them fake account balances while he spent there money. He just got fined $12 million by the SEC and awaits sentencing for jail time.
 
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Phil McKracken

All-Conference
Oct 7, 2003
5,074
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hackers hijacking your computer systems and holding your information for ransom, those guys accept bitcoin for payoff.
 
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Hank Camacho

Heisman
May 7, 2002
28,007
11,263
113
dgtatu01 said:
A family at our church has a son who ran a ponzi scheme around bitcoin. He took investors money to set up a mining operation so they wouldn't have to run the servers themselves then gave them fake account balances while he spent there money. He just got fined $12 million by the SEC and awaits sentencing for jail time.
Click to expand...

ChiefPaduke an "investor" or nah?
 
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AustinTXCat

AustinTXCat

Hall of Famer
Jan 7, 2003
53,329
315,190
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Looking seriously at Ethereum mining with a couple colleagues from work. AMD (old ATI) cards appear promising, especially when scaled. Aware of recent cryptocurrency market sell-offs and crashes, but went there previously 13 years ago with RC5, Folding and SETI, yet that was for fun on primitive hardware. Distributed.net was located here in ATX. Prefer using Linux rather than Windows. Must crunch numbers from the financial side before fully committing. Estimate a base rig can set you back ~$900 with one card.

Recommend using a profit calculator prior to making the leap.
 
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WayneDougan_rivals170043

Heisman
Jan 28, 2007
20,397
30,168
0
Ron Mehico said:
People talking about mining for bitcoin makes me feel so stupid and out of touch it's amazing. Literally have no idea or concept of whatever the hell that is or means.
Click to expand...

I'll tell you what's interesting - and I'm not trying to come across as super intelligent on this as I heard the story on the radio - but there is a big arbitrage play going on right now to mine for bit coins.

I don't really know how exactly you "mine" for them, but I think you are basically running algorithms on your computers to get them, which by the way supports maintaining the platform for bitcoin. At any rate, the algorithms you run take so much computing power nowadays that it costs more in electricity to mine a bit coin than the bit coin is worth.

But if you had free electricity, you could mine all you want, right? Well in Venezuela, you have free electricity as it is subsidized by the government. So people are setting up bit coin mining operations in Venezuela.
 
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anon_l8pbkn96tg3j6

Guest
I was curious so I bought a little to play with. Ever since, trips to the bank seem completely absurd. The unattended ATM drive that just sits there 24/7, lines to access your account, hoping the people behind me don't just follow me after a withdraw, having to speak aloud identifying information to the teller, just to name a few paranoias bitcoin has created for me. Since it has been bid up so much, the user experience as a currency has waned . . . but once you use it it's super easy to see how something like this could change the world.
 
AustinTXCat

AustinTXCat

Hall of Famer
Jan 7, 2003
53,329
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WayneDougan said:
I'll tell you what's interesting - and I'm not trying to come across as super intelligent on this as I heard the story on the radio - but there is a big arbitrage play going on right now to mine for bit coins.

I don't really know how exactly you "mine" for them, but I think you are basically running algorithms on your computers to get them, which by the way supports maintaining the platform for bitcoin. At any rate, the algorithms you run take so much computing power nowadays that it costs more in electricity to mine a bit coin than the bit coin is worth.

But if you had free electricity, you could mine all you want, right? Well in Venezuela, you have free electricity as it is subsidized by the government. So people are setting up bit coin mining operations in Venezuela.
Click to expand...
Well, in theory, indeed, free electricity should represent a huge incentive for Bitcoin in Venezuela. However, realistically speaking, Venezuelans contend with rationed electricity.

Iceland is preferable due to cheap electricity, cold climate and reliable internet connectivity.
 
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