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Bitcoin - Peer to Peer currency

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Re: Bitcoins - Peer to Peer currency

disarray said:
informative article HERE from a systems admin who is using his schools pc's as a bitcoin mining farm. explains in simple terms the concepts and processes behind it.

the Mt. Gox Bitcoin Exchange has market rate at US$18.15
Click to expand...

"Right now I’m making a Bitcoin about every five days."

He must just be CPU mining. Mining with your graphics card is the way to go these days. They can mine at a rate 30 times a cpu. I have a computer with a 5870 and that makes a bitcoin about every 2 days currently.
 
Re: Bitcoins - Peer to Peer currency

I forgot to mention earlier that the GLBSE Global Bitcoin Stock Exchange is up and running :) Fully self regulated and ungoverned, and operating without any licences or approvals etc etc.

Its the wild wild west over in BC world :cowboy: these guys are making it up as they go along, creating a virtual world to go along with their virtual currency....and yet somehow its working.

http://glbse.com/
 
Re: Bitcoins - Peer to Peer currency

So_Cynical said:
I forgot to mention earlier that the GLBSE Global Bitcoin Stock Exchange is up and running :) Fully self regulated and ungoverned, and operating without any licences or approvals etc etc.

Its the wild wild west over in BC world :cowboy: these guys are making it up as they go along, creating a virtual world to go along with their virtual currency....and yet somehow its working.

http://glbse.com/
Click to expand...

Perhaps this virtual world has a virtual regulatory body with virtual watchdogs, marshals etc.
 
Re: Bitcoins - Peer to Peer currency

Now up to circa $26 per coin :eek:
 
Re: Bitcoins - Peer to Peer currency

Bitcoin has fallen from its 30 USD high last week to a more reasonable 15 USD...the recent 30 USD high attracted alot of main stream media attention, resulting in half assed reporting and the usual main stream media beat up...like this write up at CNN money.

The clock is ticking on Bitcoin http://tech.fortune.cnn.com/2011/06/17/the-clock-is-ticking-on-bitcoin/

This article is a little more realistic.

Bitcoins: Currency of the Geeks http://www.businessweek.com/magazine/content/11_26/b4234041554873.htm

And the funny BC photo of the week come from this thread.
http://forum.bitcoin.org/index.php?topic=18397.0
~
 

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Re: Bitcoins - Peer to Peer currency

So_Cynical said:
Bitcoin has fallen from its 30 USD high last week to a more reasonable 15 USD...the recent 30 USD high attracted alot of main stream media attention, resulting in half assed reporting and the usual main stream media beat up...like this write up at CNN money.
Click to expand...

Personally I think a reasonable rate is $0...so I suppose $15 is more reasonable than $30.
 
Re: Bitcoins - Peer to Peer currency

skc said:
Personally I think a reasonable rate is $0...so I suppose $15 is more reasonable than $30.
Click to expand...

It got pretty close to 0 yesterday! Some large account got hacked on the biggest bitcoin exchange MtGox and sold off all the coins down to 0.01.

"The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST).

One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale, and ensure this account is secure before opening access again."
https://support.mtgox.com/entries/2...-due-to-a-compromised-account-rollback?page=3

EDIT: BTW the hacking didn't comprimise the security of the bitcoin network, just the site where they are traded.
 
Re: Bitcoins - Peer to Peer currency

Tim_54321 said:
It got pretty close to 0 yesterday! Some large account got hacked on the biggest bitcoin exchange MtGox and sold off all the coins down to 0.01.

"The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST).

One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.

Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale, and ensure this account is secure before opening access again."
https://support.mtgox.com/entries/2...-due-to-a-compromised-account-rollback?page=3

EDIT: BTW the hacking didn't comprimise the security of the bitcoin network, just the site where they are traded.
Click to expand...

This is pretty bad for bitcoin. Current holders have to be pretty brave to not be shaken by this...

I thought Bitcoin might fail due to underlying economics (or there lack of) but it could just as well fail due to the enabling structure being not up to scratch...
 
Re: Bitcoins - Peer to Peer currency

ive written this somewhere else on the 'deep web' (lol) maby i havent read enough on it or fully dont grasp the picture but this was my initial thoughts..

lets just examine this...

-real money is endorsed/backed by govt, despite it being fiat it is still widely accepted
- money is exchanged for productive work, investing (cash returns - rent, dividend, royalties), or in some cases purely speculation
- in the case of speculation ie stocks it is still usually backed up by a physical item, net tangible assets of the company, business cash flows etc.
- this system was allegedly brought about by those upset with the US Fed (tin hat crews) and the large devaluation of the USD (actually private banks do more harm to money supply excesses but thats for another time), so in revolt against fiat money they create a form of money backed by nothing, created out of knowhere... strong logic..
- also if its such a rebellion against the USD, how come the the only thing that gives this value is that it is backed or valued in USD???


other points:
- people that have bought into this 'clever' marketing will violently reject any rational commentary to debate against there position.. Ask yourself how abusive property flippers, new home owners etc were around 2005 in the US if you mentioned that the property bubble would burst.. talk about emotions over reason.
- fools and there money are soon parted
- the originators or ones in the know will be well and truly out of this fraudulent system leaving its disciples with the 'cheque'.


what the fcuk are blocks or proof of work, what is running your computer all night actually acheiving?!?? People will always be suckered into the notion of getting something for nothing, a product of the welfare state (free lunch society) that the western world is slowly becoming.
 
Re: Bitcoins - Peer to Peer currency

MtGox got hacked...not good, not good at all...talk of half a million BC gone. :dunno: and all account holders info posted online at hacking sites...good to see that Google was quick on the job with email password resets.

--------------------------

Edit:

Looking at the Stolen list of account details...amazing that my account was one of the first 2500 accounts made at Mtgox out of 60000...i was in on the ground floor, a first mover and yet made nothing.
 
Re: Bitcoins - Peer to Peer currency

Nothing to see here, move along.

Bitcoin founder takes bitcoins to show the CIA.

Bitcoins start ramping from 1-2USD to 8USD on Mt Gox shortly after that.

Stories start appearing in the news to get people interested in bitcoins:

* Bitcoin miner busted by cops who thought his power consumption was for growing weed
* SIlk Road buy drugs on bitcoin
* Hitmen, kiddie pr0n, prostitutes using bitcoin stories
* Bitcoin tech stories about how it is supposedly "anonymous", "secure" etc.

By now bitcoins gone from 8-12 to 20-30.

...

This was a pump and dump folks, someone with access to the press got all cartel on the bitcoin markets ****.

My speculation is that the CIA recognised they had access to a hard limit market (just like the good old days), where they could easily gain control over a large portion of the supply of bitcoins. The original developer alone holds 25% of all bitcoins ever mined, and combined with his 6 developer team, they hold over 50%!
 
Re: Bitcoins - Peer to Peer currency

This thread is very interesting on the bitcoin forum

http://forum.bitcoin.org/index.php?topic=20207.0

Someone managed to subpenny the 0.01 bids at 0.0101 and grabbed 250,000 bitcoins during the crash and posted their version of events.

The author of the that thread has made some interesting observations and accusations, worth a read for anyone interested in the story.

Sort of reminds me of May 6 flash crash dissection with nanex.
 
Re: Bitcoins - Peer to Peer currency

sinner said:
This thread is very interesting on the bitcoin forum

http://forum.bitcoin.org/index.php?topic=20207.0

Someone managed to subpenny the 0.01 bids at 0.0101 and grabbed 250,000 bitcoins during the crash and posted their version of events.

The author of the that thread has made some interesting observations and accusations, worth a read for anyone interested in the story.

Sort of reminds me of May 6 flash crash dissection with nanex.
Click to expand...

That thread is 15 pages...in one day!!!!!!! phenomenal.

a quote

The site stopped responding completely for a while, probably from so many people hitting refresh to see what was going on. When I got back in, I saw in my account:

06/19/11 17:51 Bought BTC 259684.77 for 0.0101

I had just purchased over 250,000 bitcoins for $2613. At the trading price immediately before this large sell order happened, that number would have been worth nearly $5 million. After I regained my breath, I tried to figure out what to do. I wasn't sure what was really going on.
Click to expand...

This is the sort of stuff ya just never see on ASF or other proper stock sites.
 
Re: Bitcoins - Peer to Peer currency

skc said:
I think bitcoin will fail pretty quickly.

Now if only I can short bitcoin - the chart is looking like a classic bubble. :2twocents
Click to expand...

Hey my theoretical short (30 May) is now in the money! After being down 3x initial capital that is.

The old saying "The market will stay irrational longer than you can stay solvent" rings true.

bitcoin.2011.png
 

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