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  1. #1
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    BitCoins: Haven't heard about them? You need to read this.

    If you haven't heard, or read about them yet, its time you start.
    For 2 years people thought I was crazy for believing that there was potential for financial gain here. Most people still do, but that's ok, I like it that way

    Here's what the article I linked ( http://www.foxnews.com/tech/2013/03/...cies-in-value/ ) isn't telling you about
    A couple months ago, when BitCoins first began to rise fairly rapidly, there was a new wave of technology released, BitCoin ASIC (Application Specific Integrated Circuit) hardware. To put it plainly super fast mini computers, designed to do one thing and one thing only, to process BitCoin blocks. They do this about one thousand (1,000) times faster than any hardware we've been able to use before. This is what first started increasing the value.
    http://bitcoinmagazine.com/asicminer-starts-hashing/

    Now, let's take a look at all that's going on in Cyprus right now, which is based on the Euro. Their government is trying to take a portion of all their money in the banks to solve their financial Woe's. Take look at this article.
    http://beforeitsnews.com/conspiracy-...y-2449574.html

    So, the wealthier investors in Cyprus are getting hit harder, and are looking to, if they haven't already "hide" some or all of this money from the government. Or you could say they're looking to move their investments around to make them more profitable. So where are they moving this money to? Bitcoins: (See Here) http://www.cnbc.com/id/100597242
    So, there's evidence in front of you. How would you monetize upon it? Demands going up, and what happens when supply can't keep up? The value goes up, and up. Keep watching, now that BitCoins have the world's attention, there's going to be some very interesting things happening.

  2. #2
    US-Kel'Thuzad(A)
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    I'm pretty enamored with bitcoin. At the very least, I suggest everyone to read up about it, it's quite fascinating.

    One thing that really annoys me with the bitcoin community is that they're all anarchists OR refuse to understand that taxes still need to be paid. Regardless of the society, everyone must make contributions of some sort.

    I'll be heading to my buddy's place in a couple months when he gets his Avalons, maybe I'll post pics here.

    Quote Originally Posted by Insomniac View Post
    To put it plainly super fast mini computers, designed to do one thing and one thing only, to process BitCoin blocks. They do this about one thousand (1,000) times faster than any hardware we've been able to use before. This is what first started increasing the value.
    From my limited understanding, difficulty adjusts as to keep supply constant, always. This shouldn't affect the price of bitcoin.
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  3. #3
    Developer - The Undermine Journal
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    Quote Originally Posted by Insomniac View Post
    A couple months ago, when BitCoins first began to rise fairly rapidly, there was a new wave of technology released, BitCoin ASIC (Application Specific Integrated Circuit) hardware. To put it plainly super fast mini computers, designed to do one thing and one thing only, to process BitCoin blocks. They do this about one thousand (1,000) times faster than any hardware we've been able to use before. This is what first started increasing the value.
    http://bitcoinmagazine.com/asicminer-starts-hashing/
    Increased supply with unchanged demand would drop value.

    I have some bitcoins. They're handy. I wouldn't buy a bunch just because the value is going up; another price crash is probably coming soon. The current high value is nice, though. BTW, TUJ accepts bitcoins for notifications subs.

  4. #4
    US-Kel'Thuzad(A)
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    Quote Originally Posted by Erorus View Post
    Increased supply with unchanged demand would drop value.
    I'm 90% sure bitcoin supply is designed to be constant, if total hashing power increased 100 fold overnight, difficulty would adjust and supply wouldn't change. The people with ASICs have a higher percentage of the total hasing power, and so reap more rewards than others. I'd need confirmation on that though.
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  5. #5
    Sapy on US-Tichondrius(H)
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    Quote Originally Posted by Sterling View Post
    I'm 90% sure bitcoin supply is designed to be constant, if total hashing power increased 100 fold overnight, difficulty would adjust and supply wouldn't change. The people with ASICs have a higher percentage of the total hasing power, and so reap more rewards than others. I'd need confirmation on that though.
    Yes, that is true. Supply is designed to be constant, about 1 new block every 10 minutes. See https://en.bitcoin.it/wiki/Mining#The_Difficulty_Metric for more info.
    Last edited by Sapu94; March 30th, 2013 at 04:33 PM.


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  6. #6
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    LoL first post I've made in a long time and I grab the attention of not only Sterling, but Erorus, and Sapu. Feel like I'm being watched.....Should have posted some good porn with this lol.

    Ok, so if supply is designed to stay constant and demand goes up (as it is) wouldn't that drastically increase the value of bitcoins? Not arguing my original point, just trying to verify this hypothesis. There's a total of 10,960,275 in circulation, but there's only 33k available on MtGox for USD, and 2.2k for EUR, the rest have amounts so minute I find them to be irrelevant. I looked over, on BitCoinCharts yesterday for a rough estimate of the BitCoins available on other exchanges, but can't double check them right now as bitcoincharts.com is returning a "502 Bad Gateway". My point here is, I don't believe there's enough BitCoins available for purchase to meet the demand of Cyprus if that makes sense?

    @Erorus : I know, that's how I used to pay for my notifications

  7. #7
    Wind Trader Emeritus
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    Quote Originally Posted by Insomniac View Post
    LoL first post I've made in a long time and I grab the attention of not only Sterling, but Erorus, and Sapu. Feel like I'm being watched.....Should have posted some good porn with this lol.
    Haha actually if anything it shows you how much we enjoy procrastinating in the off-topic forum section :P
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  8. #8
    Saurfang (H)
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    Wait but what is the value of bitcoins tied to? It sounds like there are no manufacture limits so whats to stop them becoming worthless due to infinite supply? I understand the same is true to RL currencies but at least their value is backed by gold reserves.

    p.s I am an economics noob so please reply accordingly

  9. #9
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    Quite fun: (link removed)

    Edit by Sterling: the site was sold to a guy that inserted malware.
    Last edited by Sterling; November 18th, 2013 at 05:16 PM.
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  10. #10
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    I noticed on the news yesterday that a couple of sites storing/dealing in Bitcoins were hacked which has put a huge bump in the price and one site (instawallet) is down indefinitely.

 

 
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