Cryptocurrency Mining

MaliA · **Posted:** Tue Feb 25, 2014 11:20

Trooper wrote:

And I disagree back *2, turn around, touch the ground, no returns.

People aren't using it right now though. People are talking about it, people are mining for it, people are doing publicity stunts around letting someone "buy" a car with it, but people aren't actually using it for a currency.

Apart from to buy illegal services and substances.

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49232

http://www.takeaway.com accept it. If you can swap bitcoin for pizza, it's a currency.

Trooper · **Joined:** 4th Mar, 2010 **Posts:** 22266

Bamba wrote:

Trooper wrote:

Cras wrote:

It doesn't need to be backed by something physical, it needs to be backed by faith in its longevity/stability. It's possible to get to that point (based on the enthusiasm of evangelists) without any collateral backing, but stuff like the Mt Gox hack really doesn't help.

I disagree. To get the faith it has to be backed by something physical.

No, for people to have faith in it you just need to be able to exchange it for something they already have faith in (i.e. an existing currency) which is already possible.

That's my original point. Show me someone who has converted their virtual fortune into actual money.

myp · **Posted:** Tue Feb 25, 2014 11:25

Cras wrote:

http://www.takeaway.com accept it. If you can swap bitcoin for pizza, it's a currency.

Only if it's laundered using ecstasy pipes!

Bamba · **Joined:** 25th Jul, 2010 **Posts:** 11128

Trooper wrote:

Bamba wrote:

Trooper wrote:

Cras wrote:

It doesn't need to be backed by something physical, it needs to be backed by faith in its longevity/stability. It's possible to get to that point (based on the enthusiasm of evangelists) without any collateral backing, but stuff like the Mt Gox hack really doesn't help.

I disagree. To get the faith it has to be backed by something physical.

No, for people to have faith in it you just need to be able to exchange it for something they already have faith in (i.e. an existing currency) which is already possible.

That's my original point. Show me someone who has converted their virtual fortune into actual money.

Why? Who cares? The test for a currency isn't whether someone has exchanged it for something else. I don't need to swap my bank balance into Euros for sterling to be legit right now. Seeing as you ask though:

http://www.theguardian.com/technology/2 ... -oslo-home

The guy exchanged a small amount of his BTC stash for enough 'real money' to buy a flat.

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49232

You can buy BEER with BITCOIN in a PUB.

http://www.individualpubs.co.uk/pembury/info.html

Done.

Curiosity · **Posted:** Tue Feb 25, 2014 12:07

You can buy wine with vouchers in a John Lewis.

Doesn't mean that JL vouchers are a legit currency.

Trooper · **Joined:** 4th Mar, 2010 **Posts:** 22266

Bamba wrote:

Trooper wrote:

Bamba wrote:

Trooper wrote:

Cras wrote:

It doesn't need to be backed by something physical, it needs to be backed by faith in its longevity/stability. It's possible to get to that point (based on the enthusiasm of evangelists) without any collateral backing, but stuff like the Mt Gox hack really doesn't help.

I disagree. To get the faith it has to be backed by something physical.

No, for people to have faith in it you just need to be able to exchange it for something they already have faith in (i.e. an existing currency) which is already possible.

That's my original point. Show me someone who has converted their virtual fortune into actual money.

Why? Who cares? The test for a currency isn't whether someone has exchanged it for something else.

Ummm... yes it is, that is pretty much the only test for a currency

Thanks for the link. I'm skeptical of the throwaway line at the end that he bought a flat with them, but at least it is something.

myp · **Posted:** Tue Feb 25, 2014 12:08

Curiosity wrote:

You can buy wine with vouchers in a John Lewis.

Doesn't mean that JL vouchers are a legit currency.

But you can buy Bitcoin with real money, just as you can buy vouchers with £ as well.

myp · **Posted:** Tue Feb 25, 2014 12:10

I had a point there, but I'm damned if I can see what it is now I've submitted my post.

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49232

I'm struggling to see what people might want from a currency outside of the ability to swap it for beer and pizza.

Grim... · **Posted:** Tue Feb 25, 2014 12:15

Cras wrote:

I'm struggling to see what people might want from a currency outside of the ability to swap it for beer and pizza.

The ability to tuck it into a stripper's suspender belt?

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49232

Got you covered.

Mr Russell · **Joined:** 6th Apr, 2008 **Posts:** 12243

Just seen a tweet saying the stolen bitcoins have been found.

myp · **Posted:** Tue Feb 25, 2014 12:21

Mr Russell wrote:

Just seen a tweet saying the stolen bitcoins have been found.

In the recycle bin, am I right?

Hello? I think Beex has gone down.

Grim... · **Posted:** Tue Feb 25, 2014 12:42

Cras wrote:

Got you covered.

That's in Portland, fool.

ROAD TRIP!

Kern · **Posted:** Tue Feb 25, 2014 21:12

Cras wrote:

I'm struggling to see what people might want from a currency outside of the ability to swap it for beer and pizza.

Alex Salmond agrees.

Mr Dave · **Posted:** Wed Feb 26, 2014 9:49

Kern wrote:

Cras wrote:

I'm struggling to see what people might want from a currency outside of the ability to swap it for beer and pizza.

Alex Salmond agrees.

ElephantBanjoGnome · **Joined:** 22nd Dec, 2010 **Posts:** 8175

And so, my £68 of bitcoin revenue, which I requested to transfer out of MtGox approximately one month ago, remains nowhere to be seen.

Strong odds it's lost. Given it was all virtualised jiggery-pokery I don't feel too bad about it, except a vague feeling of gladness that I didn't invest too much time into the nonsense.

Like a lot of things, there was a window to make a dickton of money before the bubble burst. I don't see how it can really recover from this. Even if the technical obstacles with coin security can be overcome, the trust is gone.

Curiosity · **Posted:** Thu Feb 27, 2014 0:28

ElephantBanjoGnome wrote:

And so, my £68 of bitcoin revenue, which I requested to transfer out of MtGox approximately one month ago, remains nowhere to be seen.

Strong odds it's lost. Given it was all virtualised jiggery-pokery I don't feel too bad about it, except a vague feeling of gladness that I didn't invest too much time into the nonsense.

Like a lot of things, there was a window to make a dickton of money before the bubble burst. I don't see how it can really recover from this. Even if the technical obstacles with coin security can be overcome, the trust is gone.

The potential for shouty people or large organisations with lawyers to make money remains intact.

There is still money to be made here. Trust is nothing in the face of avarice.

myp · **Posted:** Thu Feb 27, 2014 8:18

ElephantBanjoGnome wrote:

And so, my £68 of bitcoin revenue, which I requested to transfer out of MtGox approximately one month ago, remains nowhere to be seen.

Strong odds it's lost. Given it was all virtualised jiggery-pokery I don't feel too bad about it, except a vague feeling of gladness that I didn't invest too much time into the nonsense.

Like a lot of things, there was a window to make a dickton of money before the bubble burst. I don't see how it can really recover from this. Even if the technical obstacles with coin security can be overcome, the trust is gone.

Everything that I've read points to the fact this was a very badly run exchange, and that others have all come out and said they haven't experienced the problems of MtGox and their bitcoins are all secure.

MaliA · **Posted:** Thu Feb 27, 2014 8:54

http://www.businessinsider.com/senator- ... ban-2014-2
US senator agrees with MaliA. Expect plans to colonize Mars to be announced, soon.

myp · **Posted:** Thu Feb 27, 2014 9:04

MaliA wrote:

http://www.businessinsider.com/senator-calls-for-bitcoin-ban-2014-2
US senator agrees with MaliA. Expect plans to colonize Mars to be announced, soon.

Middle-aged American in 'knows as much as Mali about technology' shocker.

MaliA · **Posted:** Thu Feb 27, 2014 9:16

British Nervoso wrote:

MaliA wrote:

http://www.businessinsider.com/senator-calls-for-bitcoin-ban-2014-2
US senator agrees with MaliA. Expect plans to colonize Mars to be announced, soon.

Middle-aged American in 'knows as much as Mali about technology' shocker.

Not sure where you think I'm wrong, here, but if you're not going to explain where then I'm kinda stuck. We agree on the following:

Virtual coins enable anonymous transactions
Mining of these coins is verifying and allowing these transactions
Using virtual coins to anonymize transactions opens up black market opportunities
Virtual coin currency markets are unregulated
Virtual coin currency markets are volatile
Virtual coins offer good money laundering opportunities
When mining a user does not know what transactions they are verifying

myp · **Posted:** Thu Feb 27, 2014 9:28

MaliA wrote:

British Nervoso wrote:

MaliA wrote:

http://www.businessinsider.com/senator-calls-for-bitcoin-ban-2014-2
US senator agrees with MaliA. Expect plans to colonize Mars to be announced, soon.

Middle-aged American in 'knows as much as Mali about technology' shocker.

Not sure where you think I'm wrong, here, but if you're not going to explain where then I'm kinda stuck. We agree on the following:

Virtual coins enable anonymous transactions

You've gone wrong already. Any website which you provide your bitcoin address to can associate that with your IP address.

Like anything, you can go to lengths to make sure you are anonymous, but they're not by default.

Mr Russell · **Joined:** 6th Apr, 2008 **Posts:** 12243

When there was another, smaller bitcoin theft, people were tracking the coins live as they moved between accounts until they got them back.

I think they did that by donating 0.00001 of bitcoins to the transaction that was moving, so they could trace stuff.

MaliA · **Posted:** Thu Feb 27, 2014 11:31

British Nervoso wrote:

MaliA wrote:

British Nervoso wrote:

MaliA wrote:

http://www.businessinsider.com/senator-calls-for-bitcoin-ban-2014-2
US senator agrees with MaliA. Expect plans to colonize Mars to be announced, soon.

Middle-aged American in 'knows as much as Mali about technology' shocker.

Not sure where you think I'm wrong, here, but if you're not going to explain where then I'm kinda stuck. We agree on the following:

Virtual coins enable anonymous transactions

You've gone wrong already. Any website which you provide your bitcoin address to can associate that with your IP address.

Like anything, you can go to lengths to make sure you are anonymous, but they're not by default.

Are they likely to keep those records, though?

What about the rest of it?

Sell stuff for bitcoin
Transaction verified by other users
Dump bitcoins into exchange
Swap for dollars
Money comes out clean as "It was in the exchange and was earned thorugh mining"
Exchange unlikely to keep records as it isn't regulated and record keeping costs.

Trooper · **Joined:** 4th Mar, 2010 **Posts:** 22266

In reality, bitcoin is probably less anonymous than cash, or gold.

<puts on dark glasses>
<leaves suitcase under bench in central park>

myp · **Posted:** Thu Feb 27, 2014 11:42

MaliA wrote:

Are they likely to keep those records, though?

Yes, they're called logs.

Quote:

What about the rest of it?

Sell stuff for bitcoin
Transaction verified by other users
Dump bitcoins into exchange
Swap for dollars
Money comes out clean as "It was in the exchange and was earned thorugh mining"
Exchange unlikely to keep records as it isn't regulated and record keeping costs.

What you've described can already be easily done using USD or GBP (and is done on a regular basis). There will always be an element of crime in whatever system you use - it doesn't mean the system is inherently wrong or broken.

Curiosity · **Posted:** Thu Feb 27, 2014 12:10

Seriously guys? Bit coin is used to buy drugs online precisely because of the anonymity. You can put it through splitters that render it exceptionally hard to locate, else the multimillion Mr Gox thing would be simple to solve and prosecute.

ElephantBanjoGnome · **Joined:** 22nd Dec, 2010 **Posts:** 8175

Quote:

You've gone wrong already. Any website which you provide your bitcoin address to can associate that with your IP address.

Erm. Derp? Bitcoins can change hands between wallets without every having to interact with a website.

And, so what if they log an IP address? If people are inclined to criminal activity, do you really think they'll be logging on from their home ISP? Since when was the logging of an IP address the ultimate form of internet exposure?

MaliA · **Posted:** Thu Feb 27, 2014 12:12

British Nervoso wrote:

MaliA wrote:

Are they likely to keep those records, though?

Yes, they're called logs.

Quote:

What about the rest of it?

Sell stuff for bitcoin
Transaction verified by other users
Dump bitcoins into exchange
Swap for dollars
Money comes out clean as "It was in the exchange and was earned thorugh mining"
Exchange unlikely to keep records as it isn't regulated and record keeping costs.

What you've described can already be easily done using USD or GBP (and is done on a regular basis). There will always be an element of crime in whatever system you use - it doesn't mean the system is inherently wrong or broken.

So, you're agreeing with everything I said yesterday. It's good we're on the same page.

myp · **Posted:** Thu Feb 27, 2014 12:15

Curiosity wrote:

Seriously guys? Bit coin is used to buy drugs online precisely because of the anonymity. You can put it through splitters that render it exceptionally hard to locate, else the multimillion Mr Gox thing would be simple to solve and prosecute.

You can do that, it's not easy though, and it's not the reason for the currency existing. From the talk in this thread the impression is that bitcoin was set up by criminals on behalf of criminals.

In some ways it would be easier to launder money the traditional way. Bitcoin is not anonymous by default (in fact, it's easier to track cryptocurrency transactions than it is to trace 'normal' money transactions.

Kern · **Posted:** Tue Apr 01, 2014 9:11

Bitcoins burning a whole in your pocket? Spend them in Oxford!
http://www.thisisoxfordshire.co.uk/news ... in_market/

myp · **Posted:** Tue Apr 01, 2014 9:15

A hole hat?

Kern · **Posted:** Tue Apr 01, 2014 9:16

And I now have a horrible feeling that I have been taken in by April Fools' Day tedium. Although, knowing Oxford...

Trooper · **Joined:** 4th Mar, 2010 **Posts:** 22266

China banned bitcoin altogether recently, did it not?

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49232

How do you ban numbers?

myp · **Posted:** Tue Apr 01, 2014 9:30

Cras wrote:

How do you ban numbers?

It's so notorious that China's economy minister has been nicknamed 'Number Wang'.

Trooper · **Joined:** 4th Mar, 2010 **Posts:** 22266

Same way you ban twitter I expect.

MaliA · **Posted:** Mon Nov 27, 2017 7:41

http://www.thetelegraphandargus.co.uk/N ... y_Bitcoin/

House for sale for 10 bit coin.

GazChap · **Posted:** Mon Nov 27, 2017 10:13

I imagine the transaction itself would be done in £ though. I can't imagine the Land Registry are set up to support sales in Bitcoin, and you can be damn sure that if the sale was agreed for 10 bitcoin and then Bitcoin crashed the day before money was due to be exchanged, they wouldn't be so keen on accepting it.

Grim... · **Posted:** Mon Nov 27, 2017 10:19

If we'd spent $100 on BitCoin when itsallwater started this thread we could sell it today for $1,454.54

Oh, but wait! $100 would have cost you £60 instead of £80 (strong and stable).

I bought £81 ($100 at the time) of BitCoin back in September for a laugh - an hour or so before it fell off a cliff:

I sold it a couple of weeks back for £145, which is fucking insanity.

Kern · **Posted:** Mon Nov 27, 2017 10:21

MaliA wrote:

http://www.thetelegraphandargus.co.uk/NEWS/15683294.Bradford_firm__first_outside_London__to_list_house_for_sale_by_Bitcoin/

House for sale for 10 bit coin.

Money laundering?

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49232

Crypto currency mining currently used more electricity than Ireland.

Grim... · **Posted:** Mon Nov 27, 2017 23:20

Fucking hell, it's snapping at the heels of $10k now.

myp · **Posted:** Wed Oct 10, 2018 19:57

Best description of Bitcoin I've ever heard.

Bamba · **Joined:** 25th Jul, 2010 **Posts:** 11128

I've stolen that and posted it practically without comment on Facebook. Not because it's fair but because it'll probably seed fear in a lot of my idiot relatives, which seems to have become a weird hobby of mine.

TheVision · **Posted:** Wed May 05, 2021 18:06

If we'd have invested £100 in Bitcoin when this thread was started, we'd be sitting on £10,396 now according to a calculator I've just found.

I still don't get it...

TheVision · **Posted:** Wed May 05, 2021 18:10

A different calculator tells me that £100 worth of Dogecoin would now be worth £30,231.

Once more... I don't get it.

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Cryptocurrency Mining
Bitcoin,Litecoin,Dogecoin,etc.

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Be Excellent To Each Other

Cryptocurrency Mining Bitcoin,Litecoin,Dogecoin,etc.

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Cryptocurrency Mining
Bitcoin,Litecoin,Dogecoin,etc.