Bitcoin thread anyone?

[gnode]

Quote from newguy05:

what does this has to do with anything? i just called your bullshit and proved what a fucking idiot you are with your $280k a week wetdream, just admit you are full of shit and move on.

Actually you proved that you can't read.

For example, that graph shows the total ghash of all computers working on bitcoins. $1million, 833 top end computers, represents 1/8th of the productive capacity.

You are so wrong on your analysis it is laughable.

 

[Rehoboth]

Does anyone have an answer as to what they are trying to solve?

 

[Pekelo]

Quote from Rehoboth:

Does anyone have an answer as to what they are trying to solve?

Probably the encryption to your bitcoins wallet.

Seriously, nothing. If you just want to donate your free CPU time for a good cause, try this:

http://folding.stanford.edu/

 

[Random.Capital]

Quote from Rehoboth:

Does anyone have an answer as to what they are trying to solve?

They're trying to make money for themselves.

That's it.

 

[Rehoboth]

Quote from Random.Capital:

They're trying to make money for themselves.

That's it.

I would not be surprised if the recent hacks including the one into sony was not the result of all this cpu power being mined.

 

[stock777]

Quote from Pekelo:

The advantage of bitcoins is that you can be wiped out by a hacker much easier than using a credit card. And no bank will back your loses:

http://arstechnica.com/tech-policy/...-raises-questions.ars?comments=1#comments-bar

"Wiped out

The user known as "allinvain" is a long-time contributor to the Bitcoin forums. He says he's been mining Bitcoins for over a year, and had amassed a fortune of 25,000 BTC. This was a modest sum a few months ago, when Bitcoins were worth pennies, but over the last two months the value of a Bitcoin skyrocketed to around $20, which means 25,000 BTC would have been worth half a million dollars. "I remember watching the price like a hawk," he wrote.

And then disaster struck. "I just woke up to see a very large chunk of my bitcoin balance gone," he wrote. "Needless to say I feel like I have lost faith in bitcoin." He speculated that a Windows security flaw may have allowed the culprit to gain access to his digital wallet. "I feel like killing myself now," he said."

you belieive this?

 

[gnode]

Quote from Rehoboth:

I would not be surprised if the recent hacks including the one into sony was not the result of all this cpu power being mined.

Except that bitcoin is open source.

Here is the source code:
https://github.com/bitcoin/bitcoin

I suspect that if it were behind the Sony hack, the FBI/NSA juuuuust might find that link, download the code, and -read- it to see if that is what it is doing.

 

[Rehoboth]

Quote from gnode:

Except that bitcoin is open source.

Here is the source code:
https://github.com/bitcoin/bitcoin

I suspect that if it were behind the Sony hack, the FBI/NSA juuuuust might find that link, download the code, and -read- it to see if that is what it is doing.

Ok you clearly know more a ton about this then me. What exactly are the computations being done being used for?

 

[gnode]

Quote from Rehoboth:

Ok you clearly know more a ton about this then me. What exactly are the computations being done being used for?

In the simplest terms... it is figuring out/solving/discovering new bitcoins.

The best analogy I can think of is prime numbers. As you know, the larger you get in numbers the harder it is to find prime numbers.

Same deal with bitcoins. New bitcoins are literally discovered, similar to finding new bigger prime numbers.

Its like if Bernanke had to solve a rubik's cube to print new money. The rubiks cube itself has no inherent value... but just something that has to be done before new money is created.

 

[baggerlord]

It is kind of fun reading the bitcoin forum as price drops 20%. Such a naive crowd. And lol at them already starting namecoins so they have something else to mine. Give it a month and there will be 30 new "currencies".