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Phrost
4/04/2013 4:50pm,
This, the F is a Bitcoin. Keep in mind that when this was originally made, Bitcoins were worth around $6. They're currently worth $130.


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In the past 15 minutes after getting around to setting up everything, I've mined about $0.05 worth (by current prices). That's just with a laptop.

Now, is this something that can make you rich? Hahaha, no. But the concept of Cryptocurrency is what is interesting here, and Bitcoin is the first real proof of that concept, with over a $US Billion already circulating.

But why would I want a crypto-whatever currency when I've got perfectly good dollars that are worth exactly as much as some group of unelected guys say they're worth?

Because the idea behind an untraceable, uncontrollable medium of exchange excites those people who believe in a little concept we used to call "freedom", and pisses off the people who either a.) want to have monetary control over others or b.) those who are so chickenshit in their own lives that they're scared of a world where there isn't centralized control over things.

Also, I read The Diamond Age (http://www.goodreads.com/book/show/827.The_Diamond_Age) and the idea of an untaxable, untraceable system of distributed currency gives me an scifianarchocapitalistlibertarian nerd boner.

How can I get involved?

Go to Bitcoin.org and read up on things; you have to be mildly non-retarded to set up a miner, and if you're chugging along on a Pentium from 1997, you're going to have a bad time. But for a few minutes of your time and brain power, you can participate in something on the absolute cutting edge of technology, even if the whole goddamn thing goes bust like so many tulip bulbs.

Besides, once you get it set up right, it just runs on its own. And those of you who have computers that are on all the time anyway, you might as well be putting them to use for something that has tangible results (instead of searching for aliens who somehow never developed digital technology).

If you do hop on this dubious bandwagon, there's a Bullshido team on btcguild.com's pool. A pool is a group of miners that share their processing to mine coins and then distribute the proceeds based on participation; a much better system for casual miners.

submessenger
4/04/2013 4:54pm,
It would be nifty to set up a Bullshido mining pool/team.

Phrost
4/04/2013 4:59pm,
It would be nifty to set up a Bullshido mining pool/team.

Just did. There's a team on BTCGuild. Now a pool would be a whole other thing... but I can barely keep this place running so someone else would have to set that up.

submessenger
4/04/2013 5:15pm,
I'm game. When I return from SF, next week, I'll get smart on the server pieces.

Fuzzy
4/04/2013 5:18pm,
I'm up for giving this a trial run. Will leave GUIMiner running over the weekend and see what comes out.

Phrost
4/04/2013 5:55pm,
I'm up for giving this a trial run. Will leave GUIMiner running over the weekend and see what comes out.

Guiminer never broke 10 MH/s for me, but CGminer's doing well over 100 on the same machine with which I'm typing this.

Tranquil Suit
4/04/2013 6:08pm,
What happens when 21 million has been mined?

Coach Josh
4/04/2013 6:26pm,
Real **** or bullshit? Is this a tracking thing or an actual serious thing?

Phrost
4/04/2013 6:43pm,
What happens when 21 million has been mined?

Deflation? I don't Economics.


Real **** or bullshit? Is this a tracking thing or an actual serious thing?

It's a real thing. There are a billion dollars worth of Bitcoins in circulation already. The price has gone from around $10 per 1 BTC when I first heard of this, to $130 per 1 BTC.

Rivington
4/04/2013 7:29pm,
What happens when 21 million has been mined?

Five lucky bitcoin-holders are issued golden tickets to meet Ron Paul in his magic chocolate factory.

Tranquil Suit
4/04/2013 7:34pm,
Five lucky bitcoin-holders are issued golden tickets to meet Ron Paul in his magic chocolate factory.

Okay, and now the serious answer.



By the way, do you realize how little 21 million is? I mean we got 8 millijard people.

If you are in possesion of even 1 bitcoin, that'd put you in the new 1%

Phrost
4/04/2013 7:47pm,
Okay, and now the serious answer.



By the way, do you realize how little 21 million is? I mean we got 8 millijard people.

If you are in possesion of even 1 bitcoin, that'd put you in the new 1%

Guess that's good that I have 0.00104281 BTC.

Tranquil Suit
4/04/2013 7:56pm,
D'oh. So it's not an integer value.

KiwiPhil889
4/04/2013 8:25pm,
Maybe I'm old,maybe I've been punched in the head too many times but the whole bitcoin thing doesn't really make sense to me.

Bitcoins are "gathered" by me doing nothing other than leaving my computer on and letting it run some free software??

..and all that software does,in conjunction with other computers running the same kind of software, is solve an equation??

...and when that equation is solved we get given some bitcoins (or portions of bitcoins) which we can then exchange for real world stuff??

...all while i was eating a cheese sammich and playin X box??

sazahko
4/04/2013 8:46pm,
Maybe I'm old,maybe I've been punched in the head too many times but the whole bitcoin thing doesn't really make sense to me.

Bitcoins are "gathered" by me doing nothing other than leaving my computer on and letting it run some free software??

..and all that software does,in conjunction with other computers running the same kind of software, is solve an equation??

...and when that equation is solved we get given some bitcoins (or portions of bitcoins) which we can then exchange for real world stuff??

...all while i was eating a cheese sammich and playin X box??
As far as I'm aware, that's just how the currency is generated. The real beauty of this is that it allows for low-cost transfer and storage of funds between different currencies, etc., and it's money that can't be screwed with by anyone who's not you or the guys running the program. So no banks, no oversight, just you, your money, and your subsequently ever-growing supply of black market Twinkies. ...Or whatever the hell people spend their free money on currently.

-Sazzy

Phrost
4/04/2013 9:05pm,
http://www.youtube.com/watch?v=Um63OQz3bjo