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I think the time to get into it was about 6 months ago, and the bubble may already have burst.

It's still interesting food for thought.
 

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It's not lupus.
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I think the time to get into it was about 6 months ago, and the bubble may already have burst.

It's still interesting food for thought.
Bitcoins dropped from 32 to 11 in the past day or so... The fall in price probably had more to do with the fact that, as the price rose, people became increasingly more nervous that it would plummet and closer to thinking they needed to cash out. Once there was a slight depression, people panicked Wallstreet style and cashed out.
 

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Not understanding this... if it has no actual gold/silver value, how can it be traded for actual currency? I don't know of any place that accepts bitcoin, I have never heard of this until now. I'm tempted to download it, but scared it some type of scheme. :lol:
 

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It's not lupus.
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Not understanding this... if it has no actual gold/silver value, how can it be traded for actual currency? I don't know of any place that accepts bitcoin, I have never heard of this until now. I'm tempted to download it, but scared it some type of scheme. :lol:
I'd imagine that it would be similar to the way people buy and sell currency for games like Second Life... only without the game attached to it :spock:
 

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Not understanding this... if it has no actual gold/silver value, how can it be traded for actual currency? I don't know of any place that accepts bitcoin, I have never heard of this until now. I'm tempted to download it, but scared it some type of scheme. :lol:
Its an internet based fiat currency that some guys think will be the only form of currency left after a worldwide economic collapse.

Exactly as stupid as it sounds. :lol:
 

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Tr00 Kvlt
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Well, I did a little more info, and though it may not be the world currency "mining" is tempting. 1 bitcoin is worth $16 right now on the site you can cash them out for actual USD. Too bad you need a super GPU server to be able to do it. :lol:
 

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Well, I did a little more info, and though it may not be the world currency "mining" is tempting. 1 bitcoin is worth $16 right now on the site you can cash them out for actual USD. Too bad you need a super GPU server to be able to do it. :lol:
No. People have done research on this and it costs more in electricity bills and other costs to "mine" one bitcoin than the bitcoin is worth.

Just stand back and laugh at it like everyone else. :lol:
 

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BTW, I was reading about this when the story broke a couple days ago and the only reason anyone is actually making money off this nonsense is because the Russian Mafia uses bitcoins to launder relatively large amounts of money (seriously). Not that large in the grand scheme of things, but tens of thousands of dollars for sure.
 

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Tr00 Kvlt
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I don't think online currency is a bad idea, but I also don't think bitcoin is going to be The online currency. Too bad I didn't know about this when it first started and the "puzzles" were easier, I could've saved up a shitload of bitcoins and cash them out since apparently 50 Bitcoins is somehow worth $850 USD. :shrug: Not saying I don't think that is stupid its worth that much, but if someone wants to give me $850 for something of no value....cool.
 

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A universal/worldwide currency is a horrible idea. Exchange rates exist (in part) to help prop up countries with failing economies. Anybody who knows anything about economics would never even entertain the idea of a worldwide currency.

I don't know enough to say if an internet currency is a good idea or not, but Bitcoin is going about everything wrong.
 

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Lol I was wondering when that would happen.
 

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Dude on another site said:
Well the MTGOX pasword database(DB)was compromised. They have a Unix MD5 for your password, your username and password and email address. So people have already bruteforced hundreds of passwords. This DB was also released to the public.

The same idea of using GPU power to generate BTC hashes can be used to crack these passwords. Since such a common encryption method was used, some big rainbow tables could be used against this DB also.
 

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Does anyone know how long it takes to generate a single bit coin anyway? I know it depends on the machine being used, but how is it even worthwhile? Can I generate 1 bit coin per day with a $800 Quadro FX graphics card?

That'd be an interesting proposition, if the bit coin is worth $15-20.
 

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Tr00 Kvlt
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Does anyone know how long it takes to generate a single bit coin anyway? I know it depends on the machine being used, but how is it even worthwhile? Can I generate 1 bit coin per day with a $800 Quadro FX graphics card?

That'd be an interesting proposition, if the bit coin is worth $15-20.
If I'd had known about this 6 or more months ago, I could have made some serious $$ off of this, but now you need basically a super GPU machine to be able to "mine" and if you're lucky you'll get 2 coins a day with your machine. At this point its getting hacked, and I don't see it lasting much longer. Now would be the perfect time to cash out for USD and forget about it IMO. With "mining" people are basically creating these giant GPU machines (that were the exact same type of machines used to hack that bitcoin site ironically...something doesn't sound right about that) specifically for mining bitcoin.


also the "difficulty" randomly goes up and down so some days/weeks you could get 2 a day, others you may get way less.
 
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