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.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.
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: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.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:
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.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:
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.
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.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.