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Thread: "Hacker money" - Bitcoin

  1. #26
    Member
    Registered: Mar 2001
    Location: Ireland
    I don't get the idea of mining. All that processing power could be used for something useful (or notorious, such as breaking RSA encryption), but it seems they're just wasting it to do calculations for the fun of it, to prove you've "done work" to "earn" the BitCoins.

    However, GPUs crunching numbers at 100% load eat up a fair amount of electricity. So, basically, any large-scale adoption of BitCoin and a growth of dedicated mining farms would be bad for the environment - wasting huge amounts of electricity for no good reason.

  2. #27
    ZylonBane
    Registered: Sep 2000
    Location: ZylonBane
    Quote Originally Posted by Yakoob View Post
    which, if the case, will never catch on then since 99.9% of people don't even know what a hard drive is.

  3. #28
    Member
    Registered: Feb 2001
    Location: Panopticon
    Quote Originally Posted by Hesche View Post
    It sounds like an awesome concept, especially their claim to be more stable than the current monetary system with its spectacular crash 3 years ago.
    The 'monetary' system collapsed? Do tell.

  4. #29
    Member
    Registered: Sep 2010
    Quote Originally Posted by Nameless Voice View Post
    I don't get the idea of mining. All that processing power could be used for something useful (or notorious, such as breaking RSA encryption), but it seems they're just wasting it to do calculations for the fun of it, to prove you've "done work" to "earn" the BitCoins.
    Aren't the calculations done to validate transactions or something?

  5. #30
    Member
    Registered: Mar 2001
    Location: Ireland
    As far as I understood it - the documentation on all that stuff is really bad and unclear - the calculations are just "proof of work", it's some arbitrary piece of work you do to be deemed to have "earned" the money. I may be wrong.

  6. #31
    Member
    Registered: Jun 2004
    Which is still retarded because your "work" is not work at all but keeping your computer idle. And, as I said, what's stopping someone making a hacked mining program that tells the network you have done "work" every split second, thus earning you shitton of coins?

  7. #32
    Member
    Registered: Mar 2001
    Location: Ireland
    It doesn't work like that, though. Basically each group of computers running the software are trying to solve some specific problem, and the one that solves it first gets the coins. The computer isn't idle, it's doing pointless work trying to solve that pointless problem.

  8. #33
    Yeah, you idiot, the currency hasn't collapsed yet.

    The hyperinflation along with rioting, looting, and a total collapse of society will come later this year.

  9. #34
    Member
    Registered: Jun 2004
    Quote Originally Posted by Nameless Voice View Post
    It doesn't work like that, though. Basically each group of computers running the software are trying to solve some specific problem, and the one that solves it first gets the coins. The computer isn't idle, it's doing pointless work trying to solve that pointless problem.
    But whats stopping one computer from saying "I solved it!" when it hasn't, or if its an answer verified by a 3rd PC, having the 3rd PCr create a fake problem with a known answer that a hacked computer can thus instantly solve?

    And sorry I meant idle in the sense the user is not doing jack shit, the pc is just sitting there in a corner churning away.

  10. #35
    Member
    Registered: Mar 2001
    Location: Ireland
    I think all the computers in the cloud check up on each other, or something. As I said, the documentation was either too vague to too technical, I didn't really understand it.

  11. #36
    Member
    Registered: Aug 2004
    Quote Originally Posted by CCCToad View Post
    The hyperinflation along with rioting, looting, and a total collapse of society will come later this year.
    But it'll happen spiritually, rather than physically. Like the Rapture.

  12. #37
    Member
    Registered: Oct 1999
    Location: Australia
    Here's an interesting take on where bitcoin may be headed: http://timothyblee.com/2011/04/19/bi...usion-problem/

  13. #38

  14. #39
    Member
    Registered: Aug 2004
    Was that supposed to have something to do with something in this thread?

    Allow me to very roughly paraphrase what Glenn Greenwald said about Obama's promises to reign in the Patriot Act as president:

    "You thought a sitting president would voluntarily reduce their own power? HAHAHAHAHAHAHAHAHAHAHAHA!"

  15. #40
    Member
    Registered: Jun 2004
    It worries me how increasingly sentient the bots are becoming...

  16. #41
    Cuddly little misanthropic hate machine
    Registered: Aug 2004
    Location: someplace better than this
    They may not actually be bots. RPS has a number of spammers who cannot be gotten rid of because they're real people posting about shoes for kings.

  17. #42
    Member
    Registered: Mar 2001
    Location: Ireland
    SkyNet won't come into existence because of a secret military AI - it will be formed by the merging of sentient spambots.

  18. #43
    Member
    Registered: Nov 2005
    While not wanting to be like all the other currencies bitcoins sure acts like one.

    Digital Black Friday.


    Quote Originally Posted by Daily Tech
    But as bad a day as Friday was for NYSE traders, it was far worse for those who invested in an increasingly popular digital currency -- Bitcoins (BTC). At the opening bell at Mt. Gox, the world's largest Bitcoin exchange, a single BTC cost $28.919 USD. By mid-day that total had plunged to $20.01 USD -- a drop of 30.8 percent.
    Judging from the amount of trades made on Friday a fair amount of people must have invested in bitcoin.

    Quote Originally Posted by Daily Tech
    Well, today on Mt. Gox alone, approximately $2M USD in Bitcoins were bought and sold in 5,871 trades. That's unusual in and of itself -- only a total of $19M USD in trading volume occurred over the past six months.
    Also PayPal draining the market liquidity by shutting down bitcoin purchases may have contributed to the market crash.

    This article links to a discussion on bitcoins which I started reading, got bored, scrolled down and found a good summary of the discussion:

  19. #44
    Member
    Registered: Mar 2001
    Location: Ireland
    Don't post XKCD without also adding the alt text.

  20. #45
    Member
    Registered: Oct 1999
    Location: Australia
    Quote Originally Posted by Fingernail View Post
    They would do well (as would everyone, actually) to watch Adam Curtis's current documentary series on BBC 2, "All Watched Over By Machines of Loving Grace"....
    Such a very amazing link!

    Seriously though, great watch. I'm up to the second part now, fascinating material.

  21. #46
    Member
    Registered: Jun 2004
    It looks like Bitcoin is picking up quite a bit of publicity, which may be just what it needs to snowball to an unstoppable size and become a permanent fixture in the global economy. Interesting times ahead of us folks... interesting indeed.

    I'm still too skeptical to use it due to its hackability, lack of central authority meaning you can spawn parallel but incompatible bitcoin networks, and the fact you can lose all of your life savings in a single hard drive crash. But it's definitely not something than can be dismissed anymore with a wave of a hand.

  22. #47
    Previously Important
    Registered: Nov 1999
    Location: Caer Weasel, Uelekevu
    It's sperg coin for people who can't spot a pyramid. Honest to god, I've been up to my eyes in threads on Other Forums wherein this is being discussed by economists, and the general consensus is "lol"

    Totally dismissable via hand-waving. EMINENTLY so.

  23. #48
    Member
    Registered: Jun 2004
    But you see Gingerbread Man, it doesn't matter how economically hollow or stupid the idea is; if enough people start using it, it WILL pick up steam, whether your professional analysts like it or not. How many stupid discredited shit has become big in the past due to sheer popularity and public pressure, much to everyone's surprise?

  24. #49
    Previously Important
    Registered: Nov 1999
    Location: Caer Weasel, Uelekevu
    It's an attractive thought, but actually I think "none" is the right answer to that. The problem here is not the sheer ludicrousness of the system. Or that it is run off the bones of a defunct Magic: The Gathering card trading system. Or the fact that this is what Nigerian Scams look like when white people do them.

    This is just like trading cards, but without the card at the end of it. It's like casino chips, except that the value of them is unknown. The system is built on an a scam framework even if it isn't being used that way, and already a SINGLE INTERNET FORUM POST managed to cause a crash of something like 30%. And it wasn't even a public forum.

    Anyway, read this for batshit craziness when it comes to justifying, defending, and just plain making up economic idiocy as they go along... http://forum.bitcoin.org/index.php?topic=57.0

    If you think this is an actual economy (even that it could be if more people were into it), or bears any resemblance to an economic system that is more real-world sustainable and viable than virtual trading cards, then I really should warn you about multi-level marketing before you end up homeless.

    Actually, the whole "this would probably be good if more people got on board" is precisely what the people who got in at the bottom and who have the most stored BitCoins and the same average chance (if not better, considering their mining operations) as collecting more as anyone else, want everyone to say. Look at the projected release schedule, think of it in terms of proportion.

    Honestly.

    Stop wasting brane on this.

  25. #50
    Previously Important
    Registered: Nov 1999
    Location: Caer Weasel, Uelekevu
    also wait are they actually calling it Mt. Gox? Instead of M:tGOX? It's the old Magic:The Gathering Online Exchange ffs. There are neckbeards in it.

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