Bitcoins! Who would have known?

[Sal Lubrano]

A coin is worth over 7 Grand today! Only in today's world could money be made out of thin air. Nothing backing it at all, just basic economics supply and demand. This is totally insane. Just read one transaction uses as much electric as a home for a week. Everyone is fighting for these coins.

 

[S10xGN]

A coin is worth over 7 Grand today! Only in today's world could money be made out of thin air. Nothing backing it at all, just basic economics supply and demand. This is totally insane. Just read one transaction uses as much electric as a home for a week. Everyone is fighting for these coins.

Not me! I know nothing about them and hope it stays that way.

Kinda like Google, $100+ billion in value, yet they sell no products. Nothing but a server farm and some smart (?) algorithms for searching and the markets perceive it as having that much worth...

 

[marleyskater420]

A coin is worth over 7 Grand today! Only in today's world could money be made out of thin air. Nothing backing it at all, just basic economics supply and demand. This is totally insane. Just read one transaction uses as much electric as a home for a week. Everyone is fighting for these coins.

How could an electronic transaction take as much electricity as a home for a week?

That makes absolutely no sense.

If it is a simple payment transaction it wouldn't take anymore electricity than sending some money via paypal...

 

[Mike T]

How could an electronic transaction take as much electricity as a home for a week?

That makes absolutely no sense.

If it is a simple payment transaction it wouldn't take anymore electricity than sending some money via paypal...

Went into a garage one time where the guy was "mining" bitcoins, he had dozens of servers set up and there was a lot of heat coming from them. His wife was also complaining about power cost.

 

[marleyskater420]

Went into a garage one time where the guy was "mining" bitcoins, he had dozens of servers set up and there was a lot of heat coming from them. His wife was also complaining about power cost.

Ah. Ok. The way I read his post it seemed like it was the cost of the transaction.

 

[MikeL.]

it's virtual money that can be used globally. I have 3 ATM's near me that will take bitcoins from your virtual wallet and convert it to cash and vice versa. More and more companies are accepting bitcoin, and other variants, for goods and services (Dish Network, Overstock.com, Viking Cruiselines). You tie your 'virtual wallet' to a savings/checking account similar to paypal. The issue now is that it's not Federally regulated, which I'm sure will change as they will want a piece of the action.

 

[marleyskater420]

it's virtual money that can be used globally. I have 3 ATM's near me that will take bitcoins from your virtual wallet and convert it to cash and vice versa. More and more companies are accepting bitcoin, and other variants, for goods and services (Dish Network, Overstock.com, Viking Cruiselines). You tie your 'virtual wallet' to a savings/checking account similar to paypal. The issue now is that it's not Federally regulated, which I'm sure will change as they will want a piece of the action.

Oh, I know what it is.

Tesla actually accepts it as payment as well.

The Winkelvoss twins from the Facebook movie, The Social Network, were actually some of the very first investors in bitcoin companies, specifically a company that allowed people to exchange money for bitcoins instantly...however that company got shut down for allegedly KNOWING that they were selling bitcoins to a person who SPECIFICALLY used them for sale to SilkRoad users.

Bitcoins are pretty cool when you think about the overall idea...a non-government controlled currency..

 

[S10xGN]

...Bitcoins are pretty cool when you think about the overall idea...a non-government controlled currency..

The gov't hasn't controlled our currency since 1971 when we went off the gold standard. They just print it with no regard to value.

 

[turbo39151]

If you want to learn a little about the bitcoin, check out "inside man" a documentary series by Morgan Spurlock - of "Supersize Me" fame.

It's a pretty interesting series on various topics. Bitcoin happens to be one of them.

 

[TexasT]

the federal reserve?

not a federal agency
doesn't have any reserves
And it isn't a bank

 

[JOHNDEEREGN]

Following...

 

[Turbo6inKY]

The genius of bitcoin isn't the currency, it's the blockchain technology that was invented to make it possible to verify a thing is genuine without making the thing's complete chain of custody visible to everybody. Banks and supply chain companies are flocking to it (blockchain, not Bitcoin).

 

[TURBOPOWERED68]

It was at $10k a few days ago.
I definitely missed that boat.

 

[achalmersman]

As far as blockchain technology and future use cases go Ethereum wins. I have been a "miner" since June. Wish I had got in ealier.

Bitcoin is $11,650 now, and Ethereum is $470

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[achalmersman]

3 rigs. Well, a desktop loaded with graphics cards, and 2 dedicated pupose built rigs. 20 graphics cards total. Roughly 3200 watts of power running 24/7.

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[~JM~]

WTH?

 

[achalmersman]

WTH?

Thats what I get when people come to my basement or walk in my home office and its 10 degrees hotter than the rest of the house lmao

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[bison]

3 rigs. Well, a desktop loaded with graphics cards, and 2 dedicated pupose built rigs. 20 graphics cards total. Roughly 3200 watts of power running 24/7.

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We need to buy large warehouses and build mini nuclear reactors to power the servers. Water cool all the servers. Nearly 100% sustainable energy Could make a killing.


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[achalmersman]

We need to buy large warehouses and build mini nuclear reactors to power the servers. Water cool all the servers. Nearly 100% sustainable energy Could make a killing.


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Lol yea. Its expensive and the ROI seems to take forever. To be honest this is one of the reasons my engine build has crawled to a very stagnant pace. I invested too much too fast into this. Your looking at about $7k in hardware. If I were to sell all my holding I currently have I wouldnl have made it all back and a little more right now. I sell a little bit every once and a while but hold it in hopes it increases in value.

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[TexasT]

I guess I need to google up how this mining works. I sure cant understand it. Anyone want to put it into laymans terms