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Topic: Cryptocurrency

J0SH
Sarge
Member # 103

Rate Member

posted 04-11-2014 02:06 PM

I'm curious to hear your thoughts about Cryptocurrency, specifically Bitcoin, Litecoin, Dogecoin, and Blackcoin. Anybody here in to mining?

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I am.

Posts: 1591 | From: buffalo new york | Registered: Jun 1999 | IP: Logged

Wintermute
Sarge
Member # 1307

posted 04-30-2014 11:06 AM

It's almost as good as gold. Like gold it has scarcity, but it's more portable and divisible, and can be used over the Internet. However, unlike gold it is potentially crackable. We can't efficiently synthesize gold in quantity as of yet, but if some alphabet soup agency cracks the crypto on bitcoin, they then have the power to abuse and destroy yet another currency.

Another thing to consider is that the mafia/gov is legislating new cryptcurrency capital controls which will no doubt have an adverse effect on the crypto-economy.

I don't bother mining. I mined about $20 in bitcoin in a few weeks, but I had to keep my system powered on 24/7, so it wasn't really cost effective in terms of power. Plus you've got people buying/leasing multi-terrahash ASIC farms; making it more difficult for the little guys to mine very much.

BTW, check out 'Dark Wallet' at darkwallet.is. Also there's an article about it in this month's issue of Wired. It's an app that basically launders all bitcoin transactions using cooperative wallets, escrow, and bitcoin joining/mixing for anonymity so the blockchain can't be used to determine what came from where..

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Verdammt durch das Fleisch. Gerettet durch das Blut.

Posts: 519 | From: Qwghlm | Registered: Dec 1999 | IP: Logged

Drako
Sarge
Member # 39

Member Rated:

posted 05-15-2014 01:00 PM

I made some money via currency speculation with Bitcoin. Bought at $4, sold at $200. I'd be a rich man if I'd bought more and held longer.

I don't think the value pencils out for mining at this point. Unless you have access to free compute cycles, the time and financial investment just isn't worth it. The real question is whether the value will continue to rise against the USD. As the number of Bitcoins are theoretically fixed, the value could climb infinitely over time. Of course, legislative concerns and the rise of alternate cryptocurrencies could also make it worthless.

At this point, I'm completely out of that market. There are just too many unknowns.

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Posts: 931 | From: Northern California | Registered: Jun 1999 | IP: Logged

GFKiller
The Man
Member # 2

Member Rated:

posted 05-21-2014 09:13 PM

Good to see you Drako!

I never got in to Bitcoins, I think its one of those things you have to capitalize on right when it began. The $20 USD worth of Bitcoins you could mine now would have been worth 10x as much if you had mined it when it first started.

Besides that there's the whole regulation issue. And the most popular tangible thing purchased with it are illegal goods. Silkroad was the most popular marketplace that you could buy stuff with Bitcoins, and it was hidden in the dark web. After that what else is there?

Posts: 1762 | From: Staten Island, NY | Registered: Jun 1999 | IP: Logged

Wintermute
Sarge
Member # 1307

posted 05-25-2014 10:20 PM

After that, what else does there need to be? I'm a free-market anarchist, so I love the black market where there's no gov telling you what you can and cannot buy/sell/trade & do. BTW, you can search-engine thousands of online and physical businesses that accept btc.

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Verdammt durch das Fleisch. Gerettet durch das Blut.

Posts: 519 | From: Qwghlm | Registered: Dec 1999 | IP: Logged

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