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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

# re: Installed my first bitcoin miner...

quote:

You can, divide a bitcoin?

Isn't that like dividing by zero????

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goinallout
LSU Fan
Baton Rouge
Member since Nov 2005
943 posts

re: Installed my first bitcoin miner...
How many bitcoins do I need to be able to go to Circle K and buy a case of Budweiser?

WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Installed my first bitcoin miner...
quote:

Wait what? You can, divide a bitcoin?

Are you being facetious?

Yes, they can be divided.

As I stated, 8 decimal places is the current standard, but the protocol supports infinite divisibility if that is ever desired.

.00000001

Is the current smallest recognized unit. It's called a "satoshi."

WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Installed my first bitcoin miner...
quote:

How many bitcoins do I need to be able to go to Circle K and buy a case of Budweiser?

How much is a case of budweiser? Sorry, I don't drink so I have no clue.

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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Installed my first bitcoin miner...
quote:

How many bitcoins do I need to be able to go to Circle K and buy a case of Budweiser?

Please, please, please let me be there when you explain to the Pakistani guy behind the counter how you're going to pay!!

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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Installed my first bitcoin miner...
quote:

.00000001

Is the current smallest recognized unit. It's called a "satoshi."

How many satoshi's does it take to equal a yamaguchi-gumi?

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TigerDeBaiter
LSU Fan
Member since Dec 2010
3029 posts

re: Installed my first bitcoin miner...
quote:

If so, why the frick didn't they just create them and sell them instead of this idiotic and tedious process?

Is it supposed to be a metaphor for mining something of actual value maybe? Or even drilling for oil?

Here's what i can gather, In the beginning the supply was abundant, so the methods of extraction were easier. Now that "supply" is more scarce, it takes longer to "mine" them, similar to the complex process of drilling deep water wells or something. Idk.
Image: http://4.bp.blogspot.com/-g2DLZ8SQUy0/T7JvUGZ7GtI/AAAAAAAAF7U/CytT727k2Ko/s1600/Taking-the-Bull-by-Its-Horns.jpg

quote:

This is me taking the bull by the horns

Sooio, it's complete bull shite to us, but to computer nerds it has a value, for now anyway.

Personally it sounds like a scheme where the founders get rich and everybody else wastes a bunch of time and money. In other words, a scam.

LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Installed my first bitcoin miner...
quote:

Personally it sounds like a scheme where the founders get rich and everybody else wastes a bunch of time and money. In other words, a scam.

Gee...ya' think?

TigerDeBaiter
LSU Fan
Member since Dec 2010
3029 posts

re: Installed my first bitcoin miner...

WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Installed my first bitcoin miner...

Lsut81
USA Fan
Member since Jun 2005
65664 posts

re: Installed my first bitcoin miner...
quote:

Here's what i can gather, In the beginning the supply was abundant, so the methods of extraction were easier. Now that "supply" is more scarce, it takes longer to "mine" them, similar to the complex process of drilling deep water wells or something. Idk.

But WTF is it? Its got no inherit value...

Copper, gold, silver, platinum, etc... All have real world value.

I can't physically do anything with a bitcoin. This is a "number" that is made up by a computer and has no value other then a few individuals thinking they should be worth something

WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Installed my first bitcoin miner...
quote:

But WTF is it? Its got no inherit value...

It's a cryptographic token.

It's value is based on supply and demand.

quote:

I can't physically do anything with a bitcoin.

You can exchange it for many goods and services as well as most currencies throughout the world.

quote:

This is a "number" that is made up by a computer and has no value other then a few individuals thinking they should be worth something

Right now they are exchanging for \$31.32.

Vols&Shaft83
Tennessee Fan
Member since Dec 2012
23396 posts

re: Installed my first bitcoin miner...
quote:

I can't physically do anything with a bitcoin. This is a "number" that is made up by a computer and has no value other then a few individuals thinking they should be worth something

Too be fair, briefly, no form of currency has intrinsic value.

Ok, back to the fun

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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
23396 posts

re: Installed my first bitcoin miner...
quote:

You can exchange it for many goods and services as well as most currencies throughout the world.

Not yet you can't, my company only accepts US legal tender.

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Lsut81
USA Fan
Member since Jun 2005
65664 posts

re: Installed my first bitcoin miner...
quote:

It's value is based on supply and demand.

Value based upon people believing it has some sort of value...

All of the commodities I listed have a value, they can be used to produce shite. What can a bitcoin do?

WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Installed my first bitcoin miner...
quote:

Value based upon people believing it has some sort of value...

No different than any government backed currency, unless you actually feel all warm inside when you hear "full faith and credit of the US government."

Do you deny that people right now are paying around \$31.32 for a bitcoin?

quote:

All of the commodities I listed have a value, they can be used to produce shite.

I don't deny that.

quote:

What can a bitcoin do?

A bitcoin can be used to purchase many goods and services. It can also be used as a transaction network, which operates much faster than the traditional banking network, and has much lower fees. Do you think there is any value in that?

AUtigerNOLA
Auburn Fan
New Orleans, LA
Member since Apr 2011
11434 posts

re: Installed my first bitcoin miner...
What goods and services have ever been exchanged for bitcoins?

WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Installed my first bitcoin miner...
quote:

What goods and services have ever been exchanged for bitcoins?

Wordpress and Reddit are two major websites that accept bitcoin.

BitcoinStore allows you to buy many products with bitcoins. BitcoinWireless allows you to pay your cell phone bill in like 112 countries on 180+ carriers.

many more sites and services listed in that link

also, many freelancers use bitcoin as a way to get paid securely online.

and if you're in a frisky mood you can pay a chick to get naked for you on r/girlsgonebitcoin or on the new bitcoin camgirl site (can't remember the name)

LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Installed my first bitcoin miner...

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Lsut81
USA Fan
Member since Jun 2005
65664 posts

re: Installed my first bitcoin miner...
quote:

No different than any government backed currency, unless you actually feel all warm inside when you hear "full faith and credit of the US government."

Agreed, but there is a massive infrastructure behind that with assets to back it up.

What does a bitcoin have to back it up?

quote:

Do you deny that people right now are paying around \$31.32 for a bitcoin?

I don't doubt it... And this shite would make a lot more sense if it was an actual 1:1 transition, as a credit to buy something.

You are mining for something that is not backed by real currency... Hence why I asked earlier, what if everyone decides to exchange out their bitcoins for USD's at one given time. Since you are mining something that is not back up by currency, there are more coins than funds...

Also, these coins were obviously created and planted by someone... Why they did that instead of selling them directly, I'll never know. But what is stopping these individuals from making up millions for themselves and cashing out after all of you minions invest money into the system?