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Message
re: Installed my first bitcoin miner...
Posted on 2/27/13 at 4:35 pm to Lsut81
Posted on 2/27/13 at 4:35 pm to Lsut81
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?
3
Posted on 2/27/13 at 4:45 pm to WikiTiger
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?
Posted on 2/27/13 at 4:52 pm to WikiTiger
quote:
Do you deny that people right now are paying around $31.32 for a bitcoin?
So what? Some fool paid over $600,000 for a used, 30+ year old hockey jersey this week.
That doesn't mean the jersey is worth $600,000.
Posted on 2/27/13 at 5:06 pm to WikiTiger
quote:
Do you deny that people right now are paying around $31.32 for a bitcoin?
Right now, as we speak, people are paying real money for W.O.W Gold.
It's apparently valuable, in the World of Warcraft. Probably because MR.T keeps taking it from people to make more chains.
What would I pay for W.O.W. gold? NOT A MOTHER frickING THING, BECAUSE IT'S NOT REAL, IT'S LINES OF CODE/ENCRYPTED CODE/WHATEVER. IT'S WORTHLESS, IT DOESN'T EXIST, IT'S A FIGMENT OF SOME PROGRAMMER'S IMAGINATION.
It's an alternative currency, for an alternative universe. And no, before you ask, I've never played. How is bitcoin any different?
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