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LSURussian 
LSU Fan
Baton Rouge
Member since Feb 2005
63208 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 3:36 pm to GumboPot)
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Waffle House 
Virginia Fan
NYC
Member since Aug 2008
1762 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 3:38 pm to WikiTiger)
quote:
there could be people who profit by cracking old cryptography in non-upgraded bitcoin wallets - i.e. lost coins.
Haha, that sounds like grave robbing.
But seriously though, that just sounds like robbing from people who aren't savvy enough to keep up with the Joneses. I know you meant it on a much longer time scale but it would make me uncomfortable as a user.
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WikiTiger
LSU Fan
Member since Sep 2007
38280 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 3:41 pm to Waffle House)
quote:
But seriously though, that just sounds like robbing from people who aren't savvy enough to keep up with the Joneses. I know you meant it on a much longer time scale but it would make me uncomfortable as a user.
Like I said, it's just theorized. Right now, it would take something like 65 billion years to crack a bitcoin private key with current super-computing technology. It may never happen, though.
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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
49454 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 3:59 pm to WikiTiger)
You are pumping and dumping man?
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Oizers
LSU Fan
Mandeville, LA
Member since Nov 2009
667 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:20 pm to C)
quote:
Maybe down the road, but it doesn't sound like he is active in the bitcoin market place. It's simply an investment to him at this point. he wants others to join to increase the price. And then those people can get others to join as well. Soon the many layers pay-it forward in a way that creates artifical demand for a crappy product that no one can really use at this this time.
One could also argue that proponents of Bitcoin do not want more people mining for Bitcoins because it decreases the yield from mining due to increasing difficulty and hash rates across the network. Depending on the setup, the additional cost of electricity could make it not worth it unless he is using ASIC chip technology where not much more power is needed than an average computer consumes.
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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17402 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:26 pm to Oizers)
If you have 1 bit coin, you have more than 99.9999% of the population. yet over half the bitcoins have already been passed out. If they see inflation that means their currency must be dieing from lack of users.
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63208 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:28 pm to Oizers)
Wiki has posted that he doesn't mine BC's and he has never bought anything with BC's.
He is in on the initial price run up and encourages others to buy bitcoins by frequently posting the BC valuation increases.
Bitcoins are so thinly traded that just a handful of new buyers can move the price upwards.
It's a combination of a ponzi, pump and dump and pyramid schemes.
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Vols&Shaft83 
Tennessee Fan
Member since Dec 2012
3261 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:29 pm to C)
quote:
If you have 1 bit coin, you have more than 99.9999% of the population. yet over half the bitcoins have already been passed out. If they see inflation that means their currency must be dieing from lack of users.
In before "Infinitely divisible"
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Oizers
LSU Fan
Mandeville, LA
Member since Nov 2009
667 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:46 pm to LSURussian)
Interesting. That sounds kind of suspicious.
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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
49454 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:46 pm to LSURussian)
quote:
It's a combination of a ponzi, pump and dump and pyramid schemes
Agreed. Can we come back in a year or so and say "I told you so"?
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63208 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:49 pm to Broke)
quote:
Can we come back in a year or so and say "I told you so"?
You can. I won't.
I won't.
I won't.
THE HELL I WON'T!!!!!
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63208 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:50 pm to Oizers)
quote:
That sounds kind of suspicious.
Ya' think?
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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
3261 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 4:56 pm to LSURussian)
quote:
It's a combination of a ponzi, pump and dump and pyramid schemes.
Isn't that like inception? But a deeper and scarier version. It will be like a taco, inside a taco, within a Taco Bell, that's inside a KFC, within a mall, that's INSIDE YOUR BRAIN! 
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Sentrius 
USA Fan
Fort Rozz
Member since Jun 2011
7736 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 5:03 pm to Broke)
quote:
Agreed. Can we come back in a year or so and say "I told you so"?
And if bitcoin is still going strong?
I'm not on anybody's side FWIW. Just an observer.
You have to admit Wiki knows his shite when it comes to bitcoin. I'm impressed.
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WikiTiger
LSU Fan
Member since Sep 2007
38280 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 5:25 pm to Sentrius)
quote:
quote:
Agreed. Can we come back in a year or so and say "I told you so"?
And if bitcoin is still going strong?
Bitcoin is in its 5th year of existence. I don't know why he thinks one more year is significant.
quote:
You have to admit Wiki knows his shite when it comes to bitcoin. I'm impressed.
Thanks! 
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WikiTiger
LSU Fan
Member since Sep 2007
38280 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 5:28 pm to Broke)
quote:
You are pumping and dumping man?
Nope. In fact, I routinely tell people not to get involved, not to buy any bitcoins, and not to mine. Most honest people who participate in these threads will vouch for that.
My efforts in these threads are intended to explain the technology behind it, discuss the economic theories, and postulate on the political ramifications of it.
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TigerDeBaiter
LSU Fan
Member since Dec 2010
2374 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 5:29 pm to WikiTiger)
quote:
I think in the case of freelancing, if I was going to hire someone and pay them half up front and half at completion, I'd stipulate that it would be done at USD equivalent
Doesn't paying in USD equivalent defeat the purpose of even using them? I thought the point was to use this as a superior currency?
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lsu_tiger_az
LSU Fan
Arizona
Member since Mar 2004
28616 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 5:29 pm to LSURussian)
quote:
It's a combination of a ponzi, pump and dump and pyramid schemes.
Perfect.... 
I just short sold some Bitcoins. 
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WikiTiger
LSU Fan
Member since Sep 2007
38280 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 5:31 pm to Oizers)
quote:
One could also argue that proponents of Bitcoin do not want more people mining for Bitcoins because it decreases the yield from mining due to increasing difficulty and hash rates across the network. Depending on the setup, the additional cost of electricity could make it not worth it unless he is using ASIC chip technology where not much more power is needed than an average computer consumes.
I know you won't believe this, but in general that's not something that bitcoiners would want. The network is strengthened by adding more miners. Each new miner makes the network less and less vulnerable to a 51% attack. Therefore, it is desirable to have more miners on the network.
But conspiracy theories are more fun, I'll grant you that.
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WikiTiger
LSU Fan
Member since Sep 2007
38280 posts
| re: Major glitch in Bitcoin network sparks sell-off (Posted on 3/12/13 at 5:33 pm to TigerDeBaiter)
quote:
Doesn't paying in USD equivalent defeat the purpose of even using them? I thought the point was to use this as a superior currency?
keep reading, I posted my thoughts on that earlier
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