How high do you see Bitcoin going? - Page 2 - TigerDroppings.com

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CrimsonTideMD
Alabama Fan
Member since Dec 2010
1571 posts

re: How high do you see Bitcoin going?


quote:

1) Poor practice (i.e., someone storing their wallet file unencrypted on an unsecured computer. If an attacker gets control of your wallet file, then they can control the Bitcoins in that wallet)

2) Trust in third parties that shouldn't have been trusted. Some people have chosen to store their Bitcoin wallet with third party websites that essentially act as banks, and those sites have been hacked, resulting in the loss of the Bitcoins controlled by them.


So in these cases, you're SOL?
Cant just call up Visa and say my # was stolen.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81746 posts
 Online 

re: How high do you see Bitcoin going?


Wiki posted in one of his threads on bitcoins that if you buy something using bitcoins as payment and you don't receive what you buy or it is defective you have no recourse to get your money back.





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: How high do you see Bitcoin going?


quote:

So in these cases, you're SOL?


Well, you can call the police. Technically you were a victim of theft.

But they won't have the ability to even understand what you're explaining, much less have the ability to investigate it.

quote:

Cant just call up Visa and say my # was stolen.


Nope. Security is on the user. It can be delegated to third parties, obviously, but that's really unnecessary. One of the benefits of Bitcoin is that you don't need to rely on a third party to secure your money.







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CrimsonTideMD
Alabama Fan
Member since Dec 2010
1571 posts

re: How high do you see Bitcoin going?


To gain widespread applicability in person-to-person commerce, the emergence of 3rd parties seems inevitable.

For instance, ebay use

ETA: thanks for the links, BTW. I'll probably stay up way too late tonight pouring over them



This post was edited on 12/11 at 8:22 pm


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: How high do you see Bitcoin going?


quote:

To gain widespread applicability in person-to-person commerce, the emergence of 3rd parties seems inevitable.


I agree, although I doubt I will ever feel a need to utilize them.

But the market is still developing and those kind of tools/sites aren't really fleshed out yet.








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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3251 posts

re: How high do you see Bitcoin going?


quote:

And since the mining constantly becomes harder and harder, it requires the continued purchasing of newer and faster hardware to do it.

At the beginning, anyone could do it. Nowadays, you need to invest a few grand to get started. $20,000 rigs aren't unheard of. And that's just the hardware. These things take up a LOT of electricity too, so you gotta keep that bill in mind.
What the hell is the going on here? Man, I feel really old all of a sudden.

Time for me to get back to working for good old fashion dollars and focusing on "rigs" that drill for oil and gas.






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baytiger
LSU Fan
Houston
Member since Dec 2007
43403 posts

re: How high do you see Bitcoin going?


I've got a pretty decent CPU/GPU, any recs on getting started with mining, Wiki?





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: How high do you see Bitcoin going?


quote:

I've got a pretty decent CPU/GPU, any recs on getting started with mining, Wiki?


join a mining pool. that's probably the only way you'll make some coin. and it won't be much anyway.

50btc.com is the largest mining pool, I think. They will have instructions on how to get started.






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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16897 posts

re: How high do you see Bitcoin going?


quote:

Bayou Tiger


I don't get the whiskey stones joke. Please explain.

I love jokes.






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CrimsonTideMD
Alabama Fan
Member since Dec 2010
1571 posts

re: How high do you see Bitcoin going?


quote:

I don't get the whiskey stones joke


I thought the same thing






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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3251 posts

re: How high do you see Bitcoin going?


quote:

I thought the same thing
I got whiskey stones one year as a Christmas gift. They don't work well at all. Why not? Because the whiskey stones don't melt.

For the same weight of ice and whiskey stones (soapstone) to go from 32 degrees F to 70 degrees F, water can absorb over 4 times as much heat as the soapstone before getting to room temperature.

However, the latent heat of melting the ice is what really keeps your whiskey cold. It just takes a lot of energy to melt ice. When you factor that in, the ice can absorb over 20 times as much heat as the whiskey stones before coming to room temperature (melting of the ice accounts for ~80% of the ice cubes' cooling power).

That's it - no hilarious punchline. I just found the concept of it ludicrous, but people will continue to buy them anyway. Better buy a bunch of them to use at once...

Reference info
Specific heat of soapstone = 0.98 kJ/kg.K
Specific heat of water = 4.187 kJ/kg.K
Latent heat of melting water = 334 kJ/kg
Degrees K = 5/9 Degrees F






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: How high do you see Bitcoin going?


quote:

Specific heat of soapstone = 0.98 kJ/kg.K
Specific heat of water = 4.187 kJ/kg.K
Latent heat of melting water = 334 kJ/kg
Degrees K = 5/9 Degrees F


you know how y'all feel about the bitcoin explanations I give? that's how I feel about all that science stuff






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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1630 posts

re: How high do you see Bitcoin going?


My brain just





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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3251 posts

re: How high do you see Bitcoin going?


quote:

you know how y'all feel about the bitcoin explanations I give? that's how I feel about all that science stuff



After reading all of your links on bitcoin, my brain still doesn't understand any of it. So, yes, the feeling is mutual!






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el duderino III
Texas Fan
austin
Member since Jul 2011
1519 posts

re: How high do you see Bitcoin going?


you should keep in mind that your ROI in such an activity is entirely dependent on the exchange rate for bitcoin, which is inherently volatile, as there are no currency speculators that are able to accurately price it, and has already proven to be susceptible to flash crashes





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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6358 posts

re: How high do you see Bitcoin going?


What's the exchange rate of bitcoins to Shrute bucks?





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81746 posts
 Online 

re: How high do you see Bitcoin going?








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baytiger
LSU Fan
Houston
Member since Dec 2007
43403 posts

re: How high do you see Bitcoin going?


quote:


join a mining pool. that's probably the only way you'll make some coin. and it won't be much anyway.
looks like about a quarter a day.

jackpot






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CrimsonTideMD
Alabama Fan
Member since Dec 2010
1571 posts

re: How high do you see Bitcoin going?


quote:

For the same weight of ice and whiskey stones (soapstone) to go from 32 degrees F to 70 degrees F, water can absorb over 4 times as much heat as the soapstone before getting to room temperature.

However, the latent heat of melting the ice is what really keeps your whiskey cold. It just takes a lot of energy to melt ice. When you factor that in, the ice can absorb over 20 times as much heat as the whiskey stones before coming to room temperature (melting of the ice accounts for ~80% of the ice cubes' cooling power).

That's it - no hilarious punchline. I just found the concept of it ludicrous, but people will continue to buy them anyway. Better buy a bunch of them to use at once...

Reference info
Specific heat of soapstone = 0.98 kJ/kg.K
Specific heat of water = 4.187 kJ/kg.K
Latent heat of melting water = 334 kJ/kg
Degrees K = 5/9 Degrees F




Thanks for the explanation.
And to think that I once thought all the thermodynamics in Chem 2 I suffered through would never prove useful.







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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21629 posts

re: How high do you see Bitcoin going?


quote:

Specific heat of soapstone = 0.98 kJ/kg.K
Specific heat of water = 4.187 kJ/kg.K
Latent heat of melting water = 334 kJ/kg


soapstone is much denser than water(thus ice) and is within the system vs cooling the air. And soap stone doesn't dilute my JW Blue...






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