BitCoins - Who here has used them or has stock? | TigerDroppings.com

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LSU Coyote
LSU Fan
Member since Sep 2007
13206 posts

BitCoins - Who here has used them or has stock?


Recently learned that the exchange rate for 1 BitCoin to a USD is 1 = $14USD +/-

I purchased 65 bitcoins for $300 bucks last December and only spent about half of that. Haven't logged into my account in about 1yr to find out I have 20bit coins sitting in it.

When I purchased the exchange rate was about 1 = $4.50 +/-

Why have BitCoins gone up in value this much?

Anyone here have stock in BitCoins?



This post was edited on 11/28 at 2:22 pm



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iheartlsu
USA Fan
70820
Member since Sep 2005
25344 posts

re: BitCoins - Who here has used them or has stock?


what do you use them on? weed, illegal firearms, sex slaves?





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LSU Coyote
LSU Fan
Member since Sep 2007
13206 posts

re: BitCoins - Who here has used them or has stock?


quote:

what do you use them on? weed, illegal firearms, sex slaves?

Some ppl use them for purchasing and selling items from country to country. Makes exchanging funds a lot easier.






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sbr2
Member since Apr 2011
12553 posts

re: BitCoins - Who here has used them or has stock?


:inb4wiki:





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LSU Coyote
LSU Fan
Member since Sep 2007
13206 posts

re: BitCoins - Who here has used them or has stock?


quote:

:inb4wiki:

Wiki's pretentious arse is all over BitCoin stocks?

I didn't even know I had some left in my MtGox account until this afternoon.






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The Dude's Rug
LSU Fan
Gerdzfa
Member since Nov 2004
8553 posts

re: BitCoins - Who here has used them or has stock?








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Gnar Cat21
Auburn Fan
Piña Coladaburg
Member since Sep 2009
11079 posts

re: BitCoins - Who here has used them or has stock?


Lets me get some bit coins bro I need a hitman





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Lynyrd
LSU Fan
Under the Tilt-a-Whirl
Member since Jun 2010
11128 posts

re: BitCoins - Who here has used them or has stock?


Why is this on the gaming board?

Also, stay away from the Deep Web. It is dangerous






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TigerDik86
LSU Fan
Baton Rouge
Member since Oct 2011
2821 posts

re: BitCoins - Who here has used them or has stock?


What is a BitCoin, you ask?







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LSU Coyote
LSU Fan
Member since Sep 2007
13206 posts

re: BitCoins - Who here has used them or has stock?


quote:

Why is this on the gaming board?

Also, stay away from the Deep Web. It is dangerous
.
I would think more ppl here would use them.






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stout
Arizona Fan
Sportsman's Paradise
Member since Sep 2006
117640 posts

re: BitCoins - Who here has used them or has stock?


They went up because difficulty to mine them just increased but there are some new machines coming out that will make mining them a breeze and the days of GPU mining are almost over. No one is sure what will happen at that point

New ACIS tech coming






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stout
Arizona Fan
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Member since Sep 2006
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re: BitCoins - Who here has used them or has stock?


quote:

Lets me get some bit coins bro I need a hitman



Tons of merchants take them now. Amazon is even rumored as looking into taking them.






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Lynyrd
LSU Fan
Under the Tilt-a-Whirl
Member since Jun 2010
11128 posts

re: BitCoins - Who here has used them or has stock?


quote:

I would think more ppl here would use them.

Ok. Didn't know they had a gaming use. I have only ever heard about them from the deep web so sorry about that






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Sir Saint
LA-Lafayette Fan
1 post
Member since Jun 2010
5091 posts

re: BitCoins - Who here has used them or has stock?


Alright, so I tried to not be lazy and look them up. I have no clue what the frick I am reading. If they are like a currency, how can they be "mined"? Wouldn't that defeat the purpose?

Can someone explain this like I'm 5?






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stout
Arizona Fan
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Member since Sep 2006
117640 posts

re: BitCoins - Who here has used them or has stock?


In order to keep them from flooding the market the guy who invented them made them a little hard to get. The minning is actually your computer solving complex computing problems and the reward is that you get compensated in coins.

To actually mine them by yourself though is hard since they are pretty rare. People form groups and put all of their PC power to mine them together and split the pot when they hit it. There are only so many coins to be mined per block and after that block is done the difficulty increases (harder problems to solve)

Minning them is actually done with high dollar video cards as they are not CPU reliant.

Look up bitcoin minning rigs to see the stuff people have built.

There will only ever be like 20 million bitcoins produced but you can own like .00000001 bitcoin just like change from a dollar.

Best I can summarize it without typing a novel here.






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Sir Saint
LA-Lafayette Fan
1 post
Member since Jun 2010
5091 posts

re: BitCoins - Who here has used them or has stock?


Alright I kinda understand how it works. My mind is blown by it though. So many questionsssss..... Like once all 20 mil are discovered, then what? And who decides the exchange rate for real money, when they are just fake coins some guy made up?





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stout
Arizona Fan
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Member since Sep 2006
117640 posts

re: BitCoins - Who here has used them or has stock?


quote:

Like once all 20 mil are discovered, then what?



No one knows and it will be another 15 years or something like that before they are mined.

quote:

And who decides the exchange rate for real money, when they are just fake coins some guy made up?


The market does just like anything else. Supply and demand.

It's all interesting stuff and some people think Bitcoins or one of the alternatives it has birthed/will birth could one day be strong enough to take down world markets and governments since no one person or interest group regulates them like real currency.






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Sir Saint
LA-Lafayette Fan
1 post
Member since Jun 2010
5091 posts

re: BitCoins - Who here has used them or has stock?


I'm so intrigued by this shite. I'm gonna do some more reading on it when I have time.

Thanks for the answers






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stout
Arizona Fan
Sportsman's Paradise
Member since Sep 2006
117640 posts

re: BitCoins - Who here has used them or has stock?


I was WAYYYY off on when they will all be mined. 21 million coins and all are expected to be mined by the year 2140 at the current rate but the rate of mining them is about to get easier with the ASIC machines I linked in the thread but that might be short lived as difficulty rises. It's all a balancing act and the man that invented them was incredibly smart in his vision.





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LSU Coyote
LSU Fan
Member since Sep 2007
13206 posts

re: BitCoins - Who here has used them or has stock?


quote:

Minning them is actually done with high dollar video cards as they are not CPU reliant.

6850s to be exact. =)






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