BitCoins - Who here has used them or has stock?

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

:inb4wiki:

Why is this on the gaming board?

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

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.

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

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

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.

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.

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.