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Message
Another bitcoin thread, for Wiki
Posted on 4/1/13 at 10:41 am
Posted on 4/1/13 at 10:41 am
Wiki, I've done some rethinking and have decided that I should create plenty of bitcoins. I wanted to buy some precious metals today instead but prefer the security bitcoins offer.
What is the fastest way to generate about $100K worth? Mining seems rather slow and I probably won't want to do this tomorrow.
What is the fastest way to generate about $100K worth? Mining seems rather slow and I probably won't want to do this tomorrow.
3
Posted on 4/1/13 at 10:50 am to foshizzle
You know, I saw a Yahoo! article about Bitcoin going over $100/cybercoin/share/cryptograph, whatever, and I too have a question for Wiki.
Why not sell whatever you have right now and get out while you can? I try not to wander into the bitcoin threads often but have read a few of them. My question/post is not meant to be any type of flame at all. Actually, I give you props for standing behind your beliefs, albeit different from mine and the majority.
Why not sell whatever you have right now and get out while you can? I try not to wander into the bitcoin threads often but have read a few of them. My question/post is not meant to be any type of flame at all. Actually, I give you props for standing behind your beliefs, albeit different from mine and the majority.
Posted on 4/1/13 at 11:29 am to OnTheBrink
I get the feeling that Wiki's ideology trumps the financial concerns.
I said it in Russian's last thread and I'll say it here. It's a really cool idea, but I just can't figure out why it's worth anything or should be worth anything other than the fact that its a cool idea. I dont see how it can compete with other fiat currencies
I said it in Russian's last thread and I'll say it here. It's a really cool idea, but I just can't figure out why it's worth anything or should be worth anything other than the fact that its a cool idea. I dont see how it can compete with other fiat currencies
This post was edited on 4/1/13 at 11:30 am
Posted on 4/1/13 at 11:56 am to foshizzle
quote:
What is the fastest way to generate about $100K worth? Mining seems rather slow and I probably won't want to do this tomorrow.
Only 3600 bitcoins are currently created per day, and that is in a competitive mining market (i.e. it would be damn near impossible for one person to garner all 3600). In fact, most mining is done in pools.
Posted on 4/1/13 at 11:57 am to OnTheBrink
quote:
Why not sell whatever you have right now and get out while you can? I try not to wander into the bitcoin threads often but have read a few of them. My question/post is not meant to be any type of flame at all. Actually, I give you props for standing behind your beliefs, albeit different from mine and the majority.
As mentioned above, the financial side isn't why I like bitcoins so much. My ideology comes first. Bitcoin or something like it is going to revolutionize the world. If I happen to do well with it, then that's great too.
Posted on 4/1/13 at 12:04 pm to foshizzle
I toyed with the idea of starting a bitcoin thread on here earlier today with the thread title, "Bitcoin value crashes, down by almost 90% in morning trading".
And then in the message I would write, "Mark it down, today is April 1."
And then in the message I would write, "Mark it down, today is April 1."
Posted on 4/1/13 at 12:05 pm to WikiTiger
quote:
As mentioned above, the financial side isn't why I like bitcoins so much. My ideology comes first. Bitcoin or something like it is going to revolutionize the world. If I happen to do well with it, then that's great too.
As much as I bust your balls on this subject, I have to admire your dedication. And truly I like the idea of a decentralized currency and a free market, and honestly hope that it becomes a reality in the future. That being said, I just can't get myself to feel comfortable about it as an investment. Mostly because it's beyond my realm of understanding (best reason to not to invest in something), but also because of the lack of accountability at the highest levels.
Posted on 4/1/13 at 12:43 pm to LSURussian
quote:
"Mark it down, today is April 1."
I thought this would give it away:
quote:
I wanted to buy some precious metals today instead but prefer the security bitcoins offer.
... or this:
quote:
I probably won't want to do this tomorrow.
Happy April Fools' Day everyone!
Posted on 4/1/13 at 1:02 pm to foshizzle
I interpreted your OP to be full of sarcasm, for which I was 
to you. I knew you weren't serious about buying $100K of bitcoins, unless you had suffered a severe stroke over the weekend, in which case you probably could not be typing on a computer keyboard in the first place....
to you. I knew you weren't serious about buying $100K of bitcoins, unless you had suffered a severe stroke over the weekend, in which case you probably could not be typing on a computer keyboard in the first place.... Posted on 4/1/13 at 1:15 pm to foshizzle
quote:
foshizzle
I almost started googling bitcoin activity until I saw that you started this thread
, well done
Posted on 4/1/13 at 1:19 pm to Vols&Shaft83
quote:
well done
Well, I had a legitimate question for Wiki after I saw that it was over $100 in regards to selling what he had. I honestly thought this was just another flame thread since we haven't had one in a week or two.
Posted on 4/1/13 at 1:22 pm to WikiTiger
quote:
Only 3600 bitcoins are currently created per day, and that is in a competitive mining market (i.e. it would be damn near impossible for one person to garner all 3600). In fact, most mining is done in pools.
2 questions:
1. Wouldn't google or some other big player be able to mine >90% of all remaining BTC?
2. If BTCs are so revolutionary, why haven't they been hoarded by massive revolutionaries such as google?
Posted on 4/1/13 at 1:32 pm to OnTheBrink
Thanks.
Not trying to flame Wiki, I was just trying to come up with something suitable for the day and thought of revealing a newfound interest in bitcoins.
My first idea was to look for advice on dinars but thought that was too obvious.
Not trying to flame Wiki, I was just trying to come up with something suitable for the day and thought of revealing a newfound interest in bitcoins.
My first idea was to look for advice on dinars but thought that was too obvious.
Posted on 4/1/13 at 2:26 pm to gizmoflak
quote:
1. Wouldn't google or some other big player be able to mine >90% of all remaining BTC?
Not necessarily. It would take a lot of computing power to do so, but also, the bitcoins are released on a predictable, limited schedule. It's going to take about 127 more years before we get close to the 21,000,000 bitcoin maximum.
There is nothing that google could do to speed up that process.
What they could do is compete for the bitcoins scheduled to be released. However, mining is not a guaranteed thing. There is an element of luck. So, while they could have the most computing power, they wouldn't necessarily mine all the bitcoins being released.
quote:
2. If BTCs are so revolutionary, why haven't they been hoarded by massive revolutionaries such as google?
I don't understand this question.
Posted on 4/1/13 at 2:36 pm to WikiTiger
quote:
I don't understand this question.
Let me prephrase the question:
Isn't the bitcoin market ripe for artificial manipulation?
What if Warren Buffet mines/buys a shite-ton of BTC. Then, he publicly announces that he has a huge BTC holding, and he is in it for the long-haul. This would essentially "legitimize" bitcoins, and swarms of potential "investors" would serisouly consider BTC for the first time.
Prices spike.... Buffet sells off.... BTC crashes/swings wildly into oblivion
Plausible? Inevitible?
Posted on 4/1/13 at 2:43 pm to gizmoflak
quote:
Isn't the bitcoin market ripe for artificial manipulation?
Yes.
quote:
Plausible? Inevitible?
Plausible, yes. Inevitable? Depends on who you ask, I guess. I won't say it won't happen, but I also don't think it's guaranteed to happen.
You have to remember that any large scale purchasing would have to be done very slowly or else the price would skyrocket. So, if someone like Buffet bought up a lot and then sold them all off after the value was raised, they would be taking a risk. What if the price crashed faster than they could sell off? That could cost them money.
But I think the real problem with these scenarios is that there is an implication that a single crash like that would destroy bitcoin. I don't think it would. It certainly didn't destroy it when it happened in 2011.
Posted on 4/1/13 at 3:01 pm to WikiTiger
quote:That's quite an endorsement for bitcoins being a legitimate currency....
There is an element of luck.
Posted on 4/1/13 at 3:14 pm to WikiTiger
quote:
There is nothing that google could do to speed up that process.
I get that the network fixes the rate of bitcoins released, but if Google or China or some other entity came in and used all their computing resources to mine, isn't it possible to have a scenario where they are doing such a large percentage of the work that they would be getting nearly all of the bitcoins? That would sort of make them a de-facto central bank wouldn't it?
Posted on 4/1/13 at 3:14 pm to WikiTiger
Double post
This post was edited on 4/1/13 at 3:15 pm
Posted on 4/1/13 at 3:19 pm to ZereauxSum
quote:
I get that the network fixes the rate of bitcoins released, but if Google or China or some other entity came in and used all their computing resources to mine, isn't it possible to have a scenario where they are doing such a large percentage of the work that they would be getting nearly all of the bitcoins? That would sort of make them a de-facto central bank wouldn't it?
Is Google really going to devote the kind of resources necessary for that to omly make a few million dollars?
If the market cap for bitcoin continues to rise then maybe Google and many other power players will compete for mining new bitcoin,
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