Newgrounds.com — Everything, By Everyone.

It's not a good idea especially considering that the silk road closed.

They're just gonna go downhill from here.

At 11/26/13 10:14 PM, tox wrote: is there a way that one could improve bitcoin?

There are a better fork project from BTC: Litecoin (LTC).

At 11/26/13 10:08 PM, dymck1 wrote: It's not a good idea especially considering that the silk road closed.

They're just gonna go downhill from here.

Downhill? Excuse me? The price just hit $900 over night. SR has little to do with this. FYI, Silk Road 2 has been risen and flourishing.

At 11/26/13 07:22 PM, Xiicubed wrote: You can mine bitcoins for free

Power consumption isn't free.

I heard some gentleman sold his three year old bitcoins for over $10,000.

Fuck if i had a job when i first heard about bitcoin i would have burried my balls in it.

At 11/26/13 07:06 PM, tox wrote: would you get in on it?

Nope. I have no use for it because it's really only accepted at a few places that aren't on the deep web.

I'm not very interested at the moment.

I guess it could be a good alternative to credit cards and Paypal for online transactions, but the value of BTCs still fluctuates like crazy and seems way too easily affected by speculation and rumours.

Also, I'm a bit sceptical about whether it's really the "improving the world" idea that it promises to be and whether it has real advantages over traditional money. For example, I doubt the "100% safe", "untraceable" and "no inflation possible" arguments are actually true.

So I'll wait it out for now. If the value ever stabilises and the BTC becomes a widely accepted paying method, then I might consider using them for online transactions.

At 11/27/13 02:19 AM, Luer wrote: I heard some gentleman sold his three year old bitcoins for over $10,000.

There's a guy in Norway who made over €600,000 out of it. Bought them in 2009 for a few bucks, forgot that he had them and recently retrieved his password to find out he was a rich man.

At 11/27/13 09:55 AM, Auz wrote:

At 11/27/13 02:19 AM, Luer wrote: I heard some gentleman sold his three year old bitcoins for over $10,000.

There's a guy in Norway who made over €600,000 out of it. Bought them in 2009 for a few bucks, forgot that he had them and recently retrieved his password to find out he was a rich man.

Yeah, that is the guy I was talking about.

At 11/27/13 09:55 AM, Auz wrote: For example, I doubt the "100% safe", "untraceable" and "no inflation possible" arguments are actually true.

As far as I know the vast majority of inflation comes from banks, but with bitcoin you obviously don't need them. I'm sure it would inflate significantly slower than physical paper currency at least.

At 11/26/13 10:37 PM, MadFedora wrote:

At 11/26/13 10:08 PM, dymck1 wrote: It's not a good idea especially considering that the silk road closed.

They're just gonna go downhill from here.

Downhill? Excuse me? The price just hit $900 over night. SR has little to do with this. FYI, Silk Road 2 has been risen and flourishing.

It just broke $1000!!!!!

If I remember right, if it can maintain this level of value, after a few years, there is a group that is committed to bringing Bitcoin around as a viable currency for nations.

If it gains much more, it will be worth more than gold, and we could have a bitcoin standard!

I'm sorry for my misguided judgement of the Bitcoin. I obviously didn't know what I was talking about. It's just my personal opinion that Bitcoin is unpredictable. It could go one way of the other. So I would like to say sorry that I had judged it without researching it.

Check this story out about a bitcoin mine/farm in Hong Kong, pretty amazing the lengths people go to for this stuff.

http://kotaku.com/bitcoin-mining-is-getting-out-of-control-1471769898

Bitcoins are worthless to me. So no, I'm not going to invest in them.

At 11/27/13 10:31 AM, Psycho666 wrote: If it gains much more, it will be worth more than gold, and we could have a bitcoin standard!

Do you even understand how absolutely fucking retarded that would be

Basing the world standard on a digital currency that doesn't actually exist

At 11/27/13 12:21 PM, Xenomit wrote:

At 11/27/13 10:31 AM, Psycho666 wrote: If it gains much more, it will be worth more than gold, and we could have a bitcoin standard!

Do you even understand how absolutely fucking retarded that would be

Basing the world standard on a digital currency that doesn't actually exist

As retarded as basing the world currencies on faith?

At 11/27/13 01:51 PM, Psycho666 wrote: As retarded as basing the world currencies on faith?

Fucking christ

Am I the only person here who knows even a little bit about the economy

Bitcoin is petty bourgeois

I think some anarcho-capitalists may be into bitcoins for a couple different reasons, but at the same time it doesn't make much sense for the ones who are obsessed with "fiat currency" (ie currency that's not hooked up to some kind of tangible commodity like gold etc) to have much faith in the e-currency...I'd say it's evidence in the opposite direction, that money is just a agreed-upon mass illusion..

At 11/27/13 01:52 PM, Xenomit wrote:

At 11/27/13 01:51 PM, Psycho666 wrote: As retarded as basing the world currencies on faith?

Fucking christ

Am I the only person here who knows even a little bit about the economy

Buy and sell mother fucker. Buy and sell, or short-sell and buy-back! Add a pinch of statistical analysis, getting up at 5am, and poof! You have Wallstreet.

Bitcoin hit $1000 this morning.

At 11/27/13 01:52 PM, Xenomit wrote: Am I the only person here who knows even a little bit about the economy

It's not based on nothing, it's based on cryptography.

At 11/27/13 01:59 PM, 24901miles wrote: Bitcoin hit $1000 this morning.

At 11/27/13 01:52 PM, Xenomit wrote: Am I the only person here who knows even a little bit about the economy

It's not based on nothing, it's based on cryptography.

Thank you.

It is based on the ability to solve complex algebraic formulas. Because of the level of complexity, it takes a serious investment to become a profitable bitcoin miner. So there is a cash investment side, unless you pay for your machines with bitcoins.

Hopefully, it will work, and the US Govt. won't be able to squash it. A decentralized alternative to banks and a departure from using a middle man to save your money with!

At 11/27/13 02:14 PM, Psycho666 wrote: Hopefully, it will work, and the US Govt. won't be able to squash it. A decentralized alternative to banks and a departure from using a middle man to save your money with!

Hopefully you're dead wrong, it's a horrible idea

If I had invested 10 000$ in bitcoin in January, my investment would be worth over 600 000$ right now....
That's fucking insane.

On the other hand, if it follows the same bubble pattern as it did in 2011, my 10k investment next year would be worth a measly 3000-5000$....

Wish I knew more about economics and whatever shit lol.
It seems to me that WHEN bitcoin falls back down to <30-40$ it'll be a great time to buy in. Right now it's on a completely insane bubble that I can't see being justified at all and that is amplified further by media hype..

My guess is that if you buy them at 1000$ you will lose money short-term, as you would have if you had bought them at 50$ in 2011 before it crashed back down to under 5$....

Gotta keep an eye on this... Simply tripling your money in a year is pretty sweet, let alone multiplying it by 50.

At 11/27/13 01:52 PM, Xenomit wrote:

Am I the only person here who knows even a little bit about the economy

Or, more likely, you have no idea what you're talking about, what bitcoins are and how monetary value is fixed...

The supply is limited and the Chinese are buying it up the price only getting higher lmao do you have an ASIC miner nt shitiots

At 11/27/13 02:27 PM, Tony-DarkGrave wrote: bitcoins are a good investment just like gold and silver. seeing as its completely SECURE. I am gonna start mining here pretty soon since I have a good rig set up.

Can't you calculate your expected rate of return right now if you mine yourself?
It's got to be so low that it's not even worth the energy usage by now... You'd be better off selling that computer and buying bitcoin to speculate with, no?

At 11/27/13 02:14 PM, Psycho666 wrote:

At 11/27/13 01:59 PM, 24901miles wrote: Bitcoin hit $1000 this morning.

At 11/27/13 01:52 PM, Xenomit wrote: Am I the only person here who knows even a little bit about the economy

It's not based on nothing, it's based on cryptography.

Thank you.

It is based on the ability to solve complex algebraic formulas. Because of the level of complexity, it takes a serious investment to become a profitable bitcoin miner. So there is a cash investment side, unless you pay for your machines with bitcoins.

Hopefully, it will work, and the US Govt. won't be able to squash it. A decentralized alternative to banks and a departure from using a middle man to save your money with!

One of the reasons that the price of BTC soared last week was due to US senates' hearing on trying to regulate the currency. They are trying to regulate things they don't understand. Few years ago nobody gave a quack about BTC. Then suddenly the price has skyrocketed and everyone wants to become the middlemen.

One thing that made me have hopes on BTC as a future currency is because of its inflation-proof characteristic. Decentralized and works on P2P protocol. Frankly, as Xenomit said he had understanding on economy; it doesn't mean he will ever understand BTC totally. In fact no one except Satoshi Nakamoto fully understand the power (or weakness) of BTC.