Topic: Cowman goes digging for bitcoin

[BomberMann650]

 

[b52bombardier1]

According to my youngest son who is up on bitcoin, we should have gotten in on this year's ago. In fact, we just had a similar discussion about bitcoin yesterday.

Where do you hide your digital bitcoin wallet that is safe after loading up your computer with the mining software?

How is any investor expected to weather the absolutely withering volatility in the bitcoin market?

Why would anybody want to help the bitcoin market flourish when it is largely a currency these days for black market transactions? The answer here from the IRS, the FBI and possibly the Secret Service will be different than my answer or yours.

I'm sure I will think of more questions soon.

Rick

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[J-Rod10]

I get sick every time I see the price of bitcoin. Few friends and I bought some in 2010. $1,000 each. Bought in at $.08/per. Sold when it hit $1.00.

Today, that $1,000 worth, is worth $71M.

[Dunk]

A few years ago I did the math on this and it didn't work out, bitcoin was already on the rise. Figured I missed the boat. Now I'm wishing I had, woulda made a lot of money. But now I think I missed the boat since it is on the rise...

Timing the market is just gambling. If you're gonna do it just do it. Bitcoin is a prudent part of your portfolio (along with index funds) and superior to any fiat currency. Consider laws may change and bitcoin may be made illegal (in the US anyway) or heavily taxed. Politicians hate currency that they can't just print more in the pursuit of hyperinflation, effectively taxing saving and financial responsibility while giving preferential treatment to whoever pays them off (i.e. those who get the newly printer money before it dilutes the value of existing money).

[RAFster122s]

If your bitcoin wallet does not need access to the internet to remain viable, I don't know much if anything about it, then the most security electronically is on an airgapped computer. Airgapped computers are not connected to any other and they do not have the capability of connecting to others electronically that could be hacked, wifi if installed is disabled from driver/device level, not just disconnected. Or, if it has a ethernet card it is not connected to the network.
David

[RAFster122s]

Is the Avalon or Avalon2 the Asus product they intro'd at Computex in Tiawan in '16? Naturally the "2" was not intro'd then but the orginal concept of a nearly wireless system. Tought to tell what it is with just the one view of the Avalon and no pics of front or back/backplane.  It was a modular concept they presented with different I/O boxes added to the back to provide different std inputs and outputs, one for workstation, another for home theater, and third for virtual reality. Am looking at article about Asus product intro or concept intro on arstechnica.com web site.

[RAFster122s]

There was several days regarding blockchain and a ICO (initial coin offering) on Dilbert, it was quite amusing.

Congrats on the loaner!  You are still building a system, right?  How much traffic or bandwidth will you eat with one of the data mining machines?  I get the impression it is an offline crunching job, not a back and forth message intensive
 Operation , barring the transfer of raw stuff to you and the output back to them...
David

[TwoTired]

Coincidentally.  I received some spam in my email, today.
It was "from" Blockchain with a subject of Alert.  Blockchain was actually "zfiamgp@www.advantagedentalcareers.com".  I don't think I'd want to go there with a mouse click.

The contents announced "Unrecognized Activity" in a big Blue Block with an officious logo therein.

The "VERIFY YOUR WALLET"  Button  actually points to:
http://www.matchalasen.com/wp-content/cache/object/5f9/eee/61327sf1fc9.html

...But, I'm not clicking on it.

I assume this has something to do with the bitcoin pryamid/ponzi variation scheme thing.  But, I am in no way a participant, or on that popularity bandwagon.

FYI

[TwoTired]

Well, glad that's all cleared up...

However, the only wallet in my known possession resides in my pants pocket.

I still think it was a phishing scheme.

[Lostboy Steve]

I just assume collect some world of Warcraft currency (or insert any mmorpg here) to be sold later for real money.

No I don't play, but the bitcoin thing seems like a big hassle with little to no return on a small scale.


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[dave500]

for as long as man has walked the earth he has toiled it,thats the way its always gonna be.

[Lostboy Steve]

I just assume collect some world of Warcraft currency (or insert any mmorpg here) to be sold later for real money.

That read like a cynical jab.  But don’t neglect at how efficient and rewarding internal video game economics are.  (Insert borderlands vs destiny meme here)
The “money out of thin air” argument has been the biggest criticism of bitcoin (myself included).  But folks forget that world banks, the mega brokers, they use the same digital networking system to process loan and investment money.  It’s all zeros and ones for everybody.  My credit union will deposit a micro loan into my account at the click of a button.  But the system is rigged through complex maths to favor the technology owner who so generously loans the money away.

for as long as man has walked the earth he has toiled it,thats the way its always gonna be.

This is true.
Then along came the idea that humans were worthless peon grunts and slavery was adopted as a religious ideology

Not at all. You know I'm not like that. I also wasn't being sarcastic. You could sell a character or just transfer credits in those games.

https://m.ebay.com/sch/i.html?_from=R40&_trksid=p2334524.m570.l1313.TR9.TRC1.A0.H0.Xthe++credits.TRS0&_nkw=the+old+republic+credits



I should add, one expensive video card to play a game, or several expensive cards to mine bitcoin. At least the game you're having fun.


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[Rookster]

The “money out of thin air” argument has been the biggest criticism of bitcoin

I don't think this  is true.  The biggest criticism is the substitution effect concerning a currency that is not tied to a government or another stabilizing institution.  There is no protection from the creation of a competing currency.  If or when that happens Bitcoin will essentially become MySpace to the new currency.  The problem is that people have real money tied into a currency that doesn't need a physical revolution, coup or war to replace.  It just needs a group of hackers to create an alternative. 

Think of what would need to happen for the U.S. and the world to replace the dollar with a new currency.  While many people believe we are already on that path the event hasn't and probably won't happen in our lifetimes.  Sure the value of currency fluctuates but the outright devaluing of currency usually involves a physical crisis.  In the case of Bitcoin it just involves someone creating a better/more secure alternative.

The other major criticism is that you can't really buy anything with Bitcoin in person.  Sure you can buy Bitcoin through the ATMs but in order to use the currency it has to be sold for cash before you can purchase with it.

Scott

[chewbacca5000]

No more paypal fees!  Finally I get to stick it to Ebay like a champion!  Go Bitcoin!

[chewbacca5000]

BomberMann650, instead of doing all that tech stuff, why not ask for people to pay you in bitcoin?

Seems like it makes sense to me.

I got parts, who has bitcoin?

[chewbacca5000]

BomberMann650, instead of doing all that tech stuff, why not ask for people to pay you in bitcoin?

Seems like it makes sense to me.

I got parts, who has bitcoin?

I will accept bitcoin in payment.  But since I can’t expect anyone in my immediate community to understand it, I’m going old school with my digital pick axe

Cool beans!  Go dig em' up minner 49er!  If anyone has bitcoin hit me up, I got the parts! 

[chewbacca5000]

5 minutes into watching Bitcoin videos on youtube.com I find myself on the weird part of the internet.  Get out your tinfoil hats people.

Wonder when Bitcoin the movie is coming out.  Maybe Jason Bourne has the algo implanted into his brain and that is why they want him dead.

[Duke McDukiedook]

It will be good and fun right up until countries start outlawing bitcoin or whatever currency people cook up in their minds.
Too much tomfoolery in the currency for me to get involved with.

[Duke McDukiedook]

Are you going to mine bitcoin with a Pi?
That might give me something to do with my Pi B since I never got that squeezebox emulator running on mine.

A tale of bitcoin woe.
https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/

[scunny]

Call me old fashioned, but, how do you mine it (gathering funds) ?
It seems to have a value, which a lot of things outside the monetary system do, trading your labour, time, favours owed by other people, bits and pieces etc.
Damn, am I the last dinosaur to roam the earth, limping my way to poverty ?

[dave500]

A tale of bitcoin woe.
https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/

anyone who regularly travels overseas and has a cleaning service clean their house and loses #$%*coin tokens deserves it.

[Rookster]

Call me old fashioned, but, how do you mine it (gathering funds) ?

Bitcoin has no financial institution or regulating body so every time a transaction is made it has to be verified and recorded in a ledger.  This ledger is called the Blockchain.  The Blockchain is maintained independently by "miners" who are paid a fee in Bitcoin for verifying and recording the transaction.  Anyone can be a miner but verifying and recording transactions in the Blockchain requires large amounts of processing power and running specific software.  The most efficient miners are rewarded with more Bitcoins by being able to verify and record more transactions.  The trade offs are power consumption, heat and cost of equipment.  A single miner using a home computer would probably use more in electricity mining for transactions than they made in Bitcoin unless the price of Bitcoin continues to rise.  Home computers are bad at mining for Bitcoin, so purpose built machines are used.  The miners are performing the services a financial institution would normally perform and collecting a fee for it.

If you have a $100 bill and walk in to your bank to deposit it in your account, the bank doesn't require you to explain where the bill came from.  They don't question its authenticity.  This is an advantage of physical currency over cryptocurrency.  Bitcoin as cryptocurrency doesn't actually exist in the physical world so the only way to prove that you are the owner is to trace its history from the first transaction.  That is accomplished by the Blockchain which the miners verify for every single transaction.  This becomes increasing complex because each bitcoin can be divided into fractions and bought / sold as such.

Scott

[Duke McDukiedook]

http://fortune.com/2017/11/02/amazon-cryptocurrency-domain-name-registration/

Looks like Amazon wants to own all the cryptocurrency also. 

[Duke McDukiedook]

Are you running Debian noobs on that pi?
Did you format your memory card?

[Duke McDukiedook]

https://gizmodo.com/poor-guy-accidentally-steals-and-then-destroys-300-mil-1820251726

Oops! Mah bad! 

Like the first commenter says, if you believe REAL hard and clap three times it will come back again, yes??