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Post #1
  10th April 2013 - 09:12 AM
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What the? QUOTE IT'S a currency tied to no country, under the control of no central bank and you won't find it minted on plastic, paper or metal.
Its value has also surged more than 1000 per cent from about $15 to just shy of $170 since the start of the year. They are called bitcoins, a digital currency that has sparked an online trading frenzy in recent weeks, as well as growing warnings of a new asset price bubble. A US citizen reportedly purchased a used Porsche Cayman last month using 300 bitcoins. That's a far cry from what has been dubbed the most expensive pizza purchase in history when in May 2010 a US programmer swapped 10,000 bitcoins -- then worth less than a cent each -- for two pizzas. At yesterday's price the pizzas cost him about $1.7 million. Bitcoins, an online currency now totalling $1.8 billion, was launched by an anonymous computer programmer amid the fallout of the global financial crisis in 2009. The goal was to create a non-fiat currency that could not be devalued by governments or central banks. The digital currency is rooted in a highly complex computer algorithm, which can theoretically only produce 21 million coins -- a volume that is estimated to be hit in 2140. Ozcoin Pooled Mining, a Perth-based miner, bills itself as the third-largest bitcoin miner in the world. Online currencies are not new. The difference with bitcoin, says Cameron Garnham, the founder of an online Australian Bitcoin forum, is that this one is controlled by an algorithm, not a central organisation. "Bitcoin is the first decentralised digital currency," said Mr Garnham, a Melbourne-based computer programmer. "Previously, you had to trust an issuer to perform a transaction or not create money out of the blue. With bitcoin every single person in the network becomes the auditor." Mt Gox is the largest online exchange site for bitcoins. Marketing manager Gonzague Gay-Bouchery said interest in the digital currency had surged since the financial meltdown in Cyprus, with the number of new accounts rising from 10,000 per month in December to 60,000 last month. "After what happened in Cyprus a lot of people are upset," he said. "Bitcoins are easy to buy, easy to store and many of our customers are using them as in investment. They would have bought gold and silver in the past. Now they are saying, 'why not buy some bitcoin on top of that?'." A small but growing number of Australian retailers are beginning to accept Bitcoins for payment. Source: http://www.news.com.au/technology/techknow...o-1226615233325 -------------------- :: BoostCruising :: The Automotive enthusiasts site with extensive Car Sales, loads of Car Parts, mags, wheels and Tyre Sales, along with subs, tweeters, head units, speakers, heaps of Car Audio. Over a million Aussie's can't be wrong!
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Twat In The Hat
Post #2
Yeah read about this the other day. A mate told me ages ago this shit will be huge and that everyone should invest in it. |
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Geoff
Post #4
lol bitcoins. |
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RB25_lovin
Post #6
so in order to buy substances off silkroad i need to spend a minimum 170? gay. got told to invest in them at $60 each and i didn't. damn |
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Tweak
Post #8
it will be good for maybe another month then it will go to shit. |
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TurbostyleR
Post #9
last week they were around 110 dollars, this week they are 170. Tweak explained it the best in what is to come. |
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.Tim.
Post #10
So... if it can 'theoretically' only produce 21 Million coins, and the real world value of these coins rises exponentially, naturally, you would expect that distibution would increasingly become more are more limited to the wealthy... and then wealthier... and then wealthier... until eventually only a handful of entities (be it individuals or companies) hold the majority of stock |
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alpharx7
Post #11
it's all tl/dr to me. QUOTE Bitcoin drama continues Bitcoin, a new digital currency, lost more than US$160 (A$152) in value on Wednesday, just hours after hitting a record high. The currency hit a new high of US$266 (A$252) before falling to US$105 and then bouncing back to US$130. At its low on Wednesday, the currency had lost some 60 percent of its value from the day’s peak. The virtual currency went onto stage a sizeable comeback before getting slammed again. What is Bitcoin? Bitcoin is the new currency taking the world by storm and has seen its value surge more than 1000 per cent from around US$15 at the beginning of the year to current levels of around US$170 (check here for the most recent value). Bitcoin is a decentralised, anonymous, digital-only currency that's lately got a lot of public attention and sparked a trading frenzy. Not managed like a typical currency, Bitcoin belongs to no particular country, is not minted on plastic, paper or metal and under the control of no central bank. The biggest question everyone has had about Bitcoin in recent weeks, aside from how it works, is whether or not it's in a bubble and ready to crash. INTERACTIVE: Yahoo!7 currency converter How Bitcoin works Bitcoin was originally developed in 2008 by a computer developer using the pseudonym "Satoshi Nakamoto", who published a paper describing how it could work. Bitcoin generation is based on a highly complex computer algorithm, programmed to generate a fixed number of Bitcoins per unit of computing time. By 2140, the total number of Bitcoins in circulation will be capped at 21 million. In other words, the Bitcoin system is self-sustaining, coded to prevent inflation, and encrypted to prevent anyone from disrupting its code. Bitcoins can be bought with money and they also can be "mined". There are around 11m Bitcoins in circulation, 25 new bitcoins are produced every 10 minutes, and they are traded through online exchanges like Mt.Gox. The Motley Fool Australia explains that obtaining Bitcoins is similar to opening an account through a bank. “All a user has to do is visit Bitinstant and convert a local currency into the virtual money. The currency is traded just like any other.” Wednesday’s wild ride The record high and subsequent crash experienced on Wednesday was potentially sparked by a Reddit user who gave away thousands of dollars worth of Bitcoins. A Reddit user under the name"Bitcoinbillionaire" had given away US$13,627.69896 worth of Bitcoins to Reddit users over the day, reported Business Insider. The mystery donor signed off with a quote from Ron Paul, libertarian politician and one-time would-be presidential candidate: "It's no coincidence that the century of total war coincided with the century of central banking." |
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Street Tuned
Post #13
While I don't recommend investing in Bitcoins. There is no denying that it is the most valuable currency in the world right now at USD$117.00 considering the Aussie dollar is only USD$1.05 |
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Tweak
Post #14
you cant just "buy" bitcoins. You have to mine them, which is now pretty much impossible to do by your self. So you must go into a bitcoin slush fund, But as all slush funds its no 100% granted. To much effort for something thats bound to fail. |
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Street Tuned
Post #16
QUOTE (Tweak @ Apr 13 2013, 08:34 PM)  you cant just "buy" bitcoins. You have to mine them, which is now pretty much impossible to do by your self. So you must go into a bitcoin slush fund, But as all slush funds its no 100% granted. To much effort for something thats bound to fail. Its already peaked and is starting to drop Yes you can, you can buy Bitcoins through it exchanges off other bitcoin holders. |
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Street Tuned
Post #18
LOL it is satire on our so called western free society, that really isn't free at all. |
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Twat In The Hat
Post #20
Exactly. It would be a shit place. But hey, go anarchy! Also remember this... Your parents force you to go to school. One you're 16, you're free to do whatever you want as long as it doesn't directly and negatively impact other people. Don't wanna go to school? Fine. Wanna get shit grades? Great. Don't want to work or get married or have kids? So don't.. Pay taxes? Well if you don't work you don't pay taxes except for shit like GST. Don't watch TV or follow fashion.. Act however the hell you want. You are free to do all of that. In fact you don't have to even follow the law. There are of course consequences to everything you do.. good and bad, but that doesn't mean you aren't free to do that. You aren't a slave, you aren't forced at gunpoint to do things nor are you dragged around by a chain. |
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NuckingFuts
Post #21
I think Street Tuned just doesn't respect any sort of authority and would like to see society crumble to survival of the fittest. |
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vk134
Post #23
The whole apocolyptic world theme, in movies and games etc, who the fk would want to live like that, the theme is always the same, the heroes looking all buff and ready to challenge anything , yet there is no sign of food , clean water etc....I just don't see the point of existing like that, be like living is the afghanistan hills, etc. |
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s13viper
Post #25
Meh i joined a pool a year ago out of curiosity more than anything else. I've got quite a few bitcoins now that cost me nothing. I don't think it will end up being that huge but it's interesting nonetheless. My serious investments are elsewhere but its hard to argue with a commodity(currency?) well object that's value has increased a thousand fold. I crunch out around 2000Mhps which is decent but quite a bit lower than some people with dedicated machines. If your just starting out with anything other than a supercomputer then its very hard to turn a profit by yourself, it could take months @ 100% load on your GPU's to mine 25 bitcoins. Joining a pool can help but the profits are much lower of course. |
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Street Tuned
Post #28
QUOTE (PROXENETA @ Apr 15 2013, 11:11 PM) Can you imagine a world where everyone didn't do any of those things? QUOTE (Twat In The Hat @ Apr 16 2013, 08:04 AM) Exactly. It would be a shit place. But hey, go anarchy! Also remember this... Your parents force you to go to school. One you're 16, you're free to do whatever you want as long as it doesn't directly and negatively impact other people. Don't wanna go to school? Fine. Wanna get shit grades? Great. Don't want to work or get married or have kids? So don't.. Pay taxes? Well if you don't work you don't pay taxes except for shit like GST. Don't watch TV or follow fashion.. Act however the hell you want. You are free to do all of that. In fact you don't have to even follow the law. There are of course consequences to everything you do.. good and bad, but that doesn't mean you aren't free to do that. You aren't a slave, you aren't forced at gunpoint to do things nor are you dragged around by a chain. QUOTE (NuckingFuts @ Apr 16 2013, 08:34 AM) I think Street Tuned just doesn't respect any sort of authority and would like to see society crumble to survival of the fittest. Hahaha the world would be a much different place if no one did the things in my sig. I'm certainly not an Anarchist; Hell I work professionally in the finance industry. I certainly do have respect for Authority just not unreasonable facist authority. For example I respect anti-littering laws, don't like fire laws, I'm not going to rob or murder or even assault anyone. It is when we have personal freedom laws like anti-drug or not dangerous defect laws I make a stand. The sig is satire pointing out the conditioning every human in the western world and much of the developing world goes through. There is nothing wrong with getting a good education and a good job. But it is when people get caught up in the cycle of consumerism and entertainment that things go wrong. People (you and I included) end up putting meaningless things as a higher priority in our life. We all spend too much time watching our favorite rugby team instead of reading an analyzing the federal budget - Then demanding change when we realise the government has fcuked us all over again. It is about the illusion of choice, that when we were kids we truely were free but then consumerism and debt is pushed upon us - not so much by anyone specifically but just by the 'system' that consumerism has created. That is when our real dreams and aspirations (which are the true things that make us happy) take a back seat to Cars, Clothes, houses and reality TV. If you remember the Leonardo Dicaprio movie 'The Beach' he says in that 'We all try and do something different, but all end up doing the same thing.' That is kind of what it is about. Eventually we all just become sheeple. I don't subscribe to any kind of formal 'conspiracy' where people are behind the curtain controlling things. I just think we have a system that has been created over the past 200 years or so that more or less by accident has produced this worker bee, robotic outcome. It is no one specifically fault but it is everyone's fault. But I think this video 'The Freakshow' can explain it sooo much better than I: |
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factoryau
Post #29
QUOTE (Street Tuned @ Apr 18 2013, 04:09 PM) Hahaha the world would be a much different place if no one did the things in my sig. I'm certainly not an Anarchist; Hell I work professionally in the finance industry. I certainly do have respect for Authority just not unreasonable facist authority. For example I respect anti-littering laws, don't like fire laws, I'm not going to rob or murder or even assault anyone. It is when we have personal freedom laws like anti-drug or not dangerous defect laws I make a stand. The sig is satire pointing out the conditioning every human in the western world and much of the developing world goes through. There is nothing wrong with getting a good education and a good job. But it is when people get caught up in the cycle of consumerism and entertainment that things go wrong. People (you and I included) end up putting meaningless things as a higher priority in our life. We all spend too much time watching our favorite rugby team instead of reading an analyzing the federal budget - Then demanding change when we realise the government has fcuked us all over again. It is about the illusion of choice, that when we were kids we truely were free but then consumerism and debt is pushed upon us - not so much by anyone specifically but just by the 'system' that consumerism has created. That is when our real dreams and aspirations (which are the true things that make us happy) take a back seat to Cars, Clothes, houses and reality TV. If you remember the Leonardo Dicaprio movie 'The Beach' he says in that 'We all try and do something different, but all end up doing the same thing.' That is kind of what it is about. Eventually we all just become sheeple. I don't subscribe to any kind of formal 'conspiracy' where people are behind the curtain controlling things. I just think we have a system that has been created over the past 200 years or so that more or less by accident has produced this worker bee, robotic outcome. It is no one specifically fault but it is everyone's fault. Bloody well said. A world system built on infinite resources, dodgy banking practices, infinite growth, consumerism, it is bound to fall its just a matter of time. |
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s13viper
Post #31
Simply put by using your computer's cpu or gpu. It performs a mathematical task and every x time a coin is created. There will only ever be a finite amount of coins so the "currency" cannot inflate. As time goes on the task required to mine one will get harder as computers get faster. Realistically unless your running multiple high end GPU's and are lucky the value of the coins you will get will be so small as to not be worth it. |
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Phat535
Post #32
QUOTE (Geoff @ Apr 10 2013, 11:07 AM) lol bitcoins. most useless concept ever. Currency is not an investment, its a f'king currency. For a "currency" to spike in value that much comparatively tells me it's not that reliable as actual money. Plus what TTS said, it's pretty well reached critical mass already. GL with it nerds. You're not too bright are you? Tell the millionaire currency traders that money is not an investment. |
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