Bitcions on the rise once again

[mayabong]

Up to $15.40 from 5 dollars a couple months ago.

[slapass]

Looking good but a currency needs to be stable not this volatile.

[mayabong]

Originally Posted by slapass

Looking good but a currency needs to be stable not this volatile.

That is true. Personally I just use them for gambling purposes. Texas holdem.

[Freaky_Akula]

Originally Posted by slapass

Looking good but a currency needs to be stable not this volatile.

Stable like the U.S dollar?

[MrBottomTooth]

Can you still generate these using video cards?

[oscer]

Originally Posted by MrBottomTooth

Can you still generate these using video cards?

Yea but its smalll

[Ecchi22]

Originally Posted by MrBottomTooth

Can you still generate these using video cards?

Not worth it. You'll spend more money on electricity bills

[anexsia]

I started mining bitcoins with my Radeon 6870 the other week and I gotta agree with everyone else, it takes FOREVER...but I plan on mining just a few incase I'll ever need them for something

[Sunny Day]

Originally Posted by Freaky_Akula

Stable like the U.S dollar?

Your chart shows the dollar over 110 years. Bitcoins have been around less than 10.
After WW II, the Pound was worth 4-to-1 than almost sank to 1-1. But Bitcoins are changing almost hourly. All it takes is one more hacking problem and Bitcoins will be gone. Or if you read the New Scientist articles, I posted how law enforcement can hack your transactions, you'd run from Bitcoins. Pay cash, know who you deal with.

Even then be wary. It takes an amazing person to stand up to the federal steamroller, when the tell you they will send you to prison, your entire family, and everyone you ever met. And your dog, cat & goldfish.

[BIGTYMER]

Don't worry it'll go back down.

[mayabong]

Originally Posted by Sunny Day

Your chart shows the dollar over 110 years. Bitcoins have been around less than 10.
After WW II, the Pound was worth 4-to-1 than almost sank to 1-1. But Bitcoins are changing almost hourly. All it takes is one more hacking problem and Bitcoins will be gone. Or if you read the New Scientist articles, I posted how law enforcement can hack your transactions, you'd run from Bitcoins. Pay cash, know who you deal with.

Even then be wary. It takes an amazing person to stand up to the federal steamroller, when the tell you they will send you to prison, your entire family, and everyone you ever met. And your dog, cat & goldfish.

One more hacking problem? there have been dozens of bitcoin related hacks and bitcoin is fine. Bitcion itself has never been hacked. Bitcoin does have its own problems though, the size of the block chain being one I believe.

[mayabong]

Originally Posted by BIGTYMER

Don't worry it'll go back down.

The inflation rate for bitcoins is insane. I'm surprised it can hold up with these prices. The inflation rate does get cut in half around december though and 25 bitcoins will be produced every 10 mins instead of 50.

[mayabong]

Originally Posted by anexsia

I started mining bitcoins with my Radeon 6870 the other week and I gotta agree with everyone else, it takes FOREVER...but I plan on mining just a few incase I'll ever need them for something

I used to have a small mining farm, it was a pain in teh ass.

Now they have .. those boards that mine with alot less power. and soon they will have ASIC boards, which do like 1 terahash per board or something and consume very little power. Video card mining is in the stone age.

The real money to be made in bitcoin is on the bitcoin stock market. http://glbse.com

I've made 1000% gains in a very short period of time on there.

[Internet Guy]

Where are all the haters now? Any of you guys wanna suck my cock?

Even if Bitcoin is destroyed, no problem, a new crypto-currency will take it's place.

Vive la Revolution.

[xXXtesy10]

Originally Posted by mayabong

One more hacking problem? there have been dozens of bitcoin related hacks and bitcoin is fine. Bitcion itself has never been hacked. Bitcoin does have its own problems though, the size of the block chain being one I believe.

Yeah, tangible and very much sought after by societies everywhere. One more hit and you will need to start scraping the sides of the pipe bro.

[anexsia]

Originally Posted by mayabong

I used to have a small mining farm, it was a pain in teh ass.

Now they have .. those boards that mine with alot less power. and soon they will have ASIC boards, which do like 1 terahash per board or something and consume very little power. Video card mining is in the stone age.

The real money to be made in bitcoin is on the bitcoin stock market. http://glbse.com

I've made 1000% gains in a very short period of time on there.

That's awesome to hear, I've been checking out GLBSE and might try it out. I only have just a few bitcoins right now though.

[mayabong]

Originally Posted by anexsia

That's awesome to hear, I've been checking out GLBSE and might try it out. I only have just a few bitcoins right now though.

Thats all you need really. I just invested in this one with alot of my holdings.

https://bitcointalk.org/index.php?topic=99497.0

I started with about 10 bitcoins on there about 7 months back.. i played my cards right and have over 200 now.

[seeandsee]

oh no this again :D

[Sunny Day]

Originally Posted by mayabong

One more hacking problem? there have been dozens of bitcoin related hacks and bitcoin is fine. Bitcion itself has never been hacked. Bitcoin does have its own problems though, the size of the block chain being one I believe.

http://thehackernews.com/2012/05/bit...-bitcoins.html

Didn't MTGOX have to shut down for awhile due to hacking?

[Bat_Man]

These guys gets on nerve......I know a lot who have stopped using.....

[mayabong]

Originally Posted by Sunny Day

http://thehackernews.com/2012/05/bit...-bitcoins.html

Didn't MTGOX have to shut down for awhile due to hacking?

You are confusing an exchange for the actual currency. The hacks have nothing to do with bitcoin itself.

[mayabong]

Originally Posted by Bat_Man

These guys gets on nerve......I know a lot who have stopped using.....

Looks like alot have started using.

[u-Bob]

Originally Posted by mayabong

You are confusing an exchange for the actual currency. The hacks have nothing to do with bitcoin itself.

Exactly. It's like implying there's something wrong with the USD because some local bank got robbed.

[Sunny Day]

Originally Posted by mayabong

You are confusing an exchange for the actual currency. The hacks have nothing to do with bitcoin itself.

MTGOX claims to control 80% of the Bitcoin market, if that's true, then they pretty much are the currency. And if they can get hacked, any Bitcoin market or wallet can get hacked.

http://www.dailytech.com/Inside+the+...ticle21942.htm

"Updated: Sunday June 19, 2011 7:15 p.m.
TradeHill has officially closed, posting the notice:
TradeHill has recently learned that a large number of user accounts at a competing Bitcoin exchange have been compromised. Because of the possibility that our users may have used the same password on multiple exchanges, we will be halting the ability to trade or withdraw funds for a few hours. We hope this will give all of our users time to reset their passwords if needed. You can reset your password by clicking on your username in the upper right of the website. This merely a precaution, and we do not have any evidence that our site has been compromised in any way. More info soon."

[u-Bob]

Originally Posted by Sunny Day

MTGOX claims to control 80% of the Bitcoin market, if that's true, then they pretty much are the currency.

Non sequitur.

If X% of all transactions that take place at a certain moment in time take place at a certain location, that does not mean that all future transaction will or need to take place at that location as well.

And if they can get hacked, any Bitcoin market or wallet can get hacked.

"...Because of the possibility that our users may have used the same password on multiple exchanges, we will be halting the ability to trade or withdraw funds for a few hours..."

Any computer system can get hacked. Of course there's a lot of things you can do to increase the level of protection. In most cases, increasing security means giving up some userfriendliness. For example opening a door and walking trough it is easier than first having to unlock the door or first having to get your irises scanned before you can open the door.

The same goes for bitcoin wallets. Cold storage or paper bearer bonds are less user friendly than storing your btc in an online ewallet controlled by a 3rd party.

How and where you store and transfer something of value, be it gold, cash, btc or anything else, is your own choice and responsibility. If a user chooses to store an object of value in a place where it could easily be stolen or lost or burnt or disintegrate or... or if that user chooses to compromise his own security by using the same password at more than one place, that does not mean the means of storage chosen by the other users suddenly become less secure.