Bitcoin

Well, this is interesting...

There's a £60m Bitcoin heist going down right now, and you can watch in real-time

~ LB

Lazerbeak said:

Well, this is interesting...

There's a £60m Bitcoin heist going down right now, and you can watch in real-time

~ LB

Click to expand...

Holy shit, I didn't realize this was happening. Since SR got shutdown I didn't really trust anything. Now I see though that DPR is on Twitter with a new SR? So was this an administrator of the site that decided to start a new SR?

Crazy stuff man.

FlutterPie said:

Holy shit, I didn't realize this was happening. Since SR got shutdown I didn't really trust anything. Now I see though that DPR is on Twitter with a new SR? So was this an administrator of the site that decided to start a new SR?

Crazy stuff man.

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Whoa, didn't know DPR was back. Thought he was taken into custody, last I heard.

That the victims are tracking the thief through the blockchain is interesting.

~ LB

Lazerbeak said:

Whoa, didn't know DPR was back. Thought he was taken into custody, last I heard.

That the victims are tracking the thief through the blockchain is interesting.

~ LB

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Yeah DTP is back. People are either thinking that they got the wrong guy in custody. Or, that it's just another admin of SR using the same handle. I'm sure the real DPR discussed this with his administration's, that if anything ever happened SR would still remain un-harmed. So I'm guessing someone else just took over.

As for all those bitcoins stolen, that is just crazy. The person who did this, didn't do it very smart. It would have been a lot safer for him to steal 1000, rather than 92000. This is just insane.

FlutterPie said:

Yeah DTP is back. People are either thinking that they got the wrong guy in custody. Or, that it's just another admin of SR using the same handle. I'm sure the real DPR discussed this with his administration's, that if anything ever happened SR would still remain un-harmed. So I'm guessing someone else just took over.

As for all those bitcoins stolen, that is just crazy. The person who did this, didn't do it very smart. It would have been a lot safer for him to steal 1000, rather than 92000. This is just insane.

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Good to know about DPR, thanks for the info. Yeah the article said it was too much to steal and stay anonymous. We'll see if they get caught. Definitely don't want the Underground pissed off at you

~ LB

Lazerbeak said:

Definitely don't want the Underground pissed off at you

~ LB

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Absolutely not, they will make your life hell. Its sad to think that it is very possible they find someone who is not guilty, and confuse them for the real thief.

FlutterPie said:

Absolutely not, they will make your life hell. Its sad to think that it is very possible they find someone who is not guilty, and confuse them for the real thief.

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Very true. Too easy to point people in the wrong direction.

___________________________________________

http://arstechnica.com/tech-policy/2013/12/bitcoins-roller-coaster-ride-gets-wilder-as-wall-street-china-climb-on/

~ LB

Welp, looks like it's finally crashing. Oh well, hopefully we'll enjoy some relative stability before the next bubble

Realtime BTC values...

Live Bitcoin Market Data

Blog post from 2008 from one of the suspected creators of BTC. Interesting perspective on the mindset and theory behind BTC.

Unenumerated: Bit gold

If I'm correct in my understanding of this and some of the other myth and theory surrounding BTC I think it means that BTC actually have a predetermined and stable value not linked to the market and instead is controlled by the embedded code running BTC. So anything above that embedded value is just hype or fluctuation and not stable.

Not saying I understand any of that deep mathematical stuff. Just something that occurred to me while I was thinking about the subject.

Still waiting for Mt. Gox to setup my bank info. Oh well, guess I missed the boat. According to a Merril Lynch/Bank of America study released the same time as China's restriction of BTC values should eventually stabilize around $1,300.00 USD.

Interesting anyways

~ LB

~ LB

I'm actually going to set up a wallet and start mining. My computer runs 24/7 anyway. It should be a decent miner with a 6 core CPU and a Radeon 7970.

Dr_Evil said:

I'm actually going to set up a wallet and start mining. My computer runs 24/7 anyway. It should be a decent miner with a 6 core CPU and a Radeon 7970.

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You'll get better returns mining with litecoin on that setup

Dr_Evil said:

I'm actually going to set up a wallet and start mining. My computer runs 24/7 anyway. It should be a decent miner with a 6 core CPU and a Radeon 7970.

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CPU doesnt matter when it comes to mining. I also agree with ARG, litecoin would probably be a better option for your setup.

Lazerbeak said:

Realtime BTC values...

Live Bitcoin Market Data

Blog post from 2008 from one of the suspected creators of BTC. Interesting perspective on the mindset and theory behind BTC.

Unenumerated: Bit gold

If I'm correct in my understanding of this and some of the other myth and theory surrounding BTC I think it means that BTC actually have a predetermined and stable value not linked to the market and instead is controlled by the embedded code running BTC. So anything above that embedded value is just hype or fluctuation and not stable.

Not saying I understand any of that deep mathematical stuff. Just something that occurred to me while I was thinking about the subject.

Still waiting for Mt. Gox to setup my bank info. Oh well, guess I missed the boat. According to a Merril Lynch/Bank of America study released the same time as China's restriction of BTC values should eventually stabilize around $1,300.00 USD.

Interesting anyways

~ LB

~ LB

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I think the author of that blog post meant what you said but that's not how bitcoin works today.

There's a set total amount of BTC (21M), but even if we assume all the money of the world will eventually be represented by BTC there's still a source of value variation: the total "richness" of the world changes with time, usually increasing. If the "total amount of value"/BTC is increasing that means each BTC will be able to buy more stuff in the future. It's impossible to make a fixed value currency and bitcoin is actually deflationary instead of inflationary - my knowledge of economy isn't enough to know if that's a good or a bad thing.

Atomicrox said:

I think the author of that blog post meant what you said but that's not how bitcoin works today.

There's a set total amount of BTC (21M), but even if we assume all the money of the world will eventually be represented by BTC there's still a source of value variation: the total "richness" of the world changes with time, usually increasing. If the "total amount of value"/BTC is increasing that means each BTC will be able to buy more stuff in the future. It's impossible to make a fixed value currency and bitcoin is actually deflationary instead of inflationary - my knowledge of economy isn't enough to know if that's a good or a bad thing.

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Thank you for the information Atomic :beer:

I didn't know the set total amount. I had a family member ask me about BTC recently. Apparently BTC doesn't make any sense to Investment Banker types

Actually reassuring that value is increasing. You know more than me

I'll probably hold on to the majority of my BTC. Kind of fun seeing all the hype around it.

~ LB

Some investment funds are starting to invest in bitcoins It's hard for them economists to wrap their heads around the computer jargon needed to understand how it works. Hell, took me a few hours of reading until I was "sold" to the concept - and I still have no idea how the bit shaving goes.

Unfortunately it does not guarantee prices always go up. There are lots of bad scenarios:
-Usage of bitcoin could get smaller, increasing offer of BTC and decreasing demand, which would lower BTC prices.
-Governments could (try to) ban BTC, forcing the above. I'm sure the only reason most governments aren't doing this is because they don't "get" what bitcoin is.
-The current price could already be way above the "reasonable value", which would mean a bubble is underway (this says nothing of long term prices).
-A new cryptocurrency could rise and replace BTC, driving prices down.

I really *REALLY* wish bitcoin succeeds. I love the idea of a global economy with real free trading.

Right now what hinders me from using it is the lack of a good, cheap, anonymous mechanism to convert local fiat money into BTC.

Thank you again for the info Atomic! China restricting BTC seems like a big blow, but I tend to think the nature of BTC or "cryptocurrency" is that it is above and beyond Banks, Governments and Regulation.

From what I understand the BTC community is already doing its best to integrate with the existing regulations and "system".

I too really hope it works out. I just got some because I believe in the ideology behind it and wanted to play with it and understand the tech. Yeah, having quite a time converting BTC to USD myself. Interesting going through the process though to see what it really takes to put $ in and get $ out.

Wishing you and yours a great Holiday Season Atomicrox

~ LB