Bitcoin

Atomicrox · Dec 8, 2013

Yeah, the countries that tend to restrict this kind of thing are usually those that need them badly

With USD at least you can choose between many exchanges. We have fewer options, all of them (at least the ones I know) include at least one of the following:
-Giving out your real life information to the exchange (which will be forwarded to banking authorities), which means they can pretty much track your money on the blockchain "forever".
-Trusting some random guy online and paying him directly for the bitcoins, usually at a much higher price.
-Converting your money to USD and then using USD->BTC exchanges. With this you'd have to pay goddamn PP fees, credit card fees and taxes.

I'm sure wide use of bitcoin would solve these problems eventually.

You're too kind

Happy holidays for you and your family as well!

Lazerbeak · Dec 8, 2013

Thank you Atomic

Yes, I had to give Mt. Gox quite a bit of info and I'm still waiting after 3 weeks to even give them my bank info to transfer funds. Then there is a $1,000 or 10 BTC per day limit on transfers. Still, I want to go through the process just to see what's involved. I suppose I could move BTC through different "washing" services if I wanted to.

I think tracking transfers through the blockchain may be a positive in terms of transparency to prevent large "heists" like with the recent theft at Sheep Marketplace.
There's a £60m Bitcoin heist going down right now, and you can watch in real-time

~ LB

Atomicrox · Dec 9, 2013

I was following that the other day, did they eventually get the guy?

On a more personal note I'll take anonymity over security any day, but that's just me

(all those bitcoin robberies are avoidable - just don't store your private key in any online service and you'll be fine)

Lazerbeak · Dec 9, 2013

I don't have much in really. I just did it to play around with. It's a serious commitment to get into seriously. I have a BTC wallet but I never had the nerve to put anything on it outside of a very small amount to test that it worked. I have visions of myself doing something like this poor guy

Man Throws Away 7,500 Bitcoins, Now Worth $7.5 Million « CBS DC

I agree that anyone serious about it should keep and maintain their BTC in a secure and private place.

I followed a tutorial online from the place I donated to...

https://archive.org/

They only accept BTC as a donation so I did the reading and went through the process. I had read about BTC and the philosophy behind them so I gave it a shot. No intention to do anything illicit or do anything with it really. So I was OK with the loss of privacy to try it out.

~ LB

Atomicrox · Dec 9, 2013

Wow, poor guy. He must be very pissed off!

Anonimity isn't about hiding illicit stuff - it's about privacy. At the end of the day you don't want your neighbour watching you take a piss, even though there's nothing wrong about it

Lazerbeak · Dec 9, 2013

Atomicrox said:
Wow, poor guy. He must be very pissed off!

Anonimity isn't about hiding illicit stuff - it's about privacy. At the end of the day you don't want your neighbour watching you take a piss, even though there's nothing wrong about it

Hmm... Well said :thinking:

~ LB

Dr_Evil · Dec 9, 2013

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

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

Any reason why litecoin would be better? Faster mining? I noticed the value isn't as high.

ETA: What would be a good mining program for it? Any *good* sources for information?

ARG · Dec 9, 2013

Dr_Evil said:
Any reason why litecoin would be better? Faster mining? I noticed the value isn't as high.

ETA: What would be a good mining program for it? Any *good* sources for information?

Bitcoin mining is now mostly ASCI's and FPGA's.

Litecoin mining is still done with GPU mining for the most part, so you'll mine a lot more litcoin than you will bitcoin. The values are different, but the litecoin you make will be much more than the bitcoin you make.

I use www.litecoinpool.org drop them an email to get an account.
Use CGminer as your program, and use the configuration wizard under the "help' tab in litecoinpool.org (once you have an account) to get the setting to use.

FlutterPie · Dec 9, 2013

Dr_Evil said:
Any reason why litecoin would be better? Faster mining? I noticed the value isn't as high.

ETA: What would be a good mining program for it? Any *good* sources for information?

GPU mining works better for mining litecoins rather than bitcoins. Also with a small setup, you will make more money mining litecoin instead of bitcoin.

Here's a cool video

Dr_Evil · Dec 9, 2013

E-mail sent. Let's see how long it takes to get a reply now.

CheesyWalnut · Dec 10, 2013

FlutterPie said:
GPU mining works better for mining litecoins rather than bitcoins. Also with a small setup, you will make more money mining litecoin instead of bitcoin.

Here's a cool video

I bet someone will set up a ltc or btc mining factory like that

Dr_Evil · Dec 11, 2013

I got lite mining running now. Let's see how it goes.

Grix · Dec 11, 2013

Well, this marks the second luxury car sold for bitcoin this week: imgur: the simple image sharer

MarioMaster · Dec 12, 2013

The BFL stuff I ordered on black Friday actually shipped the following monday and I got the stuff on Thursday - it's a damn miracle :friend:

Seoul_lasers · Dec 12, 2013

Grix said:
Jesus christ, I don't know if you guys have been following this, but bitcoin has now shattered it's all-time high. There has been a 300% increase in price since the last post in this thread, and a 5-600% increase since the beginning of the thread. If any of you guys still have 0.5 bitcoin tips I handed out, they are now worth nearly $30.

Have you guys been following the news that China's hackers may try and destroy BITCOIN and miners?
China is leading the assault against this currency as it direct competition to the Yuan.

I'm watching this story unravel closely. :yabbmad:

Lazerbeak · Dec 12, 2013

Seoul_lasers said:
Have you guys been following the news that China's hackers may try and destroy BITCOIN and miners?
China is leading the assault against this currency as it direct competition to the Yuan.

I'm watching this story unravel closely. :yabbmad:

:wtf: Thanks for bringing this up Seoul Lasers. I'll be keeping an eye on it too.

~ LB

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