Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #60 on: January 23, 2014, 11:57:36 PM »
thus producing a stable and viable currency.
Its not recognised as a currency in Finland.

http://mashable.com/2014/01/20/bitcoin-commodity-finland/

Fixed.

But I largely agree. People are mining them in the hope their value will increase. It's a fun game for nerds who would probably leave their computer on all day anyway. They used to be good for buying guns, drugs and whores. No more. :(

http://www.butterflylabs.com/

That place there is charging about $9,000USD/yr to rent a machine which performs at 1GH/s for one year, which seems to be able to produce about 24 coins a day at the current difficulty level. It looks like that means that it's about $1.06/bitcoin to rent a machine for long enough that will produce exactly one bitcoin. That should be the current price of the bitcoin.

Sell sell sell?

Offline Blanko

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #61 on: January 23, 2014, 11:59:45 PM »
But I largely agree. People are mining them in the hope their value will increase. It's a fun game for nerds who would probably leave their computer on all day anyway. They used to be good for buying guns, drugs and whores. No more. :(

Is it just me, or did that sound exactly like Thork?

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #62 on: January 24, 2014, 12:03:06 AM »
They used to be good for buying guns, drugs and whores. No more. :(
Why?
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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #63 on: January 24, 2014, 12:10:23 AM »
They used to be good for buying guns, drugs and whores. No more. :(
Why?

The Silk Road closed. So I hear.

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #64 on: January 24, 2014, 01:33:38 AM »
They used to be good for buying guns, drugs and whores. No more. :(
Why?

The Silk Road closed. So I hear.
It's back up. Or so I've heard. And besides, there's plenty of imitators out there for websites of that nature. The Silk Road was the most famous, but by no means the only.
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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #65 on: January 24, 2014, 04:14:48 AM »
http://www.butterflylabs.com/

That place there is charging about $9,000USD/yr to rent a machine which performs at 1GH/s for one year, which seems to be able to produce about 24 coins a day at the current difficulty level. It looks like that means that it's about $1.06/bitcoin to rent a machine for long enough that will produce exactly one bitcoin. That should be the current price of the bitcoin.

I wouldn't base anything on Butterfly Labs, considering its a well known scam among the Bitcoin community. It catches all the newbies in its crosshairs and its rather good at doing that. When it comes to bitcoin miners, if the website looks really nice, its a scam. If the website looks like it was cobbled together by a college freshman, its legit.

« Last Edit: January 24, 2014, 04:16:38 AM by Irushwithscvs »

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #66 on: January 24, 2014, 01:29:07 PM »
I think if Kanye wins he should get to keep all the Coinyes.

And now I want him to win.

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #67 on: January 24, 2014, 05:02:39 PM »
The Silk Road closed. So I hear.
It's only been down for a couple of days after the seizure.
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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #68 on: January 24, 2014, 10:21:44 PM »
http://www.butterflylabs.com/

That place there is charging about $9,000USD/yr to rent a machine which performs at 1GH/s for one year, which seems to be able to produce about 24 coins a day at the current difficulty level. It looks like that means that it's about $1.06/bitcoin to rent a machine for long enough that will produce exactly one bitcoin. That should be the current price of the bitcoin.

I wouldn't base anything on Butterfly Labs, considering its a well known scam among the Bitcoin community. It catches all the newbies in its crosshairs and its rather good at doing that. When it comes to bitcoin miners, if the website looks really nice, its a scam. If the website looks like it was cobbled together by a college freshman, its legit.

So then how much would it cost currently? It can't be more than an order of magnitude off.
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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #69 on: January 25, 2014, 01:52:20 AM »
So then how much would it cost currently? It can't be more than an order of magnitude off.

You mean the equipment or the electricity? At 1.5 W/Gh/s it costs roughly $16M to churn out $4.4M in Bitcoin. The equipment itself varies, based on the tech (65nm vs 20nm) and availability (preorder vs shipping).

The argument itself that bitcoin is worth what it costs to mine it is silly. Bitcoin is worth what people will pay for it.

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #70 on: January 25, 2014, 12:00:04 PM »
The argument itself that bitcoin is worth what it costs to mine it is silly. Bitcoin is worth what people will pay for it.

Why pay $822.9 for a bit coin when you can mine one for $1.06 (allegedly)?

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #71 on: January 25, 2014, 12:43:24 PM »
I wouldn't base anything on Butterfly Labs, considering its a well known scam among the Bitcoin community.
I'm curious. I've once seen a review of one of their miners on ArsTechnica and it seemed like it did exactly what it said on the box, with the specs they claimed. Why, or in what way, are they a scam?
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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #72 on: January 25, 2014, 03:42:27 PM »
The argument itself that bitcoin is worth what it costs to mine it is silly. Bitcoin is worth what people will pay for it.
That makes bitcoins a commodity, not a currency.
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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #73 on: January 25, 2014, 04:09:56 PM »
The argument itself that bitcoin is worth what it costs to mine it is silly. Bitcoin is worth what people will pay for it.
That makes bitcoins a commodity, not a currency.

Kinda makes all national currencies commodities too since there's an exchange rate.

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #74 on: January 25, 2014, 04:43:03 PM »
I'm curious. I've once seen a review of one of their miners on ArsTechnica and it seemed like it did exactly what it said on the box, with the specs they claimed. Why, or in what way, are they a scam?

They take pre-orders for miners, mine with them, and then ship them to you when they're no longer profitable. It took a year and a half for people (not paid media outlets) to receive their miners. Anyone who asked about it or complained was instantly banned on their forums. You'll get your miner from them, as soon as it stops making them money. Buying something from Butterfly Labs is like investing in them indefinitely with no returns. They also don't offer refunds.

That makes bitcoins a commodity, not a currency.

You have literally no idea what a currency is, do you?

Why pay $822.9 for a bit coin when you can mine one for $1.06 (allegedly)?

Go ahead and mine a bitcoin for a dollar. I would really like to see you try it.

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #75 on: January 25, 2014, 05:29:27 PM »
BitCoin was recently mentioned as an untracable currency in the show "Almost Human".

Neat huh?

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #76 on: January 25, 2014, 05:58:39 PM »
Isn't one of the points that it is eminently traceable?

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #77 on: January 25, 2014, 06:05:16 PM »
Go ahead and mine a bitcoin for a dollar. I would really like to see you try it.

That's why I said allegedly. Or is there some link between effort and value?

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Offline Rushy

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #78 on: January 25, 2014, 06:40:10 PM »
Isn't one of the points that it is eminently traceable?

It is and it isn't. Send a bitcoin to a large exchange address and then have the exchange send it back. Chances are outrageously high that the bitcoin you sent isn't the one you received.

That's why I said allegedly. Or is there some link between effort and value?

Mining a bitcoin isn't as simple as "pay this, receive this." There is no amazon.com selling bitcoin miners with free 2-day shipping. Good luck trying to buy one, much less having it to your doorstep and mining with it. A lot of sites claiming "cloud hashing" are just money grabs.

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #79 on: January 25, 2014, 06:51:01 PM »
They take pre-orders for miners, mine with them, and then ship them to you when they're no longer profitable. It took a year and a half for people (not paid media outlets) to receive their miners. Anyone who asked about it or complained was instantly banned on their forums. You'll get your miner from them, as soon as it stops making them money. Buying something from Butterfly Labs is like investing in them indefinitely with no returns. They also don't offer refunds.
All right. Suppose I wanted to get some sort of entry-level miner rig. Where do I look?
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