Re: Ask Rushy about Bitcoins.
« Reply #100 on: February 03, 2014, 08:13:38 PM »
If Intel were smart, they'd get their R&D department to develop a very powerful miner, and then run R&D as a self-funded enterprise.

Actually from an investment standpoint that'd be really stupid. A company as large as Intel can't afford to risk millions of dollars on R&D and waste precious foundry resources trying to money grab from Bitcoin, especially when their interaction alone could crash the currency because people would wonder if they can trust Intel.

Larger companies will become interested once Bitcoin is larger. Until then they won't touch it with a ten foot pole and I really don't blame them.

So Intel can't spend millions on something like bitcoin, but they can spend millions on lasers designed to move around individual atoms to make a stick person animation?
Also, why could a large company getting involved with bitcoin mining crash the currency?
« Last Edit: February 03, 2014, 08:58:26 PM by EnigmaZV »
Quote from: Saddam Hussein
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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #101 on: February 04, 2014, 01:32:19 AM »
So Intel can't spend millions on something like bitcoin, but they can spend millions on lasers designed to move around individual atoms to make a stick person animation?

Those lasers are also used to make their chips. That video was to spur investors to see how 'great' their technology is. You really think they just blew a bunch of money on a machine to make that?

Also, why could a large company getting involved with bitcoin mining crash the currency?

Intel could too easily gain majority control of the network. No one would trust them and therefore move their money to another currency like Litecoin or Peercoin, thus crashing Bitcoin. Intel would have to completely redesign their chips to capture either of those markets, so I doubt after one investment sinkhole they'd try it again. Actually they wouldn't have to redesign the chips for Peercoin, but Peercoin's network punishes you for mining by lowering the reward as you keep going. Making large scale mining on Peercoin a bad investment.

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Online Lord Dave

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Re: Ask Rushy about Bitcoins.
« Reply #102 on: February 04, 2014, 11:13:44 AM »
How is the dollar to bitcoin conversion calculated?

Re: Ask Rushy about Bitcoins.
« Reply #103 on: February 04, 2014, 03:36:33 PM »
So Intel can't spend millions on something like bitcoin, but they can spend millions on lasers designed to move around individual atoms to make a stick person animation?

Those lasers are also used to make their chips. That video was to spur investors to see how 'great' their technology is. You really think they just blew a bunch of money on a machine to make that?

Also, why could a large company getting involved with bitcoin mining crash the currency?

Intel could too easily gain majority control of the network. No one would trust them and therefore move their money to another currency like Litecoin or Peercoin, thus crashing Bitcoin. Intel would have to completely redesign their chips to capture either of those markets, so I doubt after one investment sinkhole they'd try it again. Actually they wouldn't have to redesign the chips for Peercoin, but Peercoin's network punishes you for mining by lowering the reward as you keep going. Making large scale mining on Peercoin a bad investment.

I think that having bitcoin crash just because a large company gets involved in mining would make it nearly impossible for bitcoin alternatives to make it to mainstream popularity. Eventually, if bitcoin gains legitimacy, I could envision the largest hardware companies, and banks controlling the vast majority of the network.
Quote from: Saddam Hussein
I don't know what you're implying, but you're probably wrong.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #104 on: February 04, 2014, 07:19:33 PM »
How is the dollar to bitcoin conversion calculated?

The exchange rate at that given time. If you didn't know, the exchange rate is driven entirely by supply and demand. There is no set dollar to bitcoin value and bitcoin has no consumer index value because there aren't any items priced in bitcoin.

I think that having bitcoin crash just because a large company gets involved in mining would make it nearly impossible for bitcoin alternatives to make it to mainstream popularity. Eventually, if bitcoin gains legitimacy, I could envision the largest hardware companies, and banks controlling the vast majority of the network.

Large hardware companies and banks won't take any action until bitcoin is right in their face. They'll ignore it until it is far too late. The logical thing to do would be to crush it now, yes, but look at Blockbuster, who saw Netflix coming for miles away and didn't do squat until it steamrolled them. Bureaucracies are slow to react and technology moves fast.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #105 on: February 05, 2014, 01:08:17 AM »
http://www.hsgac.senate.gov/download/regulation-of-bitcoin-in-selected-jurisdictions


The US Law Library of Congress Global Research Center has published a short report on how other governments are treating Bitcoin to summarize the situation and better ascertain how Congress should feel about Bitcoin.

Also, this for people who still might not understand what Bitcoin really is, Andreas Antonopoulos explains it in these quotes much better than I ever can or will:

http://www.igotbitcoin.com/66-bitcoin-quotes-140-characters-less/#axzz2sPGBU3da
« Last Edit: February 05, 2014, 01:25:31 AM by Irushwithscvs »

Re: Ask Rushy about Bitcoins.
« Reply #106 on: February 05, 2014, 01:24:31 AM »
Who started Bitcoin and why?
I don't even care to find out what you're doing wrong, but I'm sure you're doing something wrong.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #107 on: February 05, 2014, 01:28:04 AM »
Who started Bitcoin and why?

The creator called himself by a surname (Satoshi Nakamoto) and claimed it was an experiment. No one ever found out who it really was and I can't even say that it really was an experiment. For all I know this is all a plot by the NSA.

Re: Ask Rushy about Bitcoins.
« Reply #108 on: February 07, 2014, 07:02:41 PM »

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Offline jroa

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Re: Ask Rushy about Bitcoins.
« Reply #109 on: February 08, 2014, 09:41:47 PM »
Why did Bitcoins drop from over $1000 to around $700 overnight?

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #110 on: February 08, 2014, 09:44:32 PM »
Why did Bitcoins drop from over $1000 to around $700 overnight?

Someone sold about 3000 bitcoins all at once and at market value. Basic supply and demand. Supply went up so the price dropped.

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Offline Hoppy

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Re: Ask Rushy about Bitcoins.
« Reply #111 on: February 09, 2014, 12:56:01 AM »
Whoever sold them got 2.1 million, not bad.
God is real.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #112 on: February 09, 2014, 01:19:56 AM »
Whoever sold them got 2.1 million, not bad.

They got a lot more than that. Probably closer 2.5 to 2.9 million. The price is a curve from about 950 to 770 and later dropped to 700.

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Offline jroa

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Re: Ask Rushy about Bitcoins.
« Reply #113 on: February 10, 2014, 12:58:14 PM »
The price dropped because a Japanese company that was exchanging BC went off line.  The selling of 3000 BC was in response to this. 

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #114 on: February 10, 2014, 07:27:31 PM »
The price dropped because a Japanese company that was exchanging BC went off line.  The selling of 3000 BC was in response to this.

No, it wasn't. MtGox stopped withdrawals days after the large sales.

Re: Ask Rushy about Bitcoins.
« Reply #115 on: February 11, 2014, 07:28:43 PM »
If a single company can enter the network and essentially ruin that economy just by their entrance, wouldn't that make bitcoin much too volatile to rely on?

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #116 on: February 11, 2014, 10:52:54 PM »
If a single company can enter the network and essentially ruin that economy just by their entrance, wouldn't that make bitcoin much too volatile to rely on?

It's irrelevant because while it certainly could happen... it won't. The chance of Intel entering the market is null.

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Offline Rama Set

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Re: Ask Rushy about Bitcoins.
« Reply #117 on: February 11, 2014, 11:28:12 PM »
Inb42big2fail

Re: Ask Rushy about Bitcoins.
« Reply #118 on: February 11, 2014, 11:52:53 PM »
Depending on someone not doing something that they very easily could is not very good protection.  Bill Gates could easily invest to cause Bitcoin to fail for no reason other than he doesn't like it (as an example).

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #119 on: February 12, 2014, 02:36:47 AM »
Depending on someone not doing something that they very easily could is not very good protection. 

I'm not depending on them not doing it. Did you know someone can sneak up behind you at just about any point in the day and slice your throat with a kitchen knife? You're not depending on other people to not do that, you know it has an inconsequential chance of happening.

Bill Gates could easily invest to cause Bitcoin to fail for no reason other than he doesn't like it (as an example).

If Bill Gates invested it would:

1. Be on the news.
2. Bitcoin would skyrocket.

So yes please, 1 ticket for Bill Gates investment.