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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #340 on: May 23, 2014, 05:33:09 PM »
If anyone is truly interested in Bitcoin I also suggest taking a look at Peercoin. It is one of the only more popular coins that is not a straight copy and paste of the Bitcoin protocol. It secures the network by allowing users with large sums on coin to generate blocks, rather than requiring that a user have a large, powerful computer.

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Offline markjo

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Re: Ask Rushy about Bitcoins.
« Reply #341 on: May 23, 2014, 07:08:09 PM »
How does one establish an exchange rate between all of the competing cryptocurrencies out there?  Seeing as just about anyone with the relevant tech savvy can design their own cryptocurrency, how does that affect the cryptoeconomy?  For example, do we really want Goatse Coin to catch on?
Abandon hope all ye who press enter here.

Science is what happens when preconception meets verification.

If you can't demonstrate it, then you shouldn't believe it.

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Offline Fortuna

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Re: Ask Rushy about Bitcoins.
« Reply #342 on: May 23, 2014, 08:01:46 PM »
I hope crypto currency doesn't eventually become the currency of choice.
R.I.P. To my boy 4Chainz. You trill to da end.
1992-2019

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #343 on: May 23, 2014, 09:45:38 PM »
How does one establish an exchange rate between all of the competing cryptocurrencies out there?  Seeing as just about anyone with the relevant tech savvy can design their own cryptocurrency, how does that affect the cryptoeconomy?  For example, do we really want Goatse Coin to catch on?

The currencies are simply worth what someone is willing to pay for them and that typically depends on their form and function.

I hope crypto currency doesn't eventually become the currency of choice.

Why not? While Bitcoin itself may not be perfect, the idea of cryptocurrency is fundamentally better than any other form of currency we have so far.

Ghost of V

Re: Ask Rushy about Bitcoins.
« Reply #344 on: May 23, 2014, 09:48:39 PM »
Why exactly are we asking you about Bitcoins? So you can flaunt your e-knowledge?

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #345 on: May 23, 2014, 09:54:47 PM »
Why exactly are we asking you about Bitcoins? So you can flaunt your e-knowledge?

Yes. Also, most people here would otherwise not bother learning about them. The problem is that most people involved in Bitcoin spend too much time talking about how Bitcoin works and not necessarily how it benefits people and this puts people off. It's a trap the Internet fell into for years. I want to change that. This isn't the only place I've tried spreading the gospel of our lord and savior Bitcoin, and it won't be the last.

Re: Ask Rushy about Bitcoins.
« Reply #346 on: May 23, 2014, 10:02:17 PM »
Nobody needs to learn about bit coins.

Re: Ask Rushy about Bitcoins.
« Reply #347 on: May 24, 2014, 08:50:55 AM »
I haven't got a clue what this thread is meant to be about.
« Last Edit: May 24, 2014, 08:55:02 AM by DDDDAts all folks »

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Offline jroa

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Re: Ask Rushy about Bitcoins.
« Reply #348 on: May 24, 2014, 08:56:42 AM »
It is meant to be about asking Rushy about bitcoins. 

Re: Ask Rushy about Bitcoins.
« Reply #349 on: May 24, 2014, 09:08:00 AM »
It is meant to be about asking Rushy about bitcoins.

Yeah I thought it was that as well.

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Offline Fortuna

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Re: Ask Rushy about Bitcoins.
« Reply #350 on: May 24, 2014, 11:09:06 AM »

Why not? While Bitcoin itself may not be perfect, the idea of cryptocurrency is fundamentally better than any other form of currency we have so far.

Because then corporations would just build giant data centers dedicated to farming it, and I think it would be a bad idea to put the generation of our currency in their hands.
R.I.P. To my boy 4Chainz. You trill to da end.
1992-2019

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Offline Lord Dave

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Re: Ask Rushy about Bitcoins.
« Reply #351 on: May 24, 2014, 01:05:28 PM »

Why not? While Bitcoin itself may not be perfect, the idea of cryptocurrency is fundamentally better than any other form of currency we have so far.

Because then corporations would just build giant data centers dedicated to farming it, and I think it would be a bad idea to put the generation of our currency in their hands.
Bit coins have a widely fluctuating value.  The faster they get mined, the less they are worth.  A corporation that spends a billion dollars to mine bitcoins will never come close to a return on investment. 

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #352 on: May 24, 2014, 03:04:09 PM »
Because then corporations would just build giant data centers dedicated to farming it, and I think it would be a bad idea to put the generation of our currency in their hands.

Not all crytocurrencies can be "farmed" by data centers. Cryptocurrency does not equal Bitcoin. Bitcoin is simply one of many.

Bit coins have a widely fluctuating value.  The faster they get mined, the less they are worth.  A corporation that spends a billion dollars to mine bitcoins will never come close to a return on investment. 

Dave this isn't true, as proven by the company KnCMiner. Also, you can't mine Bitcoins faster, the network won't let you. This is the current pie chart distribution of Bitcoin:

https://blockchain.info/pools

(The "unknown" is KnCMiner, I don't know why they haven't added them yet)



KnC's mining farm.

Thork

Re: Ask Rushy about Bitcoins.
« Reply #353 on: May 25, 2014, 12:23:56 PM »


KnC's mining farm.
What a waste of energy. Who makes a currency that destroys the planet?

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Offline Lord Dave

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Re: Ask Rushy about Bitcoins.
« Reply #354 on: May 25, 2014, 02:35:28 PM »
Because then corporations would just build giant data centers dedicated to farming it, and I think it would be a bad idea to put the generation of our currency in their hands.

Not all crytocurrencies can be "farmed" by data centers. Cryptocurrency does not equal Bitcoin. Bitcoin is simply one of many.

Bit coins have a widely fluctuating value.  The faster they get mined, the less they are worth.  A corporation that spends a billion dollars to mine bitcoins will never come close to a return on investment. 

Dave this isn't true, as proven by the company KnCMiner. Also, you can't mine Bitcoins faster, the network won't let you. This is the current pie chart distribution of Bitcoin:

https://blockchain.info/pools

(The "unknown" is KnCMiner, I don't know why they haven't added them yet)



KnC's mining farm.

Sorry, I was remembering your post about intel
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.

and thought it was relevant.

Re: Ask Rushy about Bitcoins.
« Reply #355 on: May 25, 2014, 03:10:29 PM »


KnC's mining farm.

There's going to be a whole lotta buthurt soon.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #356 on: May 25, 2014, 03:20:56 PM »
What a waste of energy. Who makes a currency that destroys the planet?

No more a waste of energy than digging up gold just to put it in vaults or the printing and transportation of special sheets of paper.

and thought it was relevant.

When you said billions you meant it literally? I assumed you were just making a hyperbole implying all companies would stay away.

There's going to be a whole lotta buthurt soon.

Not sure what this is implying, especially since Bitcoin went up about $170 since their creation of the facility. KnC is currently making about $5 million a day (assuming they sell 100% of their assets).

« Last Edit: May 25, 2014, 03:22:33 PM by Irushwithscvs »

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #357 on: May 29, 2014, 09:44:56 PM »
http://online.wsj.com/articles/dish-network-to-accept-bitcoin-payments-1401363621

Dish network is rolling out Bitcoin as a payment option.

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Offline Lord Dave

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Re: Ask Rushy about Bitcoins.
« Reply #358 on: May 29, 2014, 09:49:25 PM »
If more and more large businesses and services start taking bitcoin as payment, will the currency stabilize?

Re: Ask Rushy about Bitcoins.
« Reply #359 on: May 29, 2014, 09:56:27 PM »
Not sure what this is implying, especially since Bitcoin went up about $170 since their creation of the facility. KnC is currently making about $5 million a day (assuming they sell 100% of their assets).

Those would be the assets specifically tailored to mine bitcoins, and which become redundant in 6 months? Good luck cashing that in.