Bitcoin

[stuntman021]

forget it, let's elect a horse as president.

it'd be better than sarah palin at least

[Ad Bot]

[devildogelite]

Hey look, someone got it. It doesn't matter, people think there is enough, but the US currency is backed by gold.

Know the US dollar is backed by the promise that we can afford it, we're on the Fiat Standard

[CanadianPenguin]

A decentralized P2P currency is actually a pretty awesome idea, but using your computer's hardware to get them? It's completely handicapped. It's like paying $600 for $5. And it's even discriminative in some cases. For instance, Person A has a great computer and can make lots of bitcoins, but Person B who hardly uses the computer and is using rather old hardware makes crap compared to person A. I can see bitcoins going a long way if it was less of a pain in the ass to use.

[DrenDran]

A decentralized P2P currency is actually a pretty awesome idea, but using your computer's hardware to get them? It's completely handicapped. It's like paying $600 for $5. And it's even discriminative in some cases. For instance, Person A has a great computer and can make lots of bitcoins, but Person B who hardly uses the computer and is using rather old hardware makes crap compared to person A. I can see bitcoins going a long way if it was less of a pain in the ass to use.

1. That's not discriminative to any reasonable demographic.
2. It does not cost 600$ to make 5$ worth of coins, or anywhere close. It never has, and probably won't for some time.

[CanadianPenguin]

2. It does not cost 600$ to make 5$ worth of coins, or anywhere close. It never has, and probably won't for some time.

General cost of a decent computer = $500-600
1 bitcoin = ~$7 USD
50 megahashes per second = Just over $6 in a month

Not to mention the people you see building new computers just to make under $10 a month. You're spending more to make a lot less, it would seem.

[DrenDran]

General cost of a decent computer = $500-600
1 bitcoin = ~$7 USD
50 megahashes per second = Just over $6 in a month

Not to mention the people you see building new computers just to make under $10 a month. You're spending more to make a lot less, it would seem.

Oh god dam it.
You don't need to buy a new computer.
People do, but it's not required.
And those that do, make a lot more money. a lot more

[Colten]

ITT: Bitcoins are handicapped

[Supersylox]

wat

[DrenDran]

ITT: Bitcoins are handicapped

oh boo hoo to you
They're fun to collect and give to people.

[Lil D]

Know the US dollar is backed by the promise that we can afford it, we're on the Fiat Standard

That's the way it used to be.  Currency is no longer an I.O.U.  It is a promise that we have the gold to back up that money.

[stuntman021]

1. That's not discriminative to any reasonable demographic.
2. It does not cost 600$ to make 5$ worth of coins, or anywhere close. It never has, and probably won't for some time.

and it's not discriminative to make it so only the rich have the ability to generate money?

[Sarge]

I still don't understand the concept of this.

[stuntman021]

I still don't understand the concept of this.

it's a loving handicapped libertarian thing
also these just crashed down to 6
LIVING THE DR-stuff i just lost all my money

[ECrownofFire]

That's the way it used to be.  Currency is no longer an I.O.U.  It is a promise that we have the gold to back up that money.

No it isn't, the USD has been off the gold standard for about 40 years.

[CanadianPenguin]

You don't need to buy a new computer.
People do, but it's not required.
And those that do, make a lot more money. a lot more

For one, it gives the wrong impression about Bitcoin. They're also handicapped for doing it. You pay $200+ for an extra $3 per hour, which you can hardly use anywhere yet. Doesn't seem right to me.