Bitcoins are selling for forgetTONS of money again. - Mt. Gox is down

[ecks]

my dumb ass sold all my bit coins when they were going for $425. Lost like $10,000 or more because of the fact... if only i could turn back time :(

[Ad Bot]

[Titanium Man]

hello bitcoin enthusiasts

my computer is stuff and i was gonna get a new graphics card so i can get neat internet money

is this a good card for bitcoin mining and games?

http://www.newegg.com/Product/Product.aspx?gclid=COr1grfv8boCFetAMgodKSoAzA&Item=N82E16814150542

if its not could someone recommend another one for under $200 - $300

why? max you will get per day is maybe 0.5 bucks if you are lucky, mining is useless at this point

[ShadowsfeaR]

Yes mining is now dead. Trading is now the in thing.

[Tyler66]

why? max you will get per day is maybe 0.5 bucks if you are lucky, mining is useless at this point

Not even. The most you'd be getting is a couple cents a week even on the most powerful cards.
The only reasonable coin to mine atm would probably either Litecoin or Namecoin. However both probably won't see as much dominance as Bitcoin.

EDIT: Litecoins sell at 7 USD per coin. If anyone is interested in investing to mine coins, now may be a good time to mine Litecoins since people are looking away from Bitcoin mining.

[Pecon]

It's only dead if you don't have ASIC miners.

I can get a good $10 per day with my three USB asic miners, and they only use 8.3 watts in total. It's many many many times more efficient than a graphics card, which will use a good 200 watts or more.

[Nexus]

For those of you who don't know how bitcoins work, your "wallet" that has all of your bitcoins in it consists of lots of numbers; these numbers are a good 150 digits long each and represent a block of bitcoins. In order to get bitcoins, you need these numbers. The only way to get these numbers is either through buying them off of someone else who has them, or to manually check every possible number until you find one that works. That is called bitcoin mining.

How are bitcoins traded then?  Once you find one of these bitcoin "numbers" and you want to use some of them to "buy" a real world good or service, are you just trusted to send that number over and "forget" it?  What prevents bitcoins from being duplicated without some central management to oversee which of these numbers belong to who?

[Pecon]

How are bitcoins traded then?  Once you find one of these bitcoin "numbers" and you want to use some of them to "buy" a real world good or service, are you just trusted to send that number over and "forget" it?  What prevents bitcoins from being duplicated without some central management to oversee which of these numbers belong to who?

Because each trade is verified by the miners that update the main block chain. If a client creates a fake transaction, the miners will throw it out and the transaction becomes a 'orphan' block chain (useless). Bitcoin maintains security through the fact that almost all miners are running the exact same software which processes the transactions in the same manner. For a fake transaction to be approved by a miner, that miner's software had to have been modified to permit the fake transaction. So to successfully send a fake transaction to someone, you would have to modify a majority of the software being used to mine. Aka: You would have to control more than half of the processing power being used in mining for the main chain. At that point you would have made a new Block chain which is larger than the 'real' one, and bitcoin clients would begin to believe the fake chain is the real one.

In other terms: You have to control all the computers everywhere.

[Mister Cheese]

So what the crap does a bitcoin like actually do

Is it just internet currency or what

[Pecon]

So what the crap does a bitcoin like actually do

Is it just internet currency or what

Yes. It's a currency that doesn't rely on any central central organization. (No bank, government, company, or, anyone really, can control it in it's entirety)

[ecks]

How are bitcoins traded then?

Online marketplaces. I used MtGox and sold it in US Dwolla, which is then overtime transferred to standard US Dollars over a course of time.

[ShadowsfeaR]

It's only dead if you don't have ASIC miners.

I can get a good $10 per day with my three USB asic miners, and they only use 8.3 watts in total. It's many many many times more efficient than a graphics card, which will use a good 200 watts or more.

ASIC miners are become the graphics card miner of yesteryear. They are slowly dying out as the difficulty increases.

[D3ATH LORD]

If people are selling bitcoins at these rates, then someone must really want them...

For what? When you buy an X amount of bitcoins, do you buy something else with them, or sell them for a higher price, which then loops from buyer to buyer until some unlucky bastard cant sell it anymore?

[Nikolan]

If people are selling bitcoins at these rates, then someone must really want them...

For what? When you buy an X amount of bitcoins, do you buy something else with them, or sell them for a higher price, which then loops from buyer to buyer until some unlucky bastard cant sell it anymore?

basically bitcoins are used for every shady purchase on websites that arent exactly legal

[D3ATH LORD]

basically bitcoins are used for every shady purchase on websites that arent exactly legal

oh ok

[Swat 3]

So a year ago, if I like, invested in some bitcoins, I could be a millionaire right now?

:C