Do You BitCoin?

[ExiledInIllinois]

"The Congress shall have Power To...coin Money, regulate the Value thereof, and of foreign Coin.... Congress's power to coin money is exclusive: under Article I, Section 10, the states are not permitted to "coin Money; emit Bills of Credit; [or] make any Thing but gold and silver Coin a Tender in Payment of Debts...."

 

How does new currency get around that?

[PolishDave]

4 minutes ago, ExiledInIllinois said:

"The Congress shall have Power To...coin Money, regulate the Value thereof, and of foreign Coin.... Congress's power to coin money is exclusive: under Article I, Section 10, the states are not permitted to "coin Money; emit Bills of Credit; [or] make any Thing but gold and silver Coin a Tender in Payment of Debts...."

 

How does new currency get around that?

The states aren't coining money.   

 

It is an international currency - unregulated - that exists simply because enough people agree that they want it to exist and agree to value it enough to accept it as a medium of exchange.

 

And those people are anonymous.  Only time they aren't is when two people make a transaction.   Then they may or may not know who the other person is depending on the nature of the transaction.

[Foxx]

while not a direct correlation, ever hear of Ithaca Dollars? what about Burlington Bread? Berkshares?

 

what is illegal is issuing a currency that is in direct competition with the US Dollar.

 

GUS classifies Bitcoin and 'other' coins (Ethereum, DASH, Litecoin and so on) as property that must be reported to the IRS.

[BuffaloBill]

https://www.bloomberg.com/news/articles/2017-11-26/what-the-world-s-central-banks-are-saying-about-cryptocurrencies?utm_source=yahoo&utm_medium=bd&utm_campaign=headline&cmpId=yhoo.headline&yptr=yahoo

 

Bitcoin article - seems like central banks around the world are generally coming around to the idea of crypto currency but with trepidation.

[row_33]

my former colleague full-bore into bitcoin has shifted gears to blockchain work, he's got a nice gig traveling around the world lecturing and setting things up

 

blockchain is the best thing to come out of this.

 

[Foxx]

7 hours ago, row_33 said:

my former colleague full-bore into bitcoin has shifted gears to blockchain work, he's got a nice gig traveling around the world lecturing and setting things up

 

blockchain is the best thing to come out of this.

 

to come out of this? it was the predecessor to it all. without the blockchain, there are no crypto currencies. the blockchain is the brilliance behind it all.

 

if anyone is looking for a field to get into that is going to pay you well, writing code for smart contracts is it.

Edited November 27, 2017 by Foxx

[ExiledInIllinois]

Do I need "real" money to get into Bitcoin.  Can I just use my labor to get into it. 

 

Can I borrow a computer and make?  I will pay you back in bitcoin.

[Foxx]

17 minutes ago, ExiledInIllinois said:

Do I need "real" money to get into Bitcoin.  Can I just use my labor to get into it. 

 

Can I borrow a computer and make?  I will pay you back in bitcoin.

 

 

i know alot of people that are getting paid in bitcoin for their labor. talk to your boss.

Edited November 27, 2017 by Foxx

[ExiledInIllinois]

5 minutes ago, Foxx said:

 

 

i know alot of people that are getting paid in bitcoin for their labor. talk to your boss.

But I wanna "mine" it.  What do I need?

[Foxx]

8 minutes ago, ExiledInIllinois said:

But I wanna "mine" it.  What do I need?

mining equipment. ASIC's are not cheap. if you would like to mine something that is ASIC resistant, you can set up your own rig with GPU's and mine something like Monero, ZCash or Bitcoin Gold. GPU rigs are somewhat cheaper than ASICs but they will still cost you. Youtube is full of videos on how to build a GPU mining rig.

 

if you would like a url for the ASIC's let me know and i can provide that. 

Edited November 27, 2017 by Foxx

[Jauronimo]

1 hour ago, ExiledInIllinois said:

Do I need "real" money to get into Bitcoin.  Can I just use my labor to get into it. 

 

Can I borrow a computer and make?  I will pay you back in bitcoin.

If you borrow my computer and mine bitcoin and that bitcoin generates value for you in excess of what you pay me for renting my computer then you've created surplus value, and that's not cool at all, man!  Think of it as borrowing a man's hammer.  Its no different.  A guy borrows a hammer, builds a few houses, charges rent, and one day owns the whole the city!! That's f@#$ed up!

 

 

I do not bitcoin yet but I do Ethereum and transferred some money to my account for the purposes of doing bitcoin in the near future should another buying opportunity present itself. 

 

I think ETH looks like a decent hold in the mid-term and BTC represents an attractive day short term trading option.  Crazy volatility.  I'm also looking at LTC which seems to track BTC but with a healthy lag.  This run up in crypto currency values is ridiculous.  Still figuring out how I want to approach the game.

[PolishDave]

2 hours ago, ExiledInIllinois said:

But I wanna "mine" it.  What do I need?

 

You also need to pay attention to how much your electricity costs.

 

If you try to mine cryptocurrency with computer equipment that is insufficient in terms of processing power per watt of electricity used,  then you can actually spend more in electricity than you get paid by mining.

 

If you are going to mine with a computer or a video card, the computers' CPU must be nearly the latest greatest to be worthwhile at all.   And the video card would typically needs to be very powerful if you are going to use that.

 

If you are using something like an Intel Core I5 or I7 running at 3.5 and 4.0 Ghz, you are likely not going to earn even a dollar a day.    If you are using a super high end video card - like an Nvidia GTX 1080 or something thereabouts - you can earn a few dollars per day.  The electricity to run that card will cost you 50 cents per day.   And if you go look at the costs of a decent GTX 1080 card, you will see that right now they cost upwards of $700 just for that card.

 

If you mine with a weaker card that uses last years' technology - you can get a cheaper one - say around $100 - but that card will earn less than a buck per day and have an electricity cost of say 20 cents per day or so.

 

And you still need the other hardware to go with it - like a computer with a good power supply.

 

This is why guys build mining rigs that have a dozen video cards running in them .    But even one of those rigs can easily run you into several thousand dollars if you are going to use high end video cards and a powerful trustworthy power supply. 

 

And running high end video cards 24/7 tends to shorten their life substantially.   They already run hot as it is.  

[BeginnersMind]

10 hours ago, Foxx said:

 

 

i know alot of people that are getting paid in bitcoin for their labor. talk to your boss.

 

What is a lot, and their yearly income levels (in USD)?

[BuffaloBill]

Square (SQ) took a hard hit yesterday due most likely to an analyst indicating it has had an overexhuberent Run-Up as a result of Bitcoin.  Square created bitcoin tools and as a result has become a popular, if not speculative stock, that is a play on Bitcoin without directly playing Bitcoin.  

 

Many are starting to claim that Bitcoin is the newest version of the Tulip.  Only time will tell if it is speculative hype or at a valuation that is sustainable.   

[row_33]

17 hours ago, Foxx said:

to come out of this? it was the predecessor to it all. without the blockchain, there are no crypto currencies. the blockchain is the brilliance behind it all.

 

if anyone is looking for a field to get into that is going to pay you well, writing code for smart contracts is it.

 

I was on the fringe of it all as it started, and never heard about the blockchain for awhile after I was aware of bitcoin.

 

 

 

 

my friend was known as an excellent code writer, freely stated by everyone who ever worked with him, and they tend to be a bit snippy and jealous

 

[Foxx]

10 hours ago, BeginnersMind said:

 

What is a lot, and their yearly income levels (in USD)?

a lot is a matter of perspective. i am involved with a group of people from all around the world of which one of our main focuses is the blockchain and the cryptoverse. 

 

Let Me Google That for You

 

 

4 hours ago, row_33 said:

 

I was on the fringe of it all as it started, and never heard about the blockchain for awhile after I was aware of bitcoin.

 

 

 

 

my friend was known as an excellent code writer, freely stated by everyone who ever worked with him, and they tend to be a bit snippy and jealous

 

your friend is going to be very happy with what happens this coming year.

Edited November 28, 2017 by Foxx

[Foxx]

6 hours ago, BuffaloBill said:

Square (SQ) took a hard hit yesterday due most likely to an analyst indicating it has had an overexhuberent Run-Up as a result of Bitcoin.  Square created bitcoin tools and as a result has become a popular, if not speculative stock, that is a play on Bitcoin without directly playing Bitcoin.  

 

Many are starting to claim that Bitcoin is the newest version of the Tulip.  Only time will tell if it is speculative hype or at a valuation that is sustainable.   

lets look a little deeper than what the analyst's indicate. Square unveiled a new app to select users around Nov 14th. this new app let users buy and hold Bitcoin. when word got out they had begun doing this, their stock rose approximately 16%. when BTIG rated them a sell, they lost the 16% they had gained. they are still up 212% on the year. so.... are they up or are they down?

 

the Tulip bubble is not a good comparrison here. if you are looking for something that may be close, it would have to be the .com Bubble of the turn of the century. this however, is quite different. the world is going digital and has been for sometime. it is a good thing that it is beginning in the public community at large rather than in a banksters back room. i don't think the powers that be are stupid enough to try and outlaw it, because they know they won't be able to enforce it. you remember Napster and Mega Upload, right? do you think people stopped downloading files? 

Edited November 28, 2017 by Foxx

[BuffaloBill]

3 minutes ago, Foxx said:

lets look a little deeper than what the analyst's indicate. Square unveiled a new app to select users around Nov 14th. this new app let users buy and hold Bitcoin. when word got out they had begun doing this, their stock rose approximately 16%. when BTIG rated them a sell, they lost the 16% they had gained. they are still up 212% on the year. so.... are they up or are they down?

 

the Tulip bubble is not a good comparrison here. if you are looking for something that may be close, it would have to be the .com Bubble of the turn of the century. this however, is quite different. the world is going digital and has been for sometime. it is a good thing that it is beginning in the public community at large rather than in a banksters back room. i don't think the powers that be are stupid enough to try and outlaw it, because they know they won't be able to enforce it. you remember Napster and Mega Upload, right? do you think people stopped downloading files? 

 

 

No argument on SQ.  It’s back up a bit today.

 

Bitcoin is nothing like the .com era.... nothing.  In the .com era nearly everybody was investing or claiming they were investing.  Valuations and multiples were essentially meaningless. To me, BBitcoin may prove the test of time but it is looking very speculative at the moment.

[Foxx]

20 minutes ago, BuffaloBill said:

 

 

No argument on SQ.  It’s back up a bit today.

 

Bitcoin is nothing like the .com era.... nothing.  In the .com era nearly everybody was investing or claiming they were investing.  Valuations and multiples were essentially meaningless. To me, BBitcoin may prove the test of time but it is looking very speculative at the moment.

lol. well if the .com is nothing like it. the tulip mania is even further removed.

 

i can't tell you what to do when it comes to Bitcoin, you have to figure that out for yourself. i guess the only question that really matters is, can you afford not to get involved?

 

today is very likely '$10,000 Bitcoin Day'. remember that. 

 

ETA: today is, '$10,000 Bitcoin Day'. it hit early this morning.

Edited November 28, 2017 by Foxx

[row_33]

Foxx, he was already born into a lot of $$$ and has a personality that shuts out human interaction and geeks out totally, so he was always going to find some fulfillment in his work, not sure if "happy" is part of his existence though.