BitCoin : Account hacked, coins dumped = BTC Crash

[YoungGun21]

So have early investors in anything that's gone up. Apple, for instance. What's your point and how does a new currency become popular without benefiting its early adopters?

WelshBloke was pointing out that the creator has made millions and mentioned he thought it was a scam, I was simply pointing out that several other people have made lots of money from it too.

http://bitcoinreport.blogspot.com/2011/05/bitcoin-top-100-rich-list-27th-may-2011.html

That is the rich list from May 27. Keep in mind that each BTC is valued at $19 right now.

Every person on that list is sitting on over $100k. The amount listed is simply the amount of BTC they have in their wallet, not the amount they have ever made.

EDIT: here is a list that is updated daily http://bitcoinreport.appspot.com/ I will leave the other link up so that you may compare the two if you wish.

 

[her209]

How long until BitCoins are banned because governments need to collect taxes? How long until BitCoins are abandoned because the network was tampered with? How long until BitCoins are devalued from lack of confidence?

The real reason is Goldman Sachs can't make money off of it (yet).

/tinfoil

 

[sandorski]

Haa how bitcoin exclusively attracts ron paul econ-devoid conspiracy nuts is absolutely beyond me.

It's what happens when people believe in Strawmen.

 

[hdfxst]

Well right now most pools and Mt Gox (BTC Exchange) are gettiing ddos attacks. Who has the motives for such things?

someone that doesn't run an amd card?It's probably to discourage people from jumping on the band wagon or to drive down the difficulty

 

[Thump553]

I saw a chart saying the "value" (quotes intentional) of a bitcoin was right around $3 for months and months until March or so this year, then it shot up to over $30 and just about as rapidly plunged down to the $19xx level it's at now. Can you imagine if the dollar changed value that quickly or extremely?

I'll stick to Folding at Home with the knowledge that my spare cycles may actually be doing some good for humanity.

 

[YoungGun21]

I saw a chart saying the "value" (quotes intentional) of a bitcoin was right around $3 for months and months until March or so this year, then it shot up to over $30 and just about as rapidly plunged down to the $19xx level it's at now. Can you imagine if the dollar changed value that quickly or extremely?

I'll stick to Folding at Home with the knowledge that my spare cycles may actually be doing some good for humanity.

Or...you could profit with this and then donate the money to help cure cancer!

Or...you could use Bitcoins as a way to throw off governments, which benefits everyone!

It's all perspective.

 

[IceBergSLiM]

I saw a chart saying the "value" (quotes intentional) of a bitcoin was right around $3 for months and months until March or so this year, then it shot up to over $30 and just about as rapidly plunged down to the $19xx level it's at now. Can you imagine if the dollar changed value that quickly or extremely?

I'll stick to Folding at Home with the knowledge that my spare cycles may actually be doing some good for humanity.

it just might if we continue the path we are on.

 

[Thump553]

it just might if we continue the path we are on.

You honestly think the dollar is going to increase (or decrease) in value TEN FOLD in two plus months? Get a grip on reality.

 

[yllus]

Your statement works for any pyramid scheme at the beginning.

It's not a pyramid scheme. There are a number of problems with the currency, but that's not one of them.

 

[BansheeX]

It's not a pyramid scheme. There are a number of problems with the currency, but that's not one of them.

I'll explain to him what a ponzi scheme is. A ponzi scheme promises atypical returns and uses new investors to pay off early investors so that early investors benefit AT THE EXPENSE of later investors. It is unsustainable in the sense that it requires an ever increasing stream of new investors to continue the facade. The way the government sells new bonds to pay off maturing bonds is very ponzi.

 

[SamurAchzar]

You honestly think the dollar is going to increase (or decrease) in value TEN FOLD in two plus months? Get a grip on reality.

The less liquidity and transactions you have, the more volatile the market is. Last time I checked Mt. Gox had about 60K bitcoins in the exchange, that's like 1.2m USD. That's a tiny, tiny market that can be played very easily at a relatively small investment.

 

[YoungGun21]

The less liquidity and transactions you have, the more volatile the market is. Last time I checked Mt. Gox had about 60K bitcoins in the exchange, that's like 1.2m USD. That's a tiny, tiny market that can be played very easily at a relatively small investment.

He was referring to the actual USD value, not the value of BTC in USD.

 

[JockoJohnson]

Why does the government need to know what you spend your money on?

How is this different than the government using Debit cards to pay people. Money, after all, is a virtual concept!

So they can make sure to tax it. They have their hands in everything and they will never let go now.

 

[Dissipate]

Bitcoin is the greatest invention since the Internet itself was invented. I happen to be privy to the fact that a number of startup companies based on Bitcoin are in the works now. If they are successful, the governments of the world are going to get a swift kick to to the balls.

 

[silverpig]

I've been doing some reading about this. It is at least very interesting from a technology and economic point of view.

I've got the program running but haven't mined anything yet. I don't think I'll be dropping cash on bitcoins for the next little while, but if I do, it might just be $20-50 just for fun to see what happens with it.

 

[BeauJangles]

I've been doing some reading about this. It is at least very interesting from a technology and economic point of view.

I've got the program running but haven't mined anything yet. I don't think I'll be dropping cash on bitcoins for the next little while, but if I do, it might just be $20-50 just for fun to see what happens with it.

When Bitcoin first launched, it was pretty worthless and the only interest around it was in the hacking community. A buddy of mine had nothing to do, so he started mining Bitcoins for the hell of it. They weren't worth anything, he just thought it was cool (e-peen cool) to mine them. The difficulty when he started was 9. It's now 60,000-something. At one point, he was harvesting ~90% of the bitcoins mined after he started using his GPU.

In theory, that's a lot of money.

 

[YoungGun21]

When Bitcoin first launched, it was pretty worthless and the only interest around it was in the hacking community. A buddy of mine had nothing to do, so he started mining Bitcoins for the hell of it. They weren't worth anything, he just thought it was cool (e-peen cool) to mine them. The difficulty when he started was 9. It's now 60,000-something. At one point, he was harvesting ~90% of the bitcoins mined after he started using his GPU.

In theory, that's a lot of money.

Correction, the difficulty is now 877,277.

If he would have stuck with it he would have been a millionaire.

 

[BeauJangles]

Correction, the difficulty is now 877,277.

If he would have stuck with it he would have been a millionaire.

Haha, yup. I didn't realize how high the difficulty had climbed. I guess I shouldn't be surprised given that stocktwits has added bitcoin and, in general, it's getting quite a bit of attention.

 

[Modelworks]

All it would take for the entire bitcoin system to become worthless is for someone like the NSA to put bluegene online mining bitcoins. It would devalue it in days.

 

[Dissipate]

All it would take for the entire bitcoin system to become worthless is for someone like the NSA to put bluegene online mining bitcoins. It would devalue it in days.

Did you even research that statement? According to Wikipedia, Bluegene operates at around 500 TFLOPS. http://en.wikipedia.org/wiki/Bluegene

The Bitcoin network, on the other hand, is now operating at 112,587 TFLOPS. This is according to http://bitcoinwatch.com/

 

[BeauJangles]

All it would take for the entire bitcoin system to become worthless is for someone like the NSA to put bluegene online mining bitcoins. It would devalue it in days.

If the NSA was going to dedicate resources to undermining Bitcoin, it wouldn't be directed at creating more Bitcoins.

 

[CitizenKain]

Bitcoin is the greatest invention since the Internet itself was invented. I happen to be privy to the fact that a number of startup companies based on Bitcoin are in the works now. If they are successful, the governments of the world are going to get a swift kick to to the balls.

What exactly is a company based on Bitcoin? Is it a company that provides non-existent services for non-existent money?

Gonna be fun watching a bunch of nerds try to offload their mining rigs in a few months, might have to pick up a card for a HTPC.

 

[Modelworks]

Did you even research that statement? According to Wikipedia, Bluegene operates at around 500 TFLOPS. http://en.wikipedia.org/wiki/Bluegene

The Bitcoin network, on the other hand, is now operating at 112,587 TFLOPS. This is according to http://bitcoinwatch.com/

I didn't have to research it, and I wouldn't call wikipedia researching .

At power testing last month the blue gene install passed 11 PFLOPS, and it should scale to 20 PFLOPS ahead of the 2012 schedule by this fall. My source ? The engineers in my emails that work on the project.


http://www-304.ibm.com/jct03004c/press/us/en/pressrelease/26599.wss

Under terms of the contract, Sequoia will be based on future IBM BlueGene technology, exceed 20 petaflops (quadrillion floating operations per second) and will be delivered in 2011 with operational deployment in 2012.


Sequoia will be based on future IBM BlueGene technology and use 1.6 million IBM POWER processors and 1.6 petabytes of memory, which are housed in 96 refrigerator sized racks occupying just 3422 square feet The Sequoia system will deploy a state of the art switching infrastructure that will take advantage of advanced fiber optics at all levels.
Sequoia will run the Linux operating system.

 

[Modelworks]

If the NSA was going to dedicate resources to undermining Bitcoin, it wouldn't be directed at creating more Bitcoins.

True , there are a lot of easier ways to take it down.

 

[Dissipate]

I didn't have to research it, and I wouldn't call wikipedia researching .

At power testing last month the blue gene install passed 11 PFLOPS, and it should scale to 20 PFLOPS ahead of the 2012 schedule by this fall. My source ? The engineers in my emails that work on the project.


http://www-304.ibm.com/jct03004c/press/us/en/pressrelease/26599.wss

Bitcoin network at the latest calculation is at around 80 PFLOPS. Bluegene still couldn't take it down.

Research fail on your part.