Bitcoin Forum

'intrinsic value'

A friend of mine is determined that digital currency can only work if it backed by gold (or something) and has regulations exactly like the current system in alot of ways.

The regulation part is tricky, because clearly thats the only thing that saved it from the mtgox hacking.

That bitcoin is not truly anonymous because 'may attract the same attention as hydroponic cannabis farms in lofts spitting out a big red heat map'.

Magic: The Gathering

http://www.youtube.com/watch?v=c2Yi5jcx38Y

The whole "OMG finding hashes is wasting computing power" argument.

Guess what jackwagons, if there wasn't any WORK required, the blockchain would be completely useless. The fact that the miners are securing MILLIONS of < Insert currency > by doing their 'useless work' doesn't even occur to these fools.

Anything worthwhile requires effort, a simplistic 'efficient' system can be gamed and exploited. It annoys me to no end that articles and glib blog posts trot out the hashing == waste thing. It's convenient, I suppose, if you don't understand bitcoin nor want to make any effort in doing so.

bitcoins are backed by time or proof of work, it's the only currency to take time into account when dealing with money

carrots

How is intrinsic value "weird shit"?

That is somehow must be a ponzi scheme or pyramid scheme.

Now when I talk to people, I always explain up-front that the mining payout is a side-effect of securing the block chain.  The payout isn't the purpose of mining. 

The initial perception is that it's somehow free money, so it must be a scam.

 :D :D :D :D :D :D :D :D

Don't you mean waffles?

Depends on the shit I suppose. If I ate a hearty meal of gold dust and passed it out my colon -that would be some intrinsically weird shit. Or, alternatively I could eat some dollars green toilet paper and take pleasure knowing I'd be adding more value to it as compost than I would actually 'spending' it.

http://forum.bitcoin.org/index.php?topic=6417.0 a must read for new people, should be a sticky really.  ;D

Indeed. LMAO.

Thanks for the link, didn't read that until now - and found it hilarious :)

"PARSNIP PARITY ACHIEVED"

The terrible community surrounding it.

Man, take it easy on yourself there... I'm sure not everyone hates you.

Who are you kidding? The "purpose" of mining is, in reality, whatever incentive is provided to have people commit time and energy to it. And that is to get BTC not, securing the block-chain. You are a fool if you think otherwise.

Sometimes I really think that if the community had any tact at all Bitcoin would have a chance of appealing to the real world.

True, a monster truck rally with flaming bitcoin jump hoops would certainly draw the crowds. Or perhaps 'Bitcoin Aid' concert to end hunger in Africa, all paid for via bitcoins, of course. I mean, you could probably write a long dissertation within economic circles about bitcoin, but then all of your peers would have to put down their models and bits of logistic fantasy to actively participate.

I just don't see that happening, you can't 'predict' (or pretend to, as is usually the case) in economics if you aren't futzing with a model that gives answers that are 'revised' later. That's a lot of looking-over-your-shoulder work there, and it doesn't come easy!

1. The purpose of mining is to generate a valid block chain.

2. A reward of 50 BTC is generated to the lucky miner who gets a block.

3. The reward acts as an incentive for many people to mine.

4. This incentive creates a large network which reduces the possibility of a single user compromising the system.

The purpose of mining is to generate and secure the block chain.  The side effect of paying out coins acts as an incentive to meet this goal.  The reason most people mine is to get bitcoins, but it's not the purpose of mining.

Given that the community is largely made up of teenagers with establishment angst, misanthropic "libertarians" and various other geeks - most with various levels of autsim - you can't expect much. Just look at the "commercials" that people like Atlas are trying to fund to bring exposure to Bitcoin.

Most people want to join something because it is convenient, not because it espouses some fringe ideology.

Luckily most forums don't represent the community-at-large. I'd never be so vain to consider otherwise. I'm sure there are plenty of people involved in bitcoin who don't have to suffer through these threads.

The intrinsic value of Gold and Silver is that they have other applications (jewelry, medicinal, electronics, construction, etc.) other than as a bartering and trading medium.

But what most of the critics of Bitcoins do not realize is that the intrinsic value of Bitcoins is that it can be traded back and forth in an near instance and at speeds which your Gold and Silver cannot. Can you send Gold or Silver through the internet to someone you've never met? It's quite difficult. This is where Bitcoins have the advantage over physical assets. To ignore this inherent trait of Bitcoins and to dismiss it has having no value is like saying that the internet has no value because it's not physical either.

My favorite are those who talk up the magic of the free markets, then cry like a baby when the market freely eats their lunch.

We need to gather some accurate statistics on how much energy is expended in the mining of real gold.  I bet it's a lot.

The amount of energy going into the Alberta tarsands oil production is staggering.  They're burning tons of natural gas to heat water from precious pristine rivers.  They're talking about build a nuclear power plant just to produce heat for oil sands processing.

Energy is money, and bitcoin might be very economical in comparison.

Let's gather the facts, have them verified, and stuff them down the throat of the unthinkers.

God, haven't seen that anti-meme for a while. Good laugh out of it.   :D

Criticize bitcoin those people who invested not reasonably, not at the moment when the dollar went according to the schedule of the currency of value down and its money became de-priced

I think there are cases in life when the world loses around the paint and becomes dull, the moment when it does not work out anything and has come to the bitcoins because they are right about them right now, but it did not turn out. And condemnation begins. You just need to try again and again

To go shopping in the store you need to transfer money from the bitcoin purse to your card.