But the decrease in value didn't translate to market practices. i.e. it wasn't the case that a loaf of bread might cost $1.00 if paid by cupronickel coins but less (e.g. $0.90) if paid by silver coins which should have been the case if the two values had actually diverged.

It seems that during the mid 20th century, many countries stopped putting actual silver into their "silver" coins and replaced it with the relatively worthless cupronickel. The pre-1965 US dime for example, consisted of ninety percent silver and so did the pre-1947 coins of the British pound sterling.

So how and why did this not affect their fungibility? A 1964 US dime and a 1965 US dime would have had the same fiat value but the 1964 dime would have had additional value due to its silver content, no?

It's like if the US Mint suddenly decided produce $100 notes in the form of gold bars, then those bills would be worth much more than other bills right?

Not sure why but the site was offline for a couple of times today. Freebitco.in seems to be unaffected however.

Yeah, there can only be 21 million bitcoins ever and out of these, there are only about 12 million currently mined so the 29 million number is obviously incorrect. The image says 29,656.51306529 (or 29,656 whole bitcoins) so it must be 29 thousand bitcoins which the FBI is selling, which is a much more reasonable number and fits in with the other news reports that I've seen.

That was pretty sweet. I came in towards the end of the hour but still managed to make a bit over 0.01 BTC. I couldn't believe my eyes when I placed a bet on a roll under 9 that was actually supposed to be a roll under 90 and ended up turning my 70,000 satoshis into 700,000 - all because I forgot to add the zero.

Faucets are useful for newbies who want to earn their very first fraction of a bitcoin in order to get a general idea of what Bitcoin is about, learn how to set up a wallet to receive transactions, etc. but you'd be lucky to make anything over a couple cents worth of BTC with them. I admit I still click on faucets sometimes but balance-wise, 99 percent of the Bitcoin that I have was bought using cash.

(And did you know that back when Bitcoin was worth much less than it is today, faucets gave out whole bitcoins? That ended a long time ago, but if the predictions that the Bitcoin market will one day rival that of gold or replace fiat entirely ever do materialize, then those 300 free satoshis would then be able to buy you somewhere between a stick of chewing gum and a nice cup of coffee, so that's something to keep in mind as well.)

There is one valid functional use for Litecoin that no-one here has mentioned yet. LTC is great for trading altcoins with sub-satoshi values. That's why exchanges have both BTC and LTC markets.

You could argue that because of this quality, Litecoin is comparable to silver's role. Back when coins contained precious metals, less valuable coins would have been too tiny if they were made of gold, so they used silver to make these instead.

For those early adopters who bought their bitcoins in 2010, it probably doesn't matter to them now whether they bought in at $0.54 or $0.74. If Bitcoin truly takes off like many of those here believe then the fact that I bought my first bitcoin or two at $540 or $740 will be irrelevant when the price for a single bitcoin reaches $50,000-$1 million.

Something doesn't add up. If Bitcoin became the world's reserve currency, then each Bitcoin would be worth $1 million. 0.02 BTC would only be worth $20,000 which would be enough to buy you a car or two but is nowhere near enough to buy a house.

Unless you were talking about just the savings that people have in fiat. Then the $20,000 figure makes more sense.

It wasn't really the first altcoin. That honor actually goes to Namecoin. Even the great Satoshi himself had some input into its development back when it was called BitDNS. Litecoin was heavily influenced by Fairbrix which was a fork of Tenebrix, both of which are now completely dead. Nevertheless, Litecoin was one of the earliest successful altcoins and has gained a reputation as being the silver to Bitcoin's gold so I definitely agree with the "branding power" argument that Litecoin won't be fading away anytime soon.


Cinnicoin sounds interesting. I might need to check it out.

I have most of my crypto stash invested in Bitcoin (~0.2 BTC) - with the rest distributed between Litecoin (1 LTC), Dogecoin (~1000 DOGE), Nxt (300 NXT), and Peercoin (2 PPC). Pretty boring I know.

I should probably get some DRK too to complete the collection since that's the one I'm missing.

Perhaps, but 50,000 satoshis is like what, 30 cents?



I dunno how he manages it but yeah, I think that's like 400 posts a week. Wow.



Haha that's pretty cool.

Thanks for the link. I will sign up with one of the existing sig campaigns once I figure out a way to post more often and consistently. Many of them require 50 posts minimum per month. I registered late last year and still only have 90 posts. You signed up at around the same time and have over 10,000!

Title says it all.

For 50,000 satoshis (0.0005BTC), I'll keep your link in my sig for a week and make 10 posts during this time.

Payment is prepaid.

If I make more than 10 posts in that week, then the other posts will be free.

If I make less than 10 posts in that week, then I'll keep your sig for however long it takes until I reach 10 posts.

Either way, the buyer wins.

UPDATE: Offer has been taken up until the 23rd of June. It might be available again after that. PM me if you are interested. Thanks!!

I've been playing for about 2 days. A couple of hours each day so about 30 rolls in total. My balance is about 13,000 satoshis.

Ah, I probably should have read the earlier posts. Thanks for clearing that up. It looks like I got very lucky and happened to sign up at exactly the right time. Looks like it's back to normal now because I only get 250 satoshis.

I just found out about this site today though I've heard of it before so sorry if I sound like a n00b but it seems too good to be true. How does the site make a profit?

I clicked on the faucet three times all within the same hour and each time I got about 20,000 satoshis which is about 100 times more than any other faucet site I've used . While doing this, I also made a series of low-risk bets (>70 percent) and reached about 70,000 satoshis which I then cashed out.

Now it's shown up in the block explorer so it seems it worked:

http://blockchain.info/tx/2c177b946948686e9e8bf5072c38db33933e5448572ab0a95e5f992e556cf08a

Anyone care to explain what the catch is? This all sounds too good to be true.

Yay! It finally happened!

No, it would be 21 trillion dollars because 21 million * 1 million = 21 trillion. Which is what I'd expect to see if Bitcoin replaced the fiat currency of every country in the world. That means no USD. No JPY. No GBP. That is pretty much the best case scenario for Bitcoin and the only way it will ever reach $1 million per coin.

If Bitcoin reached a status similar to gold however, then it would be worth about $333,333 per coin.

1. They have little or no fees (0% last time I checked).

2. The cloud mining website CEX.IO uses (owns?) GHash.IO. When someone buys a cloud mining contract there, the bitcoins are mined using the GHash.IO pool.

I'm not an expert so I could be wrong but I think this is why it's so popular.