What Are Bitcoins?

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PostThu Sep 08, 2011 12:08 pm » by Masterhunter


I am new to the bitcoin currency. What is it that you do with your bitcoins, and how do you use them to buy services/goods? Also how do you get bitcoins? What is "mining"?
Sorry for the |\|3\/\/b questions all you |337z :ugeek:
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PostThu Sep 08, 2011 12:14 pm » by One-23


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PostThu Sep 08, 2011 12:23 pm » by Adamo21


Dude, are you really coming to a website that promotes self-education in one of the most important aspects of humanity, and ask a stupid question? A 30 second google search would produce thousands of duplicate stupid ass fucking questions just like this one.

You're an idiot, if you cant figure out what bitcoin is, good luck with 9/11 and the black technology. noob.

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PostThu Sep 08, 2011 12:51 pm » by Aragajag


I have been getting onto them for the last 3months. I think they are great as a possible alternative decentralised currency to the banking system.
Having said that its like the wild west with them at the moment, scammers abound trying to take advantage of people etc. Aside from the negatives there are a lot of folks who are putting infrastructure together for it to make it easy to buy and sell goods and cash them out for fiat currency.
But beware the price is very volatile so you can quickly loose your value of fiat cash if buying at the wrong time. I have managed to trade on the downslope to my advantage most of the time.
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PostThu Sep 08, 2011 1:10 pm » by Masterhunter


aragajag wrote:I have been getting onto them for the last 3months. I think they are great as a possible alternative decentralised currency to the banking system.
Having said that its like the wild west with them at the moment, scammers abound trying to take advantage of people etc. Aside from the negatives there are a lot of folks who are putting infrastructure together for it to make it easy to buy and sell goods and cash them out for fiat currency.
But beware the price is very volatile so you can quickly loose your value of fiat cash if buying at the wrong time. I have managed to trade on the downslope to my advantage most of the time.


I heard about the hackings and it doesn't seem very safe at the moment. Can you give me some insight as to why you need 4-5 video cards and a cpu for each individual card? I know some of my neighbors are jumping into the gold rush and building super computers for this.

I was just wondering if its going to be like the tech bubble all over again, or if this could sail its way through the beginning rough waters to new lands of opportunity.

And @ adamo21:
Why are you coming at me sideways? I just wanted to know what this was and you get butt hurt for someone asking a question. You need to relax, I said I was a |\|3\/\/ß.
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PostThu Sep 08, 2011 1:14 pm » by Malogg


bitcoins are a con whoever is burning your comps up and your electricity is not using it for anything good DOH its turning your comp over at top end ripping the shit out of it and what for a few coins that are on a screen you can trade them for more coins or useless crap but really all these comps all over are not just cracking codes for mining bitcoins they are for something sinister mayb even evil

prove me wrong anyone?
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PostThu Sep 08, 2011 1:27 pm » by Aragajag


masterhunter wrote:I heard about the hackings and it doesn't seem very safe at the moment. Can you give me some insight as to why you need 4-5 video cards and a cpu for each individual card? I know some of my neighbors are jumping into the gold rush and building super computers for this.

I was just wondering if its going to be like the tech bubble all over again, or if this could sail its way through the beginning rough waters to new lands of opportunity.


The hacks were not the coin but folks offering services with poor web security, basically not prepared for the influx of people after the silk road article. Most exchangers have now got that stuff together.
The more vid cards the more coins I can make by hashing out the blockchain which holds all the info on the bitcoin economy and movements of coins and keeps it secure P2P style.
You dont need a cpu for each card I have had 6 running of one board and cpu, one died recently.
I spent a lot of time reading up on it to satisfy myself and recommend that anyone interested do that before they put hard cash in, I am not that good at laying things out in writing and dont want to steer people wrong. It will either fail or become a big thing in the future.
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PostThu Sep 08, 2011 1:30 pm » by Aragajag


malogg wrote:bitcoins are a con whoever is burning your comps up and your electricity is not using it for anything good DOH its turning your comp over at top end ripping the shit out of it and what for a few coins that are on a screen you can trade them for more coins or useless crap but really all these comps all over are not just cracking codes for mining bitcoins they are for something sinister mayb even evil

prove me wrong anyone?


Peer to peer- decentralised currency, no company issuing them. You mine or buy them from individuals.
Hope that answers your question.
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PostThu Sep 08, 2011 1:44 pm » by Masterhunter


Thanks aragajag, you have been very helpful. I think ill give this a shot. I just saw on Mt.Gox you can get almost $7 a coin. Is it direct deposited into your bank account or does Mt.Gox write a check and mail it to you?
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PostThu Sep 08, 2011 1:47 pm » by Malogg


aragajag wrote:
malogg wrote:bitcoins are a con whoever is burning your comps up and your electricity is not using it for anything good DOH its turning your comp over at top end ripping the shit out of it and what for a few coins that are on a screen you can trade them for more coins or useless crap but really all these comps all over are not just cracking codes for mining bitcoins they are for something sinister mayb even evil

prove me wrong anyone?


Peer to peer- decentralised currency, no company issuing them. You mine or buy them from individuals.
Hope that answers your question.



nope it does not answer my question.
All these comps processing all connecting to one another just for another make believe money while what really is all these comps processing power getting used for do you know? lol like the nutter in superman with the super dooper comp using folks comps for something else other than making each other cash.

like all your rich business folks play evony and Eric and Co gets super fecking rich while the business folks neglect their life, wife, children, homes and health etc and at the end of the day all for sweet feck all lol these folk even dream about evony they wake up thinking their castles are getting attacked etc = stress and madness.

but hey I am not trying to burst bubbles it is your time your life and family etc I really do hope there is nothing sinister about bitcoins and hope you all strike it rich.
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