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Thread: Bitcoin

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  1. #1
    Join Date
    Dec 2008
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    Ok it's fucking time to get down to business. Been putting this off for a long time...

    I have known about bitcoin for a long time and at first it can be daunting to understand it, but once you fully grasp it (as I have, although don't ask me how the actually algorithm works) then it is truly a work of art - and most importantly a big fuck you to the illusionary banking industry.

    Bitcoin is a digital asset and a payment system invented by the mysterious Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without an intermediary.
    There are only 21 million Bitcoins. More Bitcoins can't be created so there can not be inflation. It is not backed by gold, but gold is not a stable source of value.

    What is value? What people deem valuable. That means the more people use Bitcoins (and not sit on them) the more value they get. So this thread is also propagandha to get you all to be aware of it. As you become aware (if you are not already) you add value.

    How are Bitcoins created? Well this I found was very complicated, but really it is very easy. Everyone can "mine" for Bitcoin using their computer. But because of the rise in popularity the power of just a PC is not enough to ever create a Bitcoin because you only get "paid" if you suppy enough calculating power to the Bitcoin "system".

    Basically it is like seeding. When you download a movie from PirateBay you can leave it open so others can also download it quicker. Same concept. You basically seed in a sense. And the more you seed the more you get paid.

    So to mine for Bitcoin you need an ASIC. And it needs to put out at least 1 TH/s, which is 1,000,000,000,000 hashes per second.

    Such a piece of machine costs about 1000 USD.

    Now power is the trick... if your electricity is expensive (as in the USA I think, correct me if I am wrong) mining for Bitcoin might not be viable, unless you can "steal" power or create your own (wind or solar). Where I am power is pretty cheap, 0,11 cents per kWh.

    Here is a Bitcoin mining calculator: bitcoin-mining-calculator

    According to my calculations it is possible to make at least 1000 USD per year per AISC. if the Bitcoin market is fairly stable, which it actually is compared to other markets).

    This means if you have 100 AISC you can potentially make a shitload of money. But if you do this you are no longer mining, you are farming!

    There are a lot more aspects to this and what I have outlined here are just the tip of the iceberg. There are a lot of YouTube videos on all this if you want to understand more.


    Why am I interested in Bitcoin?

    Well it is actually not the possibility of making money, although that is very nice... but I like Bitcoin for the same reason I like anything not controlled by middle-men. It is truly the way of the future in the same way as I believe in VR. And it is very good for the underdeveloped world. It is not easy to "work" with banks if you are poor, but with Bitcoin you only need an internet connection on your phone (which most people have, even the poor).

    "Bitcoin will do to banks what email did to the postal industry" - Rick Falkvinge, Founder of the Swedish pirate party

    “I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world." - Peter Thiel, Co-Founder of Paypal

    "[Bitcoin] is a techno tour de force." - Bill Gates, Founder of Microsoft

    Last edited by Awani; 01-08-2016 at 06:08 AM.
    Donít let the delusion of reality confuse you regarding the reality of the illusion.

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