(Topic ID: 200502)

Somebody explain Bitcoin to me


By Pinballlew

2 years ago



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    There are 1721 posts in this topic. You are on page 7 of 35.
    #301 2 years ago
    Quoted from wayout440:

    Bitcoin makes looking at pinball as an investment a wiser move. Lol.

    Good thing you added the Lol...almost thought you were serious.

    #302 2 years ago

    TlywSX (resized).png

    #303 2 years ago

    We are still way, way, way at the early begining of Bitcoin.

    #304 2 years ago

    I've been trying for days to get my driver's license verified on Coinbase or GDAX. They sure make it tough to set up with them!

    I hate to see this thread die down and hope it stays alive.

    Anyone want to make some comments on the volatility of the market(s)?

    Speculate?

    Offer some tall tales?

    Some do's and don'ts?

    I'm leaning toward buying a large amount of Bitcoin and then some small amounts of Ethereum and Litecoin.

    Mike in Kentucky

    #305 2 years ago
    Quoted from Pintucky:

    Anyone want to make some comments on the volatility of the market(s)?
    Speculate?
    Offer some tall tales?
    Some do's and don'ts?
    I'm leaning toward buying a large amount of Bitcoin and then some small amounts of Ethereum and Litecoin.
    Mike in Kentucky

    This market is extremely volatile and probably won't ease up for years.

    I'm speculating that cryptocurrencies have a future...I could be dead wrong.

    Don't buy high and sell low

    Also...don't bite off more than you can swallow.

    Those are your three safest bets IMHO. Those are the same three I'm speculating on. You could also look at Ripple. There are others but it can soon become overwhelming...stick with the leaders.

    #306 2 years ago

    Thanks, Astro . . . that was the kind of message I was looking for. I'm glad you think those three are the best ones.

    Ripple? That's what we drank in high school because we couldn't afford anything else!

    Mike

    #307 2 years ago
    Quoted from Pintucky:

    I've been trying for days to get my driver's license verified on Coinbase or GDAX. They sure make it tough to set up with them!
    I hate to see this thread die down and hope it stays alive.
    Anyone want to make some comments on the volatility of the market(s)?
    Speculate?
    Offer some tall tales?
    Some do's and don'ts?
    I'm leaning toward buying a large amount of Bitcoin and then some small amounts of Ethereum and Litecoin.
    Mike in Kentucky

    Some don'ts...

    Don't try to buy on Coinbase with a bank account debit card. I did some research, but apparently not enough. It seemed easy enough, the Coinbase app appeared to have a lot of positive reviews. All I wanted to do was throw a small amount out there to play around with and the transaction was denied, flagged and debit card locked. This was just yesterday.

    #308 2 years ago
    Quoted from wayout440:

    Some don'ts...
    Don't try to buy on Coinbase with a bank account debit card. I did some research, but apparently not enough. It seemed easy enough, the Coinbase app appeared to have a lot of positive reviews. All I wanted to do was throw a small amount out there to play around with and the transaction was denied, flagged and debit card locked. This was just yesterday.

    just tell your bank you're going to be wiring money first. wire transfers are red flags for scams these days, so unusual ones tend to get flagged.

    #309 2 years ago

    I was more concerned with the security of the exchanges, figured I would choose one of the big names. I was taken by surprise - it never occurred to me that the bank would have issue with it, but now I have read that banks frown upon bitcoin. Whether it be because it the decentralization undermines them, or they want to protect themselves. Anyway, if I try to pursue it in the future I will make sure not to associate it all to my working checking account. That was just careless on my part. This time I just got a little wisecracking from the wife, but could have been a lot worse if my account got screwed.

    #310 2 years ago
    Quoted from wayout440:

    Some don'ts...
    Don't try to buy on Coinbase with a bank account debit card. I did some research, but apparently not enough. It seemed easy enough, the Coinbase app appeared to have a lot of positive reviews. All I wanted to do was throw a small amount out there to play around with and the transaction was denied, flagged and debit card locked. This was just yesterday.

    Yikes. That's the exact opposite experience I've had and I've been buying Bitcoin / Ether in chunks for the last 2 months. I always use my bank debit card and have never had an issue.

    Anyone use GDAX? What's up with the Limit -> Advanced -> Post Only box? Apparently placing a sell / buy order with the Post Only box checked results in no fees.

    #311 2 years ago
    Quoted from wayout440:

    I was more concerned with the security of the exchanges, figured I would choose one of the big names. I was taken by surprise - it never occurred to me that the bank would have issue with it, but now I have read that banks frown upon bitcoin. Whether it be because it the decentralization undermines them, or they want to protect themselves. Anyway, if I try to pursue it in the future I will make sure not to associate it all to my working checking account. That was just careless on my part. This time I just got a little wisecracking from the wife, but could have been a lot worse if my account got screwed.

    well, part of that caution and concern is justified, but there is also the fact that secure digital currencies are a direct threat to banks, so you can expect a little fearmongering on their part. walk into any dealership in America and mention Tesla for a similar effect.

    2 weeks later
    #312 2 years ago

    Lots of volatility?

    #313 2 years ago

    Crazy volatility the last few days. Right now Bitcoin is about where it was at the start of the thread, but it went way up, went way down, and then recovered a bit.

    I started mining Monero ... i've been into computer hardware and overclocking and system management stuff since the 90s. So it's kind of fun for me purely as a hobby even if i just break even. It's some nice passive income, but to make a truly impressive amount of money, you'd either have to make a huge capital investment up front, have access to a shitload of free equipment, or deploy a botnet. And of course know exactly what you're doing, hardware-wise.

    Monero's been doing very well, though. Up like 50% over the last 25 days. If the value holds (who the hell knows), my break even point on the hardware i bought will be about 3-4 months. It's interesting, if nothing else.

    #314 2 years ago

    The Bitcoin Cash rally was pretty crazy.

    #315 2 years ago
    Quoted from guyincognito:

    Lots of volatility?

    Extreme....what's really scary is I'm kind of getting used to it. It can drop $600 in an hour and I just shrug now.

    #316 2 years ago
    Quoted from pezpunk:

    Crazy volatility the last few days. Right now Bitcoin is about where it was at the start of the thread, but it went way up, went way down, and then recovered a bit.
    I started mining Monero ... i've been into computer hardware and overclocking and system management stuff since the 90s. So it's kind of fun for me purely as a hobby even if i just break even. It's some nice passive income, but to make a truly impressive amount of money, you'd either have to make a huge capital investment up front, have access to a shitload of free equipment, or deploy a botnet. And of course know exactly what you're doing, hardware-wise.
    Monero's been doing very well, though. Up like 50% over the last 25 days. If the value holds (who the hell knows), my break even point on the hardware i bought will be about 3-4 months. It's interesting, if nothing else.

    What are you mining with and how's your hash rate?

    I looked into it and it appears that even with a few GPUs, you still won't make more than a couple dollars a month. I'm pulling about $100/month mining Ether with 3 x RX470s so I'd need an incentive to switch. I've was considering switching a few weeks ago when the difficulty increased significantly, but it appears as though it has now stabilized. I thought we were entering the Ice Age, but I might be wrong....

    #318 2 years ago

    I say post it up... interesting stuff.

    #319 2 years ago
    Quoted from Astropin:

    I say post it up... interesting stuff.

    okay, okay.

    I built a mining rig with five Radeon Vega 56's.

    IMG_1827 (resized).JPG

    Excuse the mess. That's not it's final resting place, that's just where i'm putting it together. It's not quite finished, but it does hash perfectly (so far).

    IMG_1828 (resized).JPG

    Here it is going full blast. those red and blue LEDs indicate the level of usage of the GPUs -- they're all pegged at 100% in that image. Hash rate is about 10k/second.

    The rig is pulling a constant 800 watts. That'll add a little over $50 to my electric bill. (9 cents per kwh in my area)

    Each Vega is currently netting me about 1 Monero per month apiece. For now, it looks like i'll break even on the hardware costs in about 3-4 months, but there are several variables. Worst case scenario, I can always sell those cards - they're desirable for gaming. So there's a bit of an escape hatch if things turn sour.

    The rig is pretty loud and hot. I've got the windows open in my office, and even though it's like 40 degrees out, it's at least 70 degrees in here, haha.

    #320 2 years ago

    Wow, that's all fancy and stuff. I screwed mine down to a piece of MDF and zip tied the HDD and power supply to the board.

    You're looks professional.

    #321 2 years ago
    Quoted from pezpunk:

    okay, okay.
    I built a mining rig with five Radeon Vega 56's.

    Excuse the mess. That's not it's final resting place, that's just where i'm putting it together. It's not quite finished, but it does hash perfectly (so far).

    Here it is going full blast. those red and blue LEDs indicate the level of usage of the GPUs -- they're all pegged at 100% in that image. Hash rate is about 10k/second.
    The rig is pulling a constant 800 watts. That'll add a little over $50 to my electric bill. (9 cents per kwh in my area)
    Each Vega is currently netting me about 1 Monero per month apiece. For now, it looks like i'll break even on the hardware costs in about 3-4 months, but there are several variables. Worst case scenario, I can always sell those cards - they're desirable for gaming. So there's a bit of an escape hatch if things turn sour.
    The rig is pretty loud and hot. I've got the windows open in my office, and even though it's like 40 degrees out, it's at least 70 degrees in here, haha.

    That's pretty cool. Definitely need to be an "enthusiast/hobbyist" to get into that I think. I'm good just throwing some money at the crypto's.

    #322 2 years ago

    So someone near Detroit Lost 2 - record holding cats ( one the tallest and one the longest tail ) in a fire at there house . They left the door open and I hope they got out . The reward if you find them is 1 "Bitcoin" each ! The news said one Bitcoin is about $2300. Is that right ?

    #323 2 years ago

    One bitcoin is worth roughly $7,200 at the moment.

    #324 2 years ago

    OK I'll be right back - I'm go'in to look for them !

    #325 2 years ago
    Quoted from pezpunk:

    I've got the windows open in my office, and even though it's like 40 degrees out, it's at least 70 degrees in here, haha.

    Look on the bright side. What you are spending on electricity you are saving in heat.

    #326 2 years ago

    For those of you who want to learn about bitcoin, as well as put things into historical perspective, I'd recommend two books:

    1) Mastering Bitcoin by Andreas Antonopoulos
    2) This Time is Different. Eight Centuries of Financial Folly by Carmen Reinhart and Kenneth Rogoff

    I think these two books can help you analyze the two main competing themes that appear in this thread, namely:

    ---------------------------------

    This is really cool transformative technology and you can't possibly try to compare it to past historical booms and busts. This time it REALLY IS different.

    vs.

    Countries, institutions, and financial technologies may change across time, but human nature does not. From Reinhart & Rogoff's book, "Each time, society convinces itself that the current boom, unlike the many booms that preceded catastrophic collapses in the past, is built on sound fundamentals, structural reforms, technological innovation, and good policy". With data from 60 countries and 8 centuries, the evidence overwhelming suggests that we take pause before claiming that "this time is different".

    ---------------------------------

    No doubt about it, Satoshi Nakamoto's invention of the decentralized mechanism for emergent consensus is truly transformative. All the properties of bitcoin (currency, transactions, payments, and security) operating without central authority or "trust" derive from this invention. However, it would be extremely myopic to think that this technology/invention is immune to the influence of human behavior, which through the centuries has proven to be extremely predictable.

    My two main fears revolve around its inherent deflationary nature as well as the threat of consensus attack. With regard to deflation, the current bitcoin "boom" in my opinion is being fed by a undeniable world-wide debt-fueled economic expansion with resulting booms in asset prices (real estate, stock prices, bond prices). It remains to be seen what will happen when bitcoin is tested in an economic retraction. With regard to consensus attack, it is increasingly clear to me that bitcoin mining is moving further and further away from the basement math-nerd gaming rig and increasingly toward centralized control (energy companies, state actors, etc). Despite articulate explanations about the limited impact of a successful consensus attack and emerging upgrades to reduce centralization, I still fear the potential impact of even a few of the largest mining pools colluding with ill intent.

    Anyway, I did buy some bitcoin for giggles a few years ago and for the time being, I'm letting it ride.

    20171119_121130 (resized).jpg

    #327 2 years ago
    Quoted from ninjabones:

    Anyway, I did buy some bitcoin for giggles a few years ago and for the time being, I'm letting it ride.

    A Few years ago! Hell yeah let it ride. You don't have much to lose.

    #328 2 years ago
    Quoted from Astropin:

    A Few years ago! Hell yeah let it ride. You don't have much to lose.

    In a few years time you'll be able to buy a Porsche Turbo S with 1 BTC...that will provide some of those giggles.

    #329 2 years ago

    This is definitely where we differ, I'd have to sell 1/2 before the bottom dropped.

    Of course, you have 2 and I have 0, so kudos to you!

    #330 2 years ago
    Quoted from pezpunk:

    okay, okay.
    I built a mining rig with five Radeon Vega 56's.

    Excuse the mess. That's not it's final resting place, that's just where i'm putting it together. It's not quite finished, but it does hash perfectly (so far).

    Here it is going full blast. those red and blue LEDs indicate the level of usage of the GPUs -- they're all pegged at 100% in that image. Hash rate is about 10k/second.
    The rig is pulling a constant 800 watts. That'll add a little over $50 to my electric bill. (9 cents per kwh in my area)
    Each Vega is currently netting me about 1 Monero per month apiece. For now, it looks like i'll break even on the hardware costs in about 3-4 months, but there are several variables. Worst case scenario, I can always sell those cards - they're desirable for gaming. So there's a bit of an escape hatch if things turn sour.
    The rig is pretty loud and hot. I've got the windows open in my office, and even though it's like 40 degrees out, it's at least 70 degrees in here, haha.

    Hey Pez, I just assumed you were a fellow liberal. I'm kinda surprised you are okay with wasting valuable resources to mine these fake currencies. Are you at least using solar panels to provide all that electricity to your computers?

    #331 2 years ago
    Quoted from vicjw66:

    Hey Pez, I just assumed you were a fellow liberal. I'm kinda surprised you are okay with wasting valuable resources to mine these fake currencies. Are you at least using solar panels to provide all that electricity to your computers?

    well, in my opinion, the currencies aren't fake and the resources aren't wasted -- they are used to build something i believe has genuine value.

    but yeah, in mining circles, i'm a gen-x progressive more or less surrounded by libertarian millennials. ugh, haha.

    #332 2 years ago

    Deleted

    #333 2 years ago
    Quoted from Travish:

    Look on the bright side. What you are spending on electricity you are saving in heat.

    Isn't that the truth. The temperature in my basement went up noticeably after I turned on my Etherium mining rig. It's like running a hair dryer in the basement 24/7. Little bugger pulls 523 watts all day long.

    Etherium Miner (resized).png

    #334 2 years ago

    Which Pinball Distributors/Manufacturers accept BitCoin as payment?

    Stern, JJP..?

    #335 2 years ago
    Quoted from rbissett:

    Which Pinball Distributors/Manufacturers accept BitCoin as payment?
    Stern, JJP..?

    I don't know about distributor, but I'd sell both my Met Pro and TZ for a single Casascius coin.

    #336 2 years ago

    I would trade my huo Tron Pro for a BTC all day...even throw in a decent Abra Ca Dabra.

    #337 2 years ago

    Bitcoin is up but Etherum and Litecoin are on a tear (as is Bitcoin cash).

    #338 2 years ago
    Quoted from Astropin:

    Bitcoin is up but Etherum and Litecoin are on a terror (as is Bitcoin cash).

    Monero (the coin I’ve been mining) ain’t doin too bad.

    #339 2 years ago

    Jesus....how long before it corrects from profit taking?

    #340 2 years ago
    Quoted from Astropin:

    Jesus....how long before it corrects from profit taking?

    Are you pulling money out?!?!?!

    I'm most certainly not. At this point, I just keep adding to my positions every week. When Wall street finally gets its greedy paws into this market, there's just no limit on how high it goes.

    #341 2 years ago

    Seems silly that "someone" would create Bitcoin and the like without actually gaining any profit from it, no?

    Or maybe they gave themselves a few bitcoins for their trouble?

    I have no idea of how this ponzi scheme operation got off the ground, but if I'm wrong about getting no returns for starting it, let me know. Being wrong just means I've learned something.

    #342 2 years ago
    Quoted from RonSS:

    Seems silly that "someone" would create Bitcoin and the like without actually gaining any profit from it, no?
    Or maybe they gave themselves a few bitcoins for their trouble?
    I have no idea of how this ponzi scheme operation got off the ground, but if I'm wrong about getting no returns for starting it, let me know. Being wrong just means I've learned something.

    The creator mined the first 1 million Bitcoins. You can extrapolate that figure into todays dollars.

    #343 2 years ago
    Quoted from ExtremePinball:

    Are you pulling money out?!?!?!

    God no. I'm in for a long haul.

    #344 2 years ago
    Quoted from RonSS:

    Seems silly that "someone" would create Bitcoin and the like without actually gaining any profit from it, no?
    Or maybe they gave themselves a few bitcoins for their trouble?
    I have no idea of how this ponzi scheme operation got off the ground, but if I'm wrong about getting no returns for starting it, let me know. Being wrong just means I've learned something.

    ...? Who claimed the creator didn’t profit?

    #345 2 years ago
    Quoted from pezpunk:

    ...? Who claimed the creator didn’t profit?

    See, that's what I'm talking about! I'm learning!

    Who is the creator and what are they getting out of this? I'll be rich, with knowledge!

    Craig Wright? If so, why keep himself secret? I guess that is part of my issue with Bitcoin - people "investing" without any idea (at the start at least) who was behind it.

    #346 2 years ago
    Quoted from RonSS:

    Seems silly that "someone" would create Bitcoin and the like without actually gaining any profit from it, no?
    Or maybe they gave themselves a few bitcoins for their trouble?
    I have no idea of how this ponzi scheme operation got off the ground, but if I'm wrong about getting no returns for starting it, let me know. Being wrong just means I've learned something.

    from http://fortune.com/2017/11/25/lost-bitcoins/

    Screen Shot 2017-11-25 at 1.56.24 PM (resized).png

    #347 2 years ago
    Quoted from RonSS:

    See, that's what I'm talking about! I'm learning!
    Who is the creator and what are they getting out of this? I'll be rich, with knowledge!
    Craig Wright? If so, why keep himself secret? I guess that is part of my issue with Bitcoin - people "investing" without any idea (at the start at least) who was behind it.

    Does matter who's behind it...only that the concept was sound (which it is) Bitcoin operates on a 100% open/public ledger. There are no secrets about how it operates. The best part is you do not even need to trust the people using it....the system guarantees that all transactions are fair and open.

    #348 2 years ago
    Quoted from Astropin:

    Does matter who's behind it...only that the concept was sound (which it is) Bitcoin operates on a 100% open/public ledger. There are no secrets about how it operates. The best part is you do not even need to trust the people using it....the system guarantees that all transactions are fair and open.

    I'll agree to disagree about if it does or doesn't matter about knowing who's behind it. That's a trust issue I feel.

    I am in agreement about a proven working system I think. I can certainly appreciate the open public idea.

    Thanks for the viewpoint.

    This is going to be an interesting thread that's revived 5 years from now.

    #349 2 years ago

    Coinbase is a frickin joke. I bought some BTC back in July, and since then I have been dealing with non stop issues from them. I can't even access my account anymore. I have sent them my drivers license and proof of current address and still my account is down. I can't even access the Bitcoin I bought at the time. Before my account was down I tried to transfer to a personal wallet with no luck. So my BTC is somewhere in transfer and I can't access anything, communication with Coinbase is nearly impossible and it's more of a fuckin headache than anything. Fuck Coinbase and fuck Bitcoin!!

    #350 2 years ago

    BTC briefly hit 9k and is still hovering near it.

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