Bitcoins and Cryptocurrencies

nodle

Forum Nazi
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Apr 27, 2006
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You know whats is crazy I just spoke to an equipment vendor about 2 days ago that stopped in. I told you about company coming to a town about an hour away from here and opening a huge mining facility. We started talking about it and he said he had to swing by there to drop something off and he said you wouldn't believe all the activity there. About 10 contractors and the place is booming. Even the local power company is installing a second sub-station just to power it (it has one already all to itself). So I don't know what to think, do they know something that we don't?
 

nodle

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Apr 27, 2006
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Thieves Steal 600 Powerful Bitcoin-Mining Computers in Huge Heist
Hundreds of servers designed to mine bitcoin have been stolen in Iceland, and authorities have been unable to track down a single system. The missing hardware includes 600 graphics cards, as well as 100 processors, 100 power supplies, 100 motherboards, and 100 sets of computer memory. Law enforcement is hoping for an energy surge somewhere, as they appear to be out of leads.
 

nodle

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Apr 27, 2006
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You know I really don't know what to say about Bitcoins anymore. I see a lot of infrastructure going up behind the scenes with this. It sure seems like folks are in it for the long haul. I can't imagine investing all this money without something stable to go on. Maybe they know something that we don't?
 

ryanator

Mathematical
Sep 20, 2007
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Crypto capitalism at it's finest, just a bunch of greed. With the many different cyptos out there, someone can always mine whatever is hot or what they think will be the big thing. You're right, with close to nothing backing this (less than paper money), cryptos would go towards an even more unstable monetary system. It can vanish in thin air, because that's all it is and came from.
 

nodle

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Apr 27, 2006
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Crypto capitalism at it's finest, just a bunch of greed. With the many different cyptos out there, someone can always mine whatever is hot or what they think will be the big thing. You're right, with close to nothing backing this (less than paper money), cryptos would go towards an even more unstable monetary system. It can vanish in thin air, because that's all it is and came from.
I agree with you, but do you really think all these big companies would dump money into it if they didn't think it was here to stay?
 

ryanator

Mathematical
Sep 20, 2007
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I agree with you, but do you really think all these big companies would dump money into it if they didn't think it was here to stay?
It's here to stay for sure, in one form or another. Like I said, if not bitcoin, there are hundreds and can be thousands of different cryptocurrencies. Any of them can be mined, though they act just like the stock market.
 
Likes: Davidc

Davidc

Caulk Sucker
May 13, 2017
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The article brings up singe good points. Some other things to consider is that the more that is mined, the harder it becomes. Also, it's going to be difficult to compete with China due to their lower operating cost and higher incentive to use cryptocurrencies.
So the last few bitcoins to be mined will have to be worth 50,000 dollars in order for it to be profitable. The current trend doesn't look too promising.
 

Davidc

Caulk Sucker
May 13, 2017
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Wholly cow! "The researchers said they found 1,600 instances in which transactions on the blockchain included non-financial information, representing about 1.4% of transactions. Since the Bitcoin blockchain is immutable, those who download it are also unwittingly downloading links to child porn."