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Bitcoins: Make money by generating cryptographic hashes.

Discussion in 'Ogres Breakfast' started by quinn, Jun 2, 2011.

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  1. shugo

    shugo Elite Ogre Ogre Veteran

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    doesn't matter whether it has no gold standard anymore, it still has intrinsic value and the inflation certainly isn't hyperinflation

    while in theory bitcoins is a nice concept, it just doesn't work in practice
     
    shugo, Jun 7, 2011
    shugo, Jun 7, 2011
    #21
  2. quinn

    quinn Starcatcher Ogre Veteran

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    Except, the USD does not have any intrinsic value anymore, besides the value of the paper. It used to, right, but it hasn't in a long while.
     
    quinn, Jun 8, 2011
    quinn, Jun 8, 2011
    #22
  3. shugo

    shugo Elite Ogre Ogre Veteran

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    it still has intrinsic value, it is just that it is no longer as good as it used to be, which is largely due to the success of the Euro ;)
     
    shugo, Jun 9, 2011
    shugo, Jun 9, 2011
    #23
  4. quinn

    quinn Starcatcher Ogre Veteran

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    What insintric value does it have then?

    It does have value, but it is not backed by any promise of things by the government.
     
    quinn, Jun 9, 2011
    quinn, Jun 9, 2011
    #24
  5. shugo

    shugo Elite Ogre Ogre Veteran

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    Depends on what a person will give for it. There is no straight answer to that question. However, it usually depends on the quality of the coins, the stability of the currency, the current inflation and the validity (in other words, how high percentage is not counterfeit). Oh and landrent is sometimes important too.

    Yeah, but government can never really back up anything when it comes to currency. ;)
     
    shugo, Jun 11, 2011
    shugo, Jun 11, 2011
    #25
  6. quinn

    quinn Starcatcher Ogre Veteran

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    ....then it has the same type of value as a bitcoin. The only intrinsic (real backing of material goods, not based on what other people will give for it), is the metal in the coins and the paper of the dollar. The only intrinsic value of the bitcoin is that bit of cryptocode behind it. Really, both currencies are based off of what people feel it is worth at a whim.
     
    quinn, Jun 12, 2011
    quinn, Jun 12, 2011
    #26
  7. shugo

    shugo Elite Ogre Ogre Veteran

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    you're forgetting inflation!

    Ask yourself who produces the cryptocode? Is it the same as a government mint? I suspect it isn't.
     
    shugo, Nov 14, 2011
    shugo, Nov 14, 2011
    #27
  8. Admin Post
    ogreman

    ogreman Ogre In Charge Staff Member GameOgre Admin

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    What is the status of Bitcoins? Think Kit wrote an article on this subject recently:).
     
    ogreman, Feb 2, 2012
    ogreman, Feb 2, 2012
    #28
  9. quinn

    quinn Starcatcher Ogre Veteran

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    They currently sell for about 5 Euros, I think, so it appears to be pretty stable. I am not sure what games accept them as payment, if any, though.
     
    quinn, Feb 2, 2012
    quinn, Feb 2, 2012
    #29
  10. Joker

    Joker Ogre Hall of Fame Ogre Veteran

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    I still don't get how you make money from bitcoins:(.
     
    Joker, Feb 8, 2012
    Joker, Feb 8, 2012
    #30
  11. Lions

    Lions Clubbed for Drama

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    You don't really. Unless you get really lucky or have a really powerful computer.

    Or you could mine in a group but that greatly reduces your earnings.
     
    Lions, Feb 8, 2012
    Lions, Feb 8, 2012
    #31
  12. shugo

    shugo Elite Ogre Ogre Veteran

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    compairing one currency with only one other currency is unfortunately no guarantee for stability. For example if you compaired the east german mark with the west german mark, then the east german mark would have appeared to be very stable, but it was in fact a very unstable currency
     
    shugo, Feb 8, 2012
    shugo, Feb 8, 2012
    #32
  13. quinn

    quinn Starcatcher Ogre Veteran

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    I was more basing it off of the fact that it has stayed at the same price for quite a while now, as I recall it being about the same the last time this thread was brought up.
     
    quinn, Feb 11, 2012
    quinn, Feb 11, 2012
    #33
  14. Webber

    Webber Ogre King Ogre Veteran

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    So only mega PCs can make good money off bitcoins?
     
    Webber, Mar 18, 2012
    Webber, Mar 18, 2012
    #34
  15. quinn

    quinn Starcatcher Ogre Veteran

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    Last I checked, which is shortly after I made the first post in this thread, only mega PCs can make ANY money off of Bitcoins. Keep in mind that it becomes harder the more bitcoins that are mined, too.
     
    quinn, Mar 19, 2012
    quinn, Mar 19, 2012
    #35
  16. JaredOzzy

    JaredOzzy The Legendary Ogre Veteran

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    BitCoins?

    Anyone here used bitcoins or tried it out?

    I hear its an easy way to get money i would like some more information about it if you have used it or are using it, i think i want to try it out. :)
     
    JaredOzzy, Jan 16, 2014
    JaredOzzy, Jan 16, 2014
    #36
  17. shugo

    shugo Elite Ogre Ogre Veteran

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    which of lately isn't true anymore, prices skyrocketed thanks to the chinese, but before you think well let me try to be a millionaire. They can just as easily drop, or should i say plummet. ;)
     
    shugo, Jan 18, 2014
    shugo, Jan 18, 2014
    #37
  18. shugo

    shugo Elite Ogre Ogre Veteran

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    actually for some people it is an easy way to make money, though be it illegally. ;)


    The Dutch police force tried it out. They bought a gun with bitcoins on the internet from a 25 year old American guy. The gun (a Mack11) was neatly packaged into a DVD player and arrived at the Dutch police station. Needless to say selling American guns on the internet and exporting them abroad is illegal due to various U.S. laws.

    The Dutch police informed the FBI and the ATF about this guy and there is an arrest warrant out for him now.


    News articles can be read here (unfortunately it's in Dutch):

    http://nos.nl/artikel/598653-politie-koopt-wapen-met-bitcoins.html
    http://www.volkskrant.nl/vk/nl/2686...wapen-met-moeilijk-traceerbare-bitcoins.dhtml
     
    Last edited by a moderator: Jan 18, 2014
    shugo, Jan 18, 2014
    shugo, Jan 18, 2014
    #38
  19. JaredOzzy

    JaredOzzy The Legendary Ogre Veteran

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    lol geez, sneaky dutch police xD

    yeah but i dont think im going to try this anymmore just looks like too much work in the beginning anyways lol
     
    JaredOzzy, Jan 18, 2014
    JaredOzzy, Jan 18, 2014
    #39
  20. Webber

    Webber Ogre King Ogre Veteran

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    I dont have a mega PC :(
     
    Webber, Jan 19, 2014
    Webber, Jan 19, 2014
    #40
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