Bitcoin, and other tulips


I think the price will/has to fall at some point.
I had a mate who invested probably in May this year, but it wasnt in Bitcoin it was in a simlar digital currency (he is a IT dude), i liken it to gambling, but it is paying off so far for him.

But its now got to the stage where its in the media heaps, facebook adds heaps, trying to get the last few mum/dad investors on board before the crash IMO.

The environmental impacts aren’t good either.

However maybe it would be more worthwhile mining bitcoins if had solar powered house, rather than sending energy into the grid given the crappy rate the energy companies pay!.

Banking sector is getting a little worried.

Also i can see people stealing power to mine bitcoins , similar to what they do for hot house drug operations.


No. but you could buy shitloads more of it with one, than with any note.


251kwh per transaction.


Who issues Bitcoin? For a currency’s value to rise (or fall), there has to be a finite amount of that currency, right? And how can the value go up if there is no limit to how much Bitcoin is out there?

If no one is in charge of it, there is nothing preventing anyone issuing their own net-based currency?

I have no idea what’s going on.


Theres dodgy websites that hijack your cpu to farm cryptocurrency.


My father in law (he’s flaming loaded) rang my wife the other day and said “All the money that I’ve put aside for your kids, I’m going to stop putting cash aside and start them all on Bitcoin”.

He is a dodgy as eastern European, so him being interested in it confirmed for me that it’s something I want nothing to do with.


News ltd were trying to crash it last week, I reckon had an article every day about it being a bubble… Only time will tell.


Damn straight its finite - 21 mill is the ceiling amount


Estimated year around 2140, based on every 4 years, the block 'reward ’ being halved


Ever wondered my seemingly average amd cards are on ebay for 1 grand??

crypto farming.


But who says it’s limited? Who’s in control?


Its an algorithm, it has a finite # of possibilities.


I can sell my old graphics card for more than what i bought them for.


trying to crash it or trying to make it go higher …


Why is this?


Certain cards have a better output to power used ratio.

Certain configurations of the graphics card may benefit games, others may benefit mining.

Link might help.


'ere you go:


What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Who created Bitcoin?

Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.

Satoshi’s anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi’s influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin’s inventor is probably as relevant today as the identity of the person who invented paper.

Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

How does Bitcoin work?

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.

Behind the scenes, the Bitcoin network is sharing a public ledger called the “block chain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called “mining”. To learn more about Bitcoin, you can consult the dedicated page and the original paper.


The price of this and other coins has just gone absolutely bonkers. Bitcoin today is worth $25,000 per coin.
My mate is currently investing a lot of money in different coins and has already made a lot of money.

I still wonder if it is a long term situation or some day it will all crash and the government will try take control.


why should the government try and take control???
If people lose money then its lost…no different than gambling.


Taxes my friend. Taxes.