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Hairyloon

Joined: 20 Nov 2008
Posts: 15425
Location: Today I are mostly being in Yorkshire.

Posted: Tue Dec 20, 11 2:23 am Post subject: Bitcoins

Anyone heard of "Bitcoins"?
I was directed to them by one I have labelled as "nutter", so I am more sceptical than it possibly deserves, but it looks interesting...

Wikipedia wrote:

Bitcoin is an decentralized electronic cash system using peer-to-peer networking, digital signatures and cryptographic proof to enable irreversible payments between parties without relying on trust. Payments are made in Bitcoins, a digital currency issued and transferred by the Bitcoin network. Nodes broadcast transactions to the network, which records them in a public history after validating them using a proof-of-work system.

Shane

Joined: 31 Oct 2005
Posts: 3467
Location: Doha. Is hot.

Posted: Tue Dec 20, 11 4:13 am Post subject:
Presumably the Bitcoins people take a cut of every transaction?

Hairyloon

Joined: 20 Nov 2008
Posts: 15425
Location: Today I are mostly being in Yorkshire.

Posted: Wed Dec 21, 11 1:19 pm Post subject:

Shane wrote:

Presumably the Bitcoins people take a cut of every transaction?

I think they said they're a lot cheaper than paypal.

Shane

Joined: 31 Oct 2005
Posts: 3467
Location: Doha. Is hot.

Posted: Mon Jan 02, 12 6:15 am Post subject:
Maybe so, but it's still not an alternative to cash if someone's taking a slice everytime it changes hands.

bagpuss

Joined: 09 Dec 2004
Posts: 10507
Location: cambridge

Posted: Mon Jan 02, 12 9:25 am Post subject:

Shane wrote:

Maybe so, but it's still not an alternative to cash if someone's taking a slice everytime it changes hands.

I don't think they do take a cut every time it changes hands

Hairyloon

Joined: 20 Nov 2008
Posts: 15425
Location: Today I are mostly being in Yorkshire.

Posted: Mon Jan 02, 12 12:02 pm Post subject:

bagpuss wrote:

Shane wrote:

Maybe so, but it's still not an alternative to cash if someone's taking a slice everytime it changes hands.

I don't think they do take a cut every time it changes hands

I think you are right, but I couldn't find where I'd read it.

I hear the value of Bitcoins is up over last month... gotta wonder how cost effective mining them is.

camaro

Joined: 31 Mar 2010
Posts: 178
Location: N. Ireland

Posted: Mon Jan 09, 12 1:51 pm Post subject:
It's not. The electricity costs, even in the US, are more than the produced coins are worth. They were worth about $30 or more 6 months a so or go, then took a dive to about $3 once people realised they were only really useful to buy drugs semi-anonymously (google "The Silk Road"). Loadsa speculators just bought them outright without mining them, and lost all their savings...

Hairyloon

Joined: 20 Nov 2008
Posts: 15425
Location: Today I are mostly being in Yorkshire.

Posted: Mon Jan 09, 12 4:30 pm Post subject:

camaro wrote:

It's not. The electricity costs, even in the US, are more than the produced coins are worth.

OTOH, if you are generating surplus electricity and don't have an export meter, then you might as well do something with it.

Quote:

They were worth about $30 or more 6 months a so or go, then took a dive to about $3 once people realised they were only really useful to buy drugs semi-anonymously (google "The Silk Road").
Loadsa speculators just bought them outright without mining them, and lost all their savings...

I heard they were creeping back up. And there seemed to be quite a few things on their website that you can supposedly buy.

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