What's up with this BitCoin thing?

Discussion in 'The Guru's Pub' started by naike, Jun 15, 2011.

  1. lIqUI[]

    lIqUI[] Ancient Guru

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    Someone on another forum I frequent cashed in over 22k bitcoins at over $700 each this week. I think after everything is all said and done it puts him at right around 8 million dollars. Needless to say he will never have to work again, but he was heavily invested in it. I think he had over $150,000 in equipment.
     
  2. IcE

    IcE Don Snow Staff Member

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    Yeah, I never put much stock in the Bitcoin succeeding. Seems that isn't the case anymore.
     
  3. sykozis

    sykozis Ancient Guru

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    The way the system is setup, the more people mining, the more difficult the bitcoins become to produce.... That way, the "value" of the currency continually rises.
     
  4. xafier

    xafier Master Guru

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    But there is a limit, the equations only allow for 21 million coins, and the supply slowly drops. So currently each block mines 25 bitcoins, in another 3 years or slightly less it will drop to 12.5 and then roughly 4 years later 6.25 etc etc

    It's the exact opposite of our current currencies that are inflationary in nature, Bitcoins are deflationary, aside from the fact that they are still being mined.
     

  5. Morpheous416

    Morpheous416 Ancient Guru

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  6. airbud7

    airbud7 Ancient Guru

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  7. Iggyblack

    Iggyblack Ancient Guru

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    tfw I used to have loads of bitcoins as I used them for "ordering" stuff. then I gave them away because I wasn't using them anymore.

    tfw not currently having $350K+ profit.

    [​IMG]
     
  8. Extraordinary

    Extraordinary Ancient Guru

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  9. airbud7

    airbud7 Ancient Guru

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    how come nobody told me about this bitcoin stuff!!!....I could have an i7-780ti now...Grrrr...

    [​IMG]




    :)
     
    Last edited: Nov 29, 2013
  10. PhazeDelta1

    PhazeDelta1 Ancient Guru

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  11. Elder III

    Elder III Ancient Guru

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    I did Bitmining for ~9-10 months a couple of years ago. I made enough to cover my costs and buy new parts for my wife's PC. Of course, those Bitcoins now would be worth a years salary or more. :cry:
     
  12. Veeshush

    Veeshush Maha Guru

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    Last I knew the only thing Bitcoins were of any value for were money laundering for drug sites on Tor.
     
  13. Solfaur

    Solfaur Ancient Guru

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    I actually never knew what a bitcoin was, never got into it, kind of frustrating to find out only now. Still, better like this, rahter than knowing that I had some and threw them away for nothing lol.
     

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