Search found 1652 matches

by Storm
Thu Dec 12, 2013 10:31 am
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

Another interesting article:

http://www.entrepreneur.com/article/230346
by Storm
Thu Dec 12, 2013 9:59 am
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

You both raise some good points.  There are many new digital currencies competing against Bitcoin.  At this time, though, it's really the ecosystem of business investment around Bitcoin that makes it the most valuable and most stable (relatively speaking, of course) compared to the others. For examp...
by Storm
Thu Dec 12, 2013 12:15 am
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

Crazy? No. Well, I think the entire thing is crazy. As bitcoins rise in price, IF they rise in price......they will be subject to more countereiting and theft. The Bitcoin is a response to FIAT currency that lacks real value and is subject to extreme counterfitting. Well....bitcoin has no real valu...
by Storm
Thu Dec 12, 2013 12:12 am
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

When I say bitcoin is worthless....what I mean is the bitcoin itself does absolutely nothing. You can't use it for anything. Why would anyone ever want one? The claim that it's valuable because it's easily transferable, scarce, or expensive to mine doesn't hold water to me. If you guys disagree may...
by Storm
Tue Dec 10, 2013 9:51 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

MediumTex wrote: Nice to see you Storm.
Thanks.  Work has me so busy that I don't have much time for forums or Facebook any more.  That's ok, though, because for the most part my life is better if I focus on what matters; family, friends, and work.

Cheers.
by Storm
Tue Dec 10, 2013 9:50 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

What makes you believe Bitcoin will be zero?  I could see that if some entity like the US government put on a concerted effort to shut it down, but otherwise, it's a very convenient way to send value across international borders without sticking gold coins up your *$$...  Please don't underestimate ...
by Storm
Mon Dec 09, 2013 10:47 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

Gumby, very insightful, and as usual, you get right to the heart of the issue.  There have been a few blocks that have already been close to the 1MB limit; one was 897K just a week or so ago.  The real limitation is that 1MB blocksize only allows 7 transactions per second.  This is serious, because ...
by Storm
Mon Dec 09, 2013 8:42 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

If you understand the transaction ledger concept, the next thing to understand is how mining works.  Essentially, every 10 minutes a new block of ledger entries is added to the blockchain (transaction ledger).  All of the miners in the network participate in a lottery where they perform complex math...
by Storm
Mon Dec 09, 2013 8:26 pm
Forum: Other Discussions
Topic: How Bitcoin Really Works
Replies: 27
Views: 20532

Re: How Bitcoin Really Works

Thanks for posting this.  The easiest way I can describe it is that everyone running the full Bitcoin client has a copy of the transaction ledger for every Bitcoin ever transferred, from the beginning of Bitcoin until the end of time.  It would be like an accountant giving everyone a copy of the boo...
by Storm
Sun Dec 08, 2013 7:31 am
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

think the US media mistranslated the press release.  Here is something I read that seems to more accurately describe the situation: Storm, I can't tell exactly what part of that quotebox is quoted and what is your own. I visited the links and found some text but in any case, I made a more readable ...
by Storm
Sat Dec 07, 2013 1:56 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

What are your thoughts on China banning it as a currency?  Apparently they were pretty gung ho about Bitcoin prior to this and that was driving a significant amount of the demand (per the story I read). I think the US media mistranslated the press release.  Here is something I read that seems to mo...
by Storm
Wed Dec 04, 2013 10:38 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

It's a bit fun going back and reading my initial profit totals back in 2011, when I was selling everything I mined for ~$15 a coin, and marveling at the fact that I was basically flushing away $2,000 a day profit by not holding them... Gross profit: 5/26/11 - $16.74 (2 BTC) 6/03/11 - $27.58 (2 BTC) ...
by Storm
Fri Jun 21, 2013 11:04 am
Forum: Permanent Portfolio Discussion
Topic: Oh how it hurts to see no gains
Replies: 412
Views: 158628

Re: Oh how it hurts to see no gains

I love it how the groupthink is so strong that you doubt I am even telling the truth: Down 6.97% since purchase!!! You do the math, if you think I'm doubting - purchase in 02/12, then hold until today: Storm: I know this is small consolation, and I'm not trying to be a prick, but... The -6.97% numb...
by Storm
Thu Jun 20, 2013 9:30 pm
Forum: Permanent Portfolio Discussion
Topic: 2 months old PP, down -3%.
Replies: 87
Views: 42915

Re: 2 months old PP, down -3%.

I'm not concerned with 1 month losses < 3% losses... I'm more concerned with 18 month 6.97% losses...  Who you gonna call?

Image
by Storm
Thu Jun 20, 2013 9:20 pm
Forum: Permanent Portfolio Discussion
Topic: Oh how it hurts to see no gains
Replies: 412
Views: 158628

Re: Oh how it hurts to see no gains

I love it how the groupthink is so strong that you doubt I am even telling the truth: Down 6.97% since purchase!!! You do the math, if you think I'm doubting - purchase in 02/12, then hold until today: http://img843.imageshack.us/img843/300/k6k.png You think I make this shit up?  Groupthink = you do...
by Storm
Thu Jun 20, 2013 11:55 am
Forum: Permanent Portfolio Discussion
Topic: 2 months old PP, down -3%.
Replies: 87
Views: 42915

Re: 2 months old PP, down -3%.

Don't feel so bad - my wife's portfolio is down 5.82% (traditional 4xHBPP, purchased 18 months ago).  It sucks...
by Storm
Thu Jun 20, 2013 11:52 am
Forum: Permanent Portfolio Discussion
Topic: Oh how it hurts to see no gains
Replies: 412
Views: 158628

Re: Oh how it hurts to see no gains

I hate to say this, but the groupthink is strong on this forum.  I started a brand new 4xPP for my wife 18 months ago, and today it is down by 5.82%.  That's a real loss of more like 10% counting inflation.  I'm not about to touch it for fear of doing something stupid and selling at a loss, however,...
by Storm
Fri Apr 19, 2013 9:57 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

Storm, did you get everything out in time??? Yes, I got all $12,000 out in time.  I kind of wish I left some in because I could have stayed in until $260, then bought again at $100, then sold again at $180, then bought again at $60 (two days ago) then sold at $140 today.  It's crazy... if you have ...
by Storm
Wed Apr 10, 2013 3:33 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

Wow:

Image
by Storm
Wed Apr 10, 2013 3:32 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

The risk of holding Bitcoins to do exchanges into other currencies.  Don't they have to hedge the value of Bitcoins so they don't have profits or losses in currency terms? The only thing MtGox has to do is hold a small amount in it's wallet account to cover withdrawals.  They also have to hold a sm...
by Storm
Tue Apr 09, 2013 1:18 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

A cool site to check out is this one:

http://bitcoinity.org/markets?exchange=mtgox
by Storm
Tue Apr 09, 2013 1:09 pm
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

Wow... BTC is going crazy!  $235 as I write this. I bought in for a little "geek entertainment" (kind of like dropping a few bucks into a slot machine in Vegas) and I have to say I am getting my money's worth! ... and now the high is $239! Anyone know of a dutch tulip store that accepts bitcoin?  ;...
by Storm
Mon Apr 08, 2013 5:46 am
Forum: Other Discussions
Topic: If Bitcoin adoption continues we'll have to rethink the PP
Replies: 17
Views: 9157

Re: If Bitcoin adoption continues we'll have to rethink the PP

Bitcoin is gold for nerds. Hmmm. Can I lock them in a safe deposit box or bury them in my back yard? If the answer is yes, this might be worth a look. Otherwise I think I will pass. Yes, you can absolutely generate an offline wallet, store multiple copies of it in a safe deposit box, in a pvc pipe ...
by Storm
Fri Apr 05, 2013 4:51 pm
Forum: Other Discussions
Topic: If Bitcoin adoption continues we'll have to rethink the PP
Replies: 17
Views: 9157

Re: If Bitcoin adoption continues we'll have to rethink the PP

Good points, Craig.  There is actually a guy, Nick Colas, who appeared on Bloomberg today and really knows what Bitcoin is about. http://www.youtube.com/watch?v=CdVVECKKSXo He calls it "gold for nerds."  I agree.  He also says "It's certainly a valuable part of a diversified portfolio."  Interesting...
by Storm
Fri Apr 05, 2013 8:32 am
Forum: Other Discussions
Topic: Bitcoin Mining for Fun and Profit
Replies: 176
Views: 78892

Re: Bitcoin Mining for Fun and Profit

I am, however, still mining with my one computer...  That thing is generating about $15 a day right now for $3 a day of electricity...  :D What's going to happen to your $15/day once the ASIC miners hit the network? Litecoin mining is where it's at right now.  I can generate about 6 LTC per day and...