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bitcoins

panthera said:
Yahoo- imagine the price of the final bitcoin to be mined. I think that will happen around 2140 if I remember correctly because of the halving.
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well since it's not a fiat currency it should be roughly equivalent to the costs in which it took to create + some scarcity valuation...

I believe we've already exceeded that so we may be nearing commodity currency already
 
Real question as I just read this thread- What happens when all 21m bitcoins have been bought? I am sure the cost will skyrocket but then what? Will that encourage people to sell since the price will go up or will people lose interest because they are all gone?

Again, asking seriously.
 
E.HONDA said:
Physical or paper?
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Physical. Oh boy I had to jump through hoops to get my own money out of the bank. Screw wells fargo. The gold place in Piedmont only accepts fiat.
UDRider said:
OK most people. Which is how I see it. People view it more as an investment class rather then currency. If I had to guess because they think it will win the crypto currency battle.
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Yeah I agree about people thinking about bitcoin being the winner. I have doubts though as to whom will make it to the top in 10 years.
Yakoo752 said:
well since it's not a fiat currency it should be roughly equivalent to the costs in which it took to create + some scarcity valuation...

I believe we've already exceeded that so we may be nearing commodity currency already
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Yes that is correct thats why i wonder what the cost of the last coin will be. Right now it take thousands in electrical to mine a block. As the blocks in the chain links increase it becomes more difficult.
 
doc4216 said:
Real question as I just read this thread- What happens when all 21m bitcoins have been bought? I am sure the cost will skyrocket but then what? Will that encourage people to sell since the price will go up or will people lose interest because they are all gone?

Again, asking seriously.
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According to Bill Gates if everyone had a piece of a bitcoin they would be worth 1 million per coin. The remaining 5 million bitcoins will take another 130 years to be mined. Who cares at that point I will be dead.
 
panthera said:
According to Bill Gates if everyone had a piece of a bitcoin they would be worth 1 million per coin. The remaining 5 million bitcoins will take another 130 years to be mined. Who cares at that point I will be dead.
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Good to know! Thanks!
 
Yep. You can buy luxury sports cars as well. Mclaren and lambos can be purchased from the dealer with bitcoins. I'm sure there are others as well. Now your starting to see the celebs pushing ICO's. Paris Hilton is now pumping a company. Beware of all of those cryptos and stick to the top 10 that are way more legitimate.
 
TripleSeven said:
Coinbase the place to buy?
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I use a few different exchanges. Coinbase is one of them. If you want to sign up with them then sign up for GDAX which is an affiliate of coinbase you can sign in with them using your coinbase login info. That way you can send fiat to coinbase, send it instantly from coinbase to GDAX and purchase bitcoin for no fees. Coinbase is the first crypto exchange with a 1 billion plus valuation. They received the last 100 million in funding a few weeks ago.
 
I don't know squat about bitcoin and I likely fall into the "too old to trust it" bracket. :laughing It kind of reminds me of my grandmother who insisted on writing checks or paying cash for everything. A debit card seemed, to her, like a massive and unnecessary risk.
 
Precisely Box. And look at it now. I almost never use cash it's a card of some sort or pay over the internet. I can't even remember the last time I used a check.
 
Well as I stated previously I do think crypto currency, and certainly block chain technology has potential. I am just sceptical that bitcoin is it.

On side note. To mine bit coin, can algorithm be distributed over multiple CPUs?
I am just wondering why no k e has turned botnet in to one giant mining network.
 
UDRider said:
Well as I stated previously I do think crypto currency, and certainly block chain technology has potential. I am just sceptical that bitcoin is it.

On side note. To mine bit coin, can algorithm be distributed over multiple CPUs?
I am just wondering why no k e has turned botnet in to one giant mining network.
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you tend to mine with GPUs now and yes, you can run multiple
 
Yakoo752 said:
you tend to mine with GPUs now and yes, you can run multiple
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Right, but that requires building server racks, have physical space, pay for electricity vs running algorithms on thousands of other people machines.
 
Cloud mining is a real thing. You have to rent space on the servers. I would not trust someone else to mine for me. I was looking into building one but have settled on buying the bitmain L3 plus. It costs around 5k but at today's litecoin price you can mine 10k a year in profit. Plug and play all you have to do is link a hardware wallet to it and sit back and let the machine do the work.
 
UDRider said:
That's not quite what I was asking.
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can algorithm be distributed over multiple CPUs?

isn't that the concept of block chain? Shared computing in it's entirety. And you are compensated based on your share of the processing power. From my understanding NOBODY has the power to mine 1 block by themselves anymore

https://en.bitcoin.it/wiki/Pooled_mining
 
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Then what's the question? Im missing something. Are you asking if you can secretly mine using someone else's machines? Also it's not really just an algorithm. It's a very specific software that runs the protocol.
 
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