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Old 05-12-2011, 12:42 AM   #1
Montpelerin
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Has the next "Black Swan" already begun? Bitcoin & cryptocurrency

A global adoption of cryptocurrencies, especially potentially anonymous and decentralized ones such as bitcoin, might have the possibility of changing the world in ways few can imagine.

With no way to tax and track transactions between individuals, this could be the beginning of the deconstruction of mandated, monopoly governments and the creation of voluntary, service based, private governments...that's right - the triumph of anarchocapitalism - without a shot to be fired.

I predict this will soon be the new, big boogyman & enemy #1 of governments worldwide.

Bitcoin P2P Virtual Currency

Bitcoin - Wikipedia, the free encyclopedia

Bitcoin is currently trading at above $5 USD.
https://www.bitcoinmarket.com/


Another interesting aspect of the possible success of bitcoin would give Hayek's Private Fiat Currency theory the win over Rothbard's steadfast advocation of the Gold Standard.

http://mises.org/books/denationalisation.pdf

EDIT: Here is the Econtalk interview with Gavin Andresen, Principal of the Bitcoin Virtual Currency Project: Andresen on BitCoin and Virtual Currency | EconTalk | Library of Economics and Liberty

Gavin Andresen, Principal of the BitCoin Virtual Currency Project, talks with EconTalk host Russ Roberts about BitCoin, an innovative attempt to create a decentralized electronic currency. Andresen explains the origins of BitCoin, how new currency gets created, how you can acquire BitCoins and the prospects for BitCoin's future. Can it compete with government-sanctioned money? How can users trust it? What threatens BitCoin and how might it thrive?

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Last edited by Montpelerin; 06-14-2011 at 06:14 PM. Reason: Econtalk interview
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Old 05-12-2011, 01:45 AM   #2
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I've been running bitcoin miners on my video cards a little bit. It's of course not an effective way to generate actual wealth for yourself, you have to view it for what it is, the creation of a new currency.

If you wish to be involved, your video card is probably going to be what you want to use. I have an Intel C2Q @3.5ghz and my 3 year old graphics cards are about 2000% each (yes 2 thousand percent) faster than my CPU.

Be warned though, it will tax your GPU's unlike any game or benchmark out there, so you might want to drop the clocks on them so they don't overheat. My 4870's typically max out at 75C or so when gaming, but the bitcoin miner I was using was pushing them into the 80's

Also, i recommend joining a pooled mining community, like mining.bitcoin.cz. If you mine solo, it can take weeks or months to finish a block. If you join a pooled service, you will get a small amount of coins each time a block is completed by the entire group, which is usually a couple of hours.

Like i said, it's not a way to create money for yourself, just a way to contribute to the creation of a new form of currency.

And yes, you can actually buy stuff with them.

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Old 05-12-2011, 01:53 AM   #3
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Quote:
Originally Posted by McGillicutty View Post
I've been running bitcoin miners on my video cards a little bit. It's of course not an effective way to generate actual wealth for yourself, you have to view it for what it is, the creation of a new currency.

If you wish to be involved, your video card is probably going to be what you want to use. I have an Intel C2Q @3.5ghz and my 3 year old graphics cards are about 2000% each (yes 2 thousand percent) faster than my CPU.

Be warned though, it will tax your GPU's unlike any game or benchmark out there, so you might want to drop the clocks on them so they don't overheat. My 4870's typically max out at 75C or so when gaming, but the bitcoin miner I was using was pushing them into the 80's

Also, i recommend joining a pooled mining community, like mining.bitcoin.cz. If you mine solo, it can take weeks or months to finish a block. If you join a pooled service, you will get a small amount of coins each time a block is completed by the entire group, which is usually a couple of hours.

Like i said, it's not a way to create money for yourself, just a way to contribute to the creation of a new form of currency.
I began mining a couple nights ago, however, i am doing so out of pure curiosity, as serious miners are already heavily skilled and invested.

I am currently running it on 5 different PC's and will be more than happy if I can make 1 bitcoin in 2011.


Another interesting technology that has recently arrived and will see a fast rollout is cell phone NFC (Near-Field Communications).
This would be a terrific way to bring currencies like bitcoin to street level.

Things will soon get very interesting.

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Old 05-12-2011, 02:18 AM   #4
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Is the CPU/GPU mining power being used for anything productive? or is it just a pissing contest to see who gets coins?

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Old 05-12-2011, 02:54 AM   #5
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I think tulips are more valuable than this shit.

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Old 05-12-2011, 03:07 AM   #6
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"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
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Old 05-12-2011, 04:15 AM   #7
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Expect regime change at Bitcoinistan any day now.

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Old 05-12-2011, 08:24 AM   #8
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I learned a bit about Bitcoins when I was reading about the "dark" net and the "deep" web, and about the Onion browser and Freenet.

That being said, I have no idea what Bitcoin mining is nor how your video card can be involved.

Edumacate me please!

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Old 05-12-2011, 09:29 AM   #9
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Originally Posted by KOnah View Post
Expect regime change at Bitcoinistan any day now.
'Liberation'. Freeing the citizens from terror.

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Old 05-12-2011, 10:03 AM   #10
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no need for bitcoin... transactions can (and do) take place in gold and silver... for example you can pay with gold/silver grams or ounces. Electronically, metals could be used as currency with private banks keeping 100% reserve of physical metal, operating on user fees alone. No government intervention needed or wanted.

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