Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Any FReepers use Bitcoin?

Posted on 04/04/2013 8:41:34 AM PDT by djf

Bitcoin is a type of "virtual currency" developed by an Opensource organization.

Using them requires downloading some software and synchronizing the databases, a very lengthy process, taking perhaps a day or more.

AFAIK from what I read, when Bitcoin was started, the "value" of a bitcoin was about 5 cents.

Current quotes for the value of a bitcoin come in at around $135 USD.

So I am intensely curious to know if any FReepers have ever successfully acquired a wallet, synchronized their DB's, and started acquiring/earning/spending bitcoins!


TOPICS: Business/Economy; Computers/Internet
KEYWORDS: bitcoin; bitcoins; currency; digitalcurrency

1 posted on 04/04/2013 8:41:34 AM PDT by djf
[ Post Reply | Private Reply | View Replies]

To: djf

I think you may have missed the boat. People are talking about this all over the place. I would be very, very careful “investing in BC.” When the rush to the door starts, it’s going to be fast and ugly.


2 posted on 04/04/2013 8:45:10 AM PDT by Vermont Lt (Does anybody really know what time it is? Does anybody really care?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

The big-government/big-corporate criminal complex will never allow bitcoin to endanger their monopoly on fungible exchange of value, if they have to kill everybody involved in order to do it.


3 posted on 04/04/2013 8:45:43 AM PDT by E. Pluribus Unum ("Somebody has to be courageous enough to stand up to the bullies." --Dr. Ben Carson)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

I just read this morning that one of the Bitcoin sites got hacked and the price had dropped. I personally would not use it.


4 posted on 04/04/2013 8:46:30 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

I don’t think any FReepers are going to talk about whether they do or do not use bitcoin on a public forum.

No one should assume their real identity can’t be discovered. Here, or anywhere.

Remember: what you put on the internet is there forever... and search engines are going to get better and better.


5 posted on 04/04/2013 8:46:33 AM PDT by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

I don’t understand the desire to use it.

What prevents any “wealth” accumulated in it from suddenly disappearing?


6 posted on 04/04/2013 8:50:10 AM PDT by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

Here’s a Bitcoin primer I put together.
http://www.futurnamics.com/bitcoin3.php


7 posted on 04/04/2013 8:53:31 AM PDT by DaxtonBrown (http://www.futurnamics.com/reid.php)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Steely Tom; djf

Don’t know why you should be afraid to say you use bitcoin. It’s not illegal. I have completed transactions with bitcoins, but havent used it in a year or more. don’t even know where my wallet is stored any longer (empty).


8 posted on 04/04/2013 8:53:44 AM PDT by HenryArmitage (it was not meant that we should voyage far.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Steely Tom

I think once a bitcoin wallet is created, it is not in any particular fashion associated with a particular IP address or username.

So people can talk about it without divulging anything.

I’m just wondering what the whole concept is about.
Do bitcoins in some way represent a piece of the pie of the value of E-commerce on the Internet? Is it just a matter of trust?


9 posted on 04/04/2013 8:54:38 AM PDT by djf (I don't want to be safe. I want to be FREE!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: FReepers
The 2nd quarter FReepathon is underway. Please donate today.



Click the Pic


Support Free Republic

10 posted on 04/04/2013 8:56:03 AM PDT by deoetdoctrinae (The Old White Flag Republicans can go straight to He// and take their pal Obama with them!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: thackney

I wouldn’t ‘invest’ in bit coin. It’s value and use is not in stability, but anonymity.


11 posted on 04/04/2013 8:59:57 AM PDT by HenryArmitage (it was not meant that we should voyage far.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: djf

My 30 year old son told me about Bitcoin 2 years ago. He has “mined” a small amount. Enjoys watching it grow !


12 posted on 04/04/2013 9:01:56 AM PDT by pioneerstakethearrows
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

http://www.goldmoney.com/podcast/jon-matonis-on-bitcoin-and-crypto-currencies.html?gmrefcode=maxkeiser

Could be the safest of all currencies, very secure - uses same security as top military communications. Math computer expert explained to me.

Should be a part of every investors portfolio, IMHO.


13 posted on 04/04/2013 9:03:13 AM PDT by Arlis (.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DaxtonBrown

That looks very helpful - will read... Thanks.


14 posted on 04/04/2013 9:04:54 AM PDT by bigbob
[ Post Reply | Private Reply | To 7 | View Replies]

To: djf

Looks like Mr Madoff has a new hobby.


15 posted on 04/04/2013 9:06:32 AM PDT by Vaduz
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

Is it worth mining these if I have a few extra computers laying about?


16 posted on 04/04/2013 9:06:50 AM PDT by GraceG
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

I stopped my digital evolution at texting. I do not tweet nor bitcoin nor anything that came after texting.


17 posted on 04/04/2013 9:09:58 AM PDT by Zuben Elgenubi
[ Post Reply | Private Reply | To 1 | View Replies]

To: DaxtonBrown

Thanks!

Fascinating!


18 posted on 04/04/2013 9:12:31 AM PDT by djf (I don't want to be safe. I want to be FREE!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: djf

http://falkvinge.net/2013/04/03/why-bitcoin-is-poised-to-change-society-much-more-than-the-internet-did/


19 posted on 04/04/2013 9:25:07 AM PDT by Arlis (.)
[ Post Reply | Private Reply | To 18 | View Replies]

To: djf
Sounds pretty stupid!

i’ll stick with money credit card, and checks!

I have no use for being anonymous in my transactions!

20 posted on 04/04/2013 9:31:41 AM PDT by dalereed
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf
Have been trying to get my mind around BitCoin. For an alternate or negative view try Karl Denniger's BitCoin: Don't. Not agreeing or disagreeing. Would be interested in reading refutation of the points made.
21 posted on 04/04/2013 9:32:10 AM PDT by Datahead
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

There’s a saying in sales: The confused mind always says “no”. I don’t understand the basis for the value of this virtual money, therefore I don’t use it.


22 posted on 04/04/2013 9:36:24 AM PDT by JimRed (Excise the cancer before it kills us; feed &water the Tree of Liberty! TERM LIMITS, NOW & FOREVER!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Arlis

I just saw a report that Bitcoin was hacked earlier today. If may have been on Drudge.


23 posted on 04/04/2013 9:41:45 AM PDT by dangerdoc (see post #6)
[ Post Reply | Private Reply | To 13 | View Replies]

To: dangerdoc

http://www.cnbc.com/id/100615508


24 posted on 04/04/2013 9:43:23 AM PDT by dangerdoc (see post #6)
[ Post Reply | Private Reply | To 23 | View Replies]

To: DaxtonBrown

Thanks for the primer. Bump for later.


25 posted on 04/04/2013 9:44:52 AM PDT by JimRed (Excise the cancer before it kills us; feed &water the Tree of Liberty! TERM LIMITS, NOW & FOREVER!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: djf

BFL


26 posted on 04/04/2013 9:49:35 AM PDT by Lurkina.n.Learnin (Obama is the Chicken Little of politics)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf
Bitcoin Infographic
27 posted on 04/04/2013 9:55:23 AM PDT by Cooter
[ Post Reply | Private Reply | To 1 | View Replies]

To: DaxtonBrown

Nice Read!!! Thanks for the link.


28 posted on 04/04/2013 10:09:46 AM PDT by Eagle of Liberty (Be the Enemy Within the Enemy Within...)
[ Post Reply | Private Reply | To 7 | View Replies]

To: dangerdoc

Nothing lost, a DDoS - type of Denial of Service.

One unit simply wouldn’t work....nothing lost......


29 posted on 04/04/2013 11:10:56 AM PDT by Arlis (.)
[ Post Reply | Private Reply | To 23 | View Replies]

To: JimRed

Basis is as simple as the value of anything/everything: supply & demand.

New markets for new things are created all the time when there is a demand for something new that did not exist before.

Bitcoin has value because it is a new “thing” that has immediate value because all fiat currencies can be manipulated by governments. Bitcoin cannot be manipulated - yet.

Value of gold is similar: supply & demand. EXCEPT that governments can and do manipulate the value of gold by holding it or releasing it into the market.

As the number of Bitcoins is forever limited to 21 million, it cannot be manipulated or controlled.

Smart money people all over the world are looking for an investment that cannot be manipulated. For now, looks like Bitcoin is it. Demand is there - thus the price. It cannot be stolen and is more secure than the dollars in your pocket.


30 posted on 04/04/2013 11:16:34 AM PDT by Arlis (.)
[ Post Reply | Private Reply | To 22 | View Replies]

To: djf

http://www.visualcapitalist.com/bitcoin-the-encryption-standard


31 posted on 04/04/2013 3:38:45 PM PDT by Jack Hydrazine (I’m not a Republican, I’m a conservative! Pubbies haven't been conservative since before T.R.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

Bitcoins become dangerous Internet currency

By T.J. Murray, 4/4/2013, TheCelebrityCafe.com

Bitcoins are a surging online currency. While most people have no idea what they are, those in the know have made some very real dollars.

The Washington Post http://www.washingtonpost.com/blogs/wonkblog/wp/2013/04/03/heres-a-simple-60-second-primer-on-bitcoin/ did a report on bitcoins, citing that the economy around bitcoins is done peer to peer, leaving banks out of the exchange. The Post also notes that bitcoins exist outside the scope of the law.

If you think this secrecy makes bitcoins great for buying drugs, Forbes says you are right. They also say that bitcoins don’t seem to have much economical application outside of gambling and illegal activity.

So why are there $1.6 billion worth of bitcoins, according to New York Magazine? http://nymag.com/daily/intelligencer/2013/04/i-bought-a-bitcoin.html It’s because bitcoins are an investment. In 2009, one bitcoin was worth five dollars. Today, one bitcoin is worth around $140.

It’s a dangerous investment though. Business Insider http://www.businessinsider.com/im-raising-my-bitcoin-price-target-to-400-2013-4 explains that the worth of bitcoins could drop to zero if the currency is deemed illegal or the system that supports the bitcoin economy is somehow hacked or exploited.

Speculation across the Internet is running wild. Most advise staying away from the volatile currency, but some see the potential for much greater gain. Regardless, this nation-less, technology-fueled currency seems to be one more great experiment along the path to the future.

Image from Twitpic.com.

http://thecelebritycafe.com/feature/2013/04/bitcoins-become-dangerous-internet-currency


32 posted on 04/07/2013 12:53:54 AM PDT by Jyotishi (Seeking the truth, a fact at a time.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

UPDATE:

After I started this thread on Thursday, I downloaded and installed the software.

Just so you know, I am using Bitcoin-QT client.
It is running on an older ASUS motherboard with dual 1000 mhz PIII processors and 2.5 gig memory, under Windows XP SP3.

Now, in order for Bitcoin to run, it needs to have the entire database on your machine. That means that when it starts, it will create a virtual “wallet” for you on your machine, and then it starts synchronizing a copy of the database onto your machine.

This is a long, long, long, long process. You can use your machine while it is going on, but it will be slowed down quite a bit.
Fortunately, the developers built it in (at least it is built in to Bitcoin-QT) that if the process gets interrupted, it will restart where it was, rather than go back to the beginning.

Total data in my Bitcoin data folder is about 7.5 gigabytes.

I was forced to interrupt it a couple times. For one, I was running out of space on my drive. When I create my drives, I ALWAYS partition them, so I have a way of keeping system data away from other type data (MP3’s, video streams, email, etc.)
So I had to adjust the partition sizes.
Also, the data files it builds go into the folder Documents and Settings/usrname/My Documents/Application data/Bitcoin, so it by default puts the data to your boot drive.
Another part of the problem I had was System Restore was turned on for my main drive, this caused a TON of checkpoint files to be created, and basically fragmented the heck out of the drive.
So a couple times I stopped it, once to turn off system restore, a couple times to run defrag.

As it downloads the data, it calls them “blocks” (starting number is about 320,000 blocks), but it stores the data on your machine in files called BLKXXXXXX.DAT, where XXXXXX is some kind of sequence number. Each of these local files is 131 MB long, and there are currently 51 of them in toto.

Finally, this evening after two days of almost continuous downloading, it got done. I IMMEDIATELY shut down Bitcoin and backed up the data to another drive, then restarted Bitcoin. After restarting it, there had been 3 new blocks created, so it downloaded them and synchronized.

According to the Bitcoin developers, it generates a new block, at a minimum, of once every ten minutes, which would be 144 per day, but will generate more if the demand and usage is there. So if you turn your machine off over the weekend and restart it on Monday or whatever, you will be a couple days behind and have a few hundred (or more) blocks to download to re-synchronize.

Because it took so long to download and it rained here for the last couple days, I was able to visit some forums and do alot of reading about Bitcoin.

Can you “earn” bitcoins by mining?
Yes.
Will you “earn” bitcoins by mining?
No.

The Bitcoin client software by itself does not have any mining capabilities built in, so you would need to acquire specialty software to do this.
And because of the hashing algorithms used in bitcoin, it is better processed by certain high-end GPU’s (graphical processing units) rather than most of todays machines main Intel type CPU’s.

So it’s possible that you MIGHT be able to mine a bitcoin using todays desktops/laptops without modification, but it would be about the same as winning Powerball. You’d burn up a large amount of electricity, overheat your computer, possibly blow out your CPU or PSU(Power Supply Unit).

As it stands, I now have Bitcoin running. I may shut it down and restart tomorrow.
I have no Bitcoins, though. I checked a few of the “free Bitcoin” sites and they all seemed like BS scam kinda stuff. I am interested in testing sending/receiving bitcoins, but am not going to obsess about it.

I made my tag-line one of my bitcoin addresses, so if someone has bitcoins, and feels like sending me one ten-thousandth of a bitcoin, I’d certainly appreciate it, just to find out more.

If anybody wants to install bitcoin and has questions, please feel free to post them to the thread or FReepmail me and I will do my best to answer them.

I may start a Bitcoin Daily thread to track the nominal values of various e-currencies.

Now, an option to all this is using Litecoin, which is Bitcoins younger brother of sorts. The Litecoin client software DOES have built in mining capabilities, and the database is MUCH smaller.

Current Bitcoin quotes come in around $135 USD
Current Litecoin quotes come in around $3 USD

Whatever you do, have fun!
DO NOT bet the farm on Bitcoin or any other form of e-currency!


33 posted on 04/07/2013 1:01:51 AM PDT by djf (1ETDmR4GDjwmc9rUEQnfB1gAnk6WLmd3n6)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Steely Tom
No one should assume their real identity can’t be discovered. Here, or anywhere.

That's generally good advice, but how long before you can walk into a 7-11 and buy a "burn pad" for $20 cash the way you can buy a "burn phone" today? When it gets to that point, all the government databases in the world will quickly become obsolete.

34 posted on 04/07/2013 1:08:37 AM PDT by Lancey Howard
[ Post Reply | Private Reply | To 5 | View Replies]

To: Jyotishi

Thanks!

Can it be hacked?
Probably.
Will it be hacked?
Probably.

Will that destroy the value of Bitcoins already out there?

Well, there are counterfeit $100 bills floating around, but most merchants are still very willing to accept a C-note if you want to buy something.

I just find it interesting and fascinating, have nothing invested except the time and effort to get it up and running.

It could be a fad. It could be the greatest thing since sliced bread, or since they put an ATM in every 7-11.

Time will tell!


35 posted on 04/07/2013 1:10:23 AM PDT by djf (1ETDmR4GDjwmc9rUEQnfB1gAnk6WLmd3n6)
[ Post Reply | Private Reply | To 32 | View Replies]

To: Lancey Howard

We’re already there.

Vanilla Visa.

A gift-card Visa debit card you register online.

You buy the card, and put up to 500 dollars on it.

You log into the VV website and enter ONLY your zip code to activate it.

As long as you have the funds on the card, it works everywhere a regular Visa credit card works. I use them for Amazon, etc. In that case, if you get hacked or ripped off, the most you can lose is the original amount on the card.


36 posted on 04/07/2013 1:14:09 AM PDT by djf (1ETDmR4GDjwmc9rUEQnfB1gAnk6WLmd3n6)
[ Post Reply | Private Reply | To 34 | View Replies]

To: djf

Update!! Update!!

I just received one one-thousandth of a Bitcoin!

I can only assume that some generous FReeper joined in my testing/quest!

I’m not sure what the smallest amount is I can send, but if fellow FReepers want to try it, I’d love to try the sending side, so FReepmail me an address, and I’ll give it a shot!

Thanks very much to the generous sender! I now have 13 cents in my wallet! IT’S BACKUP WALLET TIME!!!

;-)


37 posted on 04/07/2013 2:25:51 AM PDT by djf (1ETDmR4GDjwmc9rUEQnfB1gAnk6WLmd3n6)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

Bookmark, I have to look into this later.


38 posted on 04/07/2013 2:35:40 AM PDT by eastforker (Cruz for steam in 2016)
[ Post Reply | Private Reply | To 1 | View Replies]

To: eastforker

It’s moderately complex.

Simpler, say, than installing Linux and getting all the settings, userids, device drivers installed.

But way more complicated than sticking a CD in and clicking on “Setup”.

So you don’t have to be a full scale system administrator, but if you were (and I know you’re not) a person who thinks they will go to Wally World, buy a Toshiba laptop, and make a bazillion mining Bitcoins... well, U know what I mean.

(BTW, I personally am an IBM mainframe z/OS system administrator)

And I haven’t here even touched the idea of security...


39 posted on 04/07/2013 2:49:08 AM PDT by djf (1ETDmR4GDjwmc9rUEQnfB1gAnk6WLmd3n6)
[ Post Reply | Private Reply | To 38 | View Replies]

To: djf

What is interesting to me is a monetary system devoid of governmental control. But you know the old saying, cash talks and BS walks. Hard to understand a currency without physical representation if the electronic grid ever goes down.


40 posted on 04/07/2013 3:00:01 AM PDT by eastforker (Cruz for steam in 2016)
[ Post Reply | Private Reply | To 39 | View Replies]

To: eastforker

In a sense, we have that already.

Something like 97% of the “wealth” in this country isn’t in cash - it’s in Savings and checking accounts, Stocks, Certificates of deposit, 401(k)s..

If the grid goes down, for many if not most people, what you got is whatever you got stuffed under your mattress, or coins lost in your couch. That’s it!


41 posted on 04/07/2013 3:06:54 AM PDT by djf (1ETDmR4GDjwmc9rUEQnfB1gAnk6WLmd3n6)
[ Post Reply | Private Reply | To 40 | View Replies]

To: djf

42 posted on 04/07/2013 3:11:23 AM PDT by JoeProBono (A closed mouth gathers no feet - Mater tua caligas exercitus gerit ;-{)
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf

**UPDATE**

After I finished the downloading and backup of the Bitcoin DB, I started the installation of Litecoin on another machine. This was about 9 PM.

The Litecoin DB finished downloading about 2 AM. So at 5 hours, it is MUCH, MUCH faster than Bitcoin.

And coming in at a bit under a gigabyte, the Litecoin DB is smaller, more compact and concise.

Think Mobile. Think apps on your cell phone where you keep your wallet and wave it in front of a Coke machine to get a can!

I have started mining on Litecoin, coming in at about 490 h/s.

All donations accepted!


43 posted on 04/07/2013 4:16:49 AM PDT by djf (1ETDmR4GDjwmc9rUEQnfB1gAnk6WLmd3n6 LfFF6FpWGBcrz8xPDQXFbv4UwUzFf3qjDE)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson