kelpdiver 2 #176 December 23, 2013 cryptocoinQuoteStupid comments like this one about computing power don't help. WTF are you smoking? http://www.forbes.com/sites/reuvencohen/2013/11/28/global-bitcoin-computing-power-now-256-times-faster-than-top-500-supercomputers-combined/ I don't need to do the maths when the 'finance guys' are already doing it for me. Bitcoins themselves do not think, but the network surely does. you didn't read your own citation. "Also new ASIC miners, (An application-specific integrated circuit)—machines that are built from scratch to do nothing but mine Bitcoins—can’t do other kinds of operations. So the comparison is not exactly apples to apples. Also, the components used in supercomputers are multipurpose; meaning its resources could theoretically be used on something else, like real problems that actually exist. Solving cancer? Bitcoin ASIC miners like one created by Butterfly Labs, can’t do anything else." So, in other words, no, it isn't thinking. It's solving a single type of math problem and nothing else. And in the same way that bitcoin miners can use multiple ASICs or GPUs, the government is also capable (and in fact does) own entire farms of supercomputers that are thousands of times more powerful than anything you can imagine, young Skywalker. (BTW, long before bitcoin, there was SETI, which was perhaps the first good example of a massively distributed computing resource) And don't forget SkyNet, who will eventually kill us all. Quote Share this post Link to post Share on other sites
cryptocoin 0 #177 December 23, 2013 Sure I read the citation. ASIC have been developed to do the job more efficiently with less energy. My GPU machine is powerful enough but uses more energy and is less efficient than an ASIC style machine. Mine can be used for other things though and once ASIC farms make GPU mining obsolete I can sell mine to a gamer for a reasonable amount of money. In fact GPU mining bitcoin is already obsolete pretty much, I am mining altcoins and auto selling them. Since when is solving mathematical algorithms not considered thinking? You claim that 'the government' ( I assume you mean 'Murica) has farms of computers greater than what I can ever imagine... The last I heard the Chinese have the most powerful single machine at a whopping 33petraflops... Knocking the good old US of A off the power throne of computing power. Well right now I am imagining 113483.35 petraflops of hashrate power into the bitcoin network at this minute. Now you show me something that is even 1/100th of that? http://www.bitcoincharts.com/bitcoin/ :) Quote Share this post Link to post Share on other sites
weekender 0 #178 December 23, 2013 cryptocoinQuoteI've made no claims to my superior knowledge as you suggest. Quoteim one little trader at one little bank and transact billions in a day. you are being dishonest and desperate by taking a quote out of context. my comment was in reference to how large a market is and how small i am in comparison. we were discussing how illiquid Bitcoins were in comparison to the USD and other markets. it was a self deprecating and accurate statement. your lack of financial experience and knowledge lends me to believe you do not even understand my comments. being dishonest is bad, being dishonest and stupid is worse and explains your theories. My full quote: "it is very illiquid by financial standards. You are trading in odd lots( small quantities) when you make a personal trade. im one little trader at one little bank and transact billions in a day. compound that by all the traders in the world and you get a sense of how little Bitcoins are trading in comparison. it has a long way to go before it is not considered illiquid. ""The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
cryptocoin 0 #179 December 23, 2013 LOL, So you claim you are no expert but all the while you trade in billions per day. Or do you not trade in Billions per day but were implying that you do? Are you like an ASIC miner and can only think about one thing? I could quote all the times you have told people how they should trade their portfolio also... I ill not. I do not want to get in an argument on whether or not you are an expert. I was simply pointing out that you have implied your expertise in this thread. It does not take an expert to see that the global financial system is failing. You just need to understand it a little. Right at the heart of the global economy is a Central bank that is just blowing the candles out on it's 100th birthday cake while is issuing billions of dollars from a bank account with a zero balance. The majority of the people simply do not know how the banking system works. If they did there would be trouble QuoteIt is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.- Henry Ford Quote Share this post Link to post Share on other sites
kelpdiver 2 #180 December 23, 2013 cryptocoin Mine can be used for other things though and once ASIC farms make GPU mining obsolete I can sell mine to a gamer for a reasonable amount of money. no, GPUs depreciate rapidly. 3 year old technology depreciates nearly as much as the dollar did over the last century. Quote Since when is solving mathematical algorithms not considered thinking? one trick ponies are only useful for that one trick. "thinking" usually implies a greater versatility. Quote You claim that 'the government' ( I assume you mean 'Murica) has farms of computers greater than what I can ever imagine... The last I heard the Chinese have the most powerful single machine. The fact that you continue to fixate on a single machine, while hyping grids of gpu/asic farms instead, shows a profound lack of understanding of computing. Distributed computing rules the day. Much more effective to use a thousand, a hundred thousand, a million commodity compute units. Quote Well right now I am imagining 113483.35 petraflops of hashrate power into the bitcoin network at this minute. Now you show me something that is even 1/10th of that? Still trying to figure out how this translates to usable computing, when it's really just 'mining.' But again, the NSA is the obvious one - their resources made mincemeat out of most common encryption protocols - they can brute force them to death. And unlike your mining syndicate, they can use this to accomplish a wide variety of objectives. I'll take a Watson or a Palantir instance, anyday. A natural language capable server is going to be far more useful as the problem has shifted from floating point computing capacity to doing something meaningful with the petabytes of data out there. Quote Share this post Link to post Share on other sites
kelpdiver 2 #181 December 23, 2013 cryptocoin I do not want to get in an argument on whether or not you are an expert. I was simply pointing out that you have implied your expertise in this thread. No, he pointed out his substantial experience in the financial markets, which you want to insist translates to expertise. He's been in the game long enough to have seen 'the latest thing' come and go quite a few times. Enough to know that most people saying "this time it's different" are clueless newbs, most of whom will lose their shirt. So give us a bone...what's your typical trade size? And your typical weekly volume? Are you a market maker, or just another penny stock shill who has the gold bug? It's hard to accurately measure touts and their true motivations. Quote Share this post Link to post Share on other sites
weekender 0 #182 December 23, 2013 cryptocoinLOL, So you claim you are no expert but all the while you trade in billions per day. Or do you not trade in Billions per day but were implying that you do? Are you like an ASIC miner and can only think about one thing? I could quote all the times you have told people how they should trade their portfolio also... I ill not. I do not want to get in an argument on whether or not you are an expert. I was simply pointing out that you have implied your expertise in this thread. It does not take an expert to see that the global financial system is failing. You just need to understand it a little. Right at the heart of the global economy is a Central bank that is just blowing the candles out on it's 100th birthday cake while is issuing billions of dollars from a bank account with a zero balance. The majority of the people simply do not know how the banking system works. If they did there would be trouble QuoteIt is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.- Henry Ford billions of dollars in transactions is not much and i was not bragging. your reading comprehension is lacking if you thought i was. it was the exact opposite of my point. I would be flattered that you seem to think that makes me an expert, except i am aware of your lack of financial knowledge and experience. so not so much."The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
ryoder 1,590 #183 December 23, 2013 http://www.businessinsider.com/bloomberg-matt-miller-bitcoin-gift-stolen-2013-12 "There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones. Quote Share this post Link to post Share on other sites
mistercwood 287 #184 December 23, 2013 New poster... can't handle logic... obsessed with US banking system.... ... OhChute, that you again buddy? I can't be sure, haven't heard anything bigoted from you yet... You are playing chicken with a planet - you can't dodge and planets don't blink. Act accordingly. Quote Share this post Link to post Share on other sites
normiss 860 #185 December 24, 2013 Have you guys figured out who's dick is bigger? Quote Share this post Link to post Share on other sites
cryptocoin 0 #186 December 24, 2013 Quote Still trying to figure out how this translates to usable computing, when it's really just 'mining. no response necessary... Quote Share this post Link to post Share on other sites
cryptocoin 0 #187 December 24, 2013 Quotehttp://www.businessinsider.com/...-gift-stolen-2013-12 That is funny, it will take time for everyone to grasp how easy it is to use these. Quote Share this post Link to post Share on other sites
cryptocoin 0 #188 December 24, 2013 Quote Have you guys figured out who's dick is bigger? Heck how can I compete with guys that think Billions of dollars daily is chump change in a sea of trillions of Debt, thousands of petraflops is weak ass computing and solving difficult algorithms is not thinking. I might as well just go and suck my thumb. What a fucking joke. Quote Share this post Link to post Share on other sites
mistercwood 287 #189 December 24, 2013 Just so we're clear here - these computers are most certainly not thinking. They are doing what computers do best, i.e. exactly what they're told. When one of these things starts deciding to trade in bitcoin of its own volition, then we can talk.You are playing chicken with a planet - you can't dodge and planets don't blink. Act accordingly. Quote Share this post Link to post Share on other sites
cryptocoin 0 #190 December 24, 2013 QuoteJust so we're clear here - these computers are most certainly not thinking. They are doing what computers do best, i.e. exactly what they're told. Yep like all computers. I find it very amusing that you guys can ignore and somehow discredit the most powerful computing network in the world and pass it off as some second rate, useless thing. Quote Share this post Link to post Share on other sites
kelpdiver 2 #191 December 24, 2013 normissHave you guys figured out who's dick is bigger? well, one guy is convinced, but his track record on other subjects hasn't been pretty. Either way, it looks like he shot his wad and has little more to say. Quote Share this post Link to post Share on other sites
Rick 67 #192 January 23, 2014 this could be big news for the bitcoin marketYou can't be drunk all day if you don't start early! Quote Share this post Link to post Share on other sites
quade 4 #194 February 25, 2014 This just in... http://www.latimes.com/business/technology/la-fi-tn-mt-gox-collapse-threatens-to-bring-down-bitcoin-economy-20140225,0,2841826.story So, where are your bit coins now?quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
lawrocket 3 #195 February 25, 2014 quadeThis just in... http://www.latimes.com/business/technology/la-fi-tn-mt-gox-collapse-threatens-to-bring-down-bitcoin-economy-20140225,0,2841826.story So, where are your bit coins now? Mine were tied up in Lehman Brothers, Bear Stearns and equity in my house back in 2007. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
Rick 67 #196 February 25, 2014 low $500's now. they have been trending downward since the stuff in china happened. Not sure if I am ready toa cash in my .1 bitcoin yet thought You can't be drunk all day if you don't start early! Quote Share this post Link to post Share on other sites
weekender 0 #197 February 25, 2014 lawrocket***This just in... http://www.latimes.com/business/technology/la-fi-tn-mt-gox-collapse-threatens-to-bring-down-bitcoin-economy-20140225,0,2841826.story So, where are your bit coins now? Mine were tied up in Lehman Brothers, Bear Stearns and equity in my house back in 2007. Shame you didnt learn your lesson in 2007. You really should just keep your money in USD's. that currency can be left at any Federally insured bank and i have found can be used in every transaction known to man. surprised you have not heard of this. on a serious note, i read in the paper that with the collapse of MT. Gox, 6% of the Bitcoin float has vanished. Thats really a large number and bad for the 6%. on the upside, it makes the rest of them more scarce and valuable. Ok, so that wasnt very serious either, i admit."The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
PhreeZone 20 #198 March 4, 2014 Another BitCoin bank failed after getting hacked and having all their money stolen: http://www.cbc.ca/news/business/bitcoin-bank-flexcoin-shuts-down-after-600-000-theft-1.2559018 MtGox cost almost $600 million at current exchange rates when it announced all of its online and "warm" stored keys were stolen. Not a great start for it.Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
Rick 67 #199 March 4, 2014 for a currency that's big selling point is security it does not seem very secure. But I notice the value has been trending up the past week or 2. I am not sure what to make of it. Seems like 2 hacks that amount to hundreds of thousands of dollars would have been the end of it. You can't be drunk all day if you don't start early! Quote Share this post Link to post Share on other sites
quade 4 #200 March 4, 2014 Rick for a currency that's big selling point is security it does not seem very secure. But I notice the value has been trending up the past week or 2. I am not sure what to make of it. Seems like 2 hacks that amount to hundreds of thousands of dollars would have been the end of it. Actually, the MtGox debacle was closer to a half billion.quade - The World's Most Boring Skydiver Quote Share this post Link to post Share on other sites
